<SEC-DOCUMENT>0001144204-12-024527.txt : 20120427
<SEC-HEADER>0001144204-12-024527.hdr.sgml : 20120427
<ACCEPTANCE-DATETIME>20120427171403
ACCESSION NUMBER:		0001144204-12-024527
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120427
DATE AS OF CHANGE:		20120427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEMICAL & MINING CO OF CHILE INC
		CENTRAL INDEX KEY:			0000909037
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			F3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-65728
		FILM NUMBER:		12790954

	BUSINESS ADDRESS:	
		STREET 1:		EL TROVADOR 4285, 6TH FLOOR
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO CHILE
		STATE:			F3
		ZIP:			00000
		BUSINESS PHONE:		5624252485
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>v310820_20f.htm
<DESCRIPTION>FORM 20-F
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12">FORM&nbsp;20-F</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;
REGISTRATION STATEMENT PURSUANT TO SECTION&nbsp;12(b)&nbsp;OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;
ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the fiscal year ended December&nbsp;31,
2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;
TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;
SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;23 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of event requiring this shell company
report_______________________________ .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the transition period from &nbsp;&nbsp;_____________to__________
&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission file number <U>33-65728</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHEMICAL AND MINING COMPANY OF CHILE
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant's name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHILE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>El Trovador 4285, 6<SUP>th</SUP> Floor,
Santiago, Chile +56 2 425-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered
pursuant to Section 12(b) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; font-weight: bold; text-decoration: underline">Title of each class</TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; font-weight: bold; text-decoration: underline">Name of each exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">Series B shares, in the form of American Depositary Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">New York Stock Exchange</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered
pursuant to Section 12(g) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NONE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NONE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate the number of outstanding shares
of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; text-align: right; font-weight: bold">Series A shares</TD>
    <TD STYLE="width: 15%; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 42%; text-align: left; font-weight: bold">142,819,552</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-weight: bold">Series B shares</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: bold">120,376,972</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in rule 405 of the Securities Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Wingdings">x</FONT>
YES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">&uml;</FONT> NO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">If this report is an annual or transition
report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange act of 1934:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
YES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT> NO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">x</FONT>
YES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT> NO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (<FONT STYLE="font-family: Times New Roman, Times, Serif">&sect;</FONT>232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post
such files).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
YES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT> NO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non accelerated filer. See definition of &ldquo;accelerated filer and
large accelerated filer&rdquo; in rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Wingdings">x</FONT>
Large accelerated filer &nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT> Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>
Non- accelerated filer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
U.S. GAAP <FONT STYLE="font-family: Wingdings">x</FONT>International Financial Reporting Standards as issued by the International
Accounting Standards Board <FONT STYLE="font-family: Wingdings">&uml;</FONT> Other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">If &ldquo;Other&rdquo; has been checked
in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark which financial statement
item the registrant has elected to follow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Wingdings">&uml;</FONT>
Item 17 <FONT STYLE="font-family: Wingdings">x</FONT> Item 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>
YES &nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT> NO&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>TABLE OF CONTENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: center">Page</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: top">PRESENTATION OF INFORMATION</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">iii</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">GLOSSARY</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">iii</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: top">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">vi</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="width: 12%; vertical-align: top; font-weight: bold">PART I</TD>
    <TD STYLE="width: 79%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; font-weight: bold; text-align: right">2</TD>
    <TD STYLE="width: 1%; vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 1.</TD>
    <TD STYLE="vertical-align: top">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 2.</TD>
    <TD STYLE="vertical-align: top">OFFER STATISTICS AND EXPECTED TIMETABLE</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 3.</TD>
    <TD STYLE="vertical-align: top">KEY INFORMATION</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 4.</TD>
    <TD STYLE="vertical-align: top">INFORMATION ON THE COMPANY</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 5.</TD>
    <TD STYLE="vertical-align: top">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 6.</TD>
    <TD STYLE="vertical-align: top">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">74</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 7.</TD>
    <TD STYLE="vertical-align: top">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">86</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 8.</TD>
    <TD STYLE="vertical-align: top">FINANCIAL INFORMATION</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">89</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 9.</TD>
    <TD STYLE="vertical-align: top">THE OFFER AND LISTING</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">92</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 10.</TD>
    <TD STYLE="vertical-align: top">ADDITIONAL INFORMATION</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">95</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 11.</TD>
    <TD STYLE="vertical-align: top">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">109</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 12.</TD>
    <TD STYLE="vertical-align: top">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">111</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; font-weight: bold">PART II</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">112</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 13.</TD>
    <TD STYLE="vertical-align: top">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">112</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 14.</TD>
    <TD STYLE="vertical-align: top">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">112</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 15.</TD>
    <TD STYLE="vertical-align: top">CONTROLS AND PROCEDURES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">112</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 16.</TD>
    <TD STYLE="vertical-align: top">RESERVED</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">114</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 16.A.</TD>
    <TD STYLE="vertical-align: top">AUDIT COMMITTEE FINANCIAL &nbsp;EXPERT</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">114</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 16.B.</TD>
    <TD STYLE="vertical-align: top">CODE OF ETHICS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">114</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 16.C</TD>
    <TD STYLE="vertical-align: top">PRINCIPAL ACCOUNTANT FEES AND SERVICES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">115</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 16.D</TD>
    <TD STYLE="vertical-align: top">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">115</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 16.E</TD>
    <TD STYLE="vertical-align: top">PURCHASES OF EQUITY SECURITIES BY THE ISSUERS AND AFFILIATED PURCHASERS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">115</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 16.F</TD>
    <TD STYLE="vertical-align: top">CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">115</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 16.G</TD>
    <TD STYLE="vertical-align: top">CORPORATE GOVERNANCE.</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">116</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold">PART III</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: right">117</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 17.</TD>
    <TD STYLE="vertical-align: top">FINANCIAL STATEMENTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">117</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">ITEM 18.</TD>
    <TD STYLE="vertical-align: top">FINANCIAL STATEMENTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">117</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">ITEM 19.</TD>
    <TD STYLE="vertical-align: top">EXHIBITS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">117</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">SIGNATURES</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">118</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top">CONSOLIDATED FINANCIAL STATEMENTS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">119</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">EXHIBIT 1.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">EXHIBIT 8.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">EXHIBIT 12.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">EXHIBIT 12.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">EXHIBIT 13.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">EXHIBIT 13.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">EXHIBIT 15.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>PRESENTATION OF INFORMATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Annual Report on Form 20-F, unless
the context requires otherwise, all references to &quot;<B>we</B>&quot;, &quot;<B>us</B>&quot;, &quot;<B>Company</B>&quot; or &quot;<B>SQM</B>&quot;
are to Sociedad Qu&iacute;mica y Minera de Chile S.A., an open stock corporation (<I>sociedad an&oacute;nima abierta</I>) organized
under the laws of the Republic of Chile, and its consolidated subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All references to &quot;<B>$</B>,&quot;
&quot;<B>US$</B>,&quot; &quot;<B>U.S. dollars,</B>&quot; &ldquo;USD&rdquo; and &quot;<B>dollars</B>&quot; are to United States
dollars, references to &quot;<B>pesos,</B>&quot; &ldquo;<B>CLP</B>&rdquo; and &quot;<B>Ch$</B>&quot; are to Chilean pesos, references
to ThUS$ are to thousands of United States dollars, references to ThCh$ are to thousands of Chilean pesos and references to &quot;<B>UF</B>&quot;
are to <I>Unidades de Fomento</I>. The UF is an inflation-indexed, peso-denominated unit that is linked to, and adjusted daily
to reflect changes in, the previous month's Chilean consumer price index. As of December 31, 2011, UF 1.00 was equivalent to US$42.94
and Ch$22.294,03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Republic of Chile is governed by a
democratic government, organized in fourteen regions plus the Metropolitan Region (surrounding and including Santiago, the capital
of Chile). Our production operations are concentrated in northern Chile, specifically in the Tarapac&aacute; Region and in the
Antofagasta Region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our fiscal year ends on December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use the metric system of weights and
measures in calculating our operating and other data. The United States equivalent units of the most common metric units used by
us are as shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1 kilometer equals approximately
0.6214 miles</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1 meter equals approximately
3.2808 feet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1 centimeter equals approximately
0.3937 inches</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1 hectare equals approximately
2.4710 acres</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">1 metric ton (&ldquo;MT&rdquo;)
equals 1,000 kilograms or approximately 2,205 pounds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not aware of any independent, authoritative
source of information regarding sizes, growth rates or market shares for most of our markets. Accordingly, the market size, market
growth rate and market share estimates contained herein have been developed by us using internal and external sources and reflect
our best current estimates. These estimates have not been confirmed by independent sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Percentages and certain amounts contained
herein have been rounded for ease of presentation. Any discrepancies in any figure between totals and the sums of the amounts presented
are due to rounding.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GLOSSARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>assay values</B>&rdquo; Chemical
result or mineral component amount that contains the sample.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>average global metallurgical
recoveries</B>&rdquo; Percentage that measures the metallurgical treatment effectiveness based on the quantitative relationship
between the initial product contained in the mine-extracted material and the final product produced in the plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>average mining exploitation
factor</B>&rdquo; Index or ratio that measures the mineral exploitation effectiveness, based on the quantitative relationship between
(in-situ mineral minus exploitation losses) / in-situ mineral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>CAGR</B>&rdquo;<B> </B>Compound
annual growth rate, the year over year growth rate of an investment over a specified period of time</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>cash and cash equivalents</B>&rdquo;<B>
</B>The International Accounting Standards Board (IASB) defines cash and cash equivalents as short-term, highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Controller Group</B>&rdquo;**
A person or company or group of persons or companies that according to Chilean law, have executed a joint performance agreement,
that have a direct or indirect share in a company&rsquo;s ownership and have the power to influence the decisions of the company&rsquo;s
management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Corfo</B>&rdquo; Production
Development Corporation (<I>Corporaci&oacute;n de Fomento de la Producci&oacute;n</I>), formed in 1939, a national organization
in charge of promoting Chile's manufacturing productivity and commercial development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>cut-off grade</B>&rdquo;
The minimal assay value or chemical amount of some mineral component above which exploitation is economical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>dilution</B>&rdquo; Loss
of mineral grade because of contamination with barren material (or waste) incorporated in some exploited ore mineral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>exploitation losses</B>&rdquo;
Amounts of ore mineral that have not been extracted in accordance with exploitation designs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>fertigation</B>&rdquo; The process
by which plant nutrients are applied to the ground using an irrigation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>geostatistical analysis</B>&rdquo;
Statistical tools applied to mining planning, geology and geochemical data that allow estimation of averages, grades and quantities
of mineral resources and reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>heap leaching</B>&rdquo;
A process whereby minerals are leached from a heap, or pad, of crushed ore by leaching solutions percolating down through the heap
and collected from a sloping, impermeable liner below the pad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>horizontal layering</B>&rdquo;
Rock mass (stratiform seam) with generally uniform thickness that conform to the sedimentary fields (mineralized and horizontal
rock in these cases).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>hypothetical resources</B>&rdquo;
Mineral resources that have limited geochemical reconnaissance, based mainly on geological data and samples assay values spaced
between 500&ndash;1000 meters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Indicated Mineral Resource</B>&rdquo;
See &quot;Resources&mdash;Indicated Mineral Resource.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Inferred Mineral Resource</B>&rdquo;
See &quot;Resources&mdash;Inferred Mineral Resource.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>industrial crops</B>&rdquo;
Refers to crops that require processing after harvest in order to be ready for consumption or sale. Tobacco, tea and seed crops
are examples of industrial crops.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Kriging Method&rdquo;
</B>A technique used to estimate ore reserves, in which the spatial distribution of continuous geophysical variables is estimated
using control points where values are known.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&ldquo;LIBOR&rdquo;</B> London Inter
Bank Offered Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>limited reconnaissance</B>&rdquo;
Low or limited level of geological knowledge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Measured Mineral Resource</B>&rdquo;
See &quot;Resources&mdash;Measured Mineral Resource.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>metallurgical treatment</B>&rdquo;
A set of chemical and physical processes applied to the caliche ore and to the salar brines to extract their useful minerals (or
metals).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>ore depth</B>&rdquo; Depth of
the mineral that may be economically exploited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>ore type</B>&rdquo; Main mineral
having economic value contained in the caliche ore (sodium nitrate or iodine).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>ore</B>&rdquo; A mineral or rock
from which a substance having economic value may be extracted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Probable Mineral Reserve</B>&rdquo;
See &quot;Reserves&mdash;Probable Mineral Reserve.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Proved Mineral Reserve</B>&rdquo;
See &ldquo;Reserves&mdash;Proved Mineral Reserve.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Reserves&mdash;Probable
Mineral Reserve</B>&rdquo;* The economically mineable part of an Indicated Mineral Resource and, in some circumstances, Measured
Mineral Resource. The calculation of the reserves includes diluting of materials and allowances for losses which may occur when
the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out and include consideration
of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental
factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified. A Probable Mineral Reserve
has a lower level of confidence than a Proved Mineral Reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Reserves&mdash;Proved
Mineral Reserve</B>&rdquo;* The economically mineable part of a Measured Mineral Resource. The calculation of the reserves includes
diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments, which may include
feasibility studies, have been carried out and include consideration of and modification by realistically assumed mining, metallurgical,
economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting
that extraction is reasonably justified.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Resources&mdash;Indicated
Mineral Resource</B>&rdquo;* That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a reasonable level of confidence. The calculation is based on exploration, sampling and
testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and drill
holes. The locations are too widely or inappropriately spaced to confirm geological continuity and/or grade continuity but are
spaced closely enough for continuity to be assumed. An Indicated Mineral Resource has a lower level of confidence than that applying
to a Measured Mineral Resource, but has a higher level of confidence than that applying to an Inferred Mineral Resource.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">A deposit may be classified as
an Indicated Mineral Resource when the nature, quality, amount and distribution of data are such as to allow the Competent Person,
as that term is defined under Chilean Law Number 20,235, determining the Mineral Resource to confidently interpret the geological
framework and to assume continuity of mineralization. Confidence in the estimate is sufficient to allow the appropriate application
of technical and economic parameters and to enable an evaluation of economic viability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Resources&mdash;Inferred
Mineral Resource</B>&rdquo;* That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with
a low level of confidence, by inferring them on the basis of geological evidence and assumed but not verified geological and/or
grade continuity. The estimate is based on information gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes, and this information is of limited or uncertain quality and/or reliability. An Inferred
Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Resources&mdash;Measured
Mineral Resource</B>&rdquo;* The part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a high level of confidence. The estimate is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings,
and drill holes. The locations are spaced closely enough to confirm geological and/or grade continuity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">A deposit may be classified as
a Measured Mineral Resource when the nature, quality, amount and distribution of data are such as to leave no reasonable doubt,
in the opinion of the Competent Person, as that term is defined under Chilean Law Number 20,235, determining the Mineral Resource,
that the tonnage and grade of the deposit can be estimated within close limits and that any variation from the estimate would not
significantly affect potential economic viability. This category requires a high level of confidence in, and understanding of,
the geology and controls of the mineral deposit. Confidence in the estimate is sufficient to allow the appropriate application
of technical and economic parameters and to enable an evaluation of economic viability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>solar salts</B>&rdquo;
A mixture of 60% sodium nitrate and 40% potassium nitrate used in the storage of thermo-storage energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>vat leaching</B>&rdquo;
A process whereby minerals are extracted from crushed ore by placing the ore in large vats containing leaching solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>waste</B>&rdquo; Rock or mineral
which is not economical for metallurgical treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&ldquo;<B>Weighted Average Age</B>&rdquo;
The sum of the product of the age of each fixed asset at a given facility and its current gross book value as of December 31,
2011 divided by the total gross book value of the Company's fixed assets at such facility as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">The definitions we use for resources
                                                          and reserves are based on those provided by the &ldquo;<I>Instituto
                                                          de Ingenieros de Minas de Chile</I>&rdquo; (Chilean Institute of Mining
                                                          Engineers).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify">The definition of a Controller Group
                                                           that has been provided is the one that applies to the Company. Chilean
                                                           law provides for a broader definition of a Controller Group.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Form 20-F contains statements that
are or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These
statements are not based on historical facts and reflect our expectations for future events and results. Words such as &quot;believe,&quot;
&quot;expect,&quot; &quot;predict,&quot; &quot;anticipate,&quot; &quot;intend,&quot; &quot;estimate,&quot; &quot;should,&quot;
&quot;may,&quot; &quot;likely&quot;, &quot;could&quot; or similar expressions may identify forward-looking information. These statements
appear throughout this Form 20-F and include statements regarding the intent, belief or current expectations of the Company and
its management, including but not limited to any statements concerning:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company's capital investment program and development of new products;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">trends affecting the Company's financial condition or results of operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">level of production, quality of the ore and brines, and production levels and yields;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the future impact of competition; and</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory changes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those described
in such forward-looking statements included in this Form 20-F, including, without limitation, the information under Item 4. Information
on the Company and Item 5. Operating and Financial Review and Prospects. Factors that could cause actual results to differ materially
include, but are not limited to:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">SQM's ability to implement its capital expenditures, including its ability to arrange financing
when required;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the nature and extent of future competition in SQM's principal markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">political, economic and demographic developments in the emerging market countries of Latin America
and Asia where SQM conducts a large portion of its business;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility of global prices for SQM&rsquo;s products;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in production capacities;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in raw material and energy prices;</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">currency and interest rate fluctuations; and</TD></TR>                                                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">additional factors discussed below under Item 3. Key Information&mdash;Risk Factors</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
2.&nbsp;&nbsp;&nbsp;</FONT>OFFER STATISTICS AND EXPECTED TIMETABLE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT>KEY INFORMATION</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.A. &nbsp;&nbsp;Selected Financial Data</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents selected
financial data as of December 31, 2011 and the previous two years. The selected financial data should be read in conjunction with
the Audited Consolidated Financial Statements and notes thereto, &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo;
and other financial information included herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since January 1, 2010, the Company&rsquo;s
consolidated financial statements are and will be prepared in accordance with the International Financial Reporting Standards
as published by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s consolidated financial
information as of and for the year ended December 31, 2009 included in the Company&rsquo;s annual consolidated financial statements
was restated in accordance with IFRS. See Note 2 to the Audited Consolidated Financial Statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-weight: bold; text-align: center">Year ended December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Income Statement Data</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>(in millions of US$) </B>(1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: justify">I.F.R.S</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: justify">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,145.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,830.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,438.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,290.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,204.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(908.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Gross profit</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">854.8</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">626.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">530.2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(91.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating Income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">763.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">547.2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">454.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign currency transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7.6</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Equity in gains (losses) of associates and joint ventures accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Other gains(losses), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify">Profit before income tax expense</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">733.8</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">493.3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">415.6</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Income Tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(179.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(106.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75.8</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify">Profit (loss)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">554.1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">387.3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">339.8</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity holders of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">545.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">382.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Basic earnings per share (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Basic earnings per ADR (2) (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Dividend per share (4) (5) (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.24</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Weighted average shares outstanding (000s) (2)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,197</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,197</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">263,197</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-weight: bold; text-align: center">Year ended December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance Sheet Data</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(in millions of US$)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify"><U>I.F.R.S</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: justify">Total assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,871.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,372.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,141.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Total Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,007.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,702.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,677.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Total Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,864.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,670.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,464.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Equity attributable to the owners of the controlling entity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,812.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,622.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,418.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Equity attributable to non-controlling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Capital stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Except shares outstanding, dividend
and net earnings per share and net earnings per ADR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) There are no authoritative pronouncements
related to the calculation of earnings per share in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) The Series A ADRs were delisted from
the New York Stock Exchange on March 27, 2008. The ratio of ordinary shares to Series B ADRs changed from 10:1 to 1:1 on March
28, 2008. The calculation of earnings per ADR is based on the ratio of 1:1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) Dividends per share are calculated
based on 263,196,524 shares for the periods ended December 31, 2009 and 2010, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Dividends may only be paid from net
income as determined in accordance with IFRS; see Item 8.A.8. Dividend Policy. For dividends in Ch$ see Item 8.A.8.Dividend Policy
&mdash; Dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Dividend amount paid per calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>EXCHANGE RATES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chile has two currency markets, the <I>Mercado
Cambiario Formal</I>, or the &quot;Formal Exchange Market,&quot; in which SQM conducts its transactions, and the <I>Mercado Cambiario
Informal</I>, or the &quot;Informal Exchange Market.&quot; The Formal Exchange Market comprises banks and other entities authorized
by the Banco Central de Chile (the &quot;Chilean Central Bank&quot;). The Informal Exchange Market comprises entities that are
not expressly authorized to operate in the Formal Exchange Market, such as certain foreign exchange houses and travel agencies,
among others. The Chilean Central Bank is empowered to determine that certain purchases and sales of foreign currencies be carried
out on the Formal Exchange Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the Formal Exchange Market and the
Informal Exchange Market are driven by free market forces. Current regulations require that the Chilean Central Bank be informed
of certain transactions and that these transactions be effected through the Formal Exchange Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The <I>d&oacute;lar observado</I>, or &quot;Observed
Exchange Rate,&quot; which is reported by the Chilean Central Bank and published daily in the Chilean newspapers, is computed by
taking the weighted average of the previous business day's transactions on the Formal Exchange Market. Nevertheless, the Chilean
Central Bank has the power to intervene by buying or selling foreign currency on the Formal Exchange Market to attempt to maintain
the Observed Exchange Rate within a desired range.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 3, 2011, the Chilean Central
Bank decided to intervene in the Formal Exchange Market by increasing the level of international reserves by US$12 billion, the
biggest-ever exchange rate intervention aimed at suppressing the rising peso. This plan was implemented in January 2011 and it
was terminated in December 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Informal Exchange Market reflects transactions
carried out at an informal exchange rate, or the &quot;Informal Exchange Rate.&quot; There are no limits imposed on the extent
to which the rate of exchange in the Informal Exchange Market can fluctuate above or below the Observed Exchange Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Federal Reserve Bank of New York does
not report a noon buying rate for Chilean pesos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center">Observed Exchange Rate (1)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">Ch$ per US$</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">Year</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">Low (1)</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">High (1)</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">Average (1)(2)</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">Year/Month<BR>
End(3)</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-weight: bold; text-align: center">2005</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">509.70</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">592.75</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">559.86</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">512.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2006</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">511.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">549.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">530.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">532.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2007</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">493.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">548.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">522.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">496.89</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2008</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">676.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">636.45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">491.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">643.87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">559.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">507.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">468.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">549.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">510.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">468.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">455.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">533.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 0">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Last&nbsp;six&nbsp;months</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low&nbsp;(1)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High&nbsp;(1)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Average&nbsp;(1)(2)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Year/Month<BR> End(3)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><B>&nbsp;2011</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%; padding-left: 9pt">October</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">490.29</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">533.74</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">510.09</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">490.29</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">November</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">494.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">526.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">517.37</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">December</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">508.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">522.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">517.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><B>&nbsp;2012</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">January</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485.35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">499.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">488.75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">February</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">487.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">476.27</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">March</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480.62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">491.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">487.44</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -30pt">Source: Central
Bank of Chile</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.6in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Observed exchange rates are the actual high and low on a day-to-day basis, for each period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.6in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The monthly average rate is calculated on a day-to-day basis for each month.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -30pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.6in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The Year/Month End exchange rate is based on transactions observed during the last day of the month/year.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.B. &nbsp;&nbsp;Capitalization and Indebtedness</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.C.&nbsp;&nbsp;&nbsp;Reasons for the Offer
and Use of Proceeds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.D. &nbsp;&nbsp;Risk Factors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations are subject to certain risk
factors that may affect SQM's financial condition or results of operations. In addition to other information contained in this
Annual Report on Form 20-F, you should carefully consider the risks described below. These risks are not the only ones we face.
Additional risks not currently known to us or that are known but we currently believe are not significant may also affect our business
operations. Our business, financial condition or results of operations could be materially affected by any of these risks.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating to our Business</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our sales to emerging markets expose
us to risks related to economic conditions and trends in those countries</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell our products in more than 100
countries around the world. In 2011, approximately 49% of our sales were made in emerging market countries: 14% in Central and
South America (excluding Chile); 8% to Africa and the Middle East; 13% in Chile; and 14% in Asia &amp; Oceania (excluding Japan).
We expect to expand our sales in these and other emerging markets in the future. The results of and prospects of our operations
in these regions and in other countries in which we establish operations will depend, in part, on the general level of political
stability and economic activity and policies in those countries. Future developments in the political systems or economies of
these countries or the implementation of future governmental policies in those countries, including the imposition of withholding
and other taxes, restrictions on the payment of dividends or repatriation of capital, the imposition of import duties or other
restrictions, the imposition of new environmental regulations or price controls or changes in relevant laws or regulations, could
have a material adverse effect on our sales or operations in those countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Volatility of world fertilizer and
chemical prices and changes in production capacities could affect our business, financial condition and results of operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prices of our products, specifically
potassium chloride, are determined principally by world prices, which, in some cases, have been subject to substantial volatility
in recent years. World fertilizer and chemical prices vary depending upon the relationship between supply and demand at any given
time. Supply and demand dynamics for our products are tied to a certain extent to global economic cycles, and have been impacted
by current global economic conditions. Furthermore, the supply of certain fertilizers or chemical products, including certain products
that we provide, varies principally depending on the production of the major producers, including SQM, and their respective business
strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2008, world prices of potassium-based
fertilizers (including some of our specialty plant nutrients and potassium chloride) increased significantly during the first nine
months of the year. Towards the end of 2008, fertilizer prices generally fell as a result of the global economic and financial
slowdown. During 2009, volatility in prices continued to affect commodity markets around the world. During 2010, prices of potassium-based
fertilizers stabilized after the conclusion of important contract negotiations between major producers and buyers at the end of
2009. During the first half of 2011, we observed consolidation in the industry on the part of producers and the settlement of important
supply contracts between China and major potash producers at higher prices. Fertilizer markets for these products were stronger
during 2011, with prices stabilizing in the fourth quarter. We cannot assure you that prices and sales volumes will not decline
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Iodine prices have followed an upward trend
since late 2003, reaching an average price of approximately US$38 per kilogram in 2011, almost 40% higher than average prices in
2010. Sales volumes of iodine and its derivatives may be affected by general decreases in the use of applications that are sensitive
to economic growth. During 2011, iodine demand reached historical highs, surpassing the demand of previous years. We cannot assure
you that prices or sales volumes will not decline in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We started production of lithium carbonate
from the brines extracted from Salar de Atacama in October 1996 and started selling lithium carbonate commercially in January
1997. Our entry into the market created an oversupply of lithium carbonate, resulting in a drop in prices from over US$3,000 per
ton before our entry to less than US$2,000 per ton. At the end of 2008, prices were approximately US$6,000 per ton and remained
at this level until the fourth quarter of 2009 when prices declined to approximately US$5,000 per ton. As a result of events in
global markets during 2009, demand for lithium carbonate declined and, lithium prices and sales volumes for 2009 were lower compared
to the previous year. In September 2009, we announced a 20% price cut for lithium carbonate and lithium hydroxide as a measure
to stimulate demand. In 2010, we observed demand recovery in the lithium market, which continued in 2011, driven mostly by demand
related to battery use. We cannot assure you that this positive trend will continue in the future. We cannot assure you that prices
and sales volumes will not decline in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that prices for the products
we manufacture will continue to be influenced, among other things, by worldwide supply and demand and the business strategies
of major producers. Some of the major producers (including SQM) have increased or have the ability to increase production. As
a result, the prices of our products may be subject to substantial volatility. High volatility or a substantial decline in the
prices, or in volume demand, of one or more of our products could have a material adverse effect on our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our inventory levels may increase
because of the global economic situation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, the global economic slowdown
experienced during 2008 and 2009 had an impact on our inventories. Demand decreased during 2009 and, as a result, inventories increased
significantly. Higher inventories carry a financial risk due to increased need for cash to fund working capital. Higher inventory
levels could also imply increased risk of loss of product. We cannot assure you that these changes in inventory levels will not
occur in the future. These factors could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our level of and exposure to unrecoverable
accounts receivable may significantly increase</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The potentially negative effects of the
global economic crisis of 2008 and 2009 on the financial condition of our customers may include the extension of the payment terms
of our accounts receivable and may increase our exposure to bad debt. While we are taking measures, such as using credit insurance,
letters of credits and prepayment for a portion of sales, to minimize this risk, the increase in our accounts receivable coupled
with the financial condition of customers may result in losses that could have a material adverse effect on our business, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>New production of iodine or lithium
carbonate from current or new competitors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potential new production of iodine and
lithium carbonate from current or new competitors in the markets in which we operate could adversely affect prices. There is limited
information on the status of new iodine or lithium carbonate production capacity expansion projects being developed by current
and potential competitors and, as such, we cannot make accurate projections regarding the capacities of possible new entrants
into the market and the dates on which they could become operational. If these potential projects are completed in the short term,
they could adversely affect market prices and our market share which in turn could materially affect our business, financial position
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have an ambitious capital expenditure
program that is subject to significant risks and uncertainties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is capital intensive. Specifically,
the exploration and exploitation of reserves, mining and processing costs, the maintenance of machinery and equipment and compliance
with applicable laws and regulations require substantial capital expenditures. We must continue to invest capital to maintain
or to increase our exploitation levels and the amount of finished products we produce. We require environmental permits for our
new projects. Obtaining permits in certain cases may cause significant delays in the execution and implementation of new projects
and, consequently, may require us to reassess the related risks and economic incentives. We cannot assure you that we will be
able to maintain our production levels or generate sufficient cash flow, or that we will have access to sufficient investments,
loans or other financing alternatives, to continue our activities at or above present levels, or that we will be able to implement
our projects or receive the necessary permits required for them in time. Any or all of these factors may have a material adverse
impact on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Currency fluctuations may have a
negative effect on our financial performance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We transact a significant portion of our
business in U.S. dollars, and the U.S. dollar is the currency of the primary economic environment in which we operate. In addition,
the U.S. dollar is our functional currency for financial statement reporting purposes. A significant portion of our costs, however,
is related to the Chilean peso. Therefore, an increase or decrease in the exchange rate between the Chilean peso and the U.S.
dollar would affect our costs of production. The Chilean peso has been subject to large devaluations and revaluations in the past
and may be subject to significant fluctuations in the future. As of December 31, 2011, the Chilean peso to U.S. dollar exchange
rate was Ch$519.20 per U.S. dollar, while as of December 31, 2010, the Chilean peso to U.S. dollar exchange rate was Ch$468.01
per U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As an international company operating in
several other countries, we also transact business and have assets and liabilities in other non-U.S. dollar currencies, such as,
among others, the euro, the South African rand, the Mexican peso, the Chinese Yuan and the Brazilian real. As a result, fluctuations
in the exchange rates of such foreign currencies to the U.S. dollar may materially affect our business, financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Interest rate fluctuations may have
a material impact on our financial performance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have outstanding short and long-term
debt that bears interest based on the London Interbank Offered Rate, or &quot;LIBOR,&quot; plus a spread. Since we are currently
hedging only a portion of these liabilities into fixed rates, we are exposed to interest rate risk relating to LIBOR fluctuations.
As of December 31, 2011, approximately 28% our financial debt had LIBOR-based pricing that was not hedged into fixed rates. A
significant increase in the rate could materially impact our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>High raw materials and energy prices
could increase our production costs and cost of goods sold</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on certain raw materials and various
sources of energy (diesel, electricity, natural gas, including LNG, fuel oil and others) to manufacture our products. Purchases
of raw materials that we do not produce and energy constitute an important part of our cost of sales, approximately 17% in 2011.
To the extent we are unable to pass on increases in raw materials and energy prices to our customers, our business, financial condition
and results of operations could be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our reserves estimates could be subject
to significant changes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mining reserves estimates are prepared
by our own geologists, and were validated in March 2012, by Mrs. Marta Aguilera, a geologist with over 20 years of experience in
the field. She is currently employed by SQM as Manager of Non-metallic Geology.&nbsp; Mrs. Aguilera is a Competent Person (&ldquo;Persona
Competente&rdquo;), as that term is defined under Chilean Law Number 20,235. Estimation methods involve numerous uncertainties
as to the quantity and quality of the reserves, and reserve estimates could change upwards or downwards. In addition, our reserve
estimates are not subject to review by external geologists or an external auditing firm. A downward change in the quantity and/or
quality of our reserves could affect future volumes and costs of production and therefore have a material adverse effect on our
business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Quality standards in markets in which
we sell our products could become stricter over time</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the markets in which we do business,
customers may impose quality standards on our products and/or governments may enact or are enacting stricter regulations for the
distribution and/or use of our products. As a result, we may not be able to sell our products if we cannot meet such new standards.
In addition, our cost of production may increase in order to meet any such newly promulgated standards. Failure to sell our products
in one or more markets or to important customers could materially adversely affect our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Chemical and physical properties
of our products could adversely affect its commercialization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since our products are derived from natural
resources, they contain inorganic impurities that may not meet certain client and government standards. As a result, we may not
be able to sell our products if we cannot meet such requirements. In addition, our cost of production may increase in order to
meet such standards. Failure to meet such standards could materially adversely affect our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business is subject to many operating
and other risks for which we may not be fully covered under our insurance policies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our facilities and business operations
in Chile and abroad are insured against losses, damages or other risks by insurance policies that are standard for the industry
and that would reasonably be expected to be sufficient by prudent and experienced persons engaged in businesses similar to ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be subject to certain events that
may not be covered under our insurance policies, and that could have a material adverse effect on our business, financial condition
and results of operations. Additionally, as a result of the major earthquake in Chile in February 2010 and other natural disasters
worldwide, conditions in the insurance market may change, and as a result we may face higher premiums and reduced coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in technology or other developments
could result in preferences for substitute products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our products, particularly iodine, lithium
and their derivatives, are preferred raw materials for certain industrial applications, such as rechargeable batteries and LCD
screens. Changes in technology, the development of substitute raw materials or other developments could adversely affect demand
for these and other products which we produce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are exposed to labor strikes
and labor liabilities that could impact our production levels and costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately 72% of our permanent employees
in Chile are represented by 24 labor unions, as of March 31, 2012. As a result, we are exposed to labor strikes that could impact
our production levels. If a strike occurs and continues for a sustained period of time, we could be faced with increased costs
and even disruption in our product flow that could have a material adverse effect on our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chilean Law No. 20,123, known as the Ley
de Subcontrataci&oacute;n (&quot;Law on Subcontracting&quot;), further provides when a serious accident in the workplace occurs,
a company must halt work at the site where the accident took place until authorities from the National Geology and Mining Service
inspect the site and prescribe the measures such company must take to prevent future risks. Work may not be resumed until such
company has taken the prescribed measures, and the period of time before work may be resumed may last for a number of hours, days,
or longer. The effects of this law could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lawsuits and arbitrations could adversely
impact us</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are party to a range of lawsuits and
arbitrations involving different matters as described in Note 19 of our consolidated financial statements. Although we intend to
defend our positions vigorously, our defense of these actions may not be successful. Judgments or settlements in these lawsuits
may have a material adverse effect on our business, financial condition and results of operations. In addition, our strategy of
being a world leader includes entering into commercial and production alliances, joint ventures and acquisitions to improve our
global competitive position. As these operations increase in complexity and are carried out in different jurisdictions, we might
be subject to legal proceedings that, if settled against us, could have a material adverse effect on our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chilean labor code has recently established
new procedures for labor matters which include oral trials conducted by specialized judges. The majority of these oral trials
have found in favor of the employee. These new procedures could increase the probability of adverse judgments which could have
a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have operations in multiple jurisdictions
with differing regulatory, tax and other regimes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate in multiple jurisdictions with
complex regulatory environments subject to different interpretations by companies and respective governmental authorities. These
jurisdictions may each have their own tax codes, environmental regulations, labor codes and legal framework, which could complicate
efforts to comply with these regulations, which could have a material adverse effect on our business, financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Relating to Chile</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As we are a company based in Chile, we are exposed to
Chilean political risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business, results of operations, financial
condition and prospects could be affected by changes in policies of the Chilean government, other political developments in or
affecting Chile, and regulatory and legal changes or administrative practices of Chilean authorities, over which we have no control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in regulations regarding, or any revocation or
suspension of our concessions could negatively affect our business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any adverse changes to our concession rights, or a revocation
or suspension of our concessions, could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in mining or port concessions could affect our
operating costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We conduct
our mining (including brine extraction) operations under exploitation and exploration concessions granted in accordance with provisions
of the Chilean constitution and related laws and statutes. Our exploitation concessions essentially grant a perpetual right to
conduct mining operations in the areas covered by the concessions, provided that we pay annual concession fees (with the exception
of the Salar de Atacama rights, for which we have a lease until 2030). Furthermore, under the regulations of the Comisi&oacute;n
Chilena de Energ&iacute;a y Nuclear</FONT> <FONT STYLE="font-size: 10pt">(C Chen), SQM is limited to 180,100 tons of total lithium
extraction. Our exploration concessions permit us to explore for mineral resources on the land covered thereby for a specified
period of time and to subsequently request a corresponding exploitation concession.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also operate port facilities at Tocopilla,
Chile for the shipment of our products and the delivery of certain raw materials, pursuant to concessions granted by Chilean regulatory
authorities. These concessions are renewable provided that we use such facilities as authorized and pay annual concession fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any significant changes to any of these
concessions could have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in water rights laws could affect our operating
costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hold water rights that are key to our
operations. These rights were obtained from the Chilean water authority for supply of water from rivers and wells near our production
facilities, which we believe are sufficient to meet current operating requirements. However, the Chilean water rights code (the
&quot;Water Code&quot;) is subject to changes, which could have a material adverse impact on our business, financial condition
and results of operations. For example, an amendment published on June 16, 2005 modified the Water Code, allowing under certain
conditions, the granting of permanent water rights of up to two liters per second for each well built prior to June 30, 2004,
in the locations where we conduct our mining operations, without considering the availability of water, or how the new rights
may affect holders of existing rights. Therefore, the amount of water we can effectively extract based on our existing rights
could be reduced if these additional rights are exercised. In addition, we must pay annual concession fees to maintain water rights
we are not exercising. These and potential future changes to the Water Code could have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our water supply could be affected by geological changes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our access to water may be impacted by
changes in geology or other natural factors, such as wells drying up, that we cannot control, and which may have a material adverse
effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Chilean government could levy additional taxes on
corporations operating in Chile</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2005, the Chilean Congress approved
Law No. 20,026 (also known as the &quot;Royalty Law&quot;), establishing a royalty tax to be applied to mining activities developed
in Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the earthquake in February 2010 in
the south of Chile, the government approved changes to both the Royalty Law and the corporate tax rate that raised tax rates in
order to partially fund the recovery effort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you that the manner in
which the Royalty Law is interpreted and applied will not change in the future. In addition, the Chilean government may decide
to levy additional taxes on mining companies or other corporations in Chile. Such changes could have a material adverse effect
on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Environmental laws and regulations
could expose us to higher costs, liabilities, claims and failure to meet current and future production targets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Our operations
in Chile are subject to national and local regulations relating to environmental protection. We are required to conduct environmental
impact studies of any future projects or activities (or significant modifications thereto) that may affect the environment. The
</FONT>Environmental Assessment Service <FONT STYLE="color: black">currently evaluates environmental impact studies submitted for
its approval, and private citizens, public agencies or local authorities may challenge projects that may adversely affect the environment,
either before these projects are executed or once they are already operating, if they fail to comply with applicable regulations.
Enforcement remedies available include fines and temporary or permanent closure of facilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chilean environmental regulations have
become increasingly stringent in recent years, both with respect to the approval of new projects and in connection with the implementation
and development of projects already approved. This trend is likely to continue. Given public interest in environmental enforcement
matters, these regulations or their application may also be subject to political considerations that are beyond our control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">We continuously
monitor the impact of our operations on the environment and have, from time to time, made modifications to our facilities to minimize
any adverse impacts. We believe we are currently in compliance in all material respects with applicable environmental regulations
in Chile. Future developments in the creation or implementation of environmental requirements, or in their interpretation, could
result in increased capital, operation or compliance costs or otherwise adversely affect our business, financial condition and
results of operations.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="color: black">In
connection with our current investments at the Salar de Atacama and Nueva Victoria, the success of these investments is dependent
on the behavior of the eco-system variables being monitored over time. If the behavior of these variables in future years does
not meet environmental requirements, our operation may be subject to important restrictions by the authorities on the maximum allowable
amounts of brine and water extraction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our future development depends on our ability
to sustain future production levels, which requires additional investments and the submission of the corresponding environmental
impact assessment studies. If we fail to obtain approval, our ability to maintain production at specified levels will be seriously
impaired, thus having a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, our worldwide operations
are subject to international environmental regulations. Since laws and regulations in the different jurisdictions in which we
operate may change, we cannot guarantee that future laws, or changes to existing laws, will not materially adversely impact our
business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ratification of the International Labor Organization's
Convention 169 concerning indigenous and tribal peoples might affect our development plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2008, Chile, a member of the International
Labor Organization (&quot;ILO&quot;), ratified the ILO's Convention 169 (the &quot;Indigenous Rights Convention&quot;) concerning
indigenous and tribal peoples. The Indigenous Rights Convention established several rights for indigenous individuals and communities.
Among other rights, the Indigenous Rights Convention outlines that (i) indigenous groups be notified of and consulted prior to
the development of any project on land deemed indigenous (right to veto was not included); and (ii) indigenous groups have, to
the extent possible, a stake in benefits resulting from the exploitation of natural resources in alleged indigenous land. The
extent of these benefits has not been defined by the government. The new rights outlined in the Indigenous Rights Convention could
affect the development of our investment projects in alleged indigenous lands which could have a material adverse effect on our
business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Chile is located in a seismically
active region</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chile is prone to earthquakes because it
is located along major fault lines. A major earthquake could have significant negative consequences for our operations and for
the general infrastructure, such as roads, rail, and access to goods, in Chile. Even though we maintain insurance policies standard
for this industry with earthquake coverage, we cannot assure you that a future seismic event will not have a material adverse effect
on our business, financial condition and results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal"><U>Risks
related to our shares and to our ADRs</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
price of our ADRs and the U.S. dollar value of any dividends will be affected by fluctuations in the U.S. dollar/Chilean peso
exchange rate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chilean trading in the shares underlying
our ADRs is conducted in Chilean pesos. The depositary will receive cash distributions that we make with respect to the shares
in Chilean pesos. The depositary will convert such Chilean pesos to U.S. dollars at the then prevailing exchange rate to make dividend
and other distribution payments in respect of ADRs. If the value of the Chilean peso falls relative to the U.S. dollar, the value
of the ADRs and any distributions to be received from the depositary will decrease.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Developments in other emerging
markets could materially affect the value of our ADRs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chilean financial and securities markets
are, to varying degrees, influenced by economic and market conditions in other emerging market countries or regions of the world.
Although economic conditions are different in each country or region, investor reaction to developments in one country or region
can have significant effects on the securities of issuers in other countries and regions, including Chile and Latin America. Events
in other parts of the world may have a material effect on Chilean financial and securities markets and on the value of our ADRs.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The volatility and low liquidity
of the Chilean securities markets could affect the ability of our shareholders to sell our ADRs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chilean securities markets are substantially
smaller, less liquid and more volatile than the major securities markets in the United States. The volatility and low liquidity
of the Chilean markets could increase the price volatility of our ADRs and may impair the ability of a holder to sell our ADRs
into the Chilean market in the amount and at the price and time he wishes to do so.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our share price may react negatively
to future acquisitions and investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As world leaders in our core businesses,
part of our strategy is to constantly look for opportunities that will allow us to consolidate and strengthen our competitive position.
Pursuant to this strategy, we may from time to time evaluate and eventually carry out acquisitions relating to any of our businesses
or to new businesses in which we believe we may have sustainable competitive advantages. Depending on our capital structure at
the time of such acquisitions, we may need to raise significant debt and/or equity which will affect our financial condition and
future cash flows. Any change in our financial condition could affect our results of operations, negatively impacting our share
price.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may be unable to enforce
rights under U.S. Securities Laws</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we are a Chilean company subject
to Chilean law, the rights of our shareholders may differ from the rights of shareholders in companies incorporated in the United
States, and you may not be able to enforce or may have difficulty enforcing rights currently in effect under U.S. Federal or State
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company is a &quot;<I>sociedad an&oacute;nima
abierta</I>&quot; (open stock corporation) incorporated under the laws of the Republic of Chile. Most of SQM's directors and officers
reside outside the United States, principally in Chile. All or a substantial portion of the assets of these persons are located
outside the United States. As a result, if any of our shareholders, including holders of our ADRs, were to bring a lawsuit against
our officers or directors in the United States, it may be difficult for them to effect service of legal process within the United
States upon these persons. Likewise, it may be difficult for them to enforce judgments obtained in United States courts based upon
the civil liability provisions of the federal securities laws of the United States against them in United States courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, there is no treaty between
the United States and Chile providing for the reciprocal enforcement of foreign judgments. However, Chilean courts have enforced
judgments rendered in the United States, provided that the Chilean court finds that the United States court respected basic principles
of due process and public policy. Nevertheless, there is doubt as to whether an action could be brought successfully in Chile in
the first instance on the basis of liability based solely upon the civil liability provisions of the United States federal securities
laws.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As preemptive rights may be
unavailable for our ADR holders, they have the risk of their holdings being diluted if we issue new stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chilean laws require companies to offer
their shareholders preemptive rights whenever selling new shares of capital stock. Preemptive rights permit holders to maintain
their existing ownership percentage in a company by subscribing for additional shares. If we increase our capital by issuing new
shares, a holder may subscribe for up to the number of shares that would prevent dilution of the holder's ownership interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we issue preemptive rights, United States
holders of ADRs would not be able to exercise their rights unless a registration statement under the Securities Act were effective
with respect to such rights and the shares issuable upon exercise of such rights or an exemption from registration were available.
We cannot assure holders of ADRs that we will file a registration statement or that an exemption from registration will be available.
We may, in our absolute discretion, decide not to prepare and file such a registration statement. If our holders were unable to
exercise their preemptive rights because SQM did not file a registration statement, the depositary bank would attempt to sell their
rights and distribute the net proceeds from the sale to them, after deducting the depositary's fees and expenses. If the depositary
could not sell the rights, they would expire and holders of ADRs would not realize any value from them. In either case, ADR holders'
equity interest in SQM would be diluted in proportion to the increase in SQM's capital stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company were classified
as a Passive Foreign Investment Company there could be adverse consequences for U.S. investors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we were not classified
as a passive foreign investment company, or PFIC, for 2011. Characterization as a PFIC could result in adverse U.S. tax consequences
to you if you are a U.S. investor in our shares or ADRs. For example, if we (or any of our subsidiaries) are a PFIC, our U.S. investors
may become subject to increased tax liabilities under U.S. tax laws and regulations and will become subject to burdensome reporting
requirements. The determination of whether or not we (or any of our subsidiaries or portfolio companies) are a PFIC is made on
an annual basis and will depend on the composition of our (or their) income and assets from time to time. See Item 10.E Taxation
&ndash; United States Tax Considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in Chilean tax regulations could have adverse
consequences for U.S. investors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently cash dividends paid by the Company
to foreign shareholders are subject to a 35% Chilean withholding tax. If the Company has paid corporate income tax (the &quot;First
Category Tax&quot;) on the income from which the dividend is paid, a credit for the First Category Tax effectively reduces the
rate of Withholding Tax. Changes in current Chilean tax regulations could have adverse consequences for U.S. investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
4.&#9;</FONT>INFORMATION ON THE COMPANY</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.A. History and Development
of the Company</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal"><U>Historical
Background</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sociedad Qu&iacute;mica y Minera de Chile
S.A. &quot;SQM&quot; is an open stock corporation (<I>sociedad an&oacute;nima abierta</I>) organized under the laws of the Republic
of Chile. The Company was constituted by public deed issued on June 17, 1968 by the Notary Public of Santiago, Mr. Sergio Rodr&iacute;guez
Garc&eacute;s. 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, Fl. 6, Las Condes, Santiago, Chile. The Company's telephone number is +56 2 425-2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commercial exploitation of the caliche
ore deposits in northern Chile began in the 1830s, when sodium nitrate was extracted from the ore for use in the manufacturing
of explosives and fertilizers. By the end of the nineteenth century, nitrate production had become the leading industry in Chile
and the country was the world's leading supplier of nitrates. The accelerated commercial development of synthetic nitrates in the
1920s and the global economic depression in the 1930s caused a serious contraction of the Chilean nitrate business, which did not
recover significantly until shortly before the Second World War. After the war, the widespread commercial production of synthetic
nitrates resulted in a further contraction of the natural nitrate industry in Chile, which continued to operate at depressed levels
into the 1960s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM was formed in 1968 through a joint
venture between Compa&ntilde;&iacute;a Salitrera Anglo Lautaro S.A. (&ldquo;Anglo Lautaro&rdquo;) and <I>Corporaci&oacute;n de
Fomento de la Producci&oacute;n</I> (&ldquo;Production Development Corporation&rdquo; or &ldquo;Corfo&rdquo;), a Chilean government
entity. Three years after our formation, in 1971, Anglo Lautaro sold all of its shares to Corfo, and we were wholly owned by the
Chilean Government until 1983. In 1983, Corfo began a process of privatization by selling our shares to the public and subsequently
listing such shares on the Santiago Stock Exchange. By 1988, all of our shares were publicly owned. Our Series B ADRs have traded
on the NYSE under the ticker symbol &ldquo;SQM&rdquo; since 1993.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since its inception, in addition to producing
nitrates, the Company has produced iodine, which is also found in the caliche ore deposits in northern Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between the years 1994 and 1999, we invested
approximately US$300 million in the development of the Salar de Atacama project in northern Chile. The project involved the construction
of a potassium chloride plant, a lithium carbonate plant, a potassium sulfate plant, and a boric acid plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To help finance the above projects, we
accessed the international capital markets by issuing additional Series B ADRs on the New York Stock Exchange in 1995. In 1999
we issued additional Series A shares, which were also listed on the New York Stock Exchange as ADRs. Effective March 27, 2008,
the Company voluntarily delisted its Series A ADR (&ldquo;SQM-A&rdquo;) from the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period from 2000 through 2004
we principally consolidated the investments carried out in the preceding five years. We focused on reducing costs and improving
efficiencies throughout the organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2005, we have strengthened our leadership
in our main businesses by increasing our capital expenditure program and making appropriate acquisitions and divestitures. During
this period we acquired Kefco in Dubai and the iodine business of DSM. We also sold (i) Fertilizantes Olmeca, our Mexican subsidiary,
(ii) our butyllithium plant located in Houston, Texas and (iii) our stake in Impronta S.R.L., our Italian subsidiary. These sales
allowed SQM to concentrate its efforts on its core products. In 2007, we completed the construction of a new prilling and granulating
plant. In 2008, we completed our lithium carbonate capacity expansion and began work on the engineering stage of a new potassium
nitrate plant. During 2010 and 2011, we continued expansion of potassium-based products in the Salar de Atacama. During the fourth
quarter of 2011, we completed the construction of a new potassium nitrate facitly in Coya Sur, increasing capacity 300,000 metric
tons. We also inaugurated a facility to produce 40,000 of KNO<SUB>3, </SUB>a result of a joint venture with Migao, which was signed
in 2008. Through this JV, we constructed a potassium nitrate plant with a production capacity of 40,000 metric tons per year. The
plant was opened in January 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2011, the subsidiary Soquimich
European Holding B.V., purchased from its associate Nutrisi Holding N.V., 66.6% of the shares it held in the subsidiary Fertilizantes
Naturales S.A. In December of 2011, Ferilizantes Naturales S.A. changed its company name to SQM Iberian S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2011, the subsidiary Socuimich
European Holding B.V. sold its 50% interest Nutrisi Holding N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Capital Expenditure Program</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are constantly reviewing different opportunities
to improve our production methods, reduce costs, increase production capacity of existing products and develop new products and
markets. Additionally, significant capital expenditures are required every year in order to sustain our production capacity. We
are focused on developing new products in response to identified customer demand, as well as new products that can be derived as
part of our existing production or other products that could fit our long-term development strategy. Our capital expenditures during
the past five years were mainly related to the acquisition of new assets, construction of new facilities and renewal of plant and
equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM&rsquo;s capital expenditures in the
2009-2011 period were the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">(in millions of US$)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: justify">Capital Expenditures (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">501.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">336.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">376.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">For purposes of this item, capital expenditures include investments aimed at sustaining, improving
or increasing production levels, including acquisitions and investments in related companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2009, we had total capital expenditures
of US$376.2 million, primarily relating to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">investment in a new potassium nitrate production facility in Coya Sur;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">investments related to increased production capacity of potassium-based products in the Salar de
Atacama;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">upgrade of our railroad system to handle expanded production capacity; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">various projects designed to maintain production capacity, increase yields and reduce costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2010, we had total capital expenditures
of US$336.0 million, primarily relating to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">continued investment of a new potassium nitrate production facility in Coya Sur;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">investments related to increasing production capacity of potassium-based products in the Salar
de Atacama;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">upgrade of our railroad system to handle expanded production capacity; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">various projects designed to maintain production capacity, increase yields and reduce costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, we completed a capital expenditure
program that included investments totalling approximately US$501.1 million. We focused our capital expenditures projects on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased production capacity of potassium-based products at the Salar de Atacama, with the continued
construction and completion of MOP and granulated MOP facilities at the Salar de Atacama;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased capacity and efficiencies at nitrate and iodine facilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">optimization of our rail system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">various projects designed to maintain production capacity, increase yields and reduce costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For 2012, SQM has developed a capital expenditure
program calling for investments totalling approximately $550 million. Among other things, the program would focus on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">capacity expansion projects in the Tarapaca Region, significantly increasing the production of
iodine and nitrates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">continued investments related to increased production capacity of potassium based products at the
Salar de Atacama, including various projects related to finishing products at the Salar de Atacama;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">various projects designed to maintain production capacity, increase yields and reduce costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect substantially all of the US$550
million of the capital expenditures under our current capital expenditure program to be made in Chile. No external financing is
required to finance the capital expenditure program for the 2012 period; however, SQM reserves its right to access capital markets
in order to optimize its financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.B. Business Overview</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal"><U>The
Company</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we are the world&rsquo;s
largest integrated producer of potassium nitrate, iodine and lithium carbonate. We produce specialty plant nutrients, iodine and
derivatives, lithium and derivatives, potassium chloride and certain industrial chemicals (including industrial nitrates). Our
products are sold in over 100 countries through our worldwide distribution network, with more than 87% of our sales derived from
countries outside Chile in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our products are mainly derived from mineral
deposits found in northern Chile. We mine and process caliche ore and brine deposits. The caliche ore in northern Chile contains
the only known nitrate and iodine deposits in the world and is the world&rsquo;s largest commercially exploited source of natural
nitrates. The brine deposits of the Salar de Atacama, a salt-encrusted depression within the Atacama desert in northern Chile,
contain high concentrations of lithium and potassium as well as significant concentrations of sulfate and boron.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From our caliche ore deposits, we produce
a wide range of nitrate-based products used for specialty plant nutrients and industrial applications, as well as iodine and iodine
derivatives. At the Salar de Atacama, we extract brines rich in potassium, lithium, sulfate and boron in order to produce potassium
chloride, potassium sulfate, lithium solutions, boric acid and bischofite (magnesium chloride). We produce lithium carbonate and
lithium hydroxide at our plant near the city of Antofagasta, Chile, from the solutions brought from the Salar de Atacama. We market
all of these products through an established worldwide distribution network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our products are divided into six categories:
specialty plant nutrients; iodine and its derivatives; lithium and its derivatives; industrial chemicals; potassium; and other
commodity fertilizers. Specialty plant nutrients are premium fertilizers that enable farmers to improve yields and the quality
of certain crops. Iodine, lithium and their derivatives are used in human nutrition, pharmaceuticals and other industrial applications.
Specifically, iodine and its derivatives are mainly used in the x-ray contrast media and biocides industries and in the production
of polarizing film, which is an important component in liquid crystal display (&ldquo;LCD&rdquo;) screens. Lithium and its derivatives
are mainly used in batteries, greases and frits for production of ceramics. Industrial chemicals have a wide range of applications
in certain chemical processes such as the manufacturing of glass, explosives and ceramics, and, more recently, industrial nitrates
are being used in solar energy plants as a means for energy storage. Potassium chloride is a commodity fertilizer that is produced
and sold by the Company worldwide. In addition, we complement our portfolio of plant nutrients through the buying and selling of
other fertilizers for use mainly in Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2011,
we had revenues of US$2,145.3 million, gross margin of US$854.8 million and net income of US$545.8 million. Our market capitalization
as of December 31, 2011 was approximately US$14.0 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Series A and Series B common shares
are listed on the Santiago Stock Exchange. Our Series B ADRs have been listed on the NYSE since 1993. Our ticker symbols on the
Santiago Stock Exchange for our Series A and Series B shares are &ldquo;SQM-A&rdquo; and &ldquo;SQM-B,&rdquo; respectively, and
our ticker symbol on the NYSE for the Series B ADRs is &ldquo;SQM.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Specialty Plant Nutrition</I></B>:
We produce four principal types of specialty plant nutrients: potassium nitrate, sodium nitrate, sodium potassium nitrate, and
specialty blends. Furthermore, SQM sells other specialty fertilizers including trading of third party products. All of these specialty
plant nutrients are used in either solid or liquid form mainly on high value crops such as vegetables, fruits, flowers, potatoes
and cotton, and they are widely used in crops that employ modern agricultural techniques such as hydroponics, greenhousing, fertigation
(where fertilizer is dissolved in water prior to irrigation) and foliar application. According to the type of use or application
the products are marketed under the brands: Ultrasol&trade; (fertigation), Qrop&trade; (field application), Speedfol&trade; (foliar
application), and Allganic&trade; (organic farming). Specialty plant nutrition has certain advantages over commodity fertilizers,
such as rapid and effective absorption (without requiring nitrification), superior water solubility, alkaline pH (which reduces
soil acidity) and low chlorine content. One of the most important products in the SPN business line is potassium nitrate, which
is available in crystalline and prill form, allowing for multiple application methods. Crystalline potassium nitrate products
are ideal for application by fertigation and foliar sprays and potassium nitrate prills are suitable for split soil applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These advantages, plus customized specialty
blends that meet specific needs along with technical service provided by us, allow us to create plant nutrition solutions that
add value to crops through higher yields and better quality production. Because our products are derived from natural nitrate
compounds or natural potassium brines, they have certain advantages over synthetically produced fertilizers, including the presence
of certain beneficial trace elements, which makes them more attractive to customers who prefer products of natural origin. As
a result, our specialty plant nutrients enable our customers to achieve higher yields and better quality crops, and consequently,
specialty plant nutrients are sold at a premium price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Iodine and its derivatives</I></B>:
We are the world's leading producer of iodine and iodine derivatives, which are used in a wide range of medical, pharmaceutical,
agricultural and industrial applications, including x-ray contrast media, polarizing films for liquid crystal displays (LCDs),
antiseptics, biocides and disinfectants in the synthesis of pharmaceuticals, herbicides, electronics, pigments, dye components
and heat stabilizers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium and its derivatives</I></B>:
We are the world's leading producer of lithium carbonate, which is used in a variety of applications, including electrochemical
materials for batteries, frits for the ceramic and enamel industries, 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 used primarily as a raw material in the lubricating grease industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Industrial Chemicals</I></B>: We
produce four industrial chemicals: sodium nitrate, potassium nitrate, boric acid and potassium chloride. Sodium nitrate is used
primarily in the production of glass, explosives, charcoal briquettes and metal treatment. Potassium nitrate is used in the manufacturing
of specialty glass, and it is also an important raw material for the production of frits for the ceramics and enamel industries.
Solar salts, a combination of potassium nitrate and sodium nitrate are used as a thermal storage medium in solar-based electricity
generating plants. Boric acid is used in the manufacture of frits for the ceramics and enamel industries, liquid crystal displays
(LCD), glass and fiberglass. Potassium chloride is used as an additive in oil drilling as well as in the production of carragenine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium: </I></B>We produce potassium
chloride and potassium sulfate from brines extracted from the Salar de Atacama. Potassium chloride is a commodity fertilizer used
to fertilize a variety of crops including corn, rice, sugar, soybean, and wheat. Potassium sulfate is a specialty fertilizer used
mainly in crops such as vegetables, fruits and industrial crops.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Products and Services</I></B>:
We also sell other fertilizers and blends, some of which we do not produce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM is the only company that produces
and distributes the three main potassium fertilizers: potassium nitrate, potassium sulphate and potassium chloride.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the percentage
breakdown of our revenues for 2011, 2010 and 2009 according to our product lines:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: justify">Specialty Plant Nutrition</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">34</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">33</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">37</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Iodine and Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Lithium and Derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Industrial Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Potassium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Business Strategy</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our general business strategy is to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">maintain leadership in specialty plant nutrients, iodine, lithium and industrial nitrates, in terms
of production capacity, low costs, competitive pricing and the development of new products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increase our production capacity of potassium-related fertilizers from the Salar de Atacama;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">continue to increase the efficiency of our production processes and reduce costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">evaluate acquisitions, joint ventures and commercial alliances in each of our core businesses;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">maintain a solid, conservative financial position and investment grade ratings for our debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have identified market demand in each
of our major product lines, both within our existing customer base and in new markets, for existing products and for additional
products that can be produced from our natural resources. In order to take advantage of these opportunities, we have developed
specific strategies for each of our product lines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specialty Plant Nutrition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy in our specialty plant nutrients
business is to: (i) continue expanding our sales of natural nitrates by continuing to leverage the advantages of our specialty
products over commodity-type fertilizers; (ii) increase our sales of higher margin specialty plant nutrients based on potassium
and natural nitrates, particularly soluble potassium nitrate and NPK blends; (iii) pursue investment opportunities in complementary
businesses to increase production, reduce costs, and add value to and improve the marketing of our products; (iv) develop new
specialty nutrient blends produced in our mixing plants that are strategically located in or near our principal markets, in order
to meet specific customer needs; (v) focus primarily on the markets for plant nutrients in soluble and foliar applications in
order to establish a leadership position; (vi) further develop our global distribution and marketing system directly and through
strategic alliances with other producers and global or local distributors; and (vii) reduce our production costs through improved
processes and higher labor productivity so as to compete more effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Iodine and its derivatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy in our iodine business is
to (i) maintain our leadership in the iodine market by encouraging demand growth and expanding our production capacity in line
with such demand growth; (ii) develop new iodine derivatives and participate in iodine recycling projects; and (iii) pursue to
reduce our production costs through improved processes and higher productivity in order to compete more effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium and its derivatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy in our lithium business is
to (i) maintain our leadership in the lithium industry as the largest producer and distributor of lithium carbonate and lithium
hydroxide; (ii) selectively pursue opportunities in the lithium derivatives business by creating new lithium compounds; and (iii)
pursue to reduce our production costs through improved processes and higher productivity in order to compete more effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Industrial Chemicals</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy in our industrial chemical
business is to (i) maintain our leadership position in the industrial nitrates for thermal storage market and become a long-term,
reliable source for the industry; and (ii) pursue to reduce our production costs through improved processes and higher productivity
in order to compete more effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy is to significantly increase
our production capacity of potassium chloride and potassium sulfate. Our distribution strategy is to; (i) offer a portfolio of
potassium products including potassium sulfate, potassium chloride and other fertilizers to our traditional markets; (ii) create
flexibility to offer standard or compacted products according to market requirements; (iii) focus in markets where we have logistical
advantages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>New Business Ventures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time we evaluate opportunities
to expand our business in our current core businesses or within new businesses in which we believe we may have sustainable competitive
advantages, both within and outside Chile, and we expect to continue to do so in the future. We are currently exploring concessions
for certain metallic minerals. If found, we may decide to exploit, sell or enter into a joint venture to extract these resources.
We may decide to acquire part or all of the equity of, or undertake joint ventures or other transactions with, other companies
involved in our businesses or in other businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><B><U>Main Business Lines</U></B></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal"><U>Specialty
Plant Nutrition</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe we are the world's largest
producer of potassium nitrate. We estimate that our sales accounted for almost 50% of world potassium nitrate sales by volume
in 2011, this estimate does not consider potassium nitrate produced by local Chinese market and sold to the local Chinese market,
only net imports to the Chinese market. During 2011, the potassium nitrate market was stable compared with 2010, despite the significant
increase on prices. Moreover, global sales totaled around 1 million metric tons in 2011. We also produce the following specialty
plant nutrients: sodium nitrate, sodium potassium nitrate, and specialty blends (containing various combinations of nitrogen,
phosphate and potassium and generally known as &quot;NPK blends&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These specialty plant nutrients have specific
characteristics that increase productivity and enhance quality when used on certain crops and soils. Our specialty plant nutrients
have significant advantages for certain applications over commodity fertilizers based on nitrogen and potassium, such as urea and
potassium chloride.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In particular, our specialty plant nutrients:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are fully water soluble, allowing their use in hydroponics, fertigation, foliar applications and
other advanced agricultural techniques;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">improve the water use efficiency of crops and saves water;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provide nitrogen in nitric form, thereby allowing crops absorb nutrients faster than they absorb
urea or ammonium-based fertilizers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">do not release hydrogen after application, thereby avoiding increased soil acidity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">possess trace elements, which promote disease resistance in plants; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are more attractive to customers who prefer products of natural origin.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, our sales from specialty plant
nutrients were US$721.7 million, representing 34% of our total sales for that year and 20% higher than the US$604 million recorded
in 2010. Improved economic conditions supported higher demand for premium vegetables and fruits, which has reinforced the consumption
of specialty fertilizers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Specialty Plant Nutrition: Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The target market for our specialty plant
nutrients is high-value crops such as vegetables, fruits, industrial crops, flowers, cotton and other high-value crops. Since 1990,
the international market for specialty plant nutrients has grown at a faster rate than the international market for commodity-type
fertilizers. This is mostly due to: (i) the application of new agricultural technologies such as fertigation and hydroponics and
increasing use of greenhouses; (ii) the increase in the cost of land and the scarcity of water, which has forced farmers to improve
their yields; and (iii) the increase in demand for higher quality crops such as fruits and vegetables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For instance, over the last ten years the
CAGR for vegetable production per capita has grown 3% while the CAGR for world population only reached 1.5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Worldwide scarcity of water and arable
land drives the development of new agricultural techniques to maximize the use of these resources. It is important to remark that
irrigation has been growing at an average annual rate of 1.5% during last 20 years, at a pace equal with population growth. However,
micro-irrigation has been growing at 10% per year in the same period. Micro-irrigation systems, which include drip-irrigation
and micro-sprinklers, are the most efficient forms of technical irrigation. These applications require fully water-soluble plant
nutrients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specialty Plant Nutrition:
Our Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium nitrate, sodium potassium nitrate
and specialty blends are higher margin products derived from, or consisting of, sodium nitrate, and they are all produced in crystallized
or prilled form. Specialty blends are produced using our own specialty plant nutrients and other components at blending plants
operated by the Company or its affiliates and related companies in Chile, the United States, Mexico, United Arab Emirates, Belgium,
The Netherlands, South Africa, Turkey, Egypt, China, India and Thailand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows our sales volumes
of and revenues from specialty plant nutrients for 2011, 2010 and 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Sales Volume &nbsp;(Th. MT)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left">Sodium nitrate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">22.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Potassium nitrate and sodium potassium nitrate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">551.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">392.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Blended and other specialty plant nutrients(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Total Revenues (in US$ millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">721.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">603.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">527.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.3in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Includes blended and other specialty plant nutrients.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specialty Plant Nutrition:
Marketing and Customers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, we sold our specialty plant nutrients
in close to 90 countries. During the same year, sales of the Company's specialty plant nutrients were exported to the following
regions: 14% were sold to customers in Central and South America (not including Chile), 17% to customers in Chile, 24% to customers
in North America, 26% to customers in Europe and 19% to customers in other regions. No single customer represented more than 9%
of SQM's specialty plant nutrient sales during 2011, and our 10 largest customers accounted in the aggregate for no more than
33% of sales during that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Sales Breakdown</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: justify">Central &amp; South America</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">14</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">14</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">22</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">North America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Chile</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell our specialty plant nutrients
products outside Chile mainly through our own worldwide network of representative offices and through our distribution affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2001, we signed an agreement
with Yara. This agreement allows us to make use of Yara's distribution network in countries where its presence and commercial
infrastructure are larger than ours. Similarly, in those markets where our presence is larger, both our specialty plant nutrients
and Yara's are marketed through our offices. Both parties, however, maintain an active control over the marketing of their own
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also signed a joint venture agreement
with Yara and Israel Chemicals Limited at the end of 2001. Under this joint venture agreement, SQM, Yara, and Israel Chemicals
Limited are developing the liquid and soluble plant nutrient blends business through their participation in a Belgian company called
NU3 N.V. (&quot;NU3&quot;), to which SQM and Israel Chemicals Limited contributed their blending facility in Belgium, and Yara
contributed its blending facility in the Netherlands. With this joint venture agreement, important synergies have been achieved,
particularly in production costs, administration and the marketing of soluble blends, strengthening the development of new products
and improving customer service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2005, SQM acquired 100% of the shares
of Kefco, which has a urea phosphate plant located in Dubai. Urea phosphate is a specialty plant nutrient that is used primarily
in drip irrigation systems. The plant has an annual production capacity of 30,000 metric tons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2005, SQM and Yara formed a joint venture
called MISR Specialty Fertilizers (&quot;MSF&quot;), for the production of tailor-made liquid NPK (nitrogen-phosphate-potassium)
fertilizers. The plant is located in Egypt and has a production capacity of 80,000 metric tons per year. As of April 2012, the
Company has divested from this investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2008, we signed a commitment letter
for a joint venture with Migao Corporation (&quot;Migao&quot;) for the production and distribution of specialty plant nutrients
in China. In 2009, we signed a shareholders agreement in connection with this joint venture. Through the joint venture, we constructed
a potassium nitrate plant with a production capacity of 40,000 metric tons per year. The plant was opened in January 2011. This
joint venture will enable us to increase our presence in China, which represents one of the most important and fastest-growing
markets for the fertilizer industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2009, SQM's subsidiary Soquimich
European Holdings, entered into an agreement with Coromandel Fertilizers Ltd. to create a joint venture for the production and
distribution of water soluble fertilizers in India. The agreement established a 50&frasl;50 contribution to the joint venture.
As part of the agreement, a new 15,000 metric ton facility will be constructed in the city of Kakinada to produce water soluble
fertilizers (NPK grades). This new facility will require a total investment of approximately US$ 2.6 million and was opened on
January 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2009, SQM S.A. signed an agreement
with Qingdao Star Plant Protection Technology Co., Ltd., resulting in the creation of the joint venture SQM Qingdao, for the production,
distribution and sale of soluble NPK specialty plant nutrients in China. The agreement, a 50&frasl;50 joint venture, entails a
total investment of US$2 million. The plant, located in the city of Jimo, province of Shangdong, is currently operational and will
have an annual production capacity of 15,000 metric tons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2009, SQM signed an agreement
with the French Roullier Group to form the joint venture &quot;SQM VITAS.&quot; This agreement joins two of the largest companies
in the businesses of specialty plant nutrients, specialty animal nutrition and professional hygiene. Peru, Brazil and Dubai will
be the main focus of this joint venture. As part of the agreement, the SQM phosphate plant located in Dubai becomes part of this
joint venture. In September 2010, SQM VITAS implemented a new phosphate line that will allow the production of two of the main
water soluble phosphorus products in the world: Mono Ammonium Phosphate and Urea Phosphate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2011, the subsidiary Soquimich
European Holding B.V., purchased from its associate Nutrisi Holding N.V., 66.6% of the shares it held in the subsidiary Fertilizantes
Naturales S.A. In December of 2011, Ferilizantes Naturales S.A. changed its company name to SQM Iberian S.A. In December 2011,
the subsidiary Soquimich European Holding B.V. sold its 50% interest Nutrisi Holding N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We maintain stocks of our specialty plant
nutrients in the main markets of the Americas, Asia, Europe, the Middle East and Africa in order to facilitate prompt deliveries
to customers. In addition, we sell specialty plant nutrients directly to some of our large customers. Sales are made pursuant to
spot purchase orders and short-term contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our marketing efforts,
we provide technical and agronomical assistance and support to our customers. By working closely with our customers, we are able
to identify new, higher-value-added products and markets. Our specialty plant nutrients products are used on a wide variety of
crops, particularly value-added crops, where the use of our products enables our customers to increase yield and command a premium
price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our customers are located in both the northern
and southern hemispheres. Consequently, we believe there are no material seasonal or cyclical factors that can materially affect
the sales of our specialty plant nutrient products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Specialty Plant Nutrition: Fertilizer
Sales in Chile</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We market specialty plant nutrients in
Chile through Soquimich Comercial S.A. which sells these products either alone or in blends with other imported products, mainly
triple super phosphate (TSP) and diammonium phosphate (DAP), among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Soquimich Comercial sells imported fertilizers
to farmers in Chile mainly for application in the production of sugar beets, cereals, industrial crops, potatoes, grapes and other
fruits. Most of the fertilizers that Soquimich Comercial S.A. imports are purchased on a spot basis from different countries in
the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that all contracts and agreements
between Soquimich Comercial S.A. and third party suppliers, with respect to imported fertilizers, contain standard and customary
commercial terms and conditions. During the preceding ten years, Soquimich Comercial S.A. has experienced no material difficulties
in obtaining adequate supplies of such fertilizers at satisfactory prices, and we don&rsquo;t expect problems in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We estimate that Soquimich Comercial S.A.'s sales of fertilizers
represented approximately 30% of total fertilizer sales in Chile during 2011.&nbsp; No single customer represented more than 5%
of Soquimich Comercial S.A.&rsquo;s total fertilizer sales revenues, and its 10 largest customers in total represented less than
30% of revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues generated by Soquimich Comercial
S.A. represented 10.2% of the Company's 2011 consolidated revenues. Soquimich Comercial S.A.'s consolidated revenues were approximately
US$218 million and US$178 million in 2011 and 2010 respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Specialty Plant Nutrition: Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe we are the world's largest producer
of sodium and potassium nitrate for agricultural use. Our sodium nitrate products compete indirectly with specialty and commodity-type
substitutes, which may be used by some customers instead of sodium nitrate depending on the type of soil and crop to which the
product will be applied. Such substitute products include calcium nitrate, ammonium nitrate and calcium ammonium nitrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the potassium nitrate market our largest
competitor is Haifa Chemicals Ltd. (&quot;Haifa&quot;), in Israel, which is a subsidiary of Trans Resources International Inc.
We estimate that sales of potassium nitrate by Haifa accounted for approximately 32% of total world sales during 2011<FONT STYLE="color: red">
</FONT>(excluding sales by Chinese producers into the domestic Chinese market).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">S.C.M. Virginia, a Chilean iodine producer,
ultimately controlled by Inverraz S.A., also produces potassium nitrate from caliche ore. However, they have focused on the production
of sodium potassium nitrate during the last few years. ACF, another Chilean producer, mainly oriented to iodine production, began
production of potassium nitrate from caliche ore and potassium chloride during 2005. Kemapco, a Jordanian producer owned by Arab
Potash, produces potassium nitrate in a plant located close to the Port of Aqaba, Jordan. In addition, there are several potassium
nitrate producers in China, the largest of which are Wentong and Migao. Most of the Chinese production is consumed by the Chinese
domestic market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal means of competition in the
sale of potassium nitrate are product quality, customer service, location, logistics, agronomic expertise and price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, through a partially owned facility,
NU3, we also produced soluble and liquid fertilizers using our potassium nitrate as a raw material. Through this activity, we have
acquired production technology and marketing know-how, which we believe will be useful for selling our products to greenhouse growers
and for use in certain high-technology processes such as fertigation and hydroponics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Chile, our products mainly compete
with imported fertilizer blends that use calcium ammonium nitrate or potassium magnesium sulfate. Our specialty plant nutrients
also compete indirectly with lower-priced synthetic commodity-type fertilizers such as ammonia and urea, which are produced by
many producers in a highly price-competitive market. Our products compete on the basis of advantages that make them more suitable
for certain applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Iodine and its derivatives</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are the world's largest producer of
iodine. In 2011, our revenues from iodine and iodine derivatives amounted to US$454.5 million, representing 21% of our total revenues
in that year. We estimate that our sales accounted for around 37% of world iodine sales by volume in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Iodine: Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Iodine and iodine derivatives are used
in a wide range of medical, agricultural and industrial applications as well as in human and animal nutrition products. Iodine
and iodine derivatives are used as raw materials or catalysts in the formulation of products such as x-ray contrast media, biocides,
antiseptics and disinfectants, pharmaceutical intermediates, polarizing films for LCDs, chemicals, herbicides, organic compounds
and pigments. Iodine is also added in the form of potassium iodate or potassium iodide to edible salt to prevent iodine deficiency
disorders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Iodine: Our Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We produce iodine, and through a joint
venture with Ajay North America L.L.C., (&quot;Ajay&quot;), a U.S.-based Company, we produce organic and inorganic iodine derivatives.
Ajay-SQM Group (&quot;ASG&quot;), established in the mid 1990s, has production plants in the United States, Chile and France. ASG
is the world's leading inorganic and organic iodine derivatives producer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consistent with our business strategy,
we are constantly working on the development of new applications for our iodine-based products, pursuing a continuing expansion
of our businesses and maintaining our market leadership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We manufacture our iodine and iodine derivatives
in accordance with international quality standards and have qualified our iodine facilities and production processes under the
ISO-9001:2008 program, providing third party certification of the quality management system and international quality control standards
that we have implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our total
sales and revenues from iodine and iodine derivatives for 2011, 2010 and 2009:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Sales Volume (Th. MT)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left">Iodine and derivatives</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">12.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">11.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Revenues (in US$ millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">454.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">316.3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">190.9</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sales revenues in 2011 increased from
US$316.3 million in 2010 to US$454.5 million, mainly due to increases in quantity and price as a consequence of strong demand growth
among most uses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Iodine: Marketing and Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, we sold our iodine products to
around 300 customers in 60 countries. During the same year, most of our sales were exported: 36% was sold to customers in Europe,
Middle East &amp; Africa, 32% to customers in North America, 3% to customers in Central and South America and 29% to customers
in Asia, Oceania and other regions. No single customer accounted for more than 8% of the Company's iodine sales in 2011, and our
ten largest customers accounted in the aggregate for no more than 45% of sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Sales Breakdown</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: justify">Europe, Middle East &amp; Africa</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">36</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">35</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">31</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">North America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Central &amp; South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell iodine through our own worldwide
network of representative offices and through our sales, support and distribution affiliates. We maintain inventories of iodine
at our facilities throughout the world to facilitate prompt delivery to customers. Iodine sales are made pursuant to spot purchase
orders and short, medium and long-term contracts. Sales agreements generally specify annual minimum and maximum purchase commitments,
and prices are adjusted periodically, according to prevailing market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Iodine: Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM and several producers in Chile, Japan
and the United States are the world's main iodine producers. There is also production of iodine in Russia, Turkmenistan, Indonesia
and China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Iodine production in Chile starts from
a unique mineral ore known as caliche ore, whereas in Japan, the United States, Russia, Turkmenistan and Indonesia producers extract
iodine from underground brines which are mainly obtained together with the extraction of natural gas and petroleum. In China, iodine
is extracted from seaweed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Four Chilean companies, including SQM,
accounted for approximately 59% of such sales (37% by SQM and 22% by the other Chilean producers). Other Chilean producers include
Atacama Minerals Corp., a Canadian company, Atacama Chemical S.A. (Cosayach), which is controlled by the Chilean holding Inverraz
S.A., and ACF Minera S.A. also owned by a Chilean family. A fifth Chilean producer, SCM Bullmine, started iodine exports towards
the end of 2011 but still with relatively minor quantities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ACF Minera is developing a new mining operation
in the Antofagasta Region of Chile, the Algorta Norte project, in cooperation with Toyota Tsusho. At this time, it is difficult
to estimate the production capacity that this operation will actually reach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that eight Japanese iodine
producers accounted for approximately 20%, without considering iodine recycling from Japan, of world iodine sales in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that iodine producers in the
United States (one of which is owned by Ise Chemicals Ltd., a Japanese company) accounted for 4% of world iodine sales in 2011.
In 2009, a new U.S. based player, Iofina, announced its entrance to the iodine market. Nevertheless, its production level was small
during 2011. Whether Iofina could become a relevant player in coming years is uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Iodine recycling is an increasing trend
worldwide. Several Japanese producers have recycling facilities where they recover iodine and iodine derivatives from iodine waste
streams. Iodine recycling, mainly related to LCD consumption, has increased over the past few years and currently represents approximately
15% of world iodine sales. It is estimated that around 70% to 75% of the world recycling was done by Japanese iodine producers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM, through ASG or alone, is also actively
participating in the iodine recycling business using iodinated side-streams from a variety of chemical processes in Europe, the
United States and Asia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that worldwide sales of iodine
amounted to between 30.5 and 31.0 thousand metric tons in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prices of our iodine and iodine derivative
products are determined by market conditions. World iodine prices vary depending upon, among other things, the relationship between
supply and demand at any given time. The supply of iodine varies principally depending upon the production of the few major iodine
producers (including us) and their respective business strategies. As a result of a strong demand recovery together with a tightened
availability from other suppliers, iodine prices increased substantially during 2011 reaching an average of approximately US$38
per kilogram in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demand for iodine varies depending upon
overall levels of economic activity and the level of demand in the medical, pharmaceutical, industrial and other sectors that are
the main users of iodine and iodine-derivative products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main factors of competition in the
sale of iodine and iodine derivative products are reliability, price, quality, customer service and the price and availability
of substitutes. We believe we have competitive advantages compared to other producers due to the size and quality of our mining
reserves and the available production capacity. We believe our iodine is competitive with that produced by other manufacturers
in certain advanced industrial processes. We also believe we benefit competitively from the long-term relationships we have established
with our largest customers. While there are substitutes for iodine available for certain applications, such as antiseptics and
disinfectants, there are limited cost-effective substitutes currently available for the main nutritional, pharmaceutical, animal
feed, and main chemical uses of iodine, which together account for most iodine sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Lithium and its derivatives</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe we are the world's largest producer
of lithium carbonate and one of the world's largest producers of lithium hydroxide. In 2011, our revenues from lithium sales amounted
to US$183.4 million, representing 9% of our total revenues. We estimate that our sales accounted for approximately 31% of the world's
demand of lithium chemicals in volume.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium: Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lithium carbonate is used in a variety
of applications, including electrochemical materials for batteries, ceramic and enamel frits, heat resistant glass (ceramic glass),
primary aluminum smelting process, air conditioning chemicals, continuous casting powder for steel extrusion, synthesis of pharmaceuticals
and lithium derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lithium hydroxide is primarily used as
a raw material in the lubricating grease industry, as well as in the dyes and the battery industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium: Our Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We produce lithium carbonate at the Salar
del Carmen facilities, near Antofagasta, Chile, from solutions with high concentrations of lithium coming from the potassium chloride
production at the Salar de Atacama. The annual production capacity of such lithium carbonate plant is 48,000 metric tons per year.
We believe that the technologies we use, together with the high concentrations of lithium and unique characteristics of the Salar
de Atacama, such as high evaporation rate and concentration of other minerals, allow us to be one of the lowest cost producers
worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also produce lithium hydroxide at our
facilities at the Salar del Carmen next to the lithium carbonate operation. The lithium hydroxide facility has a production capacity
of 6 thousand metric tons per year and is one of the largest plants in the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our total
sales and revenues from lithium carbonate and its derivatives for 2011, 2010 and 2009:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Sales Volume (Th. MT)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left">Lithium and derivatives</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">40.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">32.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">21.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Revenues (in US$ millions)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sales revenues in 2011 reached US$183.4
million, an increase from US$150.8 million in 2010, due to significantly higher sales volumes resulting from a healthy demand in
2011, mainly driven by rechargeable batteries and also by uses related to construction, such as ceramic and glass. Other producers
experienced some supply constraints during part of the year, allowing SQM to strengthen its position as the leader in lithium carbonate
supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium: Marketing and Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, we sold our lithium products to
over 300 customers in approximately 50 countries. Virtually all of our lithium products were sold overseas: 28% to customers in
Europe, 10% to customers in North America, 61% to customers in Asia and Oceania and 1% to customers in other regions. No single
customer accounted for more than 14% of the Company's lithium sales in 2011, and our ten largest customers accounted in aggregate
for no more than 51% of sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Sales Breakdown</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: justify">Europe, Middle East &amp; Africa</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">28</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">34</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">31</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">North America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Asia &amp; Oceania</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium: Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our main competitors in the lithium carbonate
and lithium hydroxide businesses are Chemetall GmbH (&quot;Chemetall&quot;), a subsidiary of Rockwood Specialties Group Inc. and
FMC Corporation (&quot;FMC&quot;). In addition, a number of Chinese producers together accounted for approximately 22% of the world
market in 2011 in volume. Chemetall produces lithium carbonate in its operations located in Chile, through Sociedad Chilena del
Litio Limitada, and in Nevada, United States. Its production of downstream lithium products is mostly performed in the United States,
Germany and Taiwan. FMC has production facilities in Argentina, through Minera del Altiplano S.A., where they produce lithium chloride
and lithium carbonate. Production of its downstream lithium products is mostly performed in the United States and the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that Lithium production will
increase in the near future. A number of new projects to develop lithium deposits have been announced recently, of which some could
materialize in the short to medium term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that worldwide sales of lithium
chemicals expressed as lithium carbonate equivalent (excluding direct use for lithium minerals) amounted to approximately 135,000
metric tons in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Industrial Chemicals</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to producing sodium and potassium
nitrate for agricultural applications, we produce three grades of sodium and potassium nitrate for industrial applications: industrial,
technical and refined grades. The three grades differ mainly in their chemical purity. We enjoy certain operational flexibility
when producing industrial sodium and potassium nitrate because they are produced from the same process as their equivalent agricultural
grades, needing only an additional step of purification. We may, with certain constraints, shift production from one grade to the
other depending on market conditions. This flexibility allows us to maximize yields as well as to reduce commercial risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to producing industrial nitrates,
we produce and commercialize other industrial chemicals such as boric acid, a by-product of the production of potassium sulfate,
and industrial-grade potassium chloride, both sold into industrial markets in crystalline form. In 2011, our revenues from industrial
chemicals were US$139.5 million, representing about 7 % of our total revenues for that year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Industrial Chemicals: Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Industrial sodium and potassium nitrates
are used in a wide range of industrial applications, including the production of glass, ceramics, explosives, charcoal briquettes,
metal treatment and various chemical processes. In addition, the most significant growth potential comes from industrial nitrates
for thermal storage in solar energy projects. Solar salts for this specific application contain a blend of 60% sodium nitrate and
40% potassium nitrate by weight ratio. We expect a significant increase in sales volumes of solar salt applications as new solar
energy projects come online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Boric acid is mainly used as raw material
in the manufacturing of glass, fiberglass, ceramic and enamel frits, and LCD flat panel displays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Industrial potassium chloride is mainly
used as an additive in oil and gas drilling fluids as well as in the production of carragenine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="margin: 0"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Industrial Chemicals: Our Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our sales
volumes of industrial chemicals and total revenues for 2011, 2010 and 2009:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; margin-left: 1.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify">Sales Volume (Th. MT)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: justify">Industrial nitrates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">181.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">198.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">149.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Boric Acid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Revenues (in US$ millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">139.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">149.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">115.4</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of industrial chemicals decreased
from US$149.7 million in 2010 to US$139.5 million in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Industrial Chemicals: Marketing and
Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sold our industrial nitrate products
in more than 50 countries in 2011; 26% percent of our sales of industrial chemicals were made to customers in North America, 52%
to customers in Europe, 17% to customers in Central and South America and 5% to customers in Asia, Oceania and other regions. No
single customer accounted for more than 11% of the Company's sales of industrial chemicals in 2011, and our ten largest customers
accounted in the aggregate for no more than 59% of such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Sales Breakdown</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify">Europe, Middle East &amp; Africa</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">52</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">55</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">45</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">North America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Central &amp; South America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell our industrial chemical products
mainly through our own worldwide network of representative offices and through our sales and distribution affiliates. We maintain
inventories of our different grades of sodium nitrate and potassium nitrate products at our facilities in Europe, North America,
South Africa and South America to achieve prompt deliveries to customers. Industrial sodium and potassium nitrate sales are made
pursuant to spot purchase orders. Our Research and Development department, together with our foreign affiliates, provide technical
support to our customers and continuously work with them to develop new products or applications for our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Industrial Chemicals: Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe we are the world's largest producer
of industrial sodium and potassium nitrate. In the case of industrial sodium nitrate, we estimate that our sales represented 58%
of world demand in 2011 (excluding China and India internal demand, for which we believe reliable estimates are not available).
Our competitors are mainly in Europe and Asia, producing sodium nitrate as a by-product of other production processes. In refined
grade sodium nitrate, BASF AG, a German corporation and several producers in China and Eastern Europe are highly competitive in
the European and Asian markets. Our industrial sodium nitrate products also compete indirectly with substitute chemicals, including
sodium carbonate, sodium hydroxide, sodium sulfate, calcium nitrate and ammonium nitrate, which may be used in certain applications
instead of sodium nitrate and are available from a large number of producers worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our main competitor in the industrial nitrates
business, which includes sodium nitrate and potassium nitrate for industrial uses, was Israel Haifa Chemicals in 2011, with an
estimated 21% of the market share. We estimate our market share at approximately 37% for 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Producers compete in the market for industrial
sodium and potassium nitrate based on reliability, product quality, price and customer service. We believe that we are a low cost
producer of both products and are able to produce high quality products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the boric acid market, we are a relatively
small producer mainly supplying regional needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the industrial potassium chloride market,
we intend to increase our current minor presence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Potassium</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We produce potassium chloride and potassium
sulfate by extracting brines from the Salar de Atacama that are rich in potassium chloride and other salts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2010, investments on compacted product
allowed us to increase our capacity to over 1.7 million MT, granting improved flexibility and market coverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, our potassium chloride and potassium
sulfate revenues amounted to US$555.7 million, representing 26% of our total revenues and a 5% increase with respect to 2010. We
are currently making investments in potassium chloride and potassium sulfate that will enable us to increase our production and
sales of this product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of potassium chloride and potassium
sulfate are reported together. This new classification better reflects the fact that both products are derived from the same natural
resource that they share a production process and that potassium is the most relevant driver for costs and pricing. This new classification
is also consistent with the market approach to reporting potassium products. Potassium sulfate sales include sales of third party
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium is one of the three macronutrients
that a plant needs to develop. Although potassium does not form part of a plant's structure, it is essential to the development
of its basic functions. Potassium chloride is the most commonly used potassium-based fertilizer, and it is used to fertilize crops
that can resist high levels of chloride, such as wheat, corn and soybeans, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some benefits that can be obtained through
the use of potassium are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Increased production of proteins;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Increased photosynthesis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Intensified transport and storage of assimilates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Prolonged and more intense assimilation period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Improved water efficiency;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Regulated opening and closure of stomata;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>synthesis of lycopene.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium chloride is also an important
component for our specialty plant nutrients business line. It is used as a raw material to produce potassium nitrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium: Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the last decade, the potassium
chloride market has experienced rapid growth due to several key factors such as a growing world population, higher demand for
protein-based diets and less arable land. All of these factors have contributed to growing demand for fertilizers, and in particular
potassium chloride, as efforts are being made to maximize crop yields and use resources efficiently. During this same period,
major players in this industry on the supply side have produced potassium chloride according to market demand. For the last ten
years the Potassium CAGR was around 3%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that demand reached the level
of 55 million metric tons for MOP and SOP in 2011. We expect historical growth trends to continue in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium: Our Products</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium chloride differs from our other
specialty plant nutrient products because it is a commodity fertilizer and contains chloride. SQM offers potassium chloride in
two grades: standard and compacted. Potassium sulfate is considered a specialty fertilizer and SQM offers three grades: standard,
compacted and soluble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows our sales volumes
of and revenues from potassium chloride and potassium sulfate for 2011, 2010 and 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Sales Volume (Th. MT)</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Potassium Chloride &amp; Potassium Sulfate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,103.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,273.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">690.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Revenues (in US$ millions)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">555.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">528.2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">399.1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium: Marketing and Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, we sold potassium chloride and
potassium sulfate in approximately 80 countries. Eight percent of our sales were sold to customers in Chile, 32% to customers
in Latin America and 60% to customers in other regions. No single customer accounted for more than 23% of the Company's sales
of potassium chloride and potassium sulfate in 2011, and our ten largest customers accounted in the aggregate for no more than
56% of such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Sales Breakdown</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify">Chile</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Latin America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Africa</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">North America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium: Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that SQM accounted for less
than 3% of global sales of potassium chloride and potassium sulfate in 2011. We also believe that Potash Corp has the highest
production capacity of potassium chloride in the world. However in 2011, we believe Uralkali accounted for approximately 19% of
global sales of potassium chloride, and that Potash Corp and Belaruskali each accounted for approximately 16% of global sales.
Uralkali and Silvinit finished a merger process to form a single company at the beginning of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the potassium sulfate market, we have
several competitors of which the most important are K+S KALI GmbH (Germany), Tessenderlo Chemie (Belgium) and Great Salt Lake
Minerals Corp. (United States). We believe that those three producers account for approximately 45% of the world production of
potassium sulfate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Other Products</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A large part of our other revenue is related
to fertilizer trading, usually commodities. These fertilizers are traded in large volumes worldwide. SQM has a developed a trade,
supply, and inventory management business that allows us to respond to the changing fertilizer market in which we operate and
profit on these trades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Production Process</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our integrated production process can be
classified according to our natural resources:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Caliche ore deposits: contain nitrates and iodine;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Salar brines: contain potassium, lithium, sulfate, boron and magnesium.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Caliche Ore Deposits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Caliche
deposits are located in northern Chile, where during 2011 we operated three mines: Pedro de Valdivia, Mar&iacute;a Elena (El Toco)
and Nueva Victoria. In March 2010, operations at the El Toco (mining site of Maria Elena production facilities) and Pampa Blanca
mines were temporarily suspended due to decreased global demand for nitrates and iodine during the preceding 15 months. These operations
were also suspended in an effort to optimize inventory of these products. Mining activities resumed in November 2010 in Maria Elena.
</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Caliche
ore is found under a layer of barren overburden in seams with variable thickness from twenty centimeters to five meters, and with
the overburden varying in thickness from half a meter to one and a half meters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Before
proper mining begins, a full exploration stage is carried out, including full geological reconnaissance, sampling and drilling
caliche ore to determine the features of each deposit and its quality. Drill-hole samples are properly identified and tested at
our chemical laboratories. With the exploration information on a closed grid pattern of drill holes, the ore evaluation stage provides
information for mine planning purpose. Mine planning is done on a long-term basis (10 years), medium-term basis (three years) and
short-term basis (one year). A mine production plan is a dynamic tool that details daily, weekly and monthly production plans.
After drill holes are made, information is updated to offer the most accurate ore supply schedule to the processing plants.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">The
process generally begins with bulldozers first ripping and removing the overburden in the mining area. This process is followed
by production drilling and blasting to break the caliche seams. Front-end loaders load the ore on off-road trucks. In the Pedro
de Valdivia mine, trucks deliver the ore to stockpiles next to rail loading stations. The stockpiled ore is later loaded on to
railcars that take the mineral to the processing facilities. Until the suspension of the mining operations at El Toco, trucks hauled
the ore and delivered it directly to a crushing installation, after which a 14-kilometer-long overland conveyor belt system delivered
the ore to the processing facilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">At
the Pedro de Valdivia facility, the ore is crushed and leached to produce concentrated solutions carrying the nitrate, iodine and
sodium sulfate. The crushing of the ore produces a coarse fraction that is leached in a vat system and a fine fraction that is
leached by agitation. These are followed by liquid-solid separation, where solids precipitate as sediment and liquids containing
nitrate and iodine are sent to be processed. In November 2010, operations resumed at the El Toco mining site of Maria Elena using
a heap leaching production process. In Nueva Victoria, the run of mine ore is loaded in heaps and leached to produce concentrated
solutions. This process was also used at Pampa Blanca until mining operations were suspended in 2010. </FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Caliche Ore-Derived Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Caliche ore-derived products are: sodium
nitrate, potassium nitrate, sodium potassium nitrate, iodine and iodine derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sodium Nitrate</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2011, sodium nitrate for both agricultural
and industrial applications was produced at the Pedro de Valdivia facility using the Guggenheim method, which was originally patented
in 1921 and is based in a closed circuit of leaching vats. This process uses a heated brine to leach the crushed caliche in the
vats and selectively dissolve the contents. The concentrated solution is then cooled, producing sodium nitrate crystals which can
then be separated from the brine using basket centrifuges. After the crystallization process, the brine is pumped to the iodine
facilities, where the iodide is separated using a solvent extraction plant, and finally the brine is returned to the vat leaching
process. The fine fraction of caliche&acute;s crushing process is leached at ambient temperature with water, producing a weak solution
that is pumped to iodine facilities. After a solvent extraction process, the brine is pumped to solar evaporation ponds in Coya
Sur 15 km south of Mar&iacute;a Elena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remaining material from the sodium
nitrate crystallization process is vat leach tailings. These tailings are unloaded from the leaching vats and deposited at sites
near the production facilities. Our total current crystallized sodium nitrate production capacity at Pedro de Valdivia facility
is approximately 500,000 metric tons per year. Crystallized sodium nitrate is processed further at Coya Sur and Mar&iacute;a Elena
production plants to produce potassium nitrate and/or crystallized or prilled nitrates (potassium or sodium), which is transported
to our port facilities in Tocopilla by railway. A significant part of the sodium nitrate produced in Pedro de Valdivia was used
in the production of potassium nitrate at Coya Sur, sodium potassium nitrate at Mar&iacute;a Elena and a highly refined industrial
grade sodium nitrate at Coya Sur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium Nitrate </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium nitrate is produced at our Coya
Sur facility using a production process developed by SQM. The brine leached with the fine fraction process at Pedro de Valdivia
and the brines produced by heap leaching process in Maria Elena are pumped to Coya Sur solar evaporation ponds for a nitrate concentration
process. After the nitrate concentration process, the brine is pumped to a conversion plant where potassium chloride is added and
a chemical reaction begins and produces brine with dissolved potassium nitrate. This brine is pumped to a crystallization plant,
which crystallizes the potassium nitrate by cooling and separating it from the mother liquid by centrifuge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentrated nitrate salts were produced
at Pampa Blanca up to March 2010, and are currently produced at Nueva Victoria by leaching caliche ore in heaps in order to extract
solutions that are rich in iodine and nitrates. These solutions are then sent to plants where iodine is extracted through a solvent-extraction
process. The remaining solutions are subsequently sent to solar evaporation ponds where the solutions are evaporated and rich nitrate
salts are produced. These concentrated nitrate salts are then sent to Coya Sur where they are used to produce potassium nitrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current potassium nitrate production
capacity at Coya Sur is approximately 950,000 metric tons per year, including 260,000 metric tons per year of technical grade potassium
nitrate. A new potassium nitrate plant was commissioned during March 2011. At the end of 2011, the plant was running at 95% capacity,
and it produced approximately 190,000 tons of technical grade potassium nitrates during 2011. During 2012, we expect a production
of approximately 280,000 tons of technical grade potassium nitrate at this plant. This new plant will use raw material salts harvested
in Nueva Victoria and potassium salts from Salar de Atacama.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The nitrates produced in crystallized or
prilled form at Coya Sur have been certified by T&Uuml;V-Rheiland under the quality standard ISO 9001:2008. Potassium nitrate produced
at Coya Sur and Mar&iacute;a Elena is transported to Tocopilla for shipping to customers and distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sodium Potassium Nitrate</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sodium potassium nitrate is a mixture of
approximately two parts sodium nitrate per one part potassium nitrate. We produce sodium potassium nitrate at our Mar&iacute;a
Elena priling facility using standard, non-patented production methods we have developed. Crystallized sodium nitrate is mixed
with the crystallized potassium nitrate to make sodium potassium nitrate, which is then prilled. The prilled sodium potassium nitrate
is transported to Tocopilla for bulk shipment to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The production process for sodium potassium
nitrate is basically the same as that for sodium nitrate and potassium nitrate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With certain production restraints and
following market conditions we may supply sodium nitrate, potassium nitrate or sodium potassium nitrate either in prilled or crystallized
form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Iodine and Iodine Derivatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We produce iodine at our Pedro de Valdivia,
Maria Elena and Nueva Victoria facilities. During 2011, iodine was produced by extracting it from the solutions resulting from
the leaching of caliche ore at the Pedro de Valdivia facility as well as at our Iris facility in December 2011.<B><I> </I></B>During
2011, iodine was produced by extracting it from the solutions resulting from the heap leaching of caliche ore at the Mar&iacute;a
Elena, Nueva Victoria and Iris facilities and from the vat leaching of caliche ore at the Pedro de Valdivia facilities.<B><I> </I></B>Production
of iodine at the Iris plant will continue during 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">As
in the case of nitrates, the process of extracting iodine from the caliche ore is well established, but variations in the iodine
and other chemical contents of the treated ore and other operational parameters require a high level of know-how to manage the
process effectively and efficiently.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">The
solutions resulting from the leaching of caliche carry iodine in iodate form. Part of the iodate solution is reduced to iodide
using sulfur dioxide, which is produced by burning sulfur. The resulting iodide is combined with the rest of the untreated iodate
solution to release elemental iodine in low concentrations. The iodine is then extracted from the aqueous solutions and concentrated
as iodide form using a solvent extraction and stripping plant. The concentrated iodide is oxidized to solid iodine, which is then
refined through a smelting process and prilled. We have obtained patents in the United States for our iodine prilling process,
and recently in Chile under the Chilean patent number 47,080 for the same prilling process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Prilled
iodine is tested for quality control purposes, using international standard procedures that we have implemented, then packed in
20-50 kilogram drums or 350-700 kilogram maxibags and transported by truck to Antofagasta or Iquique for export. Our iodine and
iodine derivatives production facilities have qualified under the new ISO-9001:2008 program, providing third-party certification&mdash;by
T&Uuml;V-Rheiland &mdash;of the quality management system. The last recertification process was approved in February 2011. Iodine
from the Iris plant will be certified under ISO-9001:2008 during 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Our
total iodine production in 2011 was approximately 9.0 thousand metric tons: approximately 5.1 thousand metric tons from Nueva Victoria
and Iris, 3.0 thousand metric tons from Pedro de Valdivia, .034 thousand metric tons from Pampa Blanca and .78 thousand metric
tons from Mar&iacute;a Elena. The Nueva Victoria facility is also used for recycling iodine from the potassium iodide contained
in the LCD waste solutions imported mainly from Korea. Nueva Victoria is also equipped to toll iodine from iodide delivered from
other SQM facilities. We have the flexibility to adjust our production according to market conditions. Our total current production
capacity at our iodine production plants is approximately 12,500 metric tons per year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">We
use a portion of the produced iodine to manufacture inorganic iodine derivatives, which are intermediate products used for manufacturing
agricultural and nutritional applications, at facilities located near Santiago, Chile, and also produce inorganic and organic iodine
derivative products together with Ajay that purchases iodine from us. We have in the past primarily marketed our iodine derivative
products in South America, Africa and Asia, while Ajay and its affiliates have primarily sold their iodine derivative products
in North America and Europe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2010, the National Environmental
Commission approved the Environmental Study of our Pampa Hermosa project, in the I Region of Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This approval will allow us to increase
the production capacity of our Nueva Victoria operations from 4,500 to 11,000 metric tons of iodine per year. This increase will
produce up to 1.2 million metric tons of nitrates, will mine up to 33 million metric tons of caliche per year and will use new
water rights of up to 570.8 liters per second.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2011, we started to make investments
in order to increase the water capacity in New Victoria operations from two water sources approved by the Environmental Study of
Pampa Hermosa, and to expand the capacity of solar evaporation ponds and to implement new areas of mining and the collection of
solutions. These investments will continue during 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recently, in early 2012, SQM submitted
a request to the National Environmental Commission requesting approval to expand our caliche ore extraction in the second region
in Chile, allowing for increased production of 10,000 tons of iodine and 1.3 million tons of nitrates. The project also requests
permission to build a pipeline from the Pacific Ocean to the mining site.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Salar de Atacama Brine Deposits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Salar
de Atacama, located approximately 250 kilometers east of Antofagasta, is a salt-encrusted depression in the Atacama desert, within
which lies an underground deposit of brines contained in porous sodium chloride rock fed by an underground inflow from the Andes
mountains. The brines are estimated to cover a surface of approximately 2,800 square kilometers and contain commercially exploitable
deposits of potassium, lithium, sulfates and boron. Concentrations vary at different locations throughout the Salar de Atacama.
Our production rights to the Salar de Atacama are pursuant to a lease agreement with Corfo, expiring in 2030. Furthermore, under
the same agreement and relating to lithium production, the Comisi&oacute;n Chilena de Energ&iacute;a y Nuclear</FONT> <FONT STYLE="font-size: 10pt">(CChen),
establishes a total accumulated extraction limit of 180,100 tons of lithium (Li). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brines are pumped from depths between 1.5
and 60 meters below surface, through a field of wells that are located in areas of the Salar de Atacama that contain relatively
high concentrations of potassium, lithium, sulfate, boron and other minerals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We process these brines to produce potassium
chloride, lithium carbonate, lithium hydroxide, lithium chloride, potassium sulfate, boric acid and bischofite (magnesium chloride).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium Chloride</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use potassium chloride in the production
of potassium nitrate. Production of our own supplies of potassium chloride provides us with substantial raw material cost savings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to produce potassium chloride,
brines from the Salar de Atacama are pumped to solar evaporation ponds. Evaporation of the brines results in a complex crystallized
mixture of salts of potassium chloride and sodium chloride. One portion of this mixture is harvested and stored, and the other
portion is reprocessed and the remaining salts are transferred by truck to a processing facility where the potassium chloride is
separated by a grinding, flotation, and filtering process. Potassium chloride is sent approximately 300 kilometers to our Coya
Sur facilities via a dedicated truck transport system, where it is used in the production of potassium nitrate. We sell potassium
chloride produced at the Salar de Atacama in excess of our needs to third parties. All of our potassium-related plants in the Salar
de Atacama currently have a production capacity in excess of up to 2.6 million metric tons per year. Actual production capacity
will depend on volume, metallurgical recovery rates and quality of the mining resources pumped from the Salar de Atacama. During
2011 actual production was higher than in 2010, and we expect that 2012 production will be higher than in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2011, we continued expanding our
Dual Plant Complex to produce, at the same time, potassium sulfate and potassium chloride with a total capacity of 1,320,000 metric
tons per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition we have three other plants
to produce potassium chloride with a combined capacity of 1,325,000 metric tons per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The by-products of the potassium chloride
production process are (i) brines remaining after removal of the potassium chloride, which are used to produce lithium carbonate
as described below, and the amount in excess of our needs is re-injected into the Salar de Atacama; (ii) sodium chloride, which
is similar to the surface material of the Salar de Atacama and is deposited at sites near the production facility; and (iii) other
salts containing magnesium chloride.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium Carbonate and Lithium Chloride</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portion of the brines remaining after
the production of potassium chloride is sent to additional solar concentration ponds adjacent to the potassium chloride production
facility. Following additional evaporation, the remaining concentrated solution of lithium chloride is transported by truck to
a production facility located near Antofagasta, approximately 230 kilometers from the Salar de Atacama. At the production facility,
the solution is purified and treated with sodium carbonate to produce lithium carbonate, which is dried and then, if necessary,
compacted and finally packaged for shipment. A portion of this purified lithium chloride solution is packaged and shipped to customers.
The production capacity of our lithium carbonate facility, including the expansions made during 2011 is approximately 48,000 metric
tons per year. Future production will depend on the actual volumes and quality of the lithium solutions sent by the Salar de Atacama
operations, as well as prevailing market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lithium carbonate production quality assurance
program has been certified by T&Uuml;V-Rheiland under ISO 9001:2000 since 2005 and under ISO 9001:2008 since October 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lithium Hydroxide</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lithium carbonate is sold to customers,
and we also use it as a raw material for our lithium hydroxide monohydrate facility, which started operations at the end of 2005.
This facility has a production capacity of 6,000 metric tons per year and is located in the Salar del Carmen, adjacent to our lithium
carbonate operations. In the production process, lithium carbonate is reacted with a lime solution to produce lithium hydroxide
brine and calcium carbonate salt, which is filtered and piled in reservoirs. The brine is evaporated in a multiple effect evaporator
and crystallized to produce the lithium hydroxide monohydrate, which is dried and packaged for shipment to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lithium hydroxide production quality assurance
program has been certified by T&Uuml;V-Rheiland under ISO 9001:2000 since 2007 and under ISO 9001:2008 since October 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potassium Sulfate and Boric Acid
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately 12 kilometers northeast of
the potassium chloride facilities at the Salar de Atacama, we use the brines from the Salar de Atacama to produce potassium sulfate,
potassium chloride (as a byproduct of potassium sulfate process) and boric acid. The plant is located in an area of the Salar de
Atacama where high sulfate and potassium concentrations are found in the brines. Brines are pumped to pre-concentration solar evaporation
ponds where waste sodium chloride salts are removed by precipitation. After further evaporation, the sulfate and potassium salts
are harvested and sent for treatment at the potassium sulfate plant. Potassium sulfate is produced using flotation, concentration
and reaction processes, after which it is crystallized, dried and packaged for shipment. Production capacity for the potassium
sulfate plant is approximately 340,000 MT per year. This capacity is part of the total capacity of our Dual Plant Complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal by-products of the production
of potassium sulfate are: (i) non-commercial sodium chloride, which is deposited at sites near the production facility, and (ii)
remaining solutions, which are re-injected into the Salar de Atacama or returned to the evaporation ponds. The principal by-products
of the boric acid production process are remaining solutions that are treated with sodium carbonate to neutralize acidity and then
are re-injected into the Salar de Atacama.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Raw Materials</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main raw material that we require in
the production of nitrate and iodine is caliche ore, which is obtained from our surface mines. The main raw material in the production
of potassium chloride, lithium carbonate and potassium sulfate is the brine extracted from our operations at the Salar de Atacama.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other important raw materials are sodium
carbonate (used for lithium carbonate production and for the neutralization of iodine solutions), sulfur, sulfuric acid, kerosene,
anti-caking and anti-dust agents, ammonium nitrate (used for the preparation of explosives in the mining operations), woven bags
for packaging our final products, electricity acquired from electric utilities, and liquefied natural gas and fuel oil in heat
generation. Our raw material costs (excluding caliche ore, salar brines and including energy) represented approximately 17% of
our cost of sales in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 1998, we entered into a long-term (15-year)
electricity supply agreement with Norgener S.A., a major Chilean electricity producer. In 1999, we entered into a long-term electricity
supply agreement with Electroandina S.A., also a major Chilean electricity producer. The agreement has a 10-year term, extending
to 2009, with two, three-year renewal options exercisable by us. In 2009, we exercised our first extension option. Since April
2000, we have been connected to the northern power grid, which currently supplies electricity to most cities and industrial facilities
in northern Chile. During 2006 and 2007, Norgener and Electroandina asked to change their contracts due to the gas restrictions
from Argentina that modified their costs. Under both contracts, the price was finally adjusted upwards and the readjustment clauses
were modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2012, we entered into a long-term
(19-year) supply agreement with Norgener S.A., for 50 MW of power, which will cover part of SQM&acute;s demand growth as well as
compensate for contracts that will expire at various times in the future. The agreement will begin April, 1 2012, and expire on
December 31, 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2001, we entered into a 10-year
gas supply contract with Distrinor S.A., which would supply a maximum of 3,850,000 million Btu per year. This gas supply was sufficient
to satisfy the requirements for the facilities that are connected to a natural gas supply. However, beginning in 2004, the Argentinean
government has imposed restrictions on the supply of natural gas and, in 2011, the supply has come to a complete stop and we have
not received natural gas from Argentina. On the other hand, in 2010, Chile began to import liquefied natural gas, using the same
gas pipeline to inject the re-gasified liquefied natural gas. The main use of this fuel is linked to the generation of electricity,
so there is a much smaller surplus for industrial customers such as SQM. In 2011, we received only liquefied natural gas (LNG)
from the LNG terminal, on a non-continuous basis, representing approximately 13.2% of the gas received in a normal year with continuous
supply from Argentina. Consequently, we have had to use other higher-cost fuels as substitutes for natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We obtain ammonium nitrate, sulfur, sulfuric
acid, kerosene and soda ash from several large suppliers, mainly in Chile and the United States, under long-term contracts or general
agreements, some of which contain provisions for annual revisions of prices, quantities and deliveries. Diesel fuel is obtained
under contracts that provide fuel at international market prices. In addition to the potassium chloride produced by us, during
2011 we acquired potassium chloride from Sociedad Chilena del Litio Limitada, a local Chilean supplier, contract that expired in
December 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that all of the contracts and
agreements between SQM and third-party suppliers with respect to our main raw materials contain standard and customary commercial
terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><U>Water
Supply</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">The
main sources of water for our nitrate and iodine facilities at Pedro de Valdivia, Mar&iacute;a Elena and Coya Sur are the Loa and
San Salvador rivers, which run near our production facilities. Water for our Pampa Blanca, Nueva Victoria and Salar de Atacama
facilities is obtained from wells near the production facilities. We additionally buy water from third parties for our production
processes at Pampa Blanca, until operations were idled, and at the Salar del Carmen. In addition, we purchase potable water from
local utility companies. We have not experienced significant difficulties obtaining the necessary water to conduct our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><U>Government
Regulations</U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulations in Chile Generally</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the full range of government
regulations and supervision generally applicable to companies engaged in business in Chile, including labor laws, social security
laws, public health laws, consumer protection laws, environmental laws, tax laws, securities laws and anti-trust laws. These include
regulations to ensure sanitary and safety conditions in manufacturing plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct our mining operations pursuant
to exploration concessions and exploitation concessions granted pursuant to applicable Chilean law. Exploitation concessions essentially
grant a perpetual right to conduct mining operations in the areas covered by the concessions, provided that annual concession fees
are paid (with the exception of the Salar de Atacama rights, which have been leased to us until 2030). Exploration concessions
permit us to explore for mineral resources on the land covered thereby for a specified period of time, and to subsequently request
a corresponding exploitation concession.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Law No. 16,319, the Company has an
agreement with the Chilean Commission of Nuclear Energy (&ldquo;CCHEN&rdquo;) regarding the exploitation and sale of lithium from
the Salar de Atacama. The agreement sets quotas for the tonnage of lithium authorized to be sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also hold water rights obtained from
the Chilean water regulatory authority for a supply of water from rivers or wells near our production facilities sufficient to
meet our current and anticipated operating requirements. See &ldquo;Item 3 &ndash; Key Information &ndash; Risk Factors &ndash;
Risks Relating to Chile.&rdquo; The Water Code is subject to changes, which could have a material adverse impact on our business,
financial condition and results of operations. Law No. 20,017, published on June 16, 2005, modified the Chilean laws relating to
water rights. Under certain conditions, these modifications allow the constitution of permanent water rights of up to two liters
per second for each well built prior to June 30, 2004, in the locations where we conduct our mining operations. Such rights may
be constituted in favor of parties that requested water rights prior to January 1, 2000, when such request had not yet been processed
as of June 16, 2005. In constituting these new water rights, the law does not consider the availability of water, or how the new
rights may affect holders of existing rights. Therefore, the amount of water we can effectively extract based on our existing rights
could be reduced if these additional rights are exercised. These and other potential future changes to the Water Code could have
a material adverse impact on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate port facilities at Tocopilla
for shipment of products and delivery of certain raw materials pursuant to maritime concessions, under applicable Chilean laws,
which are normally renewable on application, provided that such facilities are used as authorized and annual concession fees are
paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2005, the Chilean Congress approved
Law No. 20,026 (also known as the &ldquo;Royalty Law&rdquo;) establishing a royalty tax to be applied to mining activities developed
in Chile. In 2010, modifications were made to the law. The Chilean Government may again decide to levy additional taxes on mining
companies or other corporations in Chile, and such taxes could have a material adverse impact on our business, financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2006, the Chilean Congress amended the
Labor Code, and effective January 15, 2007, certain changes were made affecting companies that hire subcontractors to provide certain
services. This new law, known as the Ley de Subcontrataci&oacute;n (&quot;Law on Subcontracting&quot;), further provides when a
serious accident in the workplace occurs, a company must halt work at the site where the accident took place until authorities
from the National Geology and Mining Service inspect the site and prescribe the measures such company must take to prevent future
risks. Work may not be resumed until such company has taken the prescribed measures, and the period of time before work may be
resumed may last for a number of hours, days, or longer. The effects of this law could have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 2, 2009, Law No. 20,393 went
into effect, establishing a system of criminal liability for legal entities. The objective of the new regulation is to allow legal
entities to be prosecuted for the crimes of (a) asset laundering (b) financing terrorism and (c) bribery, where such crimes are
committed by people who hold relevant positions within a legal entity, in order to benefit that legal entity. The law establishes
a prevention model that includes, among others, the designation of a person in charge of prevention and the establishment of special
programs and policies. The implementation of this model can exempt the company from liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2010, Law No. 20,382 went
into effect, introducing modifications to Law No. 18,045 (relating to the Securities Market) and Law No. 18,046 (relating to Corporations).
The new law relates to corporate governance and, in general, seeks to improve such matters as the professionalization of senior
management at shareholder corporations, the transparency of information, and the detection and resolution of possible conflicts
of interest. The law establishes the concept of an independent director for certain corporations, including SQM. Such director
has a preferential right to be a member of the Directors&rsquo; Committee, which position, in turn, grants the director further
powers. The new independent director may be proposed by any shareholder with an ownership interest of 1% or more in the company,
but he must satisfy a series of independence requirements with respect to the company and the company&rsquo;s competition, providers,
customers and majority shareholders. The Law also refines the regulations regarding the information that companies must provide
to the general public and to the Chilean Superintendency of Securities and Insurance, as well as regulations relating to the use
of inside information, the independence of external auditors, and procedures for the analysis of transactions with related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2010, the Chilean Congress amended
the Environmental Law to create the Ministry of Environment, the Environmental Assessment Service and the Superintendence of the
Environment. These changes introduced important amendments to environmental regulations by setting up new agencies and introducing
new provisions and procedures applicable to projects whose operations bear an impact on the environment. The new Ministry designs
and implements environmental policies relating to environmental conservation, sustainable growth and the protection of Chile's
renewable energy resources. In addition, the Ministry is responsible for enacting emission and quality standard regulations, as
well as recovery and decontamination plans. The Environmental Assessment Service pursues procedures of the Environmental Impact
System, where projects are environmentally approved or rejected. In procedures for obtaining an environmental license, any person,
including legal entities and companies, will be allowed to file oppositions and comments. Summary procedures, such as Environmental
Impact Statements, allow comments in support or opposition under certain circumstances. Technical reports from governmental agencies
are considered bound for final decision. The Superintendence of the Environment will be an independent agency in charge of coordinating
other governmental agencies in their environmental obligations. Likewise, it will receive, investigate and decide complaints concerning
the infringement of environmental regulations and sanction violators, deliver injunction orders or levy relevant fines. The Superintendence
of the Environment has its powers on hold until the First Environmental Court is installed in Santiago, which is likely to occur
during the first half of 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are currently no material legal
or administrative proceedings pending against the Company except as discussed in Note 19 &ldquo;Lawsuits and other relevant events&rdquo;,
of the Consolidated Financial Statements and under &ldquo;Safety, Health and Environmental Regulations&rdquo; below, and we believe
that we are in compliance in all material respects with all applicable statutory and administrative regulations with respect to
our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Safety, Health and Environmental
Regulations in Chile</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations in Chile are subject to
both national and local regulations related to safety, health, and environmental protection. In Chile, the main regulations on
these matters that are applicable to SQM are the Code on Safety in Mining Operations, the Health Code, the Law on Subcontracting,
and the Environmental Framework Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Health and safety at work are fundamental
aspects in the management of mining operations, which is why SQM has made constant efforts to maintain good health and safety
conditions for the people working at its mining sites. In addition to the role played by the Company in this important matter,
the government has a regulatory role, enacting and enforcing regulations in order to protect and ensure the health and safety
of workers. The State, acting through the Ministry of Health and the National Service for Geology and Mining (&ldquo;Sernageomin&rdquo;),
performs health and safety inspections and oversees mining projects, among other tasks, and it has exclusive powers to enforce
standards related to environmental conditions and the health and safety of the people performing activities related to mining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Mine Health and Safety Act of 1989
(Ministry of Mining, Code on Safety in Mining Operations or &ldquo;Reglamento de Seguridad Minera,&rdquo; Supreme Decree DS No.
72, amended by DS No. 132/2002) protects workers and nearby communities against health and safety hazards, and it provides for
enforcement of the law where compliance has not been achieved. SQM&rsquo;s Internal Mining Standards (&ldquo;Reglamentos Internos
Mineros&rdquo;) establish our obligation to maintain a workplace that is safe and free of health risks, in as much as this is reasonably
practicable. We must comply with the general provisions of the Health and Safety Act 1999 (Ministry of Health, Standards on Basic
Sanitary and Environmental Conditions in the Workplace, or &ldquo;Reglamento sobre Condiciones Sanitarias y Ambientales B&aacute;sicas
en los Lugares de Trabajo&rdquo; DS No. 594, amended by DS No. 57/2003), our own internal standards, and the provisions of the
Mine Health and Safety Act of 1989. In the event of non-compliance, the Ministry of Health and particularly the National Service
for Geology and Mining are entitled to use their enforcement powers to ensure compliance with the law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2011, the Ministry of Mining
enacted Decree N&deg; 20,551 &ldquo;Regulates Mine Closure and its Facilities.&rdquo; This new law will become effective before
November 2012. Its main requirements are related to disclosures to the National Service for Geology and Mining regarding decommissioning
plans for each mining site and its facilities, along with the estimated cost to implement such plans. There is a requirement to
provide a form of financial assurance to the National Service for Geology and Mining to secure compliance with the decommissioning
plans. There are various types of financial assurance that satisfy the requirement.&nbsp; By November 2014, we have to inform the
National Service for Geology and Mining of the estimated costs for each of our decommissioning plans and the corresponding financial
assurances we propose to provide, which are subject to approval by the &quot;Superintendencia de Valores y Seguros&rdquo;. There
will be an obligation to render to the National Service for Geology and Mining economical warranties to comply with the decommissioning
plans; there are various forms to deliver such warranties to the authority and it considers an incremental amount over time, as
the mining project progresses and gets closer to the closure date. By November 2014, SQM has to inform the National Service for
Geology and Mining the estimated costs for each of our closure plans and the corresponding warranties, and the &ldquo;Superintendencia
de Valores y Seguros&rdquo;, will qualify the adequacy of such warranties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Environmental Framework Law was subjected
to several important modifications that entered into effect in January 2010, including the creation of the Ministry of the Environment,
the Environmental Assessment Service, and the Environmental Enforcement Superintendence of the Environment. The Environmental Enforcement
Superintendence will begin operations once the complementary legislation and regulations are enacted, which is expected to occur
during the first half of 2012. The new and modified Environmental Framework Law replaced the National Commission of the Environment
(&ldquo;Comisi&oacute;n Nacional del Medio Ambiente&rdquo; or &ldquo;CONAMA&rdquo;) with the Ministry of the Environment, which
is currently the governmental agency responsible for coordinating and supervising environmental issues. Under the new Environmental
Framework Law, we will continue to be required to conduct environmental impact studies of any future projects or activities (or
their significant modifications) that may affect the environment. Now, with the above mentioned modifications to the Environmental
Framework Law, the Environmental Assessment Service, together with other public institutions with mandates related to the environment,
evaluates environmental impact studies submitted for its approval. Superintendence of the Environment is responsible for auditing
environmental performance during the construction, operation, and closure of the projects. The Environmental Framework Law also
promotes citizen participation in project evaluation and implementation, providing more opportunities during the environmental
evaluation process than prior to January 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 10, 1993, the Ministry of Health
published in the Official Gazette a resolution establishing that atmospheric particulate levels at our production facilities in
Mar&iacute;a Elena and Pedro de Valdivia exceeded air quality standards, affecting the nearby towns. The high particulate matter
levels came principally from dust produced during the processing of caliche ore, particularly the crushing of the ore before leaching.
Residents of the town of Pedro de Valdivia were relocated to the town of Mar&iacute;a Elena, practically removing Pedro de Valdivia
from the scope of the determination of the Ministry of Health. In 1998, authorities approved a plan to reduce the atmospheric particulate
levels later modified by Decree No. 37/2004 on March 2004, which called for an 80% reduction of the emissions of atmospheric particulate
material, This was achieved by 2008 through the implementation of a project that modified the milling and screening systems used
in the processing of the caliche ore at the Mar&iacute;a Elena facilities. Due to international market conditions, this project
ceased its operation in March 2010, and today the milling and screening systems used in the processing of the caliche ore at the
Mar&iacute;a Elena facilities remain closed. Air quality in the area has improved significantly and compliance of air quality standards
required by law has to be assessed upon gathering air quality monitoring data for 3 consecutive years (expected completion in 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 16, 2007, the Ministry of Health
published in the Official Gazette a resolution establishing that atmospheric particulate levels exceeded air quality standards
in the coast-town of Tocopilla, where we have our port operations. The high particulate matter levels are caused mainly by two
thermoelectric power plants that use coal and fuel oil and are located next to our port operations. Our participation in particulate
matter emissions is very small (less than 0.20% of the total). However, a decontamination plan was developed by the environmental
authority, and its implementation began in October 2010. During 2008 and 2009, ahead of schedule, SQM implemented control measures
for mitigating particulate material emissions in its port operations according to the requirements of this plan. We do not expect
any additional measures to be required of SQM due to the implementation of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continuously monitor the impact of our
operations on the environment and have made, from time to time, modifications to our facilities in an effort to eliminate any adverse
impacts. Also, over time, new environmental standards and regulations have been enacted, which have required minor adjustments
or modifications of our operations for full compliance. We anticipate that additional laws and regulations will be enacted over
time with respect to environmental matters. While we believe that we will continue to be in compliance with all applicable environmental
regulations of which we are now aware, there can be no assurance that future legislative or regulatory developments will not impose
new restrictions on our operations. We are committed to both complying with all applicable environmental regulations and applying
an Environmental Management System (&ldquo;EMS&rdquo;) to continuously improve our environmental performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have submitted and will continue to
submit several environmental impact assessment studies related to our projects to the governmental authorities. We require the
authorization of these submissions in order to maintain and to increase our production capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>International Regulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2007, a new European Community Regulation
on chemicals and their safe use went into effect. This regulation, called REACH (Regulation, Evaluation, Authorisation and Restriction
of Chemical Substances), requires all manufacturers and importers of chemicals &ndash; including SQM &ndash; to identify and manage
risks linked to the substances they manufacture and market. Non-compliance with this regulation would preclude the Company from
commercializing its products in the European market. In 2010, SQM completed, on schedule, the registration of all products exported
to the European Community in quantities larger than 1,000 MT, and since 2011 is working on the registration of products exported
in amounts under 1,000 MT, which will be completed by 2013; thus, ensuring delivery to European customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.C. Organizational Structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">All of our
principal operating subsidiaries are essentially wholly-owned, except for Soquimich Comercial S.A., which is approximately 61%
owned by SQM and whose shares are listed and traded on the Chilean Stock Exchanges, and Ajay SQM Chile S.A., which is 51% owned
by SQM. The following is a summary of our main subsidiaries as of December 31, 2011. For a list of all our consolidated subsidiaries
see Note 2.4 to the Consolidated Financial Statements</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">Main subsidiaries</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Activity</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom">Country of<BR>
 Incorporation</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; vertical-align: top">SQM Beneficial <BR> Ownership<BR>
 Interest<BR>
 (Direct/Indirect)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">SQM Nitratos S.A.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Extracts and sells caliche ore to subsidiaries and affiliates of SQM</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Chile</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">SQM Industrial S.A.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Produces and markets the Company&rsquo;s products directly and through other subsidiaries and affiliates of SQM</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Chile</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">SQM Salar S.A.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exploits the Salar de Atacama to produce and market the Company&rsquo;s products directly and through other subsidiaries and affiliates of SQM</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Chile</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">Minera Nueva Victoria S.A.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Produces and markets the Company&rsquo;s products directly and through other subsidiaries and affiliates of SQM</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Chile</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">Servicios Integrales de Tr&aacute;nsitos y Transferencias S.A. (SIT)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Owns and operates a rail transport system and also owns and operates the Tocopilla port facilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Chile</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">Soquimich Comercial S.A.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Markets the Company&rsquo;s specialty plant nutrition products domestically and imports fertilizers for resale in Chile</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Chile</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">61</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">Ajay-SQM Chile S.A.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Produces and markets the Company&rsquo;s iodine and iodine derivatives</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Chile</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; vertical-align: top">51</TD><TD STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">Sales and distribution subsidiaries in the United States, Belgium, Brazil, Venezuela, Ecuador, Peru, Argentina, Mexico, South Africa and other locations.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">Market the Company&rsquo;s products throughout the world</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; vertical-align: top">Various</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic; text-align: right; vertical-align: top"></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 30%; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 37%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 12%; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic; text-align: right; width: 1%; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic; text-align: right; width: 12%; vertical-align: top">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic; text-align: left; width: 1%; vertical-align: top">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify; text-indent: -9.35pt">4.D.
<FONT STYLE="color: black">Property, Plant and Equipment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discussion of our mining rights is organized
below according to the geographic location of our mining operations. SQM's mining interests located throughout the valley of the
Tarapac&aacute; and Antofagasta regions of northern Chile (in a part of the country known as &ldquo;el Norte Grande&rdquo;), referred
to collectively as the &ldquo;Caliche Ore Mines&rdquo;, are discussed first. The Company's mining interests within the Atacama
Desert in the eastern region of el Norte Grande (the &ldquo;Salar de Atacama Brines&rdquo;) are discussed second.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Description of the Caliche Ore Mines</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we held constituted
exploitation rights to mineral resources representing approximately 541,294 hectares. In addition, as of December 31, 2011, we
held exploration rights to mineral resources representing approximately 1,200 hectares, and we have applied for additional exploration
rights for approximately 2,300 hectares. Currently, Pedro de Valdivia, Maria Elena and Nueva Victoria are being exploited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pedro de Valdivia</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mine and facilities that we operate
in Pedro de Valdivia are located 170 kilometers northeast of Antofagasta and are accessible by highway. These facilities have
been in operation for approximately 78 years and were previously owned and operated by Anglo Lautaro. The areas currently being
mined are located approximately 17 kilometers southeast and approximately 20 kilometers west of the Pedro de Valdivia production
facilities. Our mining facilities at Pedro de Valdivia have a Weighted Average Age of approximately 11.32 years. Electricity,
diesel, and fuel oil are the primary sources of power for this operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mar&iacute;a Elena</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operated mining facilities at Maria
Elena until March 2010, and mining activities using heap leaching resumed in November 2010. The Maria Elena mine and facilities,
named El Toco, are located 220 kilometers northeast of Antofagasta and are accessible by highway. These facilities were operated
for approximately 83 years before operations were suspended and were previously owned and operated by Anglo Lautaro. The area
mined until operations were suspended is located approximately 14 kilometers north of the Mar&iacute;a Elena production facilities.
Electricity, diesel, and fuel oil are the primary sources of power. The Weighted Average Age of the Company's mining facilities
at Mar&iacute;a Elena is approximately 11.58 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pampa Blanca</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operated mining facilities in Pampa
Blanca, which is located 100 kilometers northeast of Antofagasta, until operations were suspended in March 2010. Ore from the
Pampa Blanca mine was transported by truck to nearby heap leaching pads where it is used to produce iodine and nitrate salts.
The Weighted Average Age of the ore recovery facilities at Pampa Blanca is approximately 12.2 years. Electricity, produced by
mobile diesel generators is the primary source of power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nueva Victoria</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently conduct caliche ore operations
in Nueva Victoria, which is located 180 kilometers north of Mar&iacute;a Elena and is accessible by highway. Since 2007, the Nueva
Victoria mine includes the mining properties Soronal, Mapocho and Iris. Ore from Nueva Victoria is transported by truck to heap
leaching pads where it is then used to produce iodine. Nueva Victoria mine includes former Iris mining property acquired from
DSM Minera S.A. in 2006. The Weighted Average Age of the ore recovery facilities at Nueva Victoria is approximately 3.41 years.
Electricity, obtained from the Northern Power Grid (SING) is the primary source of power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><B><U>Description
of the Salar de Atacama Brines</U></B></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Salar de Atacama Brines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, SQM Salar S.A.
holds exclusive rights to exploit the mineral resources in an area covering approximately 147,000 hectares of land in the Salar
de Atacama in northern Chile. These rights are owned by Corfo and leased to SQM Salar S.A. pursuant to a lease agreement between
Corfo and SQM Salar S.A. (the &ldquo;Lease Agreement&rdquo;). Corfo may not unilaterally amend the Lease Agreement, and the rights
to exploit the resources cannot be transferred. The Lease Agreement provides that SQM Salar S.A. is responsible for the maintenance
of Corfo&rsquo;s exploitation rights and for annual payments to the Chilean government, and it expires on December 31, 2030. Furthermore,
under the same agreement and relating to lithium production, the Comisi&oacute;n Chilena de Energ&iacute;a y Nuclear (CChen), establishes
a total accumulated extraction limit of 180,100 tons of lithium (Li). SQM Salar S.A. is required to make lease-royalty payments
to Corfo according to specified percentages of the value of production of minerals extracted from the Salar de Atacama brines.
SQM Salar S.A. holds an additional 112,753 hectares of constituted exploitation rights in Salar de Atacama.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, as of December 31, 2011, we
hold constituted exploration rights covering approximately 60,200 hectares, and we have applied for additional exploration rights
covering approximately 4,200 hectares. Exploration rights are valid for a period of two years, after which the Company can (i)
request an exploitation concession for the land, (ii) request an extension of the exploration rights for an additional two years
(the extension only applies to a reduced surface area equal to 50% of the initial area), or (iii) cease exploration of the zone
covered by the rights. The Weighted Average Age of our mining facilities at the Salar de Atacama is approximately 6.78 years. Solar
energy is the primary source of power used by the operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the mining rights leased
to SQM Salar S.A. described above, as of December 31, 2011, Corfo had exclusive mining rights covering a total area of approximately
65,200 additional hectares in the Salar de Atacama. Under the terms of the Salar de Atacama Project Agreement between Corfo and
SQM Salar S.A., (the Project Agreement), Corfo has agreed that it will not permit any other person to explore, exploit or mine
any mineral resources in those 65,200 hectares of the Salar de Atacama. The Project Agreement expires on December 31, 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><U>Concessions,
Extraction Yields and Reserves for the Caliche Ore Mines and Salar Brines</U></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concessions Generally</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Caliche ore.</I> We hold our mineral
rights pursuant to one of two types of exclusive concessions granted pursuant to applicable law in Chile:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) &ldquo;Exploitation Concessions&rdquo;
These are concessions whereby we are legally entitled to use the land in order to exploit the mineral resources contained therein
on a perpetual basis subject to annual payments to the Chilean government; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) &ldquo;Exploration Concessions&rdquo;
These are concessions whereby we are legally entitled to use the land in order to explore for mineral resources for a period of
two years, at the expiration of which the concession may be extended one time only for two additional years if the area covered
by the concession is reduced by half.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Exploration Concession is generally
obtained for purposes of evaluating the mineral resources in an area. Generally, after the holder of the Exploration Concession
has determined that the area contains exploitable mineral resources, such holder will apply for an Exploitation Concession for
the area. Such application will give the holder absolute priority with respect to such Exploitation Concession against third parties.
If the holder of the Exploration Concession determines that the area does not contain commercially exploitable mineral resources,
the concession is usually allowed to lapse. An application also can be made for an Exploitation Concession without first having
obtained an Exploration Concession for the area involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Concessions for the Caliche Ore Mines
and Salar Brines</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, approximately
94% of our total mining concessions are held pursuant to Exploitation Concessions and 6% pursuant to Exploration Concessions. Of
the Exploitation Concessions, approximately 77% have been already granted pursuant to applicable Chilean law, and approximately
23% are in the process of being granted. Of the Exploration Concessions, approximately 88% have been already granted pursuant to
applicable Chilean law, and approximately 12% are in the process of being granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We made payments to the Chilean government
for our Exploration and Exploitation Concessions of approximately US$10.6 million in the year 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our constituted
exploitation and exploration concessions as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Exploitation concessions</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Exploration concessions</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Mines</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total number</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Hectares</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total<BR>
number</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Hectares</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total number</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Hectares</TD><TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 22%; text-align: left">Pedro de Valdivia</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">576</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">147,302</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">576</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">147,302</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>El Toco(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,878</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,878</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Pampa Blanca(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,460</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Nueva Victoria</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">303</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">78,654</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,200</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">304</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">79,854</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 35.4pt">Subtotal Caliche Ore Mines</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">541,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">542,494</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Salar de Atacama</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">388</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">259,873</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">158</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">60,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">546</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">320,073</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Subtotal mines</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,333</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">801,167</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">159</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">61,400</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,492</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">862,567</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 17.1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 17.1pt">Subtotal other Areas</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,366</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,632,274</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">305</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">113,400</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,671</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,745,674</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,699</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,433,441</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">464</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">174,800</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,163</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,608,241</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">(1) Operations at the
El Toco and Pampa Blanca mines were temporarily suspended in March 2010. Mining activities resumed at Maria Elena in November
2010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Extraction Yields</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain
operating data relating to each of our mines:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 24pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-style: italic; border-bottom: Black 1pt solid">(values in thousands, unless otherwise stated)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2008</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Pedro de Valdivia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Metric tons of ore mined</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">12,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,773</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,631</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,003</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Average grade nitrate (% by weight)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Iodine (parts per million (ppm))</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Metric tons of crystallized nitrate produced</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Metric tons of iodine produced</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Mar&iacute;a Elena(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Metric tons of ore mined</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,683</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average grade nitrate (% by weight)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Iodine (ppm)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Metric tons of crystallized nitrate produced</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Metric tons of iodine produced</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Coya Sur(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Metric tons of crystallized nitrate produced</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">395</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">155</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">193</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">302</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Pampa Blanca(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Metric tons of ore mined</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Iodine (ppm)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">533</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Metric tons of iodine produced</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Nueva Victoria</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Metric tons of ore mined</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Iodine (ppm)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Metric tons of iodine produced</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Salar de Atacama</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Metric tons of lithium carbonate produced(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Metric tons of potassium chloride and potassium sulfate produced</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,448</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,409</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,075</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">863</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 24pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Operations at the El Toco and Pampa Blanca mines were temporarily suspended in March 2010. Mining
activities resumed at Mar&iacute;a Elena in November 2010.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.7pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.85pt"></TD><TD STYLE="width: 17.85pt">(2)</TD><TD STYLE="text-align: justify">Includes production at Coya Sur from treatment of fines from Mar&iacute;a Elena and Pedro de Valdivia,
nitrates from pile treatment at Pampa Blanca and net production from NPT, or &quot;technical (grade) potassium nitrate,&quot; plants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.85pt"></TD><TD STYLE="width: 17.85pt">(3)</TD><TD STYLE="text-align: justify">Lithium carbonate is extracted at the Salar de Atacama and processed at our facilities at the Salar
del Carmen.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.85pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.7pt; text-align: justify; text-indent: -17.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Reserves</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reserves for the Caliche Ore
Deposits</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our in-house staff of geologists and mining
engineers prepares our estimates of caliche ore reserves. The proven and probable reserve figures presented below are estimates,
and no assurance can be given that the indicated levels of recovery of nitrates and iodine will be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate ore reserves based on engineering
evaluations of assay values derived from sampling of drill-holes and other openings. Drill-holes have been made at different space
intervals in order to recognize mining resources. Normally, we start with 400x400 meters and then we reduce spacing to 200x200
meters, 100x100 meters and 50x50 meters. The geological occurrence of caliche mineral is unique and different from other metallic
and non-metallic minerals. Caliche ore is found in large horizontal layers at depths ranging from one to four meters and has an
overburden between zero and two meters. This horizontal layering is a natural geological condition and allows the Company to estimate
the continuity of the caliche bed based on surface geological reconnaissance and analysis of samples and trenches. Mining resources
can be calculated using the information from the drill-hole sampling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to our experience in caliche
ore, the grid pattern drill-holes with spacing equal to or less than 100 meters produce data on the caliche resources that is sufficiently
defined to consider them measured resources and then, adjusting for technical, economic and legal aspects, as proven reserves.
These reserves are obtained using the Kriging Method and the application of operating parameters to obtain economically profitable
reserves. Similarly, the information obtained from detailed geologic work and samples taken from grid pattern drill-holes with
spacing equal to or less than 200 meters can be used to determine indicated resources. By adjusting such indicated resources to
account for technical, economic and legal factors, it is possible to calculate probable reserves. Probable reserves are calculated
by evaluating polygons and have an uncertainty or error margin greater than that of proven reserves. However, the degree of certainty
of probable reserves is high enough to assume continuity between points of observation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Probable reserves are the economically
mineable part of an &quot;Indicated Mineral Resource&quot; and, in some circumstances, a &quot;Measured Mineral Resource.&quot;
An indicated mineral resource is that part of a mineral resource for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a reasonable level of confidence. The calculation is based on exploration, sampling
and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings, and
drill holes. A measured mineral resource is the part of a mineral resource for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of confidence. The estimate is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings,
and drill holes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proven reserves are the economically mineable
part of a measured mineral resource. The calculation of the reserves includes diluting materials and allowances for losses which
may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out and
include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental,
social and governmental factors. These assessments demonstrate at the time of reporting that extraction is reasonably justified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculation of the reserves includes
diluting of materials and allowances for losses which may occur when the material is mined. Appropriate assessments, which may
include feasibility studies, have been carried out and include consideration of and modification by realistically assumed mining,
metallurgical, economic, marketing, legal, environmental, social and governmental factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proven and probable reserves are determined
using extensive drilling, sampling and mine modeling, in order to estimate potential restrictions on production yields, including
cut-off grades, ore type, dilution, waste-to-ore ratio and ore depth. Economic feasibility is determined on the basis of this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">The estimates
of proven reserves of caliche ore at each of our mines </FONT>are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Mine</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Proven Reserves (1)<BR>
</B>(millions of metric tons)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Nitrate Average Grade<BR> </B>(percentage by weight<B>)</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Iodine Average Grade<BR>
</B>(parts per million)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 46%; text-align: justify; padding-bottom: 1pt">Pedro de Valdivia</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">172.7</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">7.1</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">369</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Mar&iacute;a Elena (3)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">135.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">7.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">417</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Pampa Blanca (4)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">71.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">5.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">544</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Nueva Victoria</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">320.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">5.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the updated estimates of our
probable reserves of caliche ore at each of our principal mines as of December 31, 2011, are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Mine</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: justify; border-bottom: Black 1pt solid"><B>Probable Reserves (1) (2)<BR> </B>(millions
    of metric tons<B>)</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: justify; border-bottom: Black 1pt solid"><B>Nitrate Average Grade<BR> </B>(percentage
    by weight)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: justify; border-bottom: Black 1pt solid"><B>Iodine Average Grade<BR> </B>(parts
    per million)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 46%; text-align: justify; padding-bottom: 1pt">Pedro de Valdivia</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">85.2</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">6.9</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">482</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Mar&iacute;a Elena</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">98.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">7.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">380</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Pampa Blanca (4)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">447.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">5.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">538</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Nueva Victoria</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">362</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">Notes
on Reserves:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The proven and probable reserves set forth in the tables above are shown before losses related
to exploitation and mineral treatment. Proven and probable reserves are affected by mining exploitation methods, which result in
differences between the estimated reserves that are available for exploitation in the mining plan and the recoverable material
that is finally transferred to the leaching vats or heaps. The average mining exploitation factor for our different mines ranges
between 80% and 90%, whereas the average global metallurgical recoveries of processes for nitrate and iodine contained in the recovered
material vary between 55% and 65%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Probable reserves can be expressed as proven reserves using a conversion factor. On average, this
conversion factor is higher than 60%. This factor depends on geological conditions and caliche ore continuity, which vary from
mine to mine. The difference between the probable reserve amounts and the converted probable reserve amounts is the result of the
lower degree of certainty pertaining to probable reserves compared with proven reserves.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Operations at El Toco were resumed in November 2010 with the heap leaching process. This process
favors the extraction of Iodine rather than nitrate. The yearly production capacity of this operation is around 1,700 tons.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Operations at Pampa Blanca mine were temporarily suspended in March 2010.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Information set forth in the table above was validated in March 2012, by Mrs. Marta Aguilera, a
geologist with over 20 years of experience in the field. She is currently employed by SQM as Manager of Non-metallic Geology.&nbsp;
Mrs. Aguilera is a Competent Person (&ldquo;<I>Persona</I> <I>Competente</I>&rdquo;), as that term is defined under Chilean Law
Number 20,235.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">The proven </FONT>and
probable reserves shown above are the result of exploration and evaluation of approximately 16.2% of the total caliche-related
mining property of our Company. However, we have explored those areas in which we believe there is a higher potential of finding
high-grade caliche ore minerals. The remaining 83.8% of this area has not been explored yet or has had limited reconnaissance to
determine hypothetical resources. Reserves shown in these tables are calculated based on mining properties that are not involved
in any legal disputes between SQM and other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We maintain an ongoing program of exploration
and resource evaluation on the land surrounding the mines at Nueva Victoria, Pedro de Valdivia, Mar&iacute;a Elena and Pampa Blanca
and at other sites for which we have the appropriate concessions. In 2011, we continue<FONT STYLE="color: black">d a basic reconnaissance
program on new mining properties including a geological mapping of the surface and spaced drill-hole campaign </FONT>covering approximately
8,113 hectares. Additionally, we conducted general explorations based on a closer grid pattern of drill-holes over a total area
of approximately 6,332 hectares and, in addition, carried out in-depth sampling of approximately 1,463 hectares (942 hectares at
Pedro de Valdivia and 521 hectares at Nueva Victoria). The exploration and development program in 2012 calls for a basic reconnaissance
program over a total area of 59,725 hectares, general exploration over a total area of about 25,355 hectares and, in addition,
in-depth sampling of approximately 3,841 hectares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reserves for the Salar de Atacama Brines </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our in-house staff of hydro-geologists
and mining engineers prepares our estimates of potassium, sulfate, lithium and boron reserves at the Salar de Atacama. We have
exploration concessions of approximately 819.2 square kilometers where we have carried out geological exploration, brine sampling
and geostastical analysis. We estimate that our proven and probable reserves, based on economic restrictions, geological exploration,
brine sampling and geo-statistical analysis up to a depth of 100 meters of our total exploration concessions, and additionally,
up to a depth of 280 meters over approximately 47% of the same total area, are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Proven Reserves (1)<BR> </B>(millions of metric tons)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><B>Probable Reserves (1)<BR> </B>(millions of metric tons)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: justify; padding-bottom: 1pt">Potassium (K <SUP>+</SUP>) (2)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">50.4</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; padding-bottom: 1pt; text-align: right">17.5</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Sulfate (SO<SUB>4</SUB> <SUP>2-</SUP>) (3)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">37.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Lithium (Li <SUP>+</SUP>) (4)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Boron (B <SUP>3+</SUP>) (5)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes on Reserves:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Metric tons of potassium, sulfate, lithium and boron considered in the proven and probable reserves
are shown before losses from evaporation processes and metallurgical treatment. The recoveries of each ion depend on both brine
composition, which changes over time, and the process applied to produce the desired commercial products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Recoveries for potassium vary from 47% to 77%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Recoveries for sulfate vary from 27% to 45%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Recoveries for lithium vary from 65% to 85%, considering lithium for final product and non-finished
products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Recoveries for boron vary from 28% to 32%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Information set forth in the table above was validated in March 2012, by Mrs. Aguilera, a geologist
with over 20 years of experience in the field. She is currently employed by SQM as Manager of Non-metallic Geology.&nbsp; Mrs.
Aguilera is a Competent Person (&ldquo;<I>Persona</I> <I>Competente</I>&rdquo;), as that term is defined under Chilean Law Number
20,235.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proven and probable reserves are based
on drilling, brine sampling and geo-statistic reservoir modeling in order to estimate brine volumes and their composition. To evaluate
reserves, we conduct a geo-statistical study using the Kriging Method in 2D. We calculate the quality of brine effectively drainable
or exploitable in each evaluation unit. We consider chemical parameters to determine the process to be applied to the brines. Based
on the chemical characteristics, the volume of brine and drainable porosity, we determine the number of metric tons for each of
the chemical ions. Proven reserves are defined as those geographical blocks that comply with a Kriging method estimation error
of up to 15%. In the case of probable reserves, the selected blocks must comply with an estimation error between 15% and 35%. Blocks
with an error greater than 35% are not considered in the evaluation of reserves. This procedure is used to estimate potential restrictions
on production yields and the economic feasibility of producing such commercial products as potassium chloride, potassium sulfate,
lithium carbonate and boric acid is determined on the basis of the evaluation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>PORTS AND WATER RIGHTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate port facilities at Tocopilla
in the North of Chile for shipment of products and delivery of certain raw materials pursuant to renewable concessions granted
by Chilean regulatory authorities, provided that such facilities are used as authorized and annual concession fees are paid by
us. We also hold water rights for a supply of water from rivers and wells near our production facilities sufficient to meet our
current operational requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><U>PRODUCTION
FACILITIES</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal production facilities are
located near our mines and extraction facilities in northern Chile. The following table sets forth the principal production facilities
as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Location</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Type of Facility</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Approximate Size (Hectares)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 30%; text-align: justify; padding-bottom: 1pt">Pedro de Valdivia (1)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: left; padding-bottom: 1pt">Nitrates and iodine production</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; padding-bottom: 1pt; text-align: center">236</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Mar&iacute;a Elena (1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Nitrates and iodine production</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">98</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Coya Sur&nbsp; (1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Nitrates and iodine production</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">251</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Pampa Blanca (1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Concentrated nitrate salts and iodide production</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Nueva Victoria (1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Concentrated nitrate salts and iodine production</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">537</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White; text-align: left">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Salar de Atacama (2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Potassium chloride, lithium chloride, potassium sulfate and boric acid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: top">4,122</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Salar del Carmen, Antofagasta (2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Lithium carbonate and lithium hydroxide production</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">63</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Tocopilla</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Port facilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">22</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(1)&#9;Includes
production facilities, solar evaporation ponds and leaching heaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(2)&#9;Includes
production facilities and solar evaporation ponds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own, directly or indirectly through
subsidiaries, all of the facilities free of any material liens, pledges or encumbrances, and believe that they are suitable and
adequate for the business we conduct in them. As of December 31, 2011, the approximate gross book value of the property and associated
plant and equipment at our locations was as follows: Pedro de Valdivia (US$104.7 million), Mar&iacute;a Elena (US$150.0 million),
Coya Sur (US$279.4 million), Pampa Blanca (US$18.0 million), Nueva Victoria (US$242.8 million), Salar de Atacama (US$648.3 million),
Salar del Carmen (US$211.0 million) and Tocopilla (US$74.6 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the above-listed facilities,
we operate a computer and information system linking our principal subsidiaries to our operating facilities throughout Chile via
a local area network. The computer and information system is used mainly for accounting, monitoring of supplies and inventories,
billing, quality control and research activities. The system's mainframe computer equipment is located at our offices in Santiago.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The approximate Weighted Average Age of
our production facilities as of December 31, 2011 was as follows: Pedro de Valdivia (10.56 years), Mar&iacute;a Elena (8.48 years),
Coya Sur (5.23 years), Nueva Victoria (6.97 years), Salar de Atacama (6.78 years), and Salar del Carmen (8.67 years). Our railroad
line between our production facilities and Tocopilla was originally constructed in 1890, but the rails, locomotives and rolling
stock have been replaced and refurbished as needed. The Tocopilla port facilities were originally constructed in 1961 and have
been refurbished and expanded since that time. The Weighted Average Age of the Tocopilla port facilities is approximately 10.54
years. We consider the condition of our principal plant and equipment to be good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The map below shows the location of SQM's principal mining
operations and land concessions which have been granted and those that are in the process of being granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>TRANSPORTATION AND STORAGE FACILITIES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own and operate railway lines and equipment,
as well as port and storage facilities, for the transport and handling of finished products and consumable materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our main center for production and storage
of raw materials is the hub composed of the facilities in Coya Sur - Pedro de Valdivia and Salar de Atacama facilities. Other facilities
include Nueva Victoria and the lithium carbonate and lithium hydroxide finishing plants. The Tocopilla port terminal (&ldquo;Tocopilla
Port Terminal&rdquo;), which we own, is the main facility for storage and shipment of our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nitrate raw materials are produced and
first stored at our Pedro de Valdivia mine, and then transported by trucks to the plants described in the next paragraph, for further
processing. Nitrate raw material was also produced at Nueva Victoria. Nitrate raw material produced at Nueva Victoria was transported
by trucks to Coya Sur for further processing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nitrate finished products are produced
at our facilities in Coya Sur and then transported by our rail system to Tocopilla Port Terminal, where they are stored and shipped,
either bagged or in bulk. Potassium chloride is produced at our facilities in the Salar de Atacama and transported either to Tocopilla
Port Terminal or Coya Sur by truck owned by a third-party dedicated contractor. Product transported to Coya Sur is used as a raw
material for the production of potassium nitrate. Potassium sulfate and boric acid are both produced at our facilities in the Salar
de Atacama and are then transported by trucks to the Tocopilla Port Terminal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lithium solutions, produced at our facilities
in the Salar de Atacama, are transported to the lithium carbonate facility in the Salar del Carmen area, where finished lithium
carbonate is produced. Part of the lithium carbonate is fed to the adjacent lithium hydroxide plant, where finished lithium hydroxide
is produced. These two products are bagged and stored on the premises and are subsequently transported by truck to Tocopilla Port
Terminal or to the Antofagasta and Mejillones terminals for shipment on charter vessels or container vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Iodine raw material, obtained in the same
mines as the nitrates, is processed, bagged and stored exclusively in the facilities of Pedro de Valdivia and Nueva Victoria, and
then shipped by truck to Antofagasta, Mejillones or Iquique for vessel container transport or by truck to Santiago, where iodine
derivatives are produced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The facilities at Tocopilla Port Terminal
are located approximately 186 kilometers north of Antofagasta and approximately 124 kilometers west of Pedro de Valdivia, 84 kilometers
west of Mar&iacute;a Elena and Coya Sur and 372 kilometers west of the Salar de Atacama. Our subsidiary, Servicios Integrales de
Tr&aacute;nsitos y Transferencias S.A. (SIT) operates the facilities under maritime concessions granted pursuant to applicable
Chilean laws. The port also complies with ISPS (International Ship and Port Facility Security Code) regulation. The Tocopilla Port
Terminal facilities include a railcar dumper to transfer bulk product into the conveyor belt system used to store and ship bulk
product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Storage facilities consist of a six silo
system, with a total production capacity of 55,000 metric tons, and an open storage area for approximately 250,000 metric tons.
Additionally, to meet future storage needs, the Company will continue to make investments in accordance with the investment plan
outlined by management. Products are also bagged at port facilities in Tocopilla, where the bagging capacity is approximately 300,000
metric tons per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For shipping bulk product, the conveyor
belt system extends over the coast line to deliver product directly inside bulk carrier hatches. Using this system, the loading
capacity is 1,200 tons per hour. Bags are loaded to bulk vessels using barges that are loaded in Tocopilla Port Terminal dock and
unloaded by vessel cranes into the hatches. Both bulk and bagged trucks are loaded in Tocopilla Port Terminal for transferring
product directly to customers or for container vessels shipping from other ports, mainly Antofagasta, Mejillones and Iquique.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bulk carrier loading in the Tocopilla Port
Terminal is mostly contracted to transfer product to our hubs around the world or for shipping to customers, which in limited cases
use their own contracted vessels for delivery. Trucking is provided by a mix of spot, contracted and customer- owned equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tocopilla processes related to the reception,
handling, storage, and shipment of bulk/packaged nitrates produced in Coya Sur are certified by third party organization T&Uuml;V-Rheiland
under the quality standard ISO 9001:2008.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 4A. UNRESOLVED STAFF COMMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
5.&#9;</FONT>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this Item 5 should
be read in conjunction with the Company&rsquo;s Audited Consolidated Financial Statements and the notes thereto included elsewhere
in this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since January 1, 2010, the Company&rsquo;s
consolidated financial statements are and will be prepared in accordance with the International Financial Reporting Standards
as published by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s consolidated financial
information as of and for the year ended December 31, 2009 included in the Company&rsquo;s annual consolidated financial statements
was restated in accordance with IFRS. See Note 2 to the Audited Consolidated Financial Statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Critical accounting policies are defined
as those that are reflective of significant judgments and uncertainties, which would potentially result in materially different
results under different assumptions and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our critical accounting
policies applied in the preparation of our IFRS consolidated financial statements are limited to those described below. It should
be noted that in many cases, IFRS specifically dictates the accounting treatment of a particular transaction, with limited management&rsquo;s
judgment in their application. There are also areas in which management&rsquo;s judgment in selecting available alternatives would
not produce materially different results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Trade and other accounts receivable
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade and other accounts receivable relate
to non-derivative financial assets with fixed payments that can be determined and are not quoted in any active market. These arise
from sales operations involving the products and/or services that the Company commercializes directly to its customers with no
intention of negotiating the account receivable and that are not within the following categories:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Those
                                                                                                               which the Company
                                                                                                               has the intention
                                                                                                               of selling immediately
                                                                                                               in the near future
                                                                                                               and which are held-for-sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Those
                                                                                                               designated at their
                                                                                                               initial recognition
                                                                                                               as available-for-sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Those
                                                                                                               through which the
                                                                                                               holder does not
                                                                                                               intend to partially
                                                                                                               recover substantially
                                                                                                               its entire investment
                                                                                                               for reasons other
                                                                                                               than credit impairment
                                                                                                               and therefore must
                                                                                                               be classified as
                                                                                                               available-for-sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These assets are initially recognized
at their fair value (which is equivalent to their face value, discounting implicit interest for installment sales) and subsequently
at amortized cost according to the effective interest rate method less a provision for impairment loss. When the face value of
the account receivable does not significantly differ from its fair value, it is recognized at face value. An allowance for impairment
loss is established for trade accounts receivable when there is objective evidence that the Company will not be able to collect
all the amounts owed to it according to the original terms of accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Implicit interest in installment sales
is recognized as interest income when interest is accrued over the term of the operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income tax </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate income tax for the year is determined
as the addition of current tax from the different companies which is the result of the application of the type of tax on taxable
income for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conformity with current Chilean 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 credits associated with it. The balances
of these accounts are presented in Current income taxes recoverable or current taxes payable, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax on companies and variations in deferred
tax assets or liabilities that are not the result of business combinations are recorded in income statement accounts or net shareholders&rsquo;
equity accounts in the Consolidated Statement of Financial Position, considering the origin of the gains or losses which have generated
them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At year end, the carrying value of deferred
tax assets has been reviewed and reduced for as long as it is possible for there to be no sufficient taxable income to allow the
recovery of all or a portion of the deferred tax asset. Likewise, at the date of the statement of financial position, deferred
tax assets not recognized are revalued and recognized as long as it has become possible that future taxable income will allow the
recovery of the deferred tax asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 there is a possibility that the temporary differences will be reversed in the near future and that there will
be taxable income with which they may be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The deferred income tax related to entries
directly recognized in shareholders&rsquo; equity is recognized with an effect on shareholders&rsquo; equity and not with an effect
on profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inventories</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company states inventory for the lower
of cost and net realizable value. The cost price of finished products and products in progress includes direct costs of materials
and; as applicable, labor costs, indirect costs incurred to transform raw materials into finished products and general expenses
incurred in carrying inventory to their current location and conditions. The method used to determine the cost of inventory is
weighted average cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net realizable value represents the
estimate of the sales price less all finishing estimated costs and costs that will be incurred in commercialization, sales and
distribution processes. Commercial discounts, rebates obtained and other similar entries are deducted in the determination of the
acquisition price. The Company conducts an evaluation of the net realizable value of inventory at the end of each year, recording
an estimate with a charge to income when these are overstated. When the circumstances that previously gave rise to the rebate cease
to exist, or when there is clear evidence of an increase in the net realizable value due to a change in the economic circumstances
or prices of main raw materials, the estimate made previously is modified. The valuation of obsolete, impaired or slow-moving products
relates to their estimated net realizable value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions on the Company's inventory have
been made based on a technical study which covers the different variables affecting products in stock (density, humidity, among
others).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Raw materials, supplies and materials are
recorded at the lower of acquisition cost or market value. Acquisition cost is calculated according to the annual average price
method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Obligations related to staff severance
indemnities and pension commitments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Obligations with the Company&rsquo;s employees
are in accordance with that established in the collective bargaining agreements in force formalized through collective employment
agreements and individual employment contracts. For the case of the United States, this is performed in accordance with the related
pension plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These obligations are valued using the
actuarial calculation, which considers such hypotheses as the mortality rate, employee turnover, interest rates, retirement dates,
effects related to increases in employees&lsquo; salaries, as well as the effects on variations in services derived from variations
in the inflation rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actuarial losses and gains that may be
generated by variations in previously defined obligations are directly recorded in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actuarial losses and gains have their origin
in deviations between the estimate and the actual behavior of actuarial hypotheses or in the reformulation of established actuarial
hypotheses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discount rate used by the Company for
calculating the obligation was 6% for the periods ended as of December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our affiliate SQM North America has established
pension plans for its retired employees that are calculated by measuring the projected obligation of IAS using a net salary progressive
rate net of adjustments to inflation, mortality and turnover assumptions, deducting the resulting amounts at present value using
a 5.0% interest rate for 2011. The net balance of this obligation is presented in the category called Noncurrent Employee Benefit
Provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mining development costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mine exploration costs and stripping costs
to maintain production of mineral resources extracted from operating mines are considered variable production costs and are included
in the cost of inventory produced during the period. Mine development costs at new mines, and major development costs at operating
mines outside existing areas under extraction that are expected to benefit future production, are capitalized under &ldquo;other
long-term assets&rdquo; and amortized using a units-of-production method over the associated proven and probable reserves. We determine
our proven and probable reserves based on drilling, brine sampling and geostatistical reservoir modeling in order to estimate mineral
volume and composition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All other mine exploration costs, including
expenses related to low grade mineral resources rendering reserves that are not economically exploitable, are charged to the results
of operations in the period in which they are incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Asset value impairment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company assesses on an annual basis
any impairment on the amount of Buildings, plant and equipment, intangible assets, goodwill and investments accounted for using
the equity method of accounting in accordance with IAS 36. Assets to which this method applies are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Investments recognized using the equity method of accounting</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Property, plant and equipment</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Intangible assets</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Goodwill</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets are reviewed for impairment as to
the existence of any indication that the carrying value is lower than the recoverable amount. If such an indication exists, the
asset recoverable amount is calculated in order to determine the extent of this impairment, if any exists. In the event that the
asset does not generate any cash flows independent from other assets, the Company determines the recoverable amount of the cash
generating unit to which this asset belongs according to the corresponding business segment (specialty plant nutrients, iodine
and derivatives, lithium and derivatives, industrial chemicals, potassium and other products and services.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company conducts impairment tests on
intangible assets and goodwill with indefinite useful lives on an annual basis and every time there is indication of impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the recoverable value of an asset is
estimated at an amount lower than its carrying value, the latter decreases to its recoverable amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Financial derivatives and hedging
transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives are recognized initially at
fair value at the date in which the derivatives contract has been signed and subsequently they are valued at fair value at each
period end. The method for recognizing the resulting loss or gain depends on whether the derivative has been designated as an accounting
hedging instrument and if so, it depends on the type of hedging, which may be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Fair value hedge of assets and liabilities recognized (fair value hedges);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Hedging of a single risk associated with an asset or liability recognized or a highly possible
foreseen transaction (cash flow hedge);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the beginning of the transaction, the
Company documents the relationship between hedging instruments and those entries hedged, as well as their objectives for risk management
purposes and the strategy to conduct different hedging operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also documents its evaluation
both at the beginning and the end of each period of whether derivatives used in hedging transactions are highly effective to offset
changes in the fair value or in cash flows of hedged entries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of derivative instruments
used for hedging purposes is shown in Note 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non Hedge are classified as a current asset
or liability, and the change in their fair value is recognized directly in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Fair value hedge</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The change in the fair value of a derivative
is recognized with a debit or credit to profit or loss, as applicable. The change in the fair value of the hedged entry attributable
to hedged risk is recognized as part of the carrying value of the hedged entry and is also recognized with a debit or credit to
profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fair value hedging related to items
recorded at amortized cost, the adjustment of the fair value is amortized against income on the remaining year to its expiration.
Any adjustment to the carrying value of a hedged financial instrument for which the effective rate is used is amortized with a
debit or credit to profit or loss at its fair value attributable to the risk being covered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the hedged entry is derecognized, the
fair value not amortized is immediately recognized with a debit or credit to profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Cash flow hedge</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effective portion of gains or losses
from the hedging instrument is initially recognized with a debit or credit to other comprehensive income whereas any ineffective
portion is immediately recognized with a debit or credit to income, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts taken to shareholders&rsquo; equity
are transferred to profit or loss when the hedged transaction affects income for the period, as when the hedged interest income
or expense is recognized when a forecasted sale occurs. When the hedged entry is the cost of a non-financial asset or liability,
amounts taken to equity are transferred to the initial carrying value of the non-financial asset or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the expected firm transaction or
commitment no longer be expected to occur, the amounts previously recognized other comprehensive income are transferred to income.
If a hedging instrument expires, is sold, finished, and exercised without any replacement, or if a rollover is performed or if
its designation as hedging is revoked, the amounts previously recognized in equity are maintained in shareholders&rsquo; equity
until the expected firm transaction or commitment occurs.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.A. Operating Results</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Introduction</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion should be read
in conjunction with the Company's Consolidated Financial Statements. Certain calculations (including percentages) that appear herein
have been rounded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Consolidated Financial Statements are
prepared in accordance with IFRS standards and prepared in U.S. dollars. The U.S. dollar is the primary currency in which we operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate as an independent corporation.
Nonetheless we are a &quot;controlled corporation&quot;, as that term is defined under Chilean law. See Item 6.E. Share Ownership.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><U>Overview
of Our Results of Operations</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We divide our operations into the production
and sale of the following product lines:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">specialty plant nutrients;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">iodine and its derivatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">lithium and its derivatives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">industrial chemicals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potassium (potassium chloride and potassium sulfate); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">others &ndash; including the sale of other fertilizers and blends, some of which we do not produce.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell our products through three primary
channels: our own sales offices, a network of distributors and, with respect to our fertilizer products, through Yara International
ASA pursuant to a commercial agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66pt; text-align: justify; text-indent: -66pt">FACTORS
AFFECTING OUR RESULTS OF OPERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our results of operations substantially
depend on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">trends in demand for and supply of our products, including global economic conditions, which impact
prices and volumes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">efficient operations of our facilities, particularly as some of them run at production capacity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to accomplish our capital expenditures program in a timely manner;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the levels of our inventories;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">trends in the exchange rate between the U.S. dollar and peso, as a significant portion of the cost
of sales is in Chilean pesos, and trends in the exchange rate between the U.S. dollar and the Euro, as a significant portion of
our sales is denominated in Euros, South African Rand and others (see &ldquo;Impact of Foreign Exchange Rates&rdquo;, below); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">energy, logistics, raw materials and maintenance costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our revenues
(in millions of U.S. dollars) and the percentage accounted for by each of our product lines for each of the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 22%; text-align: justify">Specialty plant nutrition</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">721.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">603.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">37</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">527.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">37</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Iodine and derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">454.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Lithium and derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Industrial chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Potassium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">555.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">399.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Other income<SUP>(1)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">90.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">81.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">88.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,145.3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,830.4</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,438.7</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.85pt"></TD><TD STYLE="width: 17.85pt">(1)</TD><TD STYLE="text-align: justify">Primarily consists of imported fertilizers distributed in Chile.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain
financial information of the Company under IFRS (in millions of U.S. dollars) for each of the periods indicated, as a percentage
of revenues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Year ended December 31,</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 22%">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,145.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,830.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,438.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,290.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(51.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,204.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(65.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(908.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(63.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Gross profit</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">854.8</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">39.8</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">626.0</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">34.2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">530.2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36.9</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(91.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Financial expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.2</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financial income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Foreign currency transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Profit (loss) before income tax</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">733.8</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">34.2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">493.3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">27.0</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">415.6</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28.9</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(179.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(106.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.3</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Profit (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">387.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non- controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income for the year</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">545.8</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25.4</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">382.1</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20.9</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">338.3</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23.5</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><U>Results
of Operations &ndash; 2011 compared to 2010</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2011, we generated total revenues
of US$2,145.3 million, which is 17.2% higher than the US$1,830.4 million recorded for 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main factors causing the increase
in revenues and the variation in the different product lines are described below:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Specialty Plant Nutrition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specialty Plant Nutrition revenues for
2011 totaled US$721.7 million, 19.5% higher than the US$603.7 million recorded for 2010. Set forth below are sales volume data
for the specified years by product category in this product line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">% change</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify">Sodium nitrate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">22.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Potassium nitrate and sodium potassium nitrate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">551.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Specialty blends and other specialty plant nutrients</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">276.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">263.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, volumes of fertilizer markets
in 2011 showed a significant improvement over 2010 levels, and our Specialty Plant Nutrition segment was no exception. The specialty
plant nutrition market showed the same upward trend as the potash market. Additionally, tight supply issues in the potassium nitrate
market created opportunities to increase sales volumes; this, coupled with strong growth in demand led to increased prices. North
American and European markets were demand drivers during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As expected, average prices increased 14%
over average prices for 2010. SQM also had improved margins as a result of increased production from the highly efficient facility
in Coya Sur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Iodine and its derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues for iodine and its derivatives
during 2011 totaled US$454.5 million, a 43.7% increase compared to the US$316.3 million reported for 2010. Set forth below are
sales volume data for the specified years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">% change</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify; padding-bottom: 1pt">Iodine and its derivatives</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">12.2</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">11.9</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Iodine markets surpassed previous records
and reached historical levels in 2011. Demand increased in most applications, but specifically in the x-ray contrast media market
and for pharmaceutical uses. Weakened supply also had an impact on the iodine markets in 2011, driving spot prices to unprecedented
highs. As a result of a strong demand recovery together with a tightened availability from other suppliers, iodine prices increased
substantially during 2011, and SQM saw an increase in average prices of almost 40%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM continues to be a world leader in the
iodine market, and the company was uniquely positioned to take advantage of increased demands in the market and meet the shortfall
in supply in 2011. For the above reasons, SQM will maintain its efforts to assure that world iodine needs are met in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lithium and its derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues for lithium and its derivatives
totaled US$183.4 million during 2011, an increase of 21.6% with respect to the US$150.8 million recorded for 2010. Set forth below
are sales volume data for the specified years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">% change</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify; padding-bottom: 1pt">Lithium and its derivatives</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">40.7</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">32.4</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">26</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lithium market continued to grow in
2011, attributed primarily to growth in the rechargeable battery and lubricating grease markets. SQM believes the lithium market
is positioned to grow in the short and long term resulting from the development of new technologies, as well as due to the strong
growth in industrial applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM believes it is the lowest cost producer
of lithium in the world. We produce lithium as a by-product of potassium chloride; this gives the company a unique competitive
advantage. Lithium sales exceeded expectations in the lithium business in 2011. SQM plans to maintain efforts to continue supplying
the world lithium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prices in this business line remained relatively
stable throughout the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Potassium </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium revenues for 2011 totaled US$555.7
million, an increase of 5.2% compared to 2010, when revenues amounted to US$528.21 million. Set forth below are sales volume data
for the specified years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">% change</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify; padding-bottom: 1pt">Potassium chloride &amp; Potassium Sulfate</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,103.4</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,273.0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">-13</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The potassium chloride market continued
to be robust in 2011, as farmers continued to be motivated to maximize yields and improve soil productivity through optimal fertilization.
Additionally, world demand for commodity products continues to expand as the world population grows and the demand for more and
better quality food increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prices in the fertilizer market continued
to increase over the course of 2011, and average prices in the potassium business line were 21% higher than 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Industrial chemicals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Industrial chemicals revenues for 2011
totaled US$139.5 million, a slight 6.8% decrease from the US$149.7 million recorded in 2010. Set forth below are sales volume data
for the specified years by product category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">% change</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify">Industrial nitrates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">181.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">198.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(9</TD><TD STYLE="width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Boric acid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Industrial chemical demand for traditional
applications such as explosives, detergents and glass, among others, has remained relatively stable when compared to 2010. Average
prices saw a slight increase when compared to 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, new programs for alternative
energy projects that utilize industrial-grade sodium and potassium nitrate in solar thermal energy storage continue to develop
and present potential new sales opportunities for SQM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other products and services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from sales of other commodity
fertilizers and other products totaled US$90.5 during 2011, a 10.6% increase compared to US$81.8 million in 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Costs of sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2011, costs of sales increased 7.1%
from US$1,204.4 million in 2010 (66% of revenues) to US$1,290.5 million (60% of revenues) in 2011. The costs of sales include the
costs of depreciation and amortization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Gross profit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit increased 36.5% from US$626.0
million in 2010 (34.2% of revenues) to US$854.8 million in 2011 (39.8% of revenues). Gross margin was impacted by higher average
prices in 2011 compared to 2010, and lower costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Administrative expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Administrative expenses amounted to US$91.8
million (4.3% of revenues) for 2011, compared to the US$78.8 million (4.3% of revenues) recorded for 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, income taxes were US$179.7 million,
resulting in an effective consolidated tax rate of 24.5% compared to income taxes of US$106.0 million in 2010. The effective consolidated
tax rate increased between 2010 and 2011 as a result of an increase in the Chilean corporate tax rate from 17% in 2010 to 20%
in 2011, and an increase in the net income of 42.8% between 2010 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><U>Results
of Operations &ndash; 2010 compared to 2009</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2010, we generated total revenues
of US$1,830.4 million, which is 27.2% higher than the US$1,438.7 million recorded for 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main factors causing the increase
in revenues and the variations in the different product lines are described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Specialty Plant Nutrition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specialty Plant Nutrition revenues for
2010 totaled US$603.7 million, 14.6% higher than the US$527.0 million recorded for 2009. Set forth below are sales volume data
for the specified years by product category in this product line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">%&nbsp;change &nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Sodium nitrate</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">16.8</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">16.5</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">1</TD><TD>%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">Potassium nitrate and sodium potassium nitrate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">546.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">392.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">39</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Specialty blends and other specialty plant nutrients</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">252.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">256.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, volumes of fertilizer markets
in 2010 showed noticeable improvement over 2009 levels, and our Specialty Plant Nutrition segment was no exception. During 2010,
potassium nitrate demand returned to pre-crisis levels, as uncertainty was replaced by consumer confidence during the first months
of 2010. Demand was further driven by a return to more normalized consumption rates as growers aimed to meet the fundamental need
to improve crop yields.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Improved economic conditions have supported
higher demand for premium fruits and vegetables, which bolstered demand for specialty fertilizers. Key Specialty Plant Nutrition
markets also performed steadily, and sales volumes in 2010 were substantially higher than those recorded in 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As expected, average prices for 2010 were
lower than average prices recorded in 2009, but prices in the fourth quarter of 2010, however, were higher than previous quarters
of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Iodine and its derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues for iodine and its derivatives
during 2010 totaled US$316.3 million, a 65.7% increase compared to the US$190.9 million reported for 2009. Set forth below are
sales volume data for the specified years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;<B>%&nbsp;change</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; padding-bottom: 1pt">Iodine and its derivatives</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">11.9</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">7.2</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">67</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Improved economic conditions during 2010
helped support demand recovery in the iodine market, particularly for industrial applications such as LCD screens and biocides.
Total market demand for iodine in 2010 improved over 2009 levels and surpassed demand in 2008, the peak year. Solid demand in
this market was complimented by tightened supply conditions, and as the world market leader, SQM was uniquely positioned to meet
the shortfall in supply. A return to normalized inventory levels throughout the supply chain also positively impacted demand for
iodine, and in turn sales volumes were not only significantly higher than those recorded in 2009 but were also the highest recorded
in company history. During 2010, iodine prices remained stable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lithium and its derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues for lithium and its derivatives
totaled US$150.8 million during 2010, an increase of 28.0% with respect to the US$117.8 million recorded for 2009. Set forth below
are sales volume data for the specified years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">%&nbsp;change&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; padding-bottom: 1pt">Lithium and its derivatives</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">32.4</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">21.3</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">52</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Performance of our lithium business was
better than our original expectations for 2010, and this segment posted record sales volumes. The lithium market improved strikingly
over 2009 lows, and we estimate that total demand for lithium in 2010 was greater than in 2008, the previous record year for demand.
Demand recovery in 2010 was driven by secondary rechargeable batteries for portable devices, the traditional demand driver and
was also boosted by a return to operational inventories throughout the lithium supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prices in this business line remained
relatively stable throughout the year, approximately 20% below 2009 prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Potassium </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potassium revenues for 2010 totaled US$528.2
million, an increase of 32.3% compared to 2009, when revenues amounted to US$399.1 million. Set forth below are sales volume data
for the specified years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">%&nbsp;change&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; padding-bottom: 1pt">Potassium chloride &amp; Potassium Sulfate</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">1,273.0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">690.0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">84</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The potassium chloride market continued
to show robust demand recovery in the fourth quarter of 2010, and the strength in demand was prevalent in major markets. As a
result, SQM achieved higher sales volumes in 2010 compared to the same period of 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although average prices in 2010 were lower
than those recorded in 2009, crop prices in the first few months of 2011 increased to attractive levels creating additional economic
motivation for farmers to apply fertilizer at higher rates. This resulted in accelerated fertilizer demand and upward pressure
on fertilizer prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Industrial chemicals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Industrial chemicals revenues for 2010
totaled US$149.7 million, 29.7% higher than the US$115.4 million recorded in 2009. Set forth below are sales volume data for the
specified years by product category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in Th. MT)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">%&nbsp;change&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">Industrial nitrates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">198.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">149.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">33</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Boric acid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sustained by improved economic conditions,
sales volumes for industrial chemicals improved substantially over 2009 levels, while prices remained relatively stable during
the year. Greater demand for traditional applications in Asian markets helped to offset slightly slower demand recovery in markets
such as the U.S. and Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, traditional applications for
industrial chemicals, in particular those for civil works, showed notable improvement over 2009 levels. We anticipate that the
demand for industrial chemicals will continue to progress favorably in the coming years driven by the development of new applications.
Furthermore, new programs for alternative energy projects that utilize industrial-grade sodium and potassium nitrate in solar
thermal energy storage continue to develop and present interesting opportunities for SQM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other products and services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from sales of other commodity
fertilizers and other products totaled US$81.8 during 2010, a 7.6% decline compared to US$88.5 million in 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Costs of sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2010, costs of sales increased
32.6% from US$908.5 million in 2009 (63.1% of revenues) to US$1,204.4 million (65.8% of revenues) in 2010. Costs were impacted
by higher energy costs and a less favorable U.S. dollar/ Chilean peso exchange rate in 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Gross profit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit increased 18.1% from US$530.2
million in 2009 (36.9% of revenues) to US$626.0 million in 2010 (34.2% of revenues). Gross margin was impacted by lower average
prices in 2010 compared to 2009 and higher costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Administrative expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Administrative expenses totaled US$78.8
million (4.3% of revenues) for 2010, compared to the US$75.5 million (5.2% of revenues) recorded for 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2010, income taxes were US$106.0 million,
resulting in an effective consolidated tax rate of 21.5% compared to income taxes of US$75.8 million in 2009 and an effective
consolidated tax rate of 18.2%. The higher effective tax rate was partially a result of changes in the Chilean mining royalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Impact of Foreign Exchange Rates</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We transact a significant portion of our
business in U.S. dollars, which is the currency of the primiary economic environment in which we operate and is our financial
currency for financial reporting purposes. A significant portion of our operating costs is related to the Chilean peso, and therefore
an increase or decrease in the exchange rate between the Chilean peso and the U.S. dollar affects our costs of production. Additionally,
as an international company operating in Chile and several other countries, we transact a portion of our business and have assets
and liabilities in Chilean pesos and other non-U.S. dollar currencies, such as the Euro, the South African Rand and the Mexican
peso. As a result, fluctuations in the exchange rate of such currencies to the U.S. dollar may affect our financial condition
and results of operations. The following is a summary of the aggregate net monterary assets and liabilities that are denominated
in non-U.S. dollar currencies as of December 31, 2011, 2010 and 2009. Figures do not unclude our financial hedging positions for
year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">Th US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">Th US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">Th US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: justify">Chilean pesos</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(275,756</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(130,289</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(271,513</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Brazilian real</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,638</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,303</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Euro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,821</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Japanese yen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,206</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">832</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Mexican pesos</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">South African rand</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Dirhams</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,337</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Other currencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify">Total, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(154,163</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,684</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(189,085</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We monitor and attempt to maintain our
non-dollar assets and liabilities position in balance and make use of foreign exchange contracts and other hedging instruments
aiming to minimize our exposure to the risks of changes in foreign exchange rates. As of December 31, 2011, for hedging purposes
we had open contracts to buy U.S. dollars and sell Euros for approximately US$61.9 million (EUR47.7 million) and sell South African
rand for approximately US$18.7 million (ZAR151 million), as well as forward exchange contracts to sell U.S. dollars and buy Chilean
pesos for US$59.5 million (CH$30,892 million). As of this date, all of our UF and Chilean pesos bonds were hedged with cross-currency
swaps to the U.S. dollar for approximately US$ 405.49 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also, we had open forward exchange contracts
to buy U.S. dollars and sell Chilean pesos to hedge our time deposits in Chilean Pesos for approximately US$264.24 million (CH$137,194
million) and forward contracts to buy U.S. dollars and sell Chilean pesos for approximately US$43million (CH$22,325million) hedging
our fertilizer trading business in Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.B. Liquidity and Capital
Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we had US$574.1
million of cash and cash equivalents and time deposits that expires in more than 90 days but less than one year since the date
of the investment (included in other financial assets). In addition, as of December 31, 2011, we had unused uncommitted credit
lines amounting to US$611 million and unused committed credit lines amounting to US$40 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders' equity was US$1,864.4 million
in 2011 compared to US$1,670.8 million in 2010. Our ratio of total liabilities to equity plus minority interest on a consolidated
basis increased from 1.02 as of December 31, 2010 to 1.08 as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We evaluate from time to time our cash
requirements to fund capital expenditures, dividend payouts and increases in working capital. As debt requirements also depend
on the level of accounts receivables and inventories, we cannot accurately determine the amount of debt we will require. However,
we believe that our cash flow generated by operations, cash balances and available credit lines would enable us to meet our working
capital, capital expenditure and debt service requirements for 2012 and 2013. Nevertheless, the Company may seek to raise funds
through new debt issuance at its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth SQM's cash
flows for 2011, 2010, and 2009:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in millions of U.S. dollars)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash generated by (used in):</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left">Operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">571.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">618.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">371.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(105.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(254.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(516.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(236.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(507.5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase (decrease) in cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(79.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">149.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate a capital-intensive business
that requires significant investments in revenue-generating assets. Our growth strategy has included the purchase of production
facilities and equipment and has also included the improvement and expansion of existing facilities. Funds for capital expenditures
and working capital requirements have been obtained from net cash provided by operating activities, corporate borrowing under
credit facilities and issuance of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our capital expenditures, considering
the purchase of property, plant and equipment, amounted to approximately US$501 million in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our other major use of funds is the payment
of dividends. We paid dividends of US$277.7 million and US$175.5 million in dividends during the business years 2011 and 2010
respectively. Our current dividend policy, as approved by shareholders, is to pay 50% of our net income for each fiscal year in
dividends. Under Chilean law, the minimum dividend payout is 30% of net income for each fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financing activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current ratio (current assets divided
by current liabilities) was 3.11 as of December 31, 2011. The following table sets forth key information about our outstanding
long and short term debt as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; vertical-align: top; text-align: left">Financial Debt
    Structure(1)(2)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">Interest
    rate</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; vertical-align: top; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">Issue date</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">Maturity date</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Amortization</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204); text-align: left">
    <TD STYLE="width: 20%; vertical-align: top; text-align: left">Bond&mdash;UF 2.25 million</TD><TD STYLE="width: 1%; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="width: 17%; text-align: right; vertical-align: top">4.00</TD><TD STYLE="width: 1%; text-align: left; vertical-align: top">%</TD><TD STYLE="width: 1%; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: center; padding-left: 20pt; vertical-align: top">Jan. 24, 2006</TD><TD STYLE="width: 1%; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: center; vertical-align: top">Dec. 1, 2026</TD><TD STYLE="width: 1%; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: left; vertical-align: top">Semiannual, beginning in 2007</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bond&mdash;US$ 200 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6.13</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Apr. 5, 2006</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Apr. 15, 2016</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bond&mdash;CH$ 21,000 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">7.00</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Jan. 13, 2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Jan. 5, 2014</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bond&mdash;UF 4.00 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">4.90</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Jan. 13, 2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Jan. 5, 2030</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Semiannual, beginning in 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bond&mdash;UF 1.50 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">3.00</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">May. 8, 2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Apr. 01, 2014</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bond&mdash;CH$ 52,000 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5.50</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">May. 8, 2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Apr. 01, 2014</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bond&mdash;US$ 250 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5.50</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Apr. 14, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Apr. 21, 2020</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$140 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">2,72</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Oct. 29, 2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Oct. 29, 2014</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$50 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.35</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Sep 12, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Sep 12, 2014</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$40 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.47</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Oct. 6, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Oct. 6, 2016</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$50 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.23</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Oct. 12, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Oct. 12, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Semiannual, beginning in 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$50 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.74</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Dec. 21, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Dec. 21, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Semiannual, beginning in 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$20 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">0.95</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Jul 15, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Jan. 11, 2012</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$20 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.00</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Jul 15, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Feb. 10, 2012</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$20 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.24</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Jul 18, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">May. 15, 2012</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$20 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.03</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Aug. 4, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Mar. 21, 2012</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$20 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">0.70</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Aug. 23, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Apr. 19, 2012</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$20 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">0.75</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Sep 7, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">May 4, 2012</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left">Bilateral loan&mdash;US$20 million</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">1.58</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 20pt; vertical-align: top">Oct. 27, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Jun. 25, 2012</TD><TD>&nbsp;</TD>
    <TD>Bullet</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">UF- and Ch$- denominated bonds
                                                                 are fully hedged to U.S. dollars with cross-currency swaps.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Some floating rate bilateral
                                                                 loans abovementioned are currently hedged to fixed rate loans
                                                                 using interest rate swaps.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we had total
debt of US$ 1,398.03 million, compared to total debt of US$1,277.74 million as of December 31, 2010. Taking into account the effects
of financial derivatives, total debt amounted to US$ 1,341.93 million as of December 31, 2011 and US$1,180.20 million as of December
31, 2010. Of the total debt as of December 31, 2011, US$161.01million was short-term debt. All of our long-term debt (including
the current portion) as of December 31, 2011 was denominated in U.S. dollars, and all our UF and Ch$ local bonds were hedged with
cross-currency swaps to the U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From December 31, 2011 to the date of
this report, we repaid or renewed the following debt:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                                                                                               January 11, 2012,
                                                                                                               we renewed a short
                                                                                                               term bank debt,
                                                                                                               in an amount of
                                                                                                               US$ 20 million
                                                                                                               with a term of
                                                                                                               9 months and an
                                                                                                               annual interest
                                                                                                               rate of approximately
                                                                                                               Libor + 1.54%</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                                                                                               February 10, 2012,
                                                                                                               we renewed a short
                                                                                                               term bank debt,
                                                                                                               in an amount of
                                                                                                               US$ 20 million
                                                                                                               with a term of
                                                                                                               2 months and an
                                                                                                               annual interest
                                                                                                               rate of approximately
                                                                                                               Libor + 0.38%</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                                                                                               March 10, 2012,
                                                                                                               we renewed a short
                                                                                                               term bank debt,
                                                                                                               in an amount of
                                                                                                               US$ 20 million
                                                                                                               with a term of
                                                                                                               7 months and an
                                                                                                               annual interest
                                                                                                               rate of approximately
                                                                                                               Libor +0.82%</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                                                                                               March 21, 2012,
                                                                                                               we renewed a short
                                                                                                               term bank debt,
                                                                                                               in an amount of
                                                                                                               US$ 20 million
                                                                                                               with a term of
                                                                                                               6 months and an
                                                                                                               annual interest
                                                                                                               rate of approximately
                                                                                                               Libor +0.98%</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On
                                                                                                               April 19, 2012,
                                                                                                               we renewed a short
                                                                                                               term bank debt,
                                                                                                               in an amount of
                                                                                                               US$ 20 million
                                                                                                               with a term of
                                                                                                               9 months and an
                                                                                                               annual interest
                                                                                                               rate of approximately
                                                                                                               Libor +0.72%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, on April 4, 2012, SQM issued
two series of local bonds in the Chilean market for a total amount of approximately US$ 117 million, Series M bonds (BSOQU-M)
were issued for UF1.0 million with a 5 year term and Series O bonds (BSOQU-0) were issued for UF1.5 million with a 21 year term;
both series are bullet structured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial covenants related to our
debt instruments include: (i) limitations on the ratio of total liabilities to equity (including minority interest) on a consolidated
basis, (ii) minimum net worth requirements, (iii) limitations on net financial debt to EBITDA, (iv) limitations on interest indebtedness
of operating subsidiaries and (v) minimum production assets. We believe that the terms and conditions of our debt agreements are
standard and customary and that we are in compliance in all material respects with such terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the maturities of our long-term
debt by year as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left">Maturity(1)<BR> (in millions of US$)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 85%; text-align: left">2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5.13</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397.28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">2018 and thereafter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">442.54</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,185.47</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Only the principal amount has
                                                                 been included. For the UF and Ch$ local bonds, the amounts presented
                                                                 reflect the real U.S. dollar obligation resulting from the effects
                                                                 of the cross currency swaps that hedge these bonds to the U.S.
                                                                 dollar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Environmental Projects</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2011, we made disbursements amounting
to US$19.9 million related to environmental, safety and health projects. We have budgeted future disbursements for the year 2012
amounting to approximately US$17 million related to environmental, safety and health projects. This amount forms part of the capital
expenditure program discussed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.C. Research and Development,
Patents and Licenses, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One of the main objectives of our research
and development team is to develop new processes and products in order to maximize the returns obtained from the resources that
we exploit. Our research is performed by four different units whose research topics include chemical process design, phase chemistry,
chemical analysis methodologies and physical properties of finished products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our research and development policy emphasizes
the following: (i) optimization of current processes in order to decrease costs and improve product quality through the implementation
of new technology, and (ii) development of higher-margin products from current products through vertical integration or different
product specifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our research and development activities
have been instrumental in improving our production processes and developing new value-added products. As a result of research
and development activities, new methods of extraction, crystallization and finishing have been developed. Technological advances
in recent years have enabled us to improve process efficiency for the nitrate, potassium and lithium operations, to improve the
physical quality of our prilled products and to reduce dust emissions and caking by applying specially designed additives for
our products handled in bulk. Our research and development efforts have also resulted in new, value-added markets for our products.
One example is the use of sodium nitrate and potassium nitrate as thermal storage in solar power plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have patented several production processes
for nitrate, iodine, and lithium products. These patents have been filed mainly in the United States, Chile, and in other countries
when necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2011,
2010 and 2009, we invested US$6.9, US$5.8 million, and US$4.6 million, respectively, on research and development activities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">5.D. Trend
Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">During 2011, we saw
continued market demand growth in all of our business lines, in which SQM produced significant volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The prices of our specialty
plant nutrition segment continued on an upward trend in 2011. Prices were impacted by tight supply, not only in the potash market,
but also in the potassium nitrate market. In general, the specialty plant nutrition markets are less impacted by the financial
and commodity markets, but further improvements in this business line depends on the behavior of the market for potassium based
fertilizers, such as potash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The lithium market continued
to outperform expectations in 2011 as the market saw healthy demand for lithium applications such as rechargeable batteries and
lubricating greases. Furthermore, we believe the lithium market is positioned to grow in the short and long term resulting from
the development of new technologies, as well as from strong growth in industrial applications. Average prices for 2011 remained
stable when compared to prices in 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Iodine prices reached
unprecedented highs in 2011, as a result of tightened supply and increased demand. Although sales volumes will likely be similar
in 2012 to 2011, average prices in this business line are expected to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Prices for industrial-grade
nitrates remained stable in 2011 as compared to 2010. It is difficult to predict at this time what prices for industrial-grade
nitrates will be in the near future given that they are to a certain extent linked to the prices of agricultural-grade nitrates.
We anticipate that the demand for industrial chemicals will continue to progress favorably in the coming years driven by the development
of new applications such as nitrates used in solar thermal energy storage. The market should see a significant increase in the
demand of solar salts in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Prices of potassium
chloride during 2011 have followed a positive price trend. Although prices increased significantly during 2011, they began to
stabilize during the final months of the year. In 2011, volumes in this business line were slightly lower than expected, due mainly
to minor construction delays with the new MOP and granular MOP facilities in Salar de Atacama. Despite the delays, these plants
have been completed and we expect higher volumes, particularly in the granulated MOP during 2012.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.E. Off-Balance Sheet Arrangements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not entered into any transactions
with unconsolidated entities whereby we have financial guarantees, retained or contingent interests in transferred assets, derivative
instruments or other contingent arrangements that would expose us to material continuing risks, contingent liabilities, or any
other obligation arising out of a variable interest in an unconsolidated entity that provides financing, liquidity, market risk
or credit risk support to us or that engages in leasing, hedging or research and development services with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.F. Tabular Disclosure of
Contractual Obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth our material expected obligations
and commitments as of December 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Less Than</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">1&nbsp; -&nbsp; 3</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">3&nbsp; -&nbsp; 5</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">More <BR>
    Than</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">1 year</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">years</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Years</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">5 years</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left">Long- and short-term debt</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,398,035</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">161,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">406,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">351,184</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">479,324</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capital lease obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Operating leases (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,977</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Purchase commitments (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Staff severance indemnities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,601</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Contractual Obligations and Commitments</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,649,558</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">248,052</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">420,717</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">365,382</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">615,407</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(*) See Note 2.23 of the Consolidated
Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(**) The purchase commitments held by
the Company are recognized as a liability when the services and goods are received by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
6.&#9;</FONT>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.A. Directors and Senior
Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are managed by our executive officers
under the direction of our Board of Directors, which, in accordance with the Company's By-laws, consists of eight directors, seven
of whom are elected by holders of Series A shares and one of whom is elected by holders of Series B shares. The entire Board of
Directors is regularly elected every three years at our ordinary shareholders&rsquo; meeting. Cumulative voting is allowed for
the election of directors. At the annual ordinary shareholders&rsquo; meeting that took place on April 28, 2011, a new Board was
elected, and their terms will expire in 2014. The Board of Directors may appoint replacements to fill any vacancies that occur
during periods between elections. If a vacancy occurs, the entire Board must be elected or re-elected at the next regularly scheduled
meeting of shareholders. Our Chief Executive Officer is appointed by the Board of Directors and holds office at the discretion
of the Board. The Chief Executive Officer appoints our executive officers. There are regularly scheduled meetings of the Board
of Directors once a month. Extraordinary meetings may be called by the Chairman when requested by (i) the director elected by
holders of the Series B shares, (ii) any other director with the assent of the Chairman or (iii) an absolute majority of all directors.
The Board has a Directors' Committee and its regulations are discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Our directors as
of December 31, 2011 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; width: 22%">Directors</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify; width: 54%">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify; width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom">Name</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom">Position</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: left">Current position held since</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Julio Ponce L. (1)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Chairman of the Board and Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">September 1987</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; tab-stops: center 3.0in right 6.0in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Ponce is a Forestry Engineer with a degree from the Universidad de Chile.&nbsp; He joined
    the Company in 1981.&nbsp; He is also Chairman of the board of directors of the following corporations: Sociedad de Inversiones
    Pampa Calichera S.A., Sociedad de Inversiones Oro Blanco S.A., Norte Grande S.A. and Soquimich Comercial S.A.&nbsp; He is
    the brother of Eugenio Ponce.</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Wayne R. Brownlee</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Vice Chairman of the Board and Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">December 2001&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Brownlee is Executive Vice-President, Treasurer and Chief Financial Officer of Potash
    Corporation of Saskatchewan, Inc. Mr. Brownlee earned degrees in Arts and Science and Business Administration from the University
    of Saskatchewan. He is on the board of directors of Great Western Brewing Company. He became a director of SQM in December
    2001<I>.</I></TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Hern&aacute;n B&uuml;chi B.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">April 1993</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. B&uuml;chi is a Civil Engineer with a degree from the Universidad de Chile.&nbsp; He served
    as Vice Chairman of SQM's Board from January 2000 to April 2002.&nbsp; He is currently a member of the board of directors
    of Qui&ntilde;enco S.A., S.A.C.I. Falabella and Madeco S.A., among others.&nbsp; He is also Chairman of the board of directors
    of Universidad del Desarrollo.</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left; width: 22%">Jos&eacute; Mar&iacute;a
    Eyzaguirre B.</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; width: 54%">Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; width: 20%">December 2001</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">Mr. Eyzaguirre is a lawyer and is a partner of
    the Chilean law firm Claro y Cia.&nbsp; He obtained his law degree from the Universidad de Chile and was admitted to the Chilean
    Bar in 1985.&nbsp; In 1987, he obtained a Master's Degree from the New York University School of Law.&nbsp; He was admitted
    to the New York Bar in 1988.&nbsp; He is also a member of the board of directors of Walmart Chile S.A., Embotelladora Andina
    S.A., a bottler of The Coca Cola Company, and Chairman of the board of directors of Club de Golf Valle Escondido.</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">Daniel Yarur E.</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">April 2003</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">Mr. Yarur is an Information Engineer with a degree
    from the Universidad de Chile and holds an MSc in Finance from the London School of Economics and an AMP from Harvard Business
    School.&nbsp; He is President of the Federaci&oacute;n Deportiva Nacional Ajedrez Federado de Chile and President Fondo de
    Inversiones Alekine.&nbsp; Mr. Yarur was Chairman of the Chilean Securities and Exchange Commission from 1994 to 2000 and
    was also Chairman of the Council Organization of the Securities Regulators of America.&nbsp; He is also a Professor in the
    Faculty of Economic and Administrative Sciences, Universidad de Chile.</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">Wolf von Appen</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">May 2005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">Mr. Von Appen is an entrepreneur.&nbsp; He is currently
    &nbsp;Vice President of Centro de Estudios Publicos.</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left">Eduardo Novoa C.</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">April 2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">Mr. Novoa is an economist with a degree from the
    Universidad de Chile and holds a Master in Business Administration from the University of Chicago. He has held positions in
    business development, corporate level strategic direction and asset management at a number of Chilean and multinational companies,
    either as a member of the board of directors, Chief Development Officer, Country Manager or CEO. Currently, Mr. Novoa provides
    strategic advisory services and is a member of the board of several private companies.</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-style: italic; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 22%">Kendrick T. Wallace</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 54%">Director</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 20%">December 2001</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Wallace is a lawyer who graduated from Harvard Law School.&nbsp; He is currently a consultant
    to certain fertilizer industry companies.&nbsp; Until July 1, 2008 when he retired, he was Senior Vice President and General
    Counsel of Yara International ASA in Oslo, Norway.&nbsp; Prior to the spin-off of Yara International ASA from Norsk Hydro
    ASA, he was the chief legal counsel of Norsk Hydro ASA for North and South America in Tampa, Florida.&nbsp; Before that he
    was a partner in the law firm of Bryan Cave LLP in Kansas City, Missouri.&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Our executive officers as of
December 31, 2011 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 22%; font-weight: bold; text-align: left; vertical-align: bottom">Executive Officers</TD>
    <TD NOWRAP STYLE="width: 2%; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 54%; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom">Name</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom">Position</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom">Current&nbsp;position&nbsp;held&nbsp;since</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Patricio Contesse G.(2)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Chief Executive Officer</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">March 1990</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Contesse is a Forestry Engineer with a degree from the Universidad de Chile.&nbsp; He
    joined the Company in 1981 as CEO, a position he held until 1982, and again in 1988 for one year.&nbsp; In the past, he was
    CEO of Celco Limitada, Schwager S.A. and Compa&ntilde;&iacute;a de Aceros del Pac&iacute;fico S.A.&nbsp; He has also served
    as Operations Senior Executive Vice President of Codelco Chile, President of Codelco USA and Executive President of Codelco
    Chile.&nbsp; Mr. Contesse is also a member of the board of directors of Soquimich Comercial S.A.</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Patricio de Solminihac T.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Operating Officer and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Executive Vice President</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 2000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. de Solminihac is an Industrial Engineer with a degree from the Pontificia Universidad
    Cat&oacute;lica de Chile and holds a Master in Business Administration from the University of Chicago.&nbsp; He joined the
    Company in 1988 as Business Development Vice President.&nbsp; Currently he is a member of the board of directors of Melon
    S.A. and CEM S.A.&nbsp; Mr. de Solminihac is also a member of the board of directors of Soquimich Comercial S.A.</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Mat&iacute;as Astaburuaga S.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">General Counsel and Senior Vice President</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">February 1989</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Astaburuaga is a lawyer with a degree from the Pontificia Universidad Cat&oacute;lica
    de Chile.&nbsp; He joined the Company in 1989.&nbsp; Before that, he was Regional Counsel of The Coca Cola Export Corporation,
    Andean Region and Regional Counsel of American Life Insurance Company, Latin America Region.&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Ricardo Ramos R.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Financial Officer and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business Development Senior Vice
        President</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">November 1994</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Ramos is an Industrial Engineer with a degree from the Pontificia Universidad Cat&oacute;lica
    de Chile.&nbsp; He joined SQM in 1989.&nbsp; Mr. Ramos is also a member of the board of directors of Soquimich Comercial S.A.</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD><B>Executive Officers</B>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><B>Name&nbsp;</B></TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><B>Position</B></TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><B>Current&nbsp;position&nbsp;held&nbsp;since</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">Jaime San Mart&iacute;n L.(2)</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 54%; text-align: justify">Nueva Victoria Operations Senior Vice President</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: justify">March 2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. San Mart&iacute;n is a Transportation Engineer with a degree from the Pontificia Universidad
    Cat&oacute;lica de Chile.&nbsp; He joined the Company in 1995 as Project Manager.&nbsp; He became Metallic Mining Development
    Manager in 1997, and Development Manager in 1998, Business Development and Mining Property Vice President in 1999, Technical
    Senior Vice President in 2001, and Senior Vice President of Lithium Operations and Mining Affairs in January 2007. Since 2008,
    he has been the Senior Vice President of Nueva Victoria Operations (iodine and nitrates in the I Region of Chile).</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Eugenio Ponce L.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Senior Commercial Vice President</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">March 1999</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Ponce is a Mechanical Engineer with a degree from the Universidad Cat&oacute;lica de Valpara&iacute;so.&nbsp;
    In 1981, he joined the Company as a Sales Manager.&nbsp; He became Commercial Manager in 1982, Commercial and Operations Manager
    in 1988 and Chief Executive Officer of SQM Nitratos S.A. in 1991. Currently he is a member of the board of Soquimich Comercial
    S.A. and Vice Chairman of the board of directors of Pampa Calichera.&nbsp; He is Julio Ponce&rsquo;s brother.</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Mauricio Cabello C.</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Nitrates-Iodine Operations Senior Vice President</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">June 2005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Cabello is a Mechanical Engineer with a degree from the Universidad de Santiago de Chile.
    He joined the Company in 2000 as Maintenance Superintendent of SQM Salar. He became Maintenance Manager of SQM&rsquo;s nitrates
    and iodine operations in 2002 and Production Manager of SQM&rsquo;s nitrates and iodine operations in 2004. He previously
    worked in various engineering-related positions in Pesquera San Jos&eacute; S.A., Pesquera Coloso S.A. and Cintac S.A.</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Pauline De Vidts S.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Sustainable Development and Public Affairs Senior Vice President</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">June 2005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mrs. De Vidts is an Industrial Engineer with a degree from the Pontificia Universidad Cat&oacute;lica
    de Chile and holds a Ph.D. in Chemical Engineering from Texas A&amp;M University. She joined the Company in 1996 to work in
    process development for the Salar de Atacama Operations, becoming Development Manager for these operations in 1998, and later
    Corporate R&amp;D and Environmental Issues Vice President in 2001. Since 2005 she has overseen safety, health and environmental
    issues, and in 2011 she also began overseeing public affairs for the Company.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; width: 22%"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;Juan
    Carlos Barrera P. (2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 59%">&nbsp;Salar and Lithium Operations Senior Vice President&nbsp;Mr. Barrera is an
    Industrial Engineer with a degree from the Pontificia Universidad Cat&oacute;lica de Chile and holds a Master in Business
    Administration degree from Tulane University and a Master in Business Administration degree from Universidad de Chile.&nbsp;
    He joined the Company in 1991 as an advisor in the Business Development area and has served in many positions since then.&nbsp;
    In 1995, he became Business Development Manager of SQM Nitratos S.A. In 1999, he became the Corporate Quality Manager, in
    2000 Corporate Supply Chain Vice President and, in 2006, General Manager of Soquimich Comercial S.A.</TD>
    <TD STYLE="font-style: italic; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify; width: 15%"><FONT STYLE="font-weight: normal; font-style: normal">January
    2007</FONT>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><BR CLEAR="ALL">Daniel Jim&eacute;nez Sch.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Senior Vice President Human Resources, Corporate Services and Exploration</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mr. Jim&eacute;nez is an Industrial Engineer with a degree from the Pontificia Universidad
    Cat&oacute;lica de Chile and holds a Master in Business Administration degree from Old Dominion University.&nbsp; He joined
    the Company in 1991, holding several positions in the finance and sales areas at SQM&rsquo;s headquarters and foreign subsidiaries
    in USA and Belgium, countries he was based in for eight years. In 2002, he became VP Sales and Marketing Iodine, Lithium and
    Industrial Chemicals<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Mr.&nbsp;Julio Ponce&rsquo;s ownership
                                                             interest in SQM is explained in Item 6.E. Share Ownership.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The individual beneficially owns
                                                             less than one percent of the Company&rsquo;s shares</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -30.05pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.B. Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2011, directors were paid a monthly
fee (UF 300 to the Chairman and UF 50 to each of the remaining seven directors), which was independent of attendance and the number
of Board sessions. In addition, the directors received variable compensation (in Chilean pesos) based on a profit-sharing program
approved by the shareholders. In 2011, the Chairman received the equivalent of 0.35% of 2010 net income and each of the remaining
seven directors received the equivalent of 0.04% of 2010 net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during 2011, members of the
Directors Committee were paid 17UF regardless of the number of sessions held by the Committee. Additionally, shareholders approved
variable compensation for the 2011 fiscal year of an amount equal to 0.013% of 2010 net income for each Committee member. This
remuneration is also independent from what the Committee members obtain as members of the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2011, the compensation paid to
each of our directors, who served on the Board during the year, was as follows (amounts in Chilean pesos):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>SQM
                                                                                                        S.A<U>.&nbsp;</U></B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SQMC</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.05pt"><B>TOTAL&nbsp;</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.05pt"><B>Meeting(Ch$)&nbsp;</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.05pt"><B>Committee
                                                                                                         (Ch$)&nbsp;</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.05pt"><B>Meeting
                                                                                                         (Ch$)&nbsp;</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 9.05pt"><B>(Ch$)&nbsp;</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Julio Ponce Lerou</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">697,148,706</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">78,762,122</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">775,910,828</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Wayne R. Brownlee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Hern&aacute;n B&uuml;chi Buc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,431,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,231,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Jos&eacute; Mar&iacute;a Eyzaguirre Baeza</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Eduardo Novoa Castell&oacute;n</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,814</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,431,878</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,231,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Wolf Von Appen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Kendrick T. Wallace</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,799,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Daniel Yarur Elsaca</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">83,799,812</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,435,685</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">108,235,497</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,283,747,407</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">79,299,440</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">78,761,122</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,441,808,969</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2011,
the aggregate compensation paid to our 114 main executives based in Chile was US$22.509 million. We do not disclose to our shareholders
or otherwise make available to the public information as to the compensation of our individual executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We maintain incentive programs for our
employees, based on individual performance, company performance, and short- medium- and long-term indicators. Additionally, in
order to provide incentives to key executives and to retain such executives, we maintain a long-term cash bonus compensation plan
for certain senior executives, which consists of a long-term bonus linked to share price and is payable between 2012 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the provision
providing a long-term bonus linked to our share price would have increased or decreased by approximately US$2,700,000 per each
movement of US$1 in the Series B share price. The amount of actual cash bonuses payable under the long-term incentive program
will vary depending on the market share price of the Series B shares on the date as of which the bonuses are paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we had a provision
related to all of the incentive programs in an aggregate of US$34.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not maintain any pension or retirement
programs for the members of the Board or our executive officers in Chile.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.C.&nbsp;&nbsp; Board Practices</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding the period of time
each of SQM's current Directors has served in his or her respective office is provided in the discussion of each member of the
board above in Item 6.A Directors and Senior Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The date of expiration of the term of
the current Board of Directors is April 2014. The contracts of our executive officers are indefinite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The members of the Board are remunerated
in accordance with the information provided above in Item 6.B. Compensation. There are no contracts between SQM, or any of its
subsidiaries, and the members of the Board providing for benefits upon termination of their term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Directors' Committee &ndash; Audit
Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by Chilean Law, we have a
Comit&eacute; de Directores (&quot;Directors' Committee&quot;) composed of three directors, which performs many of the functions
of an audit committee. This Directors' Committee complies with the requirements of the NYSE corporate governance rules applicable
to audit committees. Under the NYSE corporate governance rules, the audit committee of a U.S. company must perform the functions
detailed in the NYSE Listed Company Manual Rules 303A.06 and 303A.07. Non-U.S. companies are required to comply with Rule 303A.06
beginning July 31, 2005, but are not at any time required to comply with Rule 303A.07.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the Company's
Directors' Committee comprised three Directors: Mr. Hern&aacute;n B&uuml;chi B., Mr. Eduardo Novoa C. and Mr. Wolf Von Appen.
Each of the three members meets the NYSE independence requirements for audit committee members. According to Chilean independence
requirements, Mr. Eduardo Novoa meets the requirements for independence. This Directors' Committee operates in accordance with
article 50 bis of the Chilean Corporations Act, which provides that the Directors' Committee will, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">examine and issue an opinion
                                                                 regarding the external auditor's report including financial statements
                                                                 prior to its final presentation for approval at the ordinary
                                                                 shareholders meeting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">propose to the Board the external
                                                                 auditors and the rating agencies that will be presented to the
                                                                 ordinary shareholders meeting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">examine and elaborate a report
                                                                 concerning the operations covered by Title XVI of the Chilean
                                                                 Corporations Act, which relates to related party transactions;
                                                                 and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">examine the remuneration and
                                                                 compensation plans of the senior management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, the following were the main
activities of our Directors' Committee during 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">analysis of un-audited financial
                                                                 reports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">analysis of audited financial
                                                                 reports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">analysis of reports and proposals
                                                                 submitted by external auditors, account inspectors and risk rating
                                                                 agencies, and recommendations to the Board of Directors regarding
                                                                 external auditors and risk rating agencies that could be designated
                                                                 by shareholders at the respective Annual General Shareholders
                                                                 Meeting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">analysis of tax and other non-audit
                                                                 services provided by external auditors for the Company and its
                                                                 subsidiaries in Chile and abroad;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">analysis of functions, objectives
                                                                 and working programs of the Internal Audit Department;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">analysis of the Company&rsquo;s
                                                                 Senior Executives&rsquo; remuneration and compensation plans;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">analysis of the records relating
                                                                 to the transactions referred to in Title XVI of the Law on Corporations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">analysis of matters related to
                                                                 U.S. law &ldquo;Sarbanes-Oxley Act&rdquo;, especially regarding
                                                                 Section 404;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">analysis of matters related to
                                                                 &ldquo;IFRS&rdquo; and standards issued by U.S. standard-setter,
                                                                 the &ldquo;PCAOB&rdquo;; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">analysis of Internal Control
                                                                 Report.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 28, 2011, the Annual General
Shareholders Meeting of SQM approved an operational budget for the Directors Committee; the operational budget is equivalent to
the annual remuneration of the members of the Directors Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The activities carried out by the Committee,
as well as the expenses incurred by it, are to be disclosed at the General Shareholders Meeting. During 2011, the Directors Committee
did not incur any consulting expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 50 bis of the Chilean Corporations
Act states that the Committee should consist of three directors, of which at least one member should preferably be independent
from the controller (i.e. any person or entity who &ldquo;controls&rdquo; the company for Chilean law purposes), if any, and that
their functions be remunerated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comparative Summary of Differences
in Corporate Governance Standards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides a comparative
summary of differences in corporate governance practices followed by us under our home-country rules and those applicable to U.S.
domestic issuers pursuant to Section 303A of the New York Stock Exchange (NYSE) Listed Company Manual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Listed Companies that are foreign private
issuers, such as SQM, are permitted to follow home country practices in lieu of the provisions of Section 303A, except such companies
are required to comply with the requirements of Section 303A.06, 303A.11 and 303A.12(b) and (c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom; width: 7%">Section</TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; width: 45%; vertical-align: bottom">NYSE Standards</TD>
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; width: 44%">SQM practices pursuant to Chilean
    Stock Exchange regulations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.01</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Listed companies must have a majority of independent directors.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">There is no legal obligation to have a majority of independent directors on the Board <FONT STYLE="font-weight: normal; text-underline-style: none">but
    according to Chilean law, the Company's directors cannot serve as executive officers.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.02</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No director qualifies as &quot;independent&quot;
        unless the board of directors affirmatively determines that the director has no material relationship with the listed
        company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, a director is not
        independent if:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;The director is, or has
        been within the last three years,&nbsp;an employee of the listed company, or an immediate family member is, or has been
        within the last three years,&nbsp;an executive officer, of the&nbsp;listed company.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&nbsp;The director has&nbsp;received,
        or has an&nbsp;immediate family member who has received, during any twelve-month period within the last three years, more
        than $120,000&nbsp;in direct compensation from the listed company, other than director and committee fees and pension
        or other forms of deferred compensation for prior service (provided such compensation is not contingent in any way on
        continued service).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) (A) The director is a current
        partner or employee of a firm that is the listed company's internal or external auditor; (B) the director has an immediate
        family member who is a current partner of such a firm; (C) the director has an immediate family member who is a current
        employee of such a firm and personally works on the listed company's audit; or (D) the director or an immediate family
        member was within the last three years a partner or employee of such a firm and personally worked on the listed company's
        audit within that time.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv)&nbsp;The director or an immediate
        family member is, or has been with the last three years,&nbsp;employed as an executive officer of another company where
        any of the listed company's present executive officers at the same time serves or served on that company's compensation
        committee.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(v) The director&nbsp;is a current&nbsp;employee,
        or an immediate family member is a current executive officer, of a company that has&nbsp;made payments to, or received
        payments from, the listed company for property or services in an amount which, in any&nbsp;of the last three fiscal years,
        exceeds the greater of $1 million, or 2% of such other company's consolidated gross revenues.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A director would not be considered
        independent if, at any time, within the last 18 months he or she:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.45pt">(i)&#9;Maintained
        any relationship of a relevant nature and amount with the company, with other companies of the same group, with its controlling
        shareholder or with the principal officers of any of them or has been a director, manager, administrator or officer of
        any of them;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.45pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.45pt">(ii)&#9; Maintained
a family relationship with any of the members described in (i) above;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(iii) Has been a director, manager, administrator
o principal officer of non-profit organizations that have received contributions from (i) above;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(iv) Has been a partner or a shareholder
        that has had or controlled, directly or indirectly, 10% or more of the capital stock or has been a director, manager,
        administrator or principal officer of an entity that has provided consulting or legal services for a relevant consideration
        or external audit services to the persons listed in (i) above;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(v) Has been a partner or a shareholder
        that has had or controlled, directly or indirectly, 10% or more of the capital stock or has been a director, manager,
        administrator or principal officer of the principal competitor, supplier or clients.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Section</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 45%; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">NYSE Standards</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 44%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">SQM practices pursuant to Chilean
    Stock Exchange regulations</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 7%">303A.03</TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 45%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The non-management directors must
        meet at regularly scheduled executive sessions without management.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These meetings are not needed
        given that directors cannot serve as executive officers.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.04</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Listed companies must have
        a nominating/corporate governance committee composed entirely of independent directors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) The nominating/corporate governance
        committee must have a written charter that addresses:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) the committee's purpose and
        responsibilities &ndash; which, at minimum, must be to: identify individuals qualified to become board members, consistent
        with criteria approved by the board, and to select, or to recommend that the board select, the director nominees for the
        next annual meeting of shareholders; develop and recommend to the board a set of corporate governance&nbsp;guidelines
        applicable to the corporation; and oversee the evaluation of the board and management; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) an annual performance evaluation
        of the committee.</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">This committee is not required as such in the Chilean regulations.&nbsp; However, pursuant
    to Chilean regulations SQM has a Directors' Committee (see Board practices above).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.05</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Listed companies must have a compensation
        committee composed entirely of independent directors, and must have a written charter</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This committee is not required
        as such in the Chilean regulations. Pursuant to Chilean regulations SQM has a Director&rsquo;s Committee (see Board practices
        above) that is in charge of reviewing management&rsquo;s compensation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">303A.06</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Listed companies must have an
        audit committee.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This committee is not required
        as such in the Chilean regulations. Pursuant to Chilean regulations, SQM has a Directors&rsquo; Committee that performs
        the functions of an audit committee and that complies with the requirements of the NYSE corporate governance rules.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.07</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee must have
        a minimum of three members. All audit committee members must satisfy requirements of independence, and the committee must
        have a written charter.<B> </B>The listed companies must have an internal audit function <FONT STYLE="font-weight: normal; text-underline-style: none">to
        provide management with ongoing assistance of the Company's risk management process and the system of internal controls</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Section 303A.00, SQM
        is not required to comply with requirements in 303A.07. Pursuant to Chilean Regulations SQM has a Director&rsquo;s Committee
        (see Board practices above) that also performs the functions of an audit committee with certain requirements of independence.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.08</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Shareholders must have the opportunity to vote on all equity-compensation plans and material
    revisions thereto.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM does not have equity compensation
        plans. However, as mentioned in Item 6.B Compensation, the Company does have a long-term cash bonus compensation plan
        for certain senior executives, which consists of a long-term bonus linked to the Company's share price. Directors and
        executives may only acquire SQM shares by individual purchases. The purchaser must give notice of such purchases to the
        Company and the Superintendence of Securities and Insurance.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.09</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Listed
        companies must adopt and disclose corporate governance guidelines.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chilean law does not require that
        corporate governance guidelines be adopted. Directors' responsibilities and access to management and independent advisors
        are directly provided for by applicable law. Directors' compensation is approved at the annual meeting of shareholders,
        pursuant to applicable law.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Section</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 45%; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">NYSE Standards</TD>
    <TD STYLE="width: 2%; font-weight: bold; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 44%; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">SQM practices pursuant to Chilean
    Stock Exchange regulations</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 7%">303A.10</TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 45%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Listed
        companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees </FONT>and
        promptly disclose any waivers of the code for directors or executive officers.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not required in the Chilean regulations.
        SQM has adopted and disclosed a <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Code of
        Business Conduct and Ethics, available at the Company's website, www.sqm.com.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.11</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Listed
        foreign private issuers must disclose any significant ways in which their corporate governance practices differ from those
        followed by domestic companies under NYSE listed standards.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to 303A.11, this table
        sets forth a comparative summary of differences in corporate governance practices followed by SQM under Chilean regulations
        and those applicable to U.S. domestic issuers pursuant to Section 303A.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.12</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Each
        listed company CEO must (a) certify to the NYSE each year that he or she is not aware of any violation by the listed company
        of NYSE corporate governance</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">listing
        standards; (b) promptly notify the NYSE in writing after any executive officer becomes aware of any material non-compliance
        with any applicable provisions of Section 303A; and (c) must submit an executed Written Affirmation annually to the NYSE.
        </FONT>&nbsp; In addition, each listed company must submit an interim Written Affirmation as and when required by the
        interim Written Affirmation form specified by the NYSE. The annual and interim Written Affirmations must be in the form
        specified by the NYSE.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Not required in the Chilean regulations.&nbsp; The CEO must only comply with Section 303A.12
    (b) and (c).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">303A.13</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NYSE may issue a public reprimand
        letter to any listed company that violates a NYSE listing standard.<B>&nbsp;</B></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Not specified in the Chilean regulations.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.D. &nbsp;&nbsp;Employees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we had 4,902
employees, of whom 182 were employed outside of Chile. The average tenure of our full-time employees is approximately 6.52 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">Permanent employees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,902</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,327</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,387</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Employees in Chile</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,161</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Employees outside of Chile</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2012, of our permanent
employees in Chile, 72% are represented by 24 labor unions, which represent their members in collective negotiations with the
Company. Compensation for unionized personnel is established in accordance with the relevant collective bargaining agreements.
The terms of most such agreements currently in effect are three years, and expiration dates of such agreements vary from contract
to contract. Under these agreements, employees receive a salary according to a scale that depends upon job function, seniority
and productivity. Unionized employees also receive certain benefits provided for by law and certain benefits, which vary depending
upon the terms of the collective agreement, such as housing allowances and additional death and disability benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company owns all of the
equity of Instituci&oacute;n de Salud Previsional Norte Grande Limitada (&quot;Isapre Norte Grande&quot;), which is a health care
organization that provides medical services primarily to our employees and Sociedad Prestadora de Servicios de Salud Cruz de Norte
S.A. (&quot;Prestadora&quot;), which is a hospital in Mar&iacute;a Elena. We make contributions to Isapre Norte Grande and to
Prestadora in accordance with Chilean laws and the provisions of our various collective bargaining agreements, but we are not
otherwise responsible for its liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-unionized employees receive individually
negotiated salaries, benefits provided for by law and certain additional benefits provided by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide housing and other facilities
and services for employees and their families at the Mar&iacute;a Elena site.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not maintain any pension or retirement
programs for our Chilean employees. Most workers in Chile are subject to a national pension law, adopted in 1980, which establishes
a system of independent pension plans that are administered by the corresponding Sociedad Administradora de Fondos de Pensiones
(&quot;AFP&quot;). We have no liability for the performance of any of these pension plans or any pension payments to be made to
our employees. We, however, sponsor staff severance indemnities plans for employees in SQM and our Chilean subsidiaries whereby
we commit to provide a lump sum payment to each employee at the end of his/her employment, whether due to death, termination,
resignation or retirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have experienced no strikes or significant
work stoppages in the last 16 years and consider the relationship with our employees to be good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As done in previous years, during 2011
we started to negotiate in advance with individual unions their collective labor contracts, this is one year before the current
agreement ends. As of December 2011 we have concluded advanced negotiations with 8 labor unions, which represent 37% our total
unionized workers, signing new agreements for duration of three years. We expect to finish negotiations with the remaining unions
early 2013.</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.E. &nbsp;&nbsp;Share Ownership</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM has been informed that Mr. Julio Ponce
L., Chairman of the Board of SQM, and related persons beneficially own through Sociedad de Inversiones Pampa Calichera S.A. (&quot;Pampa
Calichera&quot;), Potasios de Chile S.A. (&quot;Potasios&quot;) and Inversiones Global Mining (Chile) Ltda. (&quot;Global Mining&quot;)
a total of 84,135,095 shares, constituting 31.97% of the total shares of SQM. SQM has been advised that this beneficial ownership
is based on the following: Mr. Ponce and related persons control 100% of the total shares of Inversiones SQYA S.A. (&quot;SQYA&quot;);
SQYA controls 67.16% of the total shares of Norte Grande S.A. (&quot;Norte Grande&quot;); Norte Grande controls 75.72% of the total
shares of Sociedad de Inversiones Oro Blanco S.A. (&quot;Oro Blanco&quot;); Oro Blanco controls 88.52% of the total shares of Pampa
Calichera and Potasios controls 10.07% of Pampa Calichera;&nbsp; Pampa Calichera and the related companies Global Mining and Potasios
ultimately control 31.97% of the total shares of SQM. (See item 7 below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pampa Calichera and Kowa Company Ltd. &ndash;the
latter being owner, directly and indirectly, of 2.08% of the total shares of SQM as of December 31, 2011 &ndash; subscribed on
December 21, 2006, a Joint Performance Agreement that allows them to currently control 34.05% of the total shares of SQM. As a
result of this Agreement, the group lead by Mr. Julio Ponce L. indirectly controls 34.05% of the total shares of SQM and is, therefore,
the Controller Group of SQM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No&nbsp;director or executive officer other
than Mr. Ponce owns more than 1% of each share class of the Company as of December 31, 2011. See Item 6. Directors, Senior Management
and Employees&mdash;footnote (1). &nbsp;Individual ownership has not been publicly disclosed.</P>



<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not grant stock options or other arrangements involving
the capital of SQM to directors, managers or employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the combined
stakes that the Controller Group held in SQM as of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% Beneficial ownership</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: justify">December 31, 2011</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">34.05</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">December 31, 2010</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33.20</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: justify">December 31, 2009</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32.22</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1F497D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Separately from any ownership interest
held by the Controller Group, as of December 31, 2011, SQM has been informed that the Canadian company Potash Corporation of Saskatchewan
Inc. (&ldquo;PCS&rdquo;) indirectly controls 100% of the shares of Inversiones el Boldo Limitada and 100% of the shares of Inversiones
RAC Limitada. Through these companies PCS owns 32% of the total shares of SQM.&nbsp; For additional information regarding share
ownership of the Company, see Item 7 below.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
7.&#9;&nbsp;&nbsp;</FONT>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.A.&nbsp;&nbsp; Major Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain
information concerning beneficial ownership of the Series A shares and Series B shares of SQM as of December 31, 2011 with respect
to each shareholder known by us to beneficially own more than 5% of the outstanding Series A shares or Series B shares. The following
information is derived from our records and reports filed by certain of the persons named below with the Superintendency of Securities
and Insurance and the Santiago Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.12in">Shareholder</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">Number of <BR>
    series A <BR>
    shares<BR>
    beneficially<BR>
    owned</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">% <BR>
    series A<BR>
    shares</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">Number of <BR>
    series B <BR>
    shares <BR>
    beneficially<BR>
    owned</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">%<BR>
    series B <BR>
    shares</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">%total<BR>
    shares</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left">Inversiones El Boldo Ltda.(1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">44,751,196</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">31.33</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">17,571,676</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">14.60</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">23.68</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Sociedad de Inversiones Pampa Calichera S.A.(2)(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,758,830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.34</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,241,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.17</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.66</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">The Bank of New York</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,036,912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.92</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Inversiones RAC Chile Ltda.(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,200,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.44</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,699,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.32</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Potasios de Chile S.A.(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,179,147</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.73</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">.13</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Inversiones Global Mining (Chile) Ltda.(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,798,539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.34</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Potash Corporation of Saskatchewan
                                                                 (&quot;PCS&quot;) owns 100% of Inversiones el Boldo Limitada
                                                                 and 100% of Inversiones RAC Ltda., and, accordingly is the beneficial
                                                                 owner of 84,222,887 of SQM's shares that represent 32.00% of
                                                                 SQM's total shares. The stake held by PCS as of December 31,
                                                                 2010 and 2009 was, respectively, 32.00%, and 32.00% of the total
                                                                 shares of SQM.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify; padding-right: 2.2pt">Sociedad de Inversiones Pampa Calichera S.A.(&ldquo;Pampa Calichera&rdquo;)
is a publicly held corporation whose shares are traded on the Santiago Stock Exchange. Originally, the shareholders of Pampa Calichera
were employees of SQM. Pampa Calichera was formed to hold the capital stock of SQM contributed by such employees or later acquired
in the open market.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #1F497D">(3)</FONT></TD><TD STYLE="text-align: justify">SQM has been informed that Mr. Julio Ponce L., Chairman of the Board of SQM, and related persons
beneficially own through Pampa Calichera, Potasios de Chile S.A. (&quot;Potasios&quot;) and Inversiones Global Mining (Chile) Ltda.
(&quot;Global Mining&quot;), a total of 84,135,095 shares, constituting 31.97% of the total shares of SQM. SQM has been advised
that this beneficial ownership is based on the following: Mr. Ponce and related persons control 100% of the total shares of Inversiones
SQYA S.A. (&quot;SQYA&quot;); SQYA controls 67.16% of the total shares of Norte Grande S.A. (&quot;Norte Grande&quot;); Norte Grande
controls 75.72% of the total shares of Sociedad de Inversiones Oro Blanco S.A. (&quot;Oro Blanco&quot;); Oro Blanco controls 88.52%
of the total shares of Pampa Calichera and Potasios controls 10.07% of Pampa Calichera;&nbsp; Pampa Calichera and the related companies
Global Mining and Potasios ultimately control 31.97% of the total shares of SQM. The stake held by Mr. Ponce and related parties
as of December 31, 2010, and 2009 was respectively, 31.12%, and 30.15% of the total shares of SQM.</TD></TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2006, Pampa Calichera
and Kowa Company Ltd. (the latter being owner, directly and indirectly, of 2.08% of the total shares of SQM as of December 31,
2011) executed a joint performance agreement that allows them to control 34.05% of the total shares of SQM as of December 31,
2011. As a result of this agreement, the &quot;group&quot; led by Mr. Julio Ponce L. became the &quot;controller group&quot; of
SQM, as that term is defined under Chilean law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Series A and Series B shares have the
same economic rights (i.e., both series are entitled to share equally in any dividends declared on the outstanding stock) and
voting rights at any shareholders meeting, whether ordinary or extraordinary, with the sole exception of the election of the Board,
in which the Series A shareholders elect seven members and the Series B shareholders elect one member. Additionally, Series B
shares cannot exceed 50% of our issued and outstanding stock, shareholders of at least 5% of this series may call an ordinary
or extraordinary shareholders' meeting and the director elected by this series may request an extraordinary Board meeting without
the authorization of the Chairman of the Board. These conditions will remain in effect until 2043. Under our by-laws, the maximum
individual voting power personally and/or in representation of other shareholders per series is limited to 37.5% of the subscribed
shares of each series with voting rights and 32% of the total subscribed shares with voting rights. To calculate these percentages,
shares that belong to the voting shareholder's related persons must be added. In addition, the director elected by the Series
B shares cannot vote in the election of the Chairman of the Board if a tie vote has occurred in the prior voting process. As of
December 31, 2011, there are 142,819,552 Series A shares and 120,376,972 Series B shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.B. &nbsp;&nbsp;Related Party
Transactions</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title XVI of Law No. 18,046, or the Chilean
Corporations Act (the &quot;Law&quot;), regulates transactions with related parties for publicly held corporations and its related
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Articles 146 to 149 of the Law requires
that our transactions with related parties (i) have as their purpose to contribute to the Company&rsquo;s interests (ii) be on
price, terms and conditions similar to those customarily prevailing in the market at the time of their approval and (iii) satisfy
the requirements and procedures established by the Law. Violation of such articles may also result in administrative or criminal
sanctions and civil liability may be sought by the Company, shareholders or interested third parties that suffer losses as a result
of such violations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, article 89 of the Law requires
that transactions between affiliates, subsidiaries or related parties of a <I>sociedad an&oacute;nima cerrada</I>, such as some
of the Company&rsquo;s main affiliates and subsidiaries, shall also be on terms similar to those customarily prevailing in the
market. Directors and executive officers of companies that violate article 89 are liable for losses resulting from such violations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to SQM, operations with related
parties include negotiations, proceedings, contracts or operations involving: (i) SQM and (ii) its controller, directors, managers
and officers, and their spouses and relatives, and other companies and persons connected to the abovementioned parties or mentioned
in the by-laws or by the Directors&rsquo; Committee. Such operations may only be carried out if: (i) their objective is to contribute
to the Company&rsquo;s interests and if their price, terms and conditions conform to prevailing market prices, terms and conditions
at the time of their approval and (ii) they satisfy the requirements and procedures established by the Law. Such requirements
include, among others: (a) that the operation be informed to the Director&rsquo;s Committee and to the Board of Directors prior
to its execution (b) that the Board of Directors, excluding any Directors involved in the operation, approves the operation with
an absolute majority of its members, or, if an absolute majority is not feasible, with a unanimous vote by the Directors not involved
in the transaction, or, if neither of these options is available, that an Extraordinary Shareholders&rsquo; Meeting be held and
that shareholders representing 2/3 of the outstanding shares with voting rights approve the operation. In the latter case, prior
to the meeting, the shareholders must be provided with a report by an independent evaluator and with statements by the directors
as to whether or not such operation is in the Company&rsquo;s interest (c) that the grounds for the decision and for the exclusion
be recorded in the respective minutes of the Board meeting and (d) that the agreement and the names of the directors who approved
the same be reported at the next Shareholders&rsquo; Meeting. Infractions will not affect the validity of the operation but they
will grant the Company or its shareholders the right to demand that the related party committing such infraction refund the amount
equivalent to the benefits received by such party in the operation to the Company, and that such party indemnify the Company for
any corresponding damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, the Board of Directors may authorize
the following operations with related parties to be carried out without following such requirements and procedures, as long as
such authorization is obtained in advance: (a) operations wherein the amount of the transaction is not significant or (b) operations
that, according to the general policies on customary practices determined by the Board of Directors, are considered normal based
on the Company&rsquo;s business activities or (c) operations carried out between legal entities wherein the Company holds at least
a 95% ownership interest in the counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we have complied with
the applicable requirements of the referred articles in all transactions with related parties. Accounts receivable from and payable
to related companies are stated in U.S. dollars and accrue no interest. Other than the above, transactions are made under terms
and conditions that are similar to those offered to unrelated third parties. We further believe that we could obtain from third
parties all raw materials now being provided by related parties that are not affiliates of the company. The provision of such
raw materials by new suppliers could initially entail additional expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information concerning
our transactions with affiliates and other related parties, see Note 7 of the Consolidated Financial Statements.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.C. &nbsp;&nbsp;Interests
of Experts and Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
8.&#9;&nbsp;&nbsp;</FONT>FINANCIAL INFORMATION</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.A. &nbsp;Consolidated Statements
and Other Financial Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.1</I> <FONT STYLE="font-weight: normal">See
Item 18. Consolidated Financial Statements for our consolidated financial statements.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.2</I> <FONT STYLE="font-weight: normal">See
Item 18. Consolidated Financial Statements.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.3</I> <FONT STYLE="font-weight: normal">See
Item 18. Consolidated Financial Statements&mdash;Report of Independent Registered Public Accounting Firm.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.4</I> <FONT STYLE="font-weight: normal">&nbsp;&nbsp;Not
applicable.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.5</I> &nbsp;&nbsp;<FONT STYLE="font-weight: normal">Not
applicable.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.6&nbsp;</I> &nbsp;Export Sales</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We derive most of our revenues from sales
outside of Chile. The distribution of sales presented below reflects the regions in which the Company&rsquo;s subsidiaries are
located and does not necessarily reflect the final destination of the products sold. The following is the composition of the consolidated
sales for the periods ending on December 31:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">Th. US$</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; font-weight: bold; text-align: justify">Foreign sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,918,730</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,614,385</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,243,231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Total sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,145,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,830,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,436,891</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">% of foreign sales</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">89.44</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">88.20</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">86.52</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.7&nbsp;&nbsp;</I> Legal Proceedings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2010, the City of Pomona, California,
named Sociedad Qu&iacute;mica y Minera de Chile S.A. (SQM) and SQM North America Corporation (SQMNA) as defendants in an action
filed in the California Superior Court for Los Angeles County. In this matter the plaintiff seeks damages for alleged groundwater
contamination from the use of defendant&rsquo;s fertilizer products. This case has been dismissed by the trial court and is currently
on appeal by the plaintiff to the Ninth Circuit Court of Appeals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2011, the City of Lindsay,
California, named Sociedad Qu&iacute;mica y Minera de Chile S.A. (SQM) and SQM North America Corporation (SQMNA) as defendants
in an action filed in the California Superior Court for Tulare County. In this matter the plaintiff seeks damages for alleged
groundwater contamination from the use of defendant&rsquo;s fertilizer products. That case is pending in the trial court and has
no scheduled trail date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM has not been served in either action.
Discovery is underway in the City of Lindsay action and no trial date has been set for such SQMNA and SQM (if it is legally served)
intend to vigorously defend both actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is party to various other
lawsuits arising in the ordinary course of business. See Note 19 to the Consolidated Financial Statements for more information
on these legal proceedings. Also see Item 3.D Risk Factors - Risks Relating to Our Business - Pending lawsuits could adversely
impact us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>8.A.8.&nbsp;&nbsp;</I> Dividend
Policy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 on an IFRS basis), unless and except
to the extent it has a deficit in retained earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The dividend policy for 2011 established
that SQM must distribute and pay in favor of its shareholders, as a final dividend, the amount in Chilean pesos equivalent to
50% of the distributable income for 2010. At the Annual Shareholders&rsquo; Meeting held on April 28, 2011, SQM&rsquo;s shareholders
approved a payment of a definitive dividend in the amount of US$0.72592 per share. From this definitive dividend, the interim
dividend amount of US$0.41794 per share was deducted. Payments for this dividend were made on May 11, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Annual Shareholders&rsquo; Meeting
held on April 28, 2011, shareholders also agreed to pay and distribute a dividend equal to 50% of the distributable income corresponding
to 2011. For this purpose, distributable net income includes income for the year included in the income statement item &ldquo;Profit
(Loss) Attributable to Owners of the Parent&quot; less significant changes in the fair value of assets and liabilities that are
not realized - and which correspond to earnings net of taxes that have been generated in relation to the acquisition of companies.
Also, at the same meeting, shareholders agreed to the payment and distribution of an interim dividend. The interim dividend was
paid on December 19, 2011 in the amount of US$0.73329 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generally declare dividends in U.S.
dollars (but may declare dividends in Chilean Pesos) and pay such dividends in Chilean Pesos. When a dividend is declared in U.S.
dollars, the exchange rate to be used to convert the dividend into Chilean Pesos is decided by the shareholders at the meeting
that approves the dividend, which has usually been the Observed Exchange Rate on the date the dividend is declared. In the case
of interim dividends, the exchange rate to be used is the Observed Exchange Rate published five business days before the payment
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Board of Directors has no
current plan to recommend a change in the dividend policy, the amount and timing for payment of dividends is subject to revision
from time to time, depending upon our then current level of sales, costs, cash flow and capital requirements, as well as market
conditions. Accordingly, there can be no assurance as to the amount or timing of declaration or payment of dividends in the future.
Any change in dividend policy would ordinarily be effective for dividends declared in the year following adoption of the change,
and a notice as to any such change of policy must be filed with Chilean regulatory authorities and would be publicly available
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Series A Share and Series B Share
is entitled to share equally in any dividends declared on the outstanding capital stock of SQM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the U.S.
dollar equivalent of dividends per share and per ADR paid in each of the years indicated, based on the Observed Exchange Rate
for the date on which the dividend was declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dividends</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Per Share</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: justify; border-bottom: Black 1pt solid"><B>Per ADR</B><SUP> </SUP>(1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify">Declared for the <BR>
    business year</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify">Paid in</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; width: 35%">2004</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify">2005</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">106.56</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.182</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2005</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2006</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">2006</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.349</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">2008 (interim)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">515.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.858</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">2009 (interim)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">2010 (interim)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.418</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">2011 (interim)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">376.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.733</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The Series A ADRs were delisted
                                                                 from the New York Stock Exchange on March 27, 2008. The ratio
                                                                 of ordinary shares to Series B ADRs changed from 10:1 to 1:1
                                                                 on March 28, 2008. The calculation in the table for all periods
                                                                 is based on the ratio of 1:1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends payable to holders of ADRs will
be paid net of conversion expenses of the Depositary and will be subject to Chilean withholding tax, currently imposed at the
rate of 35% (subject to credits in certain cases).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a general requirement, a shareholder
who is not a resident of Chile must register as a foreign investor under one of the foreign investment regimes contemplated by
Chilean law to have dividends, sale proceeds or other amounts with respect to its shares remitted outside Chile through the Formal
Exchange Market. Under the Foreign Investment Contract, the Depositary, on behalf of ADR holders, will be granted access to the
Formal Exchange Market to convert cash dividends from Chilean Pesos to U.S. dollars and to pay such U.S. dollars to ADR holders
outside Chile net of taxes, and no separate registration of ADR holders is required.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.B. &nbsp;&nbsp;Significant
Changes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No significant change has occurred since
the date of the financial statements set forth in Item 18.<BR CLEAR="ALL" STYLE="mso-special-character: line-break; page-break-before:
always"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
9.&#9;&nbsp;&nbsp;</FONT>THE OFFER AND LISTING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>9.A.&nbsp;&nbsp; Offer and Listing
Details</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Price History</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth, for the periods
indicated, the reported high and low closing prices for our shares on the Santiago Stock Exchange and the high and low closing
prices of the ADRs as reported by the NYSE, as the two main exchanges on which our shares are traded. On March 27, 2008, the Company
voluntarily delisted its series A ADRs from the New York Stock Exchange. In addition, on March 28, 2008, a ratio change for the
Company&rsquo;s series B ADRs entered into effect, modifying the ratio of ordinary shares to series B ADRs from the previous ratio
of 10:1 to a new ratio of 1:1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 43.1pt; text-align: left"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Last 5
                                                                                     years</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Santiago Stock Exchange</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">NYSE</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Per Share (1)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Per ADR</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series A</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series B</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series A (2)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series B (3)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 12%; font-weight: bold; text-align: left; padding-left: 0.75pt">2007</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">12,100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">7,100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">9,985</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">6,800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">234.80</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">136.95</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">20.04</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">12.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.75pt">2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.77</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.75pt">2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,839</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.84</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.75pt">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.91</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.75pt">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.86</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: -43.1pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 43.1pt"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Last 10 quarters</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.1pt; text-align: justify; text-indent: -43.1pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Santiago Stock Exchange</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">NYSE</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Per Share (1)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Per ADR</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series A</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series B</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series A (2)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series B (3)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 0.75pt">2009</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; text-align: justify; padding-left: 0.75pt">Third quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">22,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">20,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">21,397</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">18,695</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">40.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">33.49</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-left: 0.75pt">Fourth quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.36</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 0.75pt">2010</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.75pt">First quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,903</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Second quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.91</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Third quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Fourth quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.89</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.75pt">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">First quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.49</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Second quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,369</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Third quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.72</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.75pt">Fourth quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.86</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 43.1pt; text-align: left"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Last 6
                                                                                     months</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Santiago Stock Exchange</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">NYSE</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Per Share (1)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">Per ADR</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series A</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series B</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series A (2)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Series B (3)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">High</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Low</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Ch$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="text-align: left">September 2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,549</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.72</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">October 2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.67</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.86</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="text-align: left">November 2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">December 2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,638</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.85</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 18%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 7%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.15pt">(1)</TD><TD STYLE="text-align: justify">Pesos per share of Common Stock reflect
                                                             nominal price at trade date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.15pt">(2)</TD><TD STYLE="text-align: justify">Series A shares started trading on
                                                             the New York Stock Exchange on April 9, 1999.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.15pt">(3)</TD><TD STYLE="text-align: justify">Series B shares began trading on
                                                             the New York Stock Exchange on September 20, 1993. Historical prices
                                                             have been restated to reflect the change in the ratio of local shares
                                                             to ADRs from 10:1 to 1:1, effective March 28, 2008.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 29, 2012, there were 42,036,912
Series B ADRs outstanding. As of December 31, 2012, such ADRs represented approximately 15.97% of the total number of issued and
outstanding shares of our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 30.25pt">9.B</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Plan
                                                             Of Distribution</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.C<I>&#9;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Markets</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A shares and the Series B shares
are currently traded on the Santiago Stock Exchange, the Bolsa Electr&oacute;nica de Chile Bolsa de Valores S.A., (the Electronic
Stock Exchange), and the Bolsa de Corredores Bolsa de Valores S.A., (the Valpara&iacute;so Stock Exchange). As of December 31,
2007, each series was also traded on the New York Stock Exchange in the form of ADRs, where each ADR represented 10 underlying
shares of the corresponding series. On February 26, 2008, the Company&rsquo;s Board of Directors voted to voluntarily delist the
Series A ADRs from the New York Stock Exchange, due to the low trading volume of those shares. On the same date, the Board of
Directors also approved a ratio change for the Series B ADRs, modifying the previous ratio of 10 ordinary shares to 1 ADR to a
new ratio of 1:1. The Series A ADRs were delisted on March 27, 2008, and the Series B ratio change entered into effect on March
28, 2008. Prior to their delisting, the ADRs representing Series A shares traded on the NYSE beginning on April&nbsp;9, 1999.
The ADRs representing Series B shares have traded on the NYSE since September&nbsp;20, 1993. The depositary bank for these ADRs
is the Bank of New York Mellon.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.D&#9;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Selling
Shareholders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.E&#9;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Dilution</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.F&#9;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Expenses
Of The Issue</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
10.&#9;&nbsp;&nbsp;</FONT>ADDITIONAL INFORMATION</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.A. &nbsp;&nbsp;Share Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>10.B.
</I></B></FONT><B><I>&nbsp;&nbsp;Memorandum and Articles of Association</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM S.A., headquartered at El Trovador
No. 4285, 6th Floor, Santiago, Chile, is an open stock corporation -<I>sociedad an&oacute;nima abierta</I>- organized under the
laws of the Republic of Chile. The Company was constituted by public deed issued on June 17, 1968 by Mr. Sergio Rodr&iacute;guez
Garc&eacute;s, Notary Public of Santiago. Its existence was approved by Decree No. 1,164 of June 22, 1968, of the Ministry of
Finance, and it was registered on June 29, 1968, in the Business Registry of Santiago, on page 4,537 No. 1,992.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate purposes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our main purposes, which appear in article
4 of our By-laws, are to: <B>(a)</B> perform all kinds of chemical or mining activities and businesses and, among others, those
related to researching, prospecting, extracting, producing, working, processing, purchasing, disposing of, and commercializing
properties, as applicable, of all metallic and non-metallic and fossil mining substances and elements of any type or nature, to
be obtained from them or from one or more concessions or mining deposits, and in their natural or converted state, or transformed
into different raw materials or manufactured or partially manufactured products, and of all rights and properties thereon; <B>(b)
</B>manufacture, produce, work, purchase, transfer ownership, import, export, distribute, transport, and commercialize in any
way, all kinds of fertilizers, components, raw materials, chemical, mining, agricultural, and industrial products, and their by-products;
<B>(c)</B> generate, produce, distribute, purchase, transfer ownership, and commercialize, in any way, all kinds of electrical,
thermal, geothermic or other type of power, and hydric resources or water rights in general; <B>(d)</B> request, manifest, claim,
constitute, explore, work, lease, transfer ownership, and purchase, in any way, all kinds of mining concessions; <B>(e)</B> purchase,
transfer ownership, and administer, in any way, any kind of telecommunications, railroads, ships, ports, and any means of transport,
and represent and manage shipping companies, common carriers by water, airlines, and carries in general; <B>(f) </B>manufacture,
produce, commercialize, maintain, repair, assemble, construct, disassemble, purchase and transfer ownership, and in any way, any
kind of electromechanical structure, and substructure in general, components, parts, spares, or parts of equipment, and machines,
and execute, develop, advice, and commercialize, any kind of electromechanical or smelting activities; <B>(g)</B> purchase, transfer
ownership, lease, and commercialize any kind of agro industrial and farm forestry activities, in any way <B>(h)</B> purchase,
transfer ownership, lease, and commercialize, in any way, any kind of urban or rural real estate; <B>(i)</B> render any kind of
health services and manage hospitals, private clinics, or similar facilities; <B>(j)</B> construct, maintain, purchase, transfer
ownership, and manage, in any way, any kind of roads, tunnels, bridges, water supply systems, and other required infrastructure
works, without any limitation, regardless of whether they may be public or private, among others, to participate in bids and enter
into any kind of contracts, and to be the legal owner of the applicable concessions; and <B>(k)</B> purchase, transfer ownership,
and commercialize, in any way, any kind of intangible properties such as stocks, bonds, debentures, financial assets, commercial
papers, shares or rights in corporations, and any kind of bearer securities or instruments, and to administer such investments,
acting always within the Investment and Financing Policies approved by the applicable General Shareholders Meeting. We may comply
with the foregoing by acting ourselves or through or with other different legal entities or natural persons, within the country
or abroad, with properties of our own or owned by third parties, and additionally, in the ways and territories, and with the aforementioned
properties and purposes, we may also construct and operate industrial or agricultural facilities or installations; constitute,
administer, purchase, transfer ownership, dissolve, liquidate, transform, modify, or form part of partnerships, institutions,
foundations, corporations, or associations of any kind or nature; perform all actions, enter into all contracts, and incur in
all obligations convenient or necessary for the foregoing; perform any business or activity related to our properties, assets,
or patrimony, or with that of our affiliates, associated companies, or related companies; and render financial, commercial, technical,
legal, auditing, administrative, advisory, and other pertinent services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As stated in article 9 of the Company's
By-laws, the Company has 8 Directors. One of the Directors must be &ldquo;independent&rdquo; as such term is defined in article
50 bis of Law No. 18,046. Moreover, the possession of shares is not a condition necessary to become a Director of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As stated in article 10 of the Company's
By-laws, the term of the Directors is of three years and they can be reelected indefinitely; thus, there is no age limit for their
retirement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's By-laws, in articles 16
and 16 bis, essentially establish that the transactions in which a Director has a material interest must comply with the provisions
set forth in articles 136 and 146 to 149 of Law No. 18,046 and the applicable regulations of such Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The
Board of Directors duties are remunerated, as stated in article 17 of the Company's By-laws, and the amount of that compensation
is fixed yearly by the Ordinary Shareholders&rsquo; Meeting. Therefore, Directors can neither determine nor modify their compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Directors
cannot authorize Company loans on their behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The
Board of Directors must provide shareholders and the public with sufficient, reliable and timely information pertaining to the
Company&rsquo;s legal, economic and financial situation, as required by the Law or the Chilean Superintendency of Securities and
Insurance. The Board of Directors must adopt the appropriate measures in order to avoid the disclosure of such information to
persons other than those persons who should possess such information as a result of their title, position or activity within the
Company before such information is disclosed to shareholders and the public. The Board of Directors must treat business dealings
and other information about the Company as confidential until such information is officially disclosed. No Director may take advantage
of the knowledge about commercial opportunities that he has obtained through his position as Director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Independent Directors and Directors
Committee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">According
to Chilean Law, SQM must appoint at least one Independent Director and a Directors&rsquo; Committee, due to the fact that (a)
the Company has a market capitalization greater than or equal to UF 1,500,000 and (b) at least 12.5% of the Company&rsquo;s shares
with voting rights are held by shareholders who, on an individual basis, control or possess less than 10% of such shares. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Persons
who have not been involved in any of the circumstances described in the Law at any time during the preceding 18 months are considered
independent. Candidates for the position of Independent Director must be proposed by shareholders representing 1% or more of the
Company&rsquo;s shares, at least 10 days prior to the date of the Shareholders&rsquo; Meeting that has been called in order to
elect the Directors. No less than two days prior to the respective Shareholders&rsquo; Meeting, the candidate must provide the
Chief Executive Officer with a sworn statement indicating that he: (a) accepts his candidacy for the position of Independent Director
(b) does not meet any of the conditions that would prevent him from being the Independent Director (c) is not related to the Company,
the other companies of the group to which the Company belongs, the controller of the Company, or any of the Company&rsquo;s officers
in such a way that would deprive a sensible person of a reasonable degree of autonomy, interfere with his ability to perform his
duties objectively and effectively, generate a potential conflict of interest, or interfere with his independent judgment, and
(d) assumes the commitment to remain independent as long as he holds the position of Director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The
Directors&rsquo; Committee shall have the following powers and duties: (a) to examine the reports of the external auditors, the
balance sheet and other financial statements presented by the Company&rsquo;s managers or liquidators to its shareholders and
issue an opinion about the same prior to their submission for the approval of the shareholders (b) to propose to the Board of
Directors the external auditors and risk rating agencies to be proposed to the shareholders at the respective Shareholders&rsquo;
Meeting. In the event that an agreement cannot be reached, the Board of Directors shall formulate its own suggestion, and both
options shall be submitted for shareholder consideration at such Shareholders&rsquo; Meeting (c) to examine the information relating
to operations referred to in articles 146 to 149 of Law No. 18,046 and to prepare a report about such operations. A copy of such
report shall be sent to the Board of Directors, and such report must be read at the Board Meeting called for the purpose of approving
or rejecting the respective operation or operations (d) to examine the remuneration system and compensation plans for the Company&rsquo;s
management, officers and employees (e) to prepare an annual report on its activities, including its main recommendations to the
shareholders (f) to inform the Board of Directors about whether or not it is advisable to hire the external audit firm to provide
non-audit services where the audit firm is not prohibited from providing such services because the nature of the same could pose
a threat to the audit firm&rsquo;s independence, and (g) any other issues indicated in the Company&rsquo;s by-laws or authorized
by a Shareholders&rsquo; Meeting or the Board of Directors.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 58pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The
Directors&rsquo; Committee shall be comprised of three members, with at least one independent member. In the event that more than
three Directors have the right to form part of the Committee, these same Directors shall unanimously determine who shall make
up the Committee. In the event that an agreement cannot be reached, the Directors who were elected with a greater percentage of
votes by shareholders controlling or possessing less than 10% of the Company&rsquo;s shares shall be given priority. If there
is only one Independent Director, this Director shall name the other members of the Committee among the other Directors who are
not independent. Such other members of the Committee shall have all of the rights associated with such position. The members of
the Committee shall be compensated for their role. The amount of their remuneration shall be set annually at the General Shareholders&rsquo;
Meeting, and it may not be less than the remuneration set for the Company Directors, plus an additional 1/3 of that amount. The
General Shareholders&rsquo; Meeting shall determine a budget for the expenses of the Committee and its advisors. Such budget may
not be less than the sum of the annual remunerations of the Committee members. The Committee may need to hire professional advisory
services in order to carry out its duties in accordance with the abovementioned budget. The proposals made by the Committee to
the Board of Directors that are not accepted by the latter must be reported to the Shareholders&rsquo; Meeting prior to the vote
by shareholders on the corresponding matter or matters. In addition to the responsibilities that are associated with the position
of Director, the members of the Committee are jointly and severally liable for any damages they cause in performing their duties
as such to the shareholders and to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Dividends
are annually distributed to the Series A and Series B shareholders of record on the fifth business day prior to the date for payment
of the dividends. The By-laws do not specify a time limit after which dividend entitlement elapses but Chilean regulations establish
that after 5 years, unclaimed dividends are to be donated to the Fire Department.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Article
5 of the Company's By-laws establishes that Series B shares may in no case exceed fifty percent of the issued, outstanding and
paid shares of SQM Series B shares have a restricted right to vote as they can only elect one Director of the Company, regardless
of their capital stock's share. Series B shares have the right to call for an Ordinary or Extraordinary Shareholders&rsquo; Meeting
when the shareholders of at least 5% of the Series B issued shares request so and for an Extraordinary Board of Directors Meeting
without the Chairman's authorization when it is requested by the Director elected by the shareholders of the Series B shares.
Series A shares have the option to exclude the Director elected by Series B shareholders from the voting process in which the
Chairman of the Board is to be elected, if there is a tie in the first voting process. However, articles 31 and 31 bis of the
Company&rsquo;s By-laws establish that in General Shareholders&rsquo; Meetings each shareholder will have a right to one vote
for each share he owns or represents and (a) that no shareholder will have the right to vote for himself or on behalf of other
shareholders of the same Series A or Series B shares representing more than 37.5% of the total outstanding shares with right to
vote of each Series and (b) that no shareholder will have the right to vote for himself or on behalf of other shareholders representing
more than 32% of the total outstanding shares with a right to vote. In calculating a single shareholder's ownership of Series
A or B shares, the shareholder's stock and those pertaining to third parties related to them are to be added.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Article
5 bis of the Company's By-laws establishes that no person may directly or by means of related third persons concentrate more than
32% of the Company&rsquo;s total shares with right to vote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Each
Series A share and Series B share is entitled to share equally in the Company's profits, i.e., they have the same rights on any
dividends declared on the outstanding shares of SQM. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The
Company By-laws do not contain any provision relating to (a) redemption provisions (b) sinking funds or (c) liability to capital
calls by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">As established
in article 103 of Law No. 18,046, a company subject to the supervision of the Superintendency of Securities and Insurance (SVS)
may be liquidated in the following cases:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(a)
Expiration of the duration term, if any, as established in its By-laws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(b)
All the shares end up in the possession of one individual for more than ten continuous days;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(c)
By agreement of an Extraordinary Shareholders Meeting;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(d)
By abolition, pursuant to applicable laws, of the decree that authorized its existence;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(e)
Any other reason contemplated in its By-laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Article
40 of the Company's By-laws states that in the event of liquidation, the Shareholders&rsquo; Meeting will appoint a three-member
receiver committee that will have the authority to carry out the liquidation process. Any surplus will be distributed equally
among the shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The
only way to change the rights of the holders of the SQM shares is by modifying its By-laws, which can only be carried out by an
Extraordinary Shareholders&rsquo; Meeting, as set forth in article 28 of the Company By-laws.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders&rsquo; meetings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 29 of the Company's By-laws states
that the call to a Shareholders&rsquo; Meeting, either Ordinary or Extraordinary, will be by means of a highlighted public notice
that will be published at least three times, and on different days, in the newspaper of the legal address determined by the Shareholders&rsquo;
Meeting, and in the way and under the conditions indicated by the regulations. Additionally, a notice will be sent by mail to
each shareholder at least fifteen days prior to the date of the Meeting, which shall include a reference of the matters to be
addressed at the meeting. However, those meetings with the full attendance of the shares with right to vote may be legally held,
even if the foregoing formal notice requirements are not met. Notice of any Shareholders&rsquo; Meeting shall be delivered to
the SVS at least fifteen days in advance of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any holder of Series A and/or Series B
shares registered in the Company's shareholder registry on the fifth business day prior to the date of the meeting will have a
right to participate at that meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 67 of Law No. 18,046 provides that
decisions made at Extraordinary Shareholders&rsquo; Meeting on the following matters require the approval of 2/3 of the outstanding
shares with voting rights: (1) transformation or division of the Company and its merger with another company; (2) modification
of the Company&rsquo;s term of duration, if any; (3) early dissolution of the Company; (4) change of the corporate domicile; (5)
capital decrease; (6) approval of contributions and estimation of non-cash assets; (7) modification of powers reserved for Shareholders
Meetings or limitations on powers of the Board of Directors; (8) reduction in the number of members of the Board of Directors;
(9) disposal of 50% or more of the Company&rsquo;s assets; formulation or modification of any business plan exceeding the above
percentage; disposal of 50% or more of an asset belonging to a subsidiary that represents at least 20% of the Company&rsquo;s assets
and disposal of shares of the referred subsidiary such that the parent company would lose its position as controller of the same;
(10) method in which profits are distributed; (11) granting of real or personal guarantees as sureties for third-party obligations
that exceed 50% of the Company assets, except for subsidiaries, in which case approval of the Board of Directors shall suffice;
(12) acquisition of own shares as set forth in articles 27A and 27B of the said law; (13) other matters indicated in the By-laws;
(14) amendment of the Company By-laws as a result of errors in the constitution process and amendments in the By-laws involving
one or more of the matters stated in the preceding numbers; (15) forced sale of shares carried out by the controller who would
acquire more than 95% of the Company&rsquo;s shares in a tender offer, and (16) approval or ratification of proceedings or contracts
with related parties in accordance with the provisions of articles 44 and 147 of Law No. 18,046.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Amendments
to the By-laws that are intended to create, modify, defer or suspend preferential rights shall be approved by 2/3 of the shares
of the affected Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The transformation
of the Company, the merger of the same, the disposal of assets referred to in number (9) above, the constitution of guarantees
set forth in number (11) above, the constitution of preferences or the increase, postponement or decrease of the existing preferences,
the reparation of formal nullities incurred in the By-laws and the possession of more than 95% of the Company&rsquo;s shares and
other matters contemplated in the Law or in the By-laws, confer &ldquo;withdrawal rights&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">There
exists no restriction on ownership or share concentration, or limiting the exercise of the related right to vote, by local or foreign
shareholders other than those discussed under Item 2.B. Memorandum and Articles of Association -Shares above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Change in control</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company By-laws provide that no shareholder
may hold more than 32% of the Company&rsquo;s shares, unless the By-laws are modified at an Extraordinary Shareholders&rsquo; Meeting.
Moreover, on December 12, 2000, the Chilean Government published the Ley de Oferta P&uacute;blica de Acciones (&ldquo;Public Share
Offering Law&rdquo;) or (OPA law) that seeks to protect the interests of minority shareholders of open stock corporations in transactions
involving a change in control, by requiring that the potential new controller purchase the shares owned by the remaining shareholders
either in total or pro rata. The law applies to those transactions in which the controlling party would receive a material premium
price compared with the price that would be received by the minority shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are three conditions that would make
it mandatory to operate under the OPA law:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">When an investor wants to take control of a company's stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">When a controlling shareholder holds two-thirds of the company's stock. If such shareholder buys
one more share, it will be mandatory to offer to acquire the rest of the outstanding stock within 30 days of surpassing that threshold.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">When an investor wants to take control of a corporation, which, in turn, controls an open stock
corporation that represents 75% or more of the consolidated assets of the former corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parties interested in taking control of
a company must (i) notify the company of such intention in writing, and notify its controllers, the companies controlled by it,
the SVS and the markets where its stocks are traded and (ii) publish a highlighted public notice in two newspapers of national
circulation at least 10 business days prior to the date of materialization of the OPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure of share ownership</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's By-laws do not provide for
a minimum threshold at which share ownership must be disclosed.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.C. Material Contracts&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes the terms and
conditions of the main contracts to which SQM or any subsidiary is a party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On February 12, 1999, SQM S.A. entered into an Electrical Energy Supply contract with Electroandina
S.A. This contract allowed for two three-year renewal options, at the option of SQM. The first option was exercised. As a result,
the contract extends through March 16, 2013 with a three-year renewal option of SQM. Early termination of the contract is subject
to payment of non-amortized investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On March 21, 1997, SQM Salar S.A. entered into an Electricity Supply agreement with Norgener S.A.
The term of this contract extends through March 20, 2017, and early termination is subject to penalties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On January 13, 1998, SQM Nitratos S.A. entered into an Electrical Energy Supply agreement with
Norgener S.A. The term of this contract extends through January 31, 2013. Early termination of the contract is subject to payment
of non-amortized investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On March 30, 2012, SQM S.A. entered into an Electrical Energy Supply agreement with Norgener S.A.&nbsp;
The term of this contract extends through December 31, 2030.&nbsp; Early termination of the contract is subject to an agreement
between both parties, or in case of Force-Majeure extended for more than 12 months.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company, during the normal
course of business, has entered into different contracts, some of which have been described herein, related to its production,
commercial and legal operations. We believe all of these contracts are standard for this type of industry, and none of them is
expected to have a material effect on the Company's results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.D. Exchange Controls</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Central Bank of Chile is responsible
for, among other things, monetary policies and exchange controls in Chile. Appropriate registration of a foreign investment in
Chile permits the investor access to the Formal Exchange Market. Foreign investments can be registered with the Foreign Investment
Committee under Decree Law No. 600 of 1974 or can be registered with the Central Bank of Chile under the Central Bank Act, Law
No 18,840 of October 1989. The Central Bank Act is an organic constitutional law requiring a &quot;special majority&quot; vote
of the Chilean Congress to be modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our 1993, 1995 and 1998 capital increases
were carried out under and subject to the then current legal regulations, whose summary is hereafter included:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A <I>'Convenci&oacute;n Cap&iacute;tulo
XXVI del T&iacute;tulo I del Compendio de Normas de Cambios Internacionales'</I> or Compendium of Foreign Exchange Regulations
of the Central Bank of Chile, &quot;Foreign Investment Contract&quot; was entered into and among the Central Bank of Chile, our
Company and the Depositary, pursuant to Article 47 of the Central Bank Act and to Chapter XXVI of the Compendium of Foreign Exchange
Regulations of the Central Bank of Chile, &quot;Chapter XXVI&quot;, which addresses the issuance of ADRs by a Chilean company.
Absent the Foreign Investment Contract, under applicable Chilean exchange controls, investors would not be granted access to the
Formal Exchange Market for the purposes of converting from Chilean pesos to U.S. dollars and repatriating from Chile amounts received
in respect to deposited Series A or B shares or Series A or B shares withdrawn from deposit on surrender of ADRs (including amounts
received as cash dividends and proceeds from the sale in Chile of the underlying Series A and Series B shares and any rights arising
therefrom). The following is a summary of the material provisions contained in the Foreign Investment Contract. This summary does
not purport to be complete and is qualified in its entirety by reference to Chapter XXVI and the Foreign Investment Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Chapter XXVI and the Foreign Investment
Contract, the Central Bank of Chile has agreed to grant to the Depositary, on behalf of ADR holders, and to any investor not residing
or not domiciled in Chile who withdraws Series A or Series B shares upon delivery of ADRs (such Series A and Series B shares being
referred to herein as &quot;Withdrawn Shares&quot;) access to the Formal Exchange Market to convert Chilean pesos to U.S. dollars
(and remit such U.S. dollars outside of Chile) in respect of Series A and Series B shares represented by ADRs or Withdrawn Shares,
including amounts received as (a) cash dividends, (b) proceeds from the sale in Chile of Withdrawn Shares, or from shares distributed
because of the liquidation, merger or consolidation of the Company, subject to receipt by the Central Bank of Chile of a certificate
from the holder of such shares (or from an institution authorized by the Central Bank of Chile) that such holder's residence and
domicile are outside Chile and a certificate from a Chilean stock exchange (or from a brokerage or securities firm established
in Chile) that such shares were sold on a Chilean Exchange, (c) proceeds from the sale in Chile of preemptive rights to subscribe
for additional Series A and Series B shares, (d) proceeds from the liquidation, merger or consolidation of the Company and (e)
other distributions, including without limitation those resulting from any recapitalization, as a result of holding Series A and
Series B shares represented by ADRs or Withdrawn Shares. Transferees of Withdrawn Shares will not be entitled to any of the foregoing
rights under Chapter XXVI unless the Withdrawn Shares are redeposited with the Depositary. Investors receiving Withdrawn Shares
in exchange for ADRs will have the right to redeposit such shares in exchange for ADRs, provided that the conditions to redeposit
described hereunder are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chapter XXVI provided that access to the
Formal Exchange Market in connection with dividend payments will be conditioned upon certification by the Company to the Central
Bank of Chile that a dividend payment has been made and any applicable tax has been withheld. Chapter XXVI also provided that access
to the Formal Exchange Market in connection with the sale of Withdrawn Shares or distributions thereon will be conditioned upon
receipt by the Central Bank of Chile of certification by the Depositary that such shares have been withdrawn in exchange for ADRs
and receipt of a waiver of the benefit of the Foreign Investment Contract with respect thereto until such Withdrawn Shares are
redeposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chapter XXVI and the Foreign Investment
Contract provided that a person who brings certain types of foreign currency into Chile, including U.S. dollars, to purchase Series
A shares and/or Series B shares with the benefit of the Foreign Investment Contract must convert it into Chilean pesos on the same
date and has 5 banking business days within which to invest in Series A shares and/or Series B shares in order to receive the benefits
of the Foreign Investment Contract. If such person decides within such period not to acquire Series A shares and/or Series B shares,
he can access the Formal Exchange Market to reacquire foreign currency, provided that the applicable request is presented to the
Central Bank within 7 banking business days of the initial conversion into Chilean pesos. Series A shares and/or Series B shares
acquired as described above may be deposited for ADRs and receive the benefits of the Foreign Investment Contract, subject to receipt
by the Central Bank of Chile of a certificate from the Depositary that such deposit has been effected and that the related ADRs
have been issued and receipt by the Custodian of a declaration from the person making such deposit waiving the benefits of the
Foreign Investment Contract with respect to the deposited Series A shares and/or Series B shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Access to the Formal Exchange Market under
any of the circumstances described above is not automatic. Pursuant to Chapter XXVI, such access requires approval of the Central
Bank of Chile based on a request presented through a banking institution established in Chile. The Foreign Investment Contract
will provide that if the Central Bank of Chile has not acted on such request within seven banking days, the request will be deemed
approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under current Chilean law, foreign investments
abiding by the Foreign Investment Contract cannot be changed unilaterally by the Central Bank of Chile. No assurance can be given,
however, that additional Chilean restrictions applicable to the holders of ADRs, the disposition of underlying Series A shares
and/or Series B shares or the repatriation of the proceeds from such disposition could not be imposed in the future, nor can there
be any assessment of the duration or impact of such restrictions if imposed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of April 19, 2001, Chapter XXVI of Title
I of the <I>Compendio de Normas de Cambios Internacionales</I> of the Central Bank of Chile was eliminated and new investments
in ADR's by non-residents of Chile, are now governed by Chapter XIV of the <I>Compendio de Normas de Cambios Internacionales</I>
of the Central Bank of Chile. This was made with the purpose of simplifying and facilitating the flow of capital to and from Chile.
According to the new regulations, such investments must be carried out through Chile's Formal Exchange Market and only reported
to the Central Bank of Chile. Foreign investments may still be registered with the Foreign Investment Committee under Decree Law
600 of 1974, as amended, and obtain the benefits of the contract executed under Decree Law 600.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Central Bank is also responsible for
controlling incurrence of loan obligations to be paid from Chile and by a Chilean borrower to banks and certain other financial
institutions outside Chile. Chapter XIV establishes what type of loans, investments, capital increases and foreign currency transactions
are subject to the current Chapter XIV framework. Foreign currency transactions related to foreign loans must be performed through
the Formal Exchange Market, and such transactions and the subsequent modifications of original loans must be properly informed
to the Central Bank. Transactions prior to April 19, 2001, will continue to be regulated by the previous legal framework, except
in cases where an express request has been presented to the Central Bank resigning previous rights to be regulated by the provisions
of Chapter XIV. This summary does not purport to be complete and is qualified in its entirety by reference to the provisions of
Chapter XIV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, we had bonds issued
in the international markets under Rule 144A/Regulation S of US$200 million and US$250 million. Additionally, we had outstanding
bilateral loans through wholly owned susidiaries in the amount of US$330 million, which were fully guaranteed by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any purchases of U.S. dollars in connection
with payments on these loans will occur with the Formal Exchange Market. There can be no assurance, however, that restrictions
applicable to payments in respect to the loans could not be imposed in the future, nor can there be any assessment of the duration
or impact of such restrictions if imposed.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.E. Taxation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Chilean Tax Considerations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the material Chilean
income tax consequences of an investment in the ADRs by an individual who is not domiciled or resident in Chile or any legal entity
that is not organized under the laws of Chile and does not have a permanent establishment located in Chile, a (&quot;foreign holder&quot;).
This discussion is based upon Chilean income tax laws presently in force, including Ruling No. 324 (1990) of the Chilean Internal
Revenue Service and other applicable regulations and rulings. The discussion is not intended as tax advice to any particular investor,
which can be rendered only in light of that investor's particular tax situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Chilean law, provisions contained
in statutes such as tax rates applicable to foreign holders, the computation of taxable income for Chilean purposes and the manner
in which Chilean taxes are imposed and collected may only be amended by another statute. In addition, the Chilean tax authorities
issue rulings and regulations of either general or specific application and interpret the provisions of Chilean tax law. Chilean
tax may not be assessed retroactively against taxpayers who act in good faith relying on such rulings, regulations and interpretations,
but Chilean tax authorities may change said rulings, regulations and interpretations prospectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash Dividends and Other Distributions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash dividends paid by the Company with
respect to the shares, including shares represented by ADRs held by a U.S. holder will be subject to a 35% Chilean withholding
tax, which is withheld and paid by the Company, the &quot;Withholding Tax.&rdquo; If the Company has paid corporate income tax,
the &quot;First Category Tax&quot;, on the income from which the dividend is paid, a credit for the First Category Tax effectively
reduces the rate of Withholding Tax. When a credit is available, the Withholding Tax is computed by applying the 35% rate to the
pre-tax amount needed to fund the dividend and then subtracting from the tentative withholding tax so determined the amount of
First Category Tax actually paid on the pre-tax income. Under Chilean income tax law, dividends are assumed to have been paid out
of our oldest retained tax profits for purposes of determining the rate at which the First Category Tax was paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effective Withholding Tax rate, after
giving effect to the credit for First Category Tax, generally is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(Withholding Tax rate) - (First Category
Tax effective rate)<BR>
</U>1 - (First Category Tax effective rate)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effective rate of Withholding Tax to
be imposed on dividends paid by the Company will vary depending upon the amount of the First Category Tax paid by the Company on
the earnings to which the dividends are attributed. The company distributed an interim dividend in December 2011 corresponding
to the business year 2011. The dividend, paid in December 2011, was considered taxable, and the total tax retention rate was approximately
24.8%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividend distributions made in property
(such as distribution of cash equivalents) would be subject to the same Chilean tax rules as cash dividends. Stock dividends are
not subject to Chilean taxation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital Gains</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gains from the sale or other disposition
by a foreign holder of ADR outside Chile will not be subject to Chilean taxation. The deposit and withdrawal of the shares in exchange
for ADRs will not be subject to any Chilean taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax basis of the shares received in
exchange for ADRs (repatriation) will be the acquisition value of the shares. The shares exchanged for ADRs are valued at the highest
price at which they trade on the Chilean Stock Exchange on the date of the exchange or on either of the two business days preceding
the exchange. Consequently, the conversion of ADRs into the shares and the immediate sale of such shares at a price equal to or
less than the highest price for Series B shares on the Chilean Stock Exchange on such dates will not generate a gain subject to
Chilean taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gain recognized on a sale or exchange of
shares (as distinguished from sales or exchanges of ADRs representing such shares) will be subject to both the First Category Tax
and the Withholding Tax if either (i) the foreign holder has held the shares for less than one year since exchanging the ADRs for
the shares, (ii) the foreign holder acquired and disposed of the shares in the ordinary course of its business or as a regular
trader of shares, or (iii) the foreign holder and the purchaser of the shares are related parties within the meaning of Chilean
tax law. The amount of the First Category Tax may be credited against the amount of the Withholding Tax. In all other cases, gain
on the disposition of the shares will be subject only to a capital gains tax, which is assessed at the same rate as the First Category
Tax. Gain recognized in the transfer of common shares that have significant trading volumes in the stock exchange, however, is
not subject to capital gains tax in Chile, provided that the common shares are transferred in a local stock exchange authorized
by the SVS, within the process of a public tender of common shares governed by the Chilean Securities Market Act. Law No. 20,448
states that common shares must also have been acquired after April 19, 2001, either on a local stock exchange authorized by the
SVS, within the referred process of public tender of a common shares governed by the Chilean Securities Market Act, in an initial
public offer of common shares resulting from the formation of a corporation or a capital increase of the same, in an exchange of
convertible securities subject to public offer, or in the redemption of mutual funds shares. According to Ruling No. 224 (2008)
of the Chilean Internal Revenue Service, common shares received by exchange of ADRs are also considered as &ldquo;acquired on a
stock exchange&rdquo; if the respective ADRs have been acquired on a foreign stock exchange authorized by the SVS (i.e. London
Stock Exchange, New York Stock Exchange and Bolsa de Valores de Madrid). Common shares are considered to have a high presence in
the stock exchange when they: (a) are registered in the Securities Registry, (b) are registered in a Chilean Stock Exchange, (c)
have an adjusted presence equal to or above 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 19, 2001, capital gains obtained
in the sale of common shares that are publicly traded in a stock exchange are also exempt from capital gains tax in Chile when
the sale is made by &quot;foreign institutional investors&quot; such as mutual funds and pension funds, provided that the sale
is made in a local stock exchange authorized by the SVS, or in accordance with the provisions of the securities market law (Law
18,045). To qualify as foreign institutional investors, the referred entities must be formed outside of Chile, not have a domicile
in Chile, and they must be an &quot;investment fund&quot; in according with the Chilean tax law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise of preemptive rights relating
to shares will not be subject to Chilean taxation. Any gain on the sale or assignment of preemptive rights relating to shares will
be subject to both the First Category Tax and the Withholding Tax (the former being creditable against the latter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other Chilean Taxes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Chilean inheritance, gift or succession
taxes apply to the transfer or disposition of the ADRs by a foreign holder, but such taxes generally will apply to the transfer
at death or by gift of the shares by a foreign holder. No Chilean stamp, issue, registration or similar taxes or duties apply to
foreign holders of ADRs or shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Withholding Tax Certificates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon request, the Company will provide
to foreign holders appropriate documentation evidencing the payment of Chilean withholding taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>United States Tax Considerations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion summarizes the
principal U.S. federal income tax consequences to beneficial owners arising from ownership and disposition of the Series A shares
and the Series B shares, together the &quot;shares&quot; and the ADRs. The discussion which follows is based on the United States
Internal Revenue Code of 1986, as amended, the &quot;Code&quot;, the Treasury regulations promulgated thereunder, and judicial
and administrative interpretations thereof, all as in effect and available on the date hereof, and is subject to any changes in
these or other laws occurring after such date. In addition, the summary assumes that the depositary&rsquo;s activities are clearly
and appropriately defined so as to ensure that the tax treatment of ADRs will be identical to the tax treatment of the underlying
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this summary, the term
&quot;U.S. Holder&quot; means a beneficial owner of shares or ADRs that is, for U.S. federal income tax purposes, (a) an individual
who is a United States citizen or resident, (b) a corporation or partnership created or organized under the laws of the United
States or any political subdivision thereof, (c) an estate, the income of which is subject to U.S. federal income tax regardless
of the source, or (d) a trust (i) that validly elects to be treated as a U.S. person for U.S. federal income tax purposes or (ii)(A)
if a court within the U.S. is able to exercise primary supervision over the administration of the trust and (B) one or more U.S.
persons have the authority to control all substantial decisions of the trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The term &quot;Non-U.S. Holder&quot; means,
for purposes of this discussion, a beneficial owner of shares or ADRs that is not a U.S. Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (or any other entity treated
as a partnership for U.S. federal income tax purposes) holds shares or ADRs, the tax treatment of the partnership and a partner
in such partnership generally will depend on the status of the partner and the activities of the partnership. Such a partner or
partnership should consult its own tax advisor as to its consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discussion that follows is not intended
as tax advice to any particular investor and is limited to investors who will hold the shares or ADRs as &quot;capital assets&quot;
within the meaning of Section 1221 of the Code and whose functional currency is the United States dollar. The summary does not
address the tax treatment of U.S. Holders and Non-U.S. Holders that may be subject to special U.S. federal income tax rules, such
as insurance companies, tax-exempt organizations, financial institutions, persons who are subject to the alternative minimum tax,
or persons who are broker-dealers in securities, who hold the shares or ADRs as a hedge against currency risks, as a position in
a &quot;straddle&quot; for tax purposes, or as part of a conversion or other integrated transaction, or who own (directly, indirectly
or by attribution) 10% or more of the total combined voting power of all classes of the Company's capital stock entitled to vote
or 10% or more of the value of the outstanding capital stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of this date, there is currently no
applicable income tax treaty in effect between the United States and Chile. However, in 2010, the United States and Chile signed
an income tax treaty that will enter into force once the treaty is ratified by both countries. There can be no assurance that the
treaty will be ratified by either country. The following summary assumes that there is no applicable income tax treaty in effect
between the United States and Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discussion below does not address the
effect of any United States state, local, estate or gift tax law or foreign tax law on a U.S. Holder or Non-U.S. Holder of the
shares or ADRs. U.S. HOLDERS AND NON-U.S. HOLDERS OF SHARES OR ADRs SHOULD CONSULT THEIR OWN TAX ADVISORS TO DETERMINE THE PARTICULAR
CONSEQUENCES UNDER ANY SUCH LAW OF OWNING OR DISPOSING THE SHARES OR ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of applying U.S. federal income
tax law, any beneficial owner of an ADR generally will be treated as the owner of the underlying shares represented thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TO ENSURE COMPLIANCE WITH U.S. TREASURY
DEPARTMENT CIRCULAR 230, INVESTORS ARE ADVISED THAT: (A) ANY DISCUSSION OF U.S. FEDERAL TAX ISSUES IN THIS FORM 20-F IS NOT INTENDED
OR WRITTEN TO BE RELIED UPON, AND CANNOT BE RELIED UPON, BY INVESTORS FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED
ON SUCH INVESTORS UNDER THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED; (B) SUCH DISCUSSION IS INCLUDED BY THE COMPANY IN CONNECTION
WITH THE PROMOTION OR MARKETING (WITHIN THE MEANING OF CIRCULAR 230) BY THE COMPANY OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN;
AND (C) INVESTORS SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash Dividends and Other Distributions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Treasury Department has expressed
concern that depositaries for ADRs, or other intermediaries between the holders of shares of an issuer and the issuer, may be taking
actions that are inconsistent with the claiming of U.S. foreign tax credits by U.S. holders of such receipts or shares. Accordingly,
the analysis regarding the availability of a U.S. foreign tax credit for Chilean taxes and sourcing rules described below could
be affected by future actions that may be taken by the U.S. Treasury Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion of cash dividends
and other distributions is subject to the discussion below under &ldquo;Passive Foreign Investment Company Considerations&rdquo;.
The gross amount of a distribution with respect to shares or ADRs generally will be treated as a taxable dividend to the extent
of the Company's current and accumulated earnings and profits, computed in accordance with U.S. federal income tax principles.
A dividend distribution will be so included in gross income when received by (or otherwise made available to) (i) the U.S. Holder
in the case of the shares or (ii) the depositary in the case of the ADRs, and in either case will be characterized as ordinary
income for U.S. federal income tax purposes. Distributions in excess of the Company's current and accumulated earnings and profits
will be applied against and will reduce the U.S. Holder's tax basis in the shares or ADRs and, to the extent distributions exceed
such tax basis, the excess will be treated as gain from a sale or exchange of such shares or ADRs. U.S. Holders that are corporations
will not be allowed a deduction for dividends received in respect of distributions on the shares or the ADRs. For example, if the
gross amount of a distribution with respect to the shares or ADRs exceeds the Company's current and accumulated earnings and profits
by US$10.00, such excess will generally not be subject to a U.S. tax to the extent the U.S. Holder's tax basis in the shares or
ADRs equals or exceeds US$10.00. The Company does not maintain calculations of its earnings and profits under U.S. federal income
tax principles. Accordingly, U.S. Holders should assume that any cash distribution made by us will be treated as a dividend for
U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a dividend distribution is paid in Chilean
pesos, the amount includable in income will generally be the U.S. dollar value, on the date of receipt by the U.S. Holder in the
case of the shares or by the depositary in the case of the ADRs, of the peso amount distributed, regardless of whether the payment
is actually converted into U.S. dollars. The amount of any distribution of property other than cash will be the fair market value
of such property on the date of distribution. Any gain or loss resulting from currency exchange rate fluctuations during the period
from the date the dividend is includable in the income of the U.S. Holder to the date the pesos are converted into U.S. dollars
will be treated as ordinary income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A dividend distribution will be treated
as foreign source income and will generally be classified as &quot;passive category income&quot; or in the case of certain U.S.
Holders &ldquo;general category income&quot; for U.S. foreign tax credit purposes. If Chilean withholding taxes are imposed on
a dividend, U.S. Holders will be treated as having actually received the amount of such taxes (net of any credit for the First
Category Tax) and as having paid such amount to the Chilean taxing authorities. As a result, the amount of dividend income included
in gross income by a U.S. Holder will be greater than the amount of cash actually received by the U.S. Holder with respect to such
dividend income. A U.S. Holder may be able, subject to certain generally applicable limitations, to claim a foreign tax credit
or a deduction for Chilean withholding taxes (net of any credit for the First Category Tax) imposed on dividend payments. The rules
relating to the determination of the U.S. foreign tax credit are complex and the calculation of U.S. foreign tax credits and, in
the case of a U.S. Holder that elects to deduct foreign taxes, the availability of deductions, involve the application of rules
that depend on a U.S. Holder's particular circumstances. U.S. Holders should, therefore, consult their own tax advisors regarding
the application of the U.S. foreign tax credit rules to dividend income on the shares or ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subject to
the discussion below under &ldquo;Information Reporting and Backup Withholding&rdquo;, if you are a </FONT>Non-U.S. Holder, you
generally will not be subject to U.S. federal income or withholding tax on dividends received by you on your shares or ADRs, unless
you conduct a trade or business in the United States and such income is effectively connected with that trade or business.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital Gains</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A </FONT>U.S.
Holder will generally recognize gain or loss on the sale, redemption or other disposition of the shares or ADRs in an amount equal
to the difference between the amount realized on the sale or exchange and the U.S. Holder's adjusted basis in such shares or ADRs.
Thus, if the U.S. Holder sells the shares for US$40.00 and such U.S. Holder's tax basis in such shares is US$30.00, such U.S. Holder
will generally recognize a gain of US$10.00 for U.S. federal income tax purposes. <FONT STYLE="text-underline-style: none; color: windowtext">Subject
to the discussion below under &ldquo;Passive Foreign Investment Company Considerations&rdquo;, gain</FONT> or loss upon the sale
of the shares or ADRs will be capital gain or loss if the shares or ADRs are capital assets in the hands of the U.S. Holder. Capital
gains on the sale of capital assets held for one year or less are subject to U.S. federal income tax at ordinary income tax rates.
Net capital gains derived with respect to capital assets held for more than one year are eligible for reduced rates of taxation.
Gain or loss realized by a U.S. Holder on the sale or exchange of shares or ADRs will be U.S.-source income. In addition, certain
limitations exist on the deductibility of capital losses by both corporate and individual taxpayers. Any tax imposed by Chile directly
on the gain from such a sale would generally be eligible for the U.S. foreign tax credit; however, because the gain would generally
be U.S.-source, a U.S. Holder might not be able to use the credit otherwise available. U.S. Holders should consult their own tax
advisors regarding the foreign tax credit implications of the sale, redemption or other disposition of a share or ADR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion below under &ldquo;Information
Reporting and Backup Withholding&rdquo;, a Non-U.S. Holder of ADRs or shares will not be subject to United States income or withholding
tax on gain from the sale or other disposition of ADRs or shares unless, in general (i) such gain is effectively connected with
the conduct of a trade or business within the United States or (ii) the Non-U.S. Holder is an individual who is present in the
United States for at least 183 days during the taxable year of the disposition<FONT STYLE="font-size: 10pt"> and certain other
conditions are met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Passive Foreign Investment Company Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-U.S. corporation will be classified
as a &ldquo;passive foreign investment company&rdquo;, or a PFIC, for U.S. federal income tax purposes in any taxable year in which,
after applying certain look-through rules, either (i) at least 75% of its gross income is &ldquo;passive income&rdquo; or (ii)
at least 50% of the average value of its gross assets is attributable to assets that produce &ldquo;passive income&rdquo; or are
held for the production of passive income. Passive income for this purpose generally includes dividends, interest, royalties, rents
and gains from the sale of stock (including gains from the sale of stock of certain subsidiaries), partnership interests, securities
or commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on certain estimates of our gross
income and gross assets and the nature of our business, the Company believes that it was not classified as a PFIC in 2011. The
Company&rsquo;s status in future years will depend on its assets and activities in those years. If the Company were a PFIC for
2011 or for any prior or future taxable year during which a U.S. Holder held shares or ADRs, such U.S. Holder of shares or ADRs
generally would be subject to additional filing requirements, imputed interest charges and other disadvantageous tax treatment
(including the denial of taxation at the lower rates applicable to long-term capital gains with respect to any gain from the sale
or exchange of shares or ADRs).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information Reporting and Backup Withholding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of dividends on the shares or
ADRs and the proceeds of sale or other disposition of the shares or ADRs within the United States by holders may be subject to
U.S. information reporting and backup withholding. A U.S. Holder generally will be subject to U.S. information reporting and backup
withholding (currently at a rate of 28%) unless the recipient of such payment supplies an accurate taxpayer identification number,
as well as certain other information, or otherwise establishes an exemption, in the manner prescribed by United States law and
applicable regulations. U.S. information reporting and backup withholding of U.S. federal income tax at the same rate may also
apply to Non-U.S. Holders that are not &quot;exempt recipients&quot; and that fail to provide certain information as may be required
by United States law and applicable regulations. Any amount withheld under U.S. backup withholding is not an additional tax and
is generally allowable as a credit against the U.S. Holder's federal income tax liability upon furnishing the required information
to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, certain U.S. Holders, electing
nonresident aliens and residents of a U.S. possession may be required to report information with respect to their investment in
shares or, it is assumed, ADRs to the Internal Revenue Service. Investors who fail to report required information could become
subject to substantial penalties and/or an extended statute of limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HOLDERS ARE URGED TO CONSULT THEIR OWN
TAX ADVISORS REGARDING THE APPLICATION OF U.S. INFORMATION REPORTING AND BACKUP WITHHOLDING RULES TO THEIR PARTICULAR CIRCUMSTANCES.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.F. &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Paying Agents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.G.&nbsp;&nbsp; &nbsp;&nbsp;Statement by Experts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.H. &nbsp;&nbsp;&nbsp;&nbsp;Documents on Display</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Documents referred to in this form 20-F
are available to the public at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: windowtext"><B><U>http://www.sec.gov/edgar/searchedgar/companysearch.html</U></B></FONT>,
CIK: 909037.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 4.C. Organizational Structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM&nbsp;11.&nbsp;&nbsp;</FONT>QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As explained elsewhere in this Annual Report,
we transact our businesses in more than 100 countries, thereby rendering our market risk dependent upon the fluctuations of foreign
currencies and local and international interest rates. These fluctuations may generate losses in the value of financial instruments
taken in the normal course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, from time to time and depending upon
then current market conditions, review and re-establish our financial policies to protect our operations. Management is authorized
by our Board of Directors to engage in certain derivative contracts such as forwards and swaps to specifically hedge the fluctuations
in interest rates and in currencies other than the U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative instruments used by us are generally
transaction-specific so that a specific debt instrument or contract determines the amount, maturity and other terms of the hedge.
We do not use derivative instruments for speculative purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Interest Rate Risk</I>. As of December
31, 2011, we had approximately 28% of our financial debt effectively priced at Libor, and therefore significant increases in the
rate could impact our financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Expected&nbsp;Maturity&nbsp;Date</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="color: red"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">On&nbsp;Balance&nbsp;Sheet&nbsp;Financial<BR> Instruments&nbsp;(4)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016&nbsp;and<BR> thereafter</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fair<BR>
Value</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: justify; border-bottom: Black 1pt solid; font-style: normal"><FONT STYLE="font-size: 8pt">(in&nbsp;thousands&nbsp;of&nbsp;U.S.&nbsp;dollars)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 30%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Fixed Rate (US$)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">54,161</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">53,871</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">281,311</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">43,808</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">851,241</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,284,391</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,110,484</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bond &mdash; US$250 million - Int.: 5.5%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">311,875</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">366,875</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">303,438</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bond &mdash; US$200 million - Int.: 6.13%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">206,125</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">255,125</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">237,898</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bond &mdash; UF 2.25 million (1) - Int.: 5.84%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,309</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,005</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,701</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75,680</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">112,321</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">93,743</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bond &mdash; CH$ 21,000 million (1) - Int.: 5.27%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,804</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,799</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,580</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">38,184</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">37,232</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bond &mdash; UF 1.50 million (1) - Int.: 4.80%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,727</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62,848</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">61,082</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bond &mdash; CH$ 52,000 million (1) - Int.: 4.48%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,210</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,199</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94,533</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102,942</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,040</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bond &mdash; UF 4.00 million (1) (2) - Int.: 5.70%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,512</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,558</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,512</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,512</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">216,964</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">251,057</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">185,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loan &mdash; US$ 50 million (3) - Int.: 1.59%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">688</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">686</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,686</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52,061</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51,003</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Loan &mdash; US$ 40 million (3) - Int.: 2.34%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">601</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">592</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">593</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">595</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">40,597</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">42,978</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">40,747</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Variable Rate (US$)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">5,399</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">5,417</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">165,508</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">41,339</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">40,661</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">258,323</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">254,859</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loan &mdash; US$ 140 million - Int.: 2.72%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,870</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,859</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">143,859</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">151,589</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">152,114</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Loan &mdash; US$ 50 million - Int.: 1.23%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">627</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">630</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,623</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,187</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52,503</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,612</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Loan &mdash; US$ 50 million - Int.: 1.74%</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">903</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">927</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">11,025</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">20,903</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">20,474</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">54,232</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">52,133</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">59,560</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">59,287</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">446,818</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">85,147</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">891,902</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,542,715</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,365,343</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt">(1) UF and CH$ bonds are fully hedged to US$ with
a Cross Currency Swap (CCS). For purposes of calculations Fair Value, Cash flows and Interest rates are shown in US$, reflecting
the effect of the CCS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt">(2) The CCS of the UF4 million Bond will cover until 2013. The
expected maturities for the following years were projected in U.S. dollars using the same rates that we have today in this CCS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt">(3) Floating rate bilateral loans currently hedged
to fixed rate loans using interest rate swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5pt">(4) Not including US$140 million in very short term
working capital debt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exchange Rate Risk.</I> Although the
U.S. dollar is the primary currency in which we transact our businesses, our operations throughout the world expose us to exchange
rate variations for non-U.S. dollar currencies. Therefore, fluctuations in the exchange rate of such local currencies may affect
our financial condition and results of operations. To lessen these effects, we maintain derivative contracts to protect the net
difference between our principal assets and liabilities for currencies other than the U.S. dollar. These contracts are renewed
periodically depending on the amount covered in each currency. Aside from this, we do not hedge potential future income and expenses
in currencies other than the U.S. dollar with the exception of the euro and Chilean peso. We estimate annual sales in Euros and
expenses in Chilean pesos, and depending on the circumstances we secure the exchange difference with derivative contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the aggregate
net monetary assets and liabilities that are denominated in non-U.S. dollar currencies as of December 31, 2011, 2010 and 2009.
Figures do not include our financial hedging positions for year-end:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Courier New, Courier, Monospace; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Th US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Th US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Th US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: justify">Chilean pesos</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(275,756</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(130,289</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(271,513</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Brazilian real</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,638</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,303</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Euro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,821</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Japanese yen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,206</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">832</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Mexican pesos</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">South African rand</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Dirhams</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,337</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Other currencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Total, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(154,163</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,684</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(189,085</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We monitor and attempt to maintain our
non-dollar assets and liabilities position in balance and make use of foreign exchange contracts and other hedging instruments
aiming to minimize our exposure to the risks of changes in foreign exchange rates. As of December 31, 2011, for hedging purposes
we had open contracts to buy U.S. dollars and sell Euros for approximately US$61.9 million (EUR47.7 million) and sell South African
rand for approximately US$18.7 million (ZAR151 million), as well as forward exchange contracts to sell U.S. dollars and buy Chilean
pesos for US$59.5 million (CH$30,892 million). As of this date, all of our UF and Chilean pesos bonds were hedged with cross-currency
swaps to the U.S. dollar for approximately US$ 405.49 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also, we had open forward exchange contracts to buy U.S. dollars
and sell Chilean pesos to hedge our time deposits in Chilean Pesos for approximately US$264.24 million (CH$137,194 million) and
forward contracts to buy U.S. dollars and sell Chilean pesos for approximately US$43million (CH$22,325million) hedging our fertilizer
trading business in Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM&nbsp;12.&nbsp;&nbsp;</FONT>DESCRIPTION
OF SECURITIES OTHER THAN EQUITY SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 12.A.<FONT STYLE="font-size: 10pt"> DEBT SECURITIES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 12.B. WARRANTS AND RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 12.C. OTHER SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 12.D. AMERICAN DEPOSITARY RECEIPTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Depositary Fees and Charges</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s American Depositary Receipts (&ldquo;ADR&rdquo;)
program is administered by The Bank of New York Mellon (101 Barclay St., 22 Fl.W.; New York, NY 10286), as Depositary. Under the
terms of the Deposit Agreement, an ADR holder may have to pay the following service fees to the Depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 81%; border-bottom: windowtext 1pt solid; font-weight: bold">Service Fees</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: windowtext 1pt solid; font-weight: bold">Fees</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Execution and delivery of Receipts and the surrender of Receipts</TD>
    <TD>&nbsp;</TD>
    <TD>$0.05 per share</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Depositary Payments Fiscal Year 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Depositary has agreed to reimburse certain expenses related
to the Company&rsquo;s ADR program and incurred by the Company in connection with the program. In 2011, the Depositary reimbursed
expenses related to investor relations for a total amount of US$101,664.58.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
13.&nbsp;&nbsp;</FONT>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM&nbsp;14.&nbsp;&nbsp;</FONT>MATERIAL
MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
15.&nbsp; </FONT>CONTROLS AND PROCEDURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><I>(a)&nbsp;&nbsp;Disclosure
Control and Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the supervision and with the participation
of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness
of the design and operation of our disclosure controls and procedures, pursuant to Exchange Act Rules 13(a)-15(b), as of the end
of the period covered by this Annual Report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer
have concluded that the Company's disclosure controls and procedures are effective in providing reasonable assurance that material
information is made known to management and that financial and non-financial information is properly recorded, processed, summarized
and reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The procedures associated with our internal
controls are designed to provide reasonable assurance that our transactions are properly authorized, assets are safeguarded against
unauthorized or improper use, and transactions are properly recorded and reported. However, through the same design and evaluation
period of the disclosure controls and procedures, the Company's management, including the Company's Chief Executive Officer and
Chief Financial Officer, recognized that there are inherent limitations to the effectiveness of any internal control system regardless
of how well designed and operated. In such a way they can provide only reasonable assurance of achieving the desired control objectives
and no evaluation can provide absolute assurance that all control issues or instances of fraud, if any, within the Company have
been detected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no significant changes in our
internal controls over financial reporting that occurred during the period covered by this Annual Report that have materially affected,
or are likely to materially affect our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>(b)&nbsp;Management&rsquo;s Annual
Report on Internal Control Over Financial Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM Management is responsible for establishing
and maintaining adequate internal control over financial reporting. The Company&rsquo;s internal control over financial reporting
is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial
statements for external purposes in accordance with generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not necessarily prevent or detect some misstatements. It can only provide reasonable assurance
regarding financial statement preparation and presentation. Also, projections of any evaluation of effectiveness for future periods
are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance
with the polices or procedures may deteriorate over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management assessed the effectiveness of
its internal control over financial reporting for the year ended December&nbsp;31, 2011. The assessment was based on criteria established
in the framework &ldquo;Internal Controls &mdash; Integrated Framework&rdquo; issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Based on the assessment, SQM management has concluded that as of December&nbsp;31, 2011, the
Company&rsquo;s internal control over financial reporting was effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>(c)&nbsp;Attestation Report of the
Registered Public Accounting Firm</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PriceWaterhouseCoopers Consultores, Auditores
y Compa&ntilde;ia Limitada (&ldquo;PWC&rdquo;), the independent registered public accounting firm that has audited our Consolidated
Financial Statements, has also issued an attestation report on the Company&rsquo;s internal control over financial reporting as
of December&nbsp;31, 2011. This attestation report appears on pages F-2 and F-3 under Item 18 Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>(d)&nbsp;Changes in internal control</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no changes in the Company&rsquo;s
internal control over financial reporting that occurred during 2011 that have materially affected, or are reasonably likely to
materially affect, the Company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
16.&nbsp;&nbsp;</FONT>[Reserved]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16A.&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE
FINANCIAL EXPERT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 17, 2008, the Board of Directors
determined that the Company does not have an audit committee financial expert within the meaning of the regulations adopted under
Sarbanes-Oxley Act of 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Chilean regulations, the Company
has a Directors' Committee whose main duties are similar to those of an audit committee. Each of the members of the Directors'
Committee is a member of the audit committee. See 6.C. Board Practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board believes that the members of
the Directors' Committee have the necessary expertise and experience to perform the functions of the Directors' Committee pursuant
to Chilean regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16B.&nbsp;&nbsp;&nbsp;CODE OF
ETHICS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a Code of Business Conduct
that applies to the Chief Executive Officer, the Chief Financial Officer and the Internal Auditor, as well as, to all our officers
and employees. Our Code adheres to the definition set forth in Item 16B of Form 20-F under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No waivers have been granted therefrom
to the officers mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full text of the code is available
on our website at <FONT STYLE="color: windowtext"><U>http://www.sqm.com</U> </FONT>in the Investor Relations section under &ldquo;Corporate
Governance Framework&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amendments to, or waivers from one or
more provisions of the code will be disclosed on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16C.&nbsp;&nbsp;&nbsp;PRINCIPAL
ACCOUNTANT FEES AND SERVICES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table sets forth the amount of fees
billed for each of the last two fiscal years by our independent auditors, PricewaterhouseCoopers Consultores, Auditores y Compa&ntilde;&iacute;a
Limitada (&ldquo;PwC&rdquo;) for the 2011 fiscal year and Ernst &amp; Young for the 2010 fiscal year, in relation to audit services,
audit-related services, tax and other services provided to us (in thousands of U.S. dollars).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: justify">Audit fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,165.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,007.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Audit-related fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Tax fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Other fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total fees</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,184.3</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,102.8</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit fees in the above table are the
aggregate fees billed by PwC in 2011, and Ernst &amp; Young in 2010, in connection with the audit of our annual Consolidated Financial
Statements, as well as the review of other statutory filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit-related fees in the above table are
fees billed by PwC in 2011 or Ernst &amp; Young in 2010 for assurance and related services that are reasonably related to the performance
of the audit or review of our financial statements and are not reported under &quot;Audit Fees.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total fees in the above table are fees
billed by PwC in the amount of 1.18 million in 2011, and billed by Ernst &amp; Young in the amount of 1.10 million in 2010.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directors' Committee Pre-Approval
Policies and Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chilean law states that public companies
are subject to &quot;pre-approval&quot; requirements under which all audit and non-audit services provided by the independent auditor
must be pre-approved by the Directors&rsquo; Committee. Our Directors&rsquo; Committee approves all audits, audit-related, tax
and other services provided by our auditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any services provided by our auditors that
are not specifically included within the scope of the audit must be pre-approved by the Directors&rsquo; Committee prior to any
engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16D.&nbsp;&nbsp;&nbsp;EXEMPTIONS
FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16E.&nbsp;&nbsp;&nbsp;PURCHASES
OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16F.&nbsp;&nbsp;&nbsp;CHANGE
IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There has been no change in independent
accountants for the Company during the two most recent fiscal years or any subsequent interim period except as previously reported
in the Company&rsquo;s Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2010, and there have been no
disagreements of the type required to be disclosed by Item 16F (b).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16G.&nbsp;&nbsp;CORPORATE GOVERNANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a summary of the significant differences
between our corporate governance practices and the NYSE corporate governance standards, please see &quot;Item 6. Directors, Senior
Management and Employees-C. Board Practices&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ITEM 16H.&nbsp;&nbsp;MINE SAFETY AND
DISCLOSURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART III</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
17.&nbsp;</FONT>FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
18.&nbsp;</FONT>FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 19(a) for a list of all financial
statements filed as part of this Form 20-F annual report.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">ITEM
19.&nbsp;</FONT>EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(a) Index to Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="width: 95%; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Reports of Independent Registered Public Accounting Firms</TD>
    <TD STYLE="width: 5%; text-align: right; vertical-align: bottom">F-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; font-weight: bold">Consolidated Financial Statements:</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Audited Consolidated Balance Sheets as of December 31, 2011, 2010</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 6pt; text-align: justify; text-indent: -6pt">Audited Consolidated Statements of Income for each of the years in the period <BR> ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><BR>F-6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 6pt; text-align: justify; text-indent: -6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 6pt; text-align: justify; text-indent: -6pt">Audited Consolidated Statements of Cash Flows for each of the years in the period ended December 31, 2011, 2010 and 2009</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify; font-style: italic; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Notes to the Audited Consolidated Financial Statements</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">F-12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Supplementary Schedules*</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">*All other schedules
have been omitted because they are not applicable or the required information is shown in the consolidated financial statements
or notes thereto.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Exhibits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 13%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: justify; font-weight: bold">Exhibit<BR> No.</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-align: justify; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 85%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: justify; font-weight: bold">Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">1.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By-laws (Estatutos) of the Company**</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">8.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Significant subsidiaries of the Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">12.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Section 302 Chief Executive Officer Certification</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">12.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Section 302 Chief Financial Officer Certification</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">13.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Section 906 Chief Executive Officer Certification</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">13.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Section 906 Chief Financial Officer Certification</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">**Incorporated by reference to
the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2010 filed with the Securities and Exchange Commission
on June 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The registrant hereby certifies that it
meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual
report on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CHEMICAL AND MINING COMPANY OF CHILE
INC.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">/s/ Ricardo Ramos</TD>
    <TD STYLE="width: 40%; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;Ricardo Ramos R.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Financial Officer and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Business Development Senior Vice President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date: April 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consolidated Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.
AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As of December 31, 2011, 2010 and 2009</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: baseline; background-color: rgb(204,255,204)">
    <TD STYLE="width: 11%; text-align: justify">Reports of Independent Registered Public Accounting Firms</TD>
    <TD STYLE="width: 7%; text-align: right">F-1</TD></TR>
<TR STYLE="vertical-align: baseline; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: baseline; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Consolidated Financial Statements</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Audited Consolidated Balance Sheets as of December 31, 2011 and 2010</TD>
    <TD STYLE="text-align: right">F-4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Audited Consolidated Statements of Income for each of the three years in the period ended</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">December 31, 2011, 2010, and 2009</TD>
    <TD STYLE="text-align: right">F-6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Audited Consolidated Statements of Cash Flows for each of the three years in the period ended</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">December 31, 2011, 2010, and 2009</TD>
    <TD STYLE="text-align: right">F-8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Notes to the Audited Consolidated Financial Statements</TD>
    <TD STYLE="text-align: right">F-13</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">Ch$</TD>
    <TD STYLE="width: 3%">-</TD>
    <TD STYLE="width: 89%">Chilean pesos</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ThCh$</TD>
    <TD>-</TD>
    <TD>Thousands of Chilean pesos</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>US$</TD>
    <TD>-</TD>
    <TD>United States dollars</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ThUS$</TD>
    <TD>-</TD>
    <TD>Thousands of United States dollars</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ThEuro</TD>
    <TD>-</TD>
    <TD>Thousands of Euros</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">UF</TD>
    <TD STYLE="text-align: justify">-</TD>
    <TD STYLE="text-align: justify">The UF is an inflation-indexed, Chilean peso-denominated monetary unit. The UF rate is set daily in advance, based on the change in the Consumer Price Index of the previous month.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86pt; text-align: justify; text-indent: -86pt">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Report of Independent Registered
Public Accounting Firm</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Shareholders
of Sociedad Qu&iacute;mica y Minera de Chile S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the accompanying consolidated
balance sheet and the related consolidated statements of comprehensive income, cash flows and of shareholders&rsquo; equity present
fairly, in all material respects, the financial position of Sociedad Qu&iacute;mica y Minera de Chile S.A. and its subsidiaries
at December 31, 2011, and the results of their operations and their cash flows for the year then ended in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained,
in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established
in <I>Internal Control - Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). The Company's management is responsible for these financial statements, for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management&rsquo;s
Report on Internal Control Over Financial Reporting appearing under Item 18. Our responsibility is to express opinions on these
financial statements and on the Company's internal control over financial reporting based on our integrated audit. We conducted
our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audit
of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial
statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures
as we considered necessary in the circumstances. We believe that our audit provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company&rsquo;s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s
internal control over financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect
on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ PricewaterhouseCoopers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Santiago, Chile</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April, 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Report of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders and the Board of Directors of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sociedad Qu&iacute;mica y Minera de Chile S.A.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have audited the accompanying consolidated statement of financial
position of Sociedad Qu&iacute;mica y Minera de Chile S.A. and subsidiaries (&ldquo;the Company&rdquo;) as of December 31, 2010
and the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the two years in
the period ended December 31, 2010. These financial statements are the responsibility of the Company&rsquo;s management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We conducted our audits in accordance with the standards of
the Public Company Accounting Oversight Board (United States of America). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.&nbsp;&nbsp;An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the consolidated financial position of Sociedad Qu&iacute;mica y Minera de Chile
S.A. and subsidiaries as of December 31, 2010, and the consolidated results of their operations and their cash flows for each of
the two years in the period ended December 31, 2010, in conformity with International Financial Reporting Standards (IFRS), as
issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: right"><IMG SRC="pdf128.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ERNST &amp; YOUNG LTDA.&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Santiago, Chile, March 01, 2011</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">CONSOLIDATED
FINANCIAL STATEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">For the period
ended</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">As of December
31, 2011</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">SOCIEDAD
QUIMICA Y MINERA DE CHILE S.A. and SUBSIDIARIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">Thousands
of U.S. dollars</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This document is composed of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">-</TD>
    <TD STYLE="width: 97%">Report of Independent Register Public Accountings Firm</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>-</TD>
    <TD>Consolidated Classified Statement of Financial Position</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>-</TD>
    <TD>Consolidated Statement of Comprehensive Income by function</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>-</TD>
    <TD>Consolidated Statement of Comprehensive Income</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>-</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidated Statement of Cash Flows</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>-</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Statements of Changes in Net Shareholders&rsquo; Equity</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>-</TD>
    <TD>Explanatory Notes to the Consolidated Financial Statements</TD></TR>
</TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: justify">CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Note<BR> N&deg;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">5.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">444,992</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">524,652</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other current financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">169,261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,442</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade and other accounts receivable, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,945</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other accounts receivable due from related parties, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">7.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">6.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">744,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">605,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Current tax assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">28.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,765</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,773</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,956,413</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,695,263</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-current financial assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,674</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-current rights receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,271</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets other than goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,605</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,388</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">13.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,755,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,453,973</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">13.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred tax assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">28</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">304</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">365</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,915,170</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,677,573</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,871,583</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,372,836</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes form an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold"><B>CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION <FONT STYLE="font-size: 10pt">continued</FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">LIABILITIES&nbsp;AND&nbsp;EQUITY</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Note<BR> N&deg;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current Liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Other current financial liabilities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">8.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">161,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">187,555</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade and other accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,032</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade accounts payable due to related parties, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">7.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,538</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other current provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">18.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Current tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">28.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current accrual for employee benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">15.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,011</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other non-financial liabilities, current</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">18.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">161,961</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">67,459</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">629,303</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">476,837</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-current financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,237,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,090,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other long-term accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">18.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Deferred tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">28.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,781</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-current accruals for employee benefits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">15.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,684</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,710</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,377,900</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,225,179</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,007,203</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,702,016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Issued capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477,386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477,386</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,351,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other reserves</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16,112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,713</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Equity attributable to owners of the parent</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,812,834</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,622,804</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51,546</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,016</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,864,380</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,670,820</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities and equity</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,871,583</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,372,836</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes form an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>CONSOLIDATED STATEMENTS OF INCOME BY FUNCTION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">January&nbsp;to&nbsp;December</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Note</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">N&deg;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">20</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,145,286</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,830,413</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,438,659</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">27.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,290,494</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,204,410</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(908,474</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Gross profit</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">854,792</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">626,003</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">530,185</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other income by function</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">27.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,681</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,009</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Administrative expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(91,760</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,819</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,470</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other expenses by function</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">27.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(63,047</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,212</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,847</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other gains (losses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">27.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,979</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,705</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,335</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,042</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,979</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Equity in income of associates and joint ventures accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,808</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,681</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Foreign currency transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">23</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25,307</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,807</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,577</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Income before income tax</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">733,829</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">493,300</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">415,603</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">28.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(179,710</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(106,029</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,840</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">554,119</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">387.271</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">339,763</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Net income (loss) attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity holders of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">545.758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">382.122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338,297</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8.361</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,466</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net income for the year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">554.119</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">387.271</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">339,763</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Earnings per share Common shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Basic earnings per share (US$ per share)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Diluted earnings (US$ per share)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes form an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">January&nbsp;to&nbsp;December</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Statement&nbsp;of&nbsp;comprehensive&nbsp;income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Net income for the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">554,119</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">387,271</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">339,763</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income components before foreign currency translation difference</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gains (losses) from foreign currency translation differences, before tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,890</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,735</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income before tax and foreign currency translation differences</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,890</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">663</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,735</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow hedges</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gains (losses) from cash flow hedges, before tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,241</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,474</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income before tax and cash flow hedges</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,241</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,474</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(112</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive income, before taxes, actuarial gain (loss) for definite benefit plans</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(918</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,020</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,130</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other sundry reserves</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,677</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income components. net of tax</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(6,726</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">209</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,753</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Income tax related to components of other comprehensive income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax related to other comprehensive income cash flow hedges</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">218</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">251</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Addition of income tax related to other comprehensive income components</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">218</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">251</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other comprehensive income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(6.508</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">460</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,772</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total comprehensive income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">547,611</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">387,731</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">342,535</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Comprehensive income attributable to</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Comprehensive income attributable to owners of the parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">539,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">382,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,568</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Comprehensive income attributable to non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,252</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,516</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,967</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total comprehensive income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">547,611</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">387,731</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">342,535</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes form an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Statement of cash flows</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Note<BR>
N&deg;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2009<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows provided by operating activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; font-weight: bold; text-align: left">Net income for the year</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">554,119</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">387,271</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">339,763</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustment due to reconciliation of profit to cash flows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Amortization of mining rights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase in Royalty Corfo accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,752</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Increase in marketing expense accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,007</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase in legal accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Increase in bonus accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase in vacation liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,956</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,389</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Increase in accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,036</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Unrealized effects of foreign currency transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.046</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,183</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Unrealized Derivative Instruments, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,739</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,923</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-distributed gains from associates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,808</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,681</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,462</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments for entries other than cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,075</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,919</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42,941</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Adjustments for which the effects on cash are cash flows from Investing or financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,680</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(448</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(229</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Decrease (increase) in trade accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135,401</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,266</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,586</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Increases in other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37,393</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,614</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,947</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Decrease (increase) in inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,238</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(119,865</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Increase in trade accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,566</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,731</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,786</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increases in other accounts payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,039</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">56,836</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112,222</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Reconciling adjustments</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">91,291</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">305,051</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">216,637</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">838</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,349</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,655</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,434</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(76,015</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(68,919</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(174,451</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash flows provided by operating activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">571,345</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">618,522</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">371,353</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows used in investing activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Proceeds from partial sale of subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payments to acquire interest in joint ventures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,909</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,580</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Proceeds from the disposal of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,231</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Acquisition of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(501,118</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(335,997</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(376,238</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Loans granted to third parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,472</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third parties payment of loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Receipts from time deposits with maturities greater than 90 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">169,797</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,344</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Disbursements from time deposits with maturities greater than 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">8.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(129,069</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(69,817</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(189,918</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash flows used in investing activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(516,228</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(236,809</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(507,491</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes form an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold">CONSOLIDATED STATEMENTS OF CASH FLOWS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash flows provided by (used in) financing activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Note<BR> N&deg;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2009<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Amounts received from long-term loans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">550,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">564,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">783,874</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Payments of loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(370,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(632,540</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(225,735</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Dividends paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(277,334</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(175,539</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(345,646</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other cash outflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,156</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,001</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net cash flows provided by (used in) financing activities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(105,196</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(254,235</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">202,492</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net increase in cash and cash equivalents before the effect of changes in foreign exchange rates</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(50,079</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">127.478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">66,354</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Effects of variation in foreign exchange rate on cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,581</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,709</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net increase in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(79,660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash and cash equivalents at beginning of year</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">524,652</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">375,639</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">283,576</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at end of year</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">444,992</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">524,652</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">375,639</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes form an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>STATEMENTS OF CHANGES IN EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the periods ended at December 31, 2011, 2010 and 2009:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Issued<BR> capital<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Foreign<BR> currency<BR>
    translation<BR>
    reserve<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Cash flow<BR> hedge<BR>
    reserve<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Defined<BR> benefit<BR>
    plan<BR>
    reserves<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Other<BR> sundry<BR> reserves</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subtotal<BR> Other<BR> reserves<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Retained<BR>
earnings<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Equity attributable<BR>
    to owners of the<BR> parent<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Non-controlling<BR> interests<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Total equity<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 10%; font-weight: bold"><FONT STYLE="font-size: 6pt">Beginning balance, current period: January 1,
    2011</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">477,386</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,530</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(9,207</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(2,036</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(9,713</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,155,131</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,622,804</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">48,016</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,670,820</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Net income for the year</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">545,758</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">545,758</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,361</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">554,119</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Other comprehensive income (expenses)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(2,781</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,023</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(918</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,677</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(6,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(6,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(6,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">Comprehensive income</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(2,781</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,023</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(918</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,677</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(6,399</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">545,758</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">539,359</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">8,252</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">547,611</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Dividends declared</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(349,329</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(349,329</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(349,329</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Increase (decrease) from transfers and other
    changes</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(4,722</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(4,722</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Changes in equity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(2,781</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,023</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(918</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,677</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(6,399</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">196,429</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">190,030</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">3,530</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">193,560</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;<BR>Ending balance, current year: December
    31, 2011</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">477,386</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,251</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(10,230</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(2,954</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,677</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(16,112</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,351,560</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,812,834</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">51,546</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,864,380</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes form an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STATEMENTS OF CHANGES IN EQUITY, continued</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Issued<BR> capital<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Foreign<BR> currency<BR> translation<BR>
    reserve<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Cash flow<BR> hedge<BR> reserve<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Defined<BR> benefit<BR> plan<BR>
    reserves<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subtotal<BR> Other<BR> reserves<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Retained<BR>
earnings<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Equity&nbsp;attributable<BR> to&nbsp;owners&nbsp;of&nbsp;the<BR> parent<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Non-controlling<BR> interests<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Total equity<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 10%; font-weight: bold"><FONT STYLE="font-size: 6pt">Beginning balance, current period: January 1,
    2010</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">477,386</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,234</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(7,984</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(3,056</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(9,806</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">951,173</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,418,753</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">45,697</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,464,450</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Net income for the year</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">382,122</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">382,122</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">387,271</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Other comprehensive income</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,223</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">93</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">93</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">367</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">460</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">Comprehensive income</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">296</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,223</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,020</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">93</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">382,122</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">382,215</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">5,516</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">387,731</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 6pt">Dividends</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(178,164</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(178,164</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(178,164</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Increase (decrease) from transfers and other
    changes</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(3,197</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(3,197</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Changes in equity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">296</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(1,223</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,020</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">93</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">203,958</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">204,051</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">2,319</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">206,370</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Ending balance, prior year: December 31, 2010</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">477,386</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,530</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(9,207</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(2,036</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(9,713</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,155,131</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,622,804</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">48,016</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,670,820</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes form an integral part of these consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STATEMENTS OF CHANGES IN EQUITY, continued</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Issued<BR> capital<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Foreign<BR> currency<BR> translation<BR>
    reserve<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Cash flow<BR> hedge<BR> reserve<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Defined<BR> benefit<BR> plan<BR>
    reserves<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subtotal<BR> Other<BR> reserves<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Retained<BR>
earnings<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Equity&nbsp;attributable<BR> to
    owners of the<BR> parent<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Non-controlling<BR> interests<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Total equity<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 10%; font-weight: bold"><FONT STYLE="font-size: 6pt">Beginning balance, current period: January 1,
    2009</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">477,386</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(7,891</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(4,186</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(12,077</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">888,369</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,353,678</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">46,541</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,400,219</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Net income for the year</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">338,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">338,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,466</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">339,763</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Other comprehensive income</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(93</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,271</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,271</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">501</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,772</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">Comprehensive income</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,234</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(93</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,130</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">2,271</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">338,297</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">340,568</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,967</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">342,535</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 6pt">Dividends</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(275,493</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(275,493</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(275,493</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Increase (decrease) from transfers and other
    changes</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(2,811</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(2,811</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Changes in equity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,234</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(93</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,130</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">2,271</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">62,804</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">65,075</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(844</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">64,231</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-size: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Ending balance, prior year: December 31, 2009</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">477,386</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,234</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(7,984</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(3,056</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(9,806</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">951,173</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,418,753</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">45,697</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,464,450</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes form an integral part of these consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><B><U>Notes
to the Consolidated Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><B>Note
1 - Corporate Information for Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Historical Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sociedad Qu&iacute;mica y Minera de Chile
S.A. and subsidiaries (collectively the &ldquo;Company&rdquo;) is a public corporation organized in accordance with the laws of
the Republic of Chile, ID N&deg; 93.007.000-9. The Company was constituted by public deed issued on June 17, 1968 by the Notary
Public of Santiago Mr. Sergio Rodr&iacute;guez Garc&eacute;s. Its existence was approved by Decree No. 1,164 of the Ministry of
Finance on June 22, 1968, and it was registered on June 29, 1968 in the Business Registry of Santiago, on page 4,537 N&ordm; 1,992.
The parent company is located at El Trovador 4285, 6<SUP>th</SUP> Floor, Las Condes, Santiago, Chile. Its phone No. is (56-2) 425-2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is registered with the Securities
Registry of the Chilean Superintendence of Securities and Insurance (SVS) under No. 0184 dated March 18. 1983 and is subject to
inspection by the SVS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s operating segments
are divided into six main categories, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Specialty plant nutrients</B>: In this
business line, the Company provides advice in practices for fertilization according to each type of crop, soil and climate. In
this business category, potassium derivative products and especially potassium nitrate have played a leading role, given the contribution
they make to developing crops, ensuring an improvement in post-crop life in addition to improving quality, flavor and fruit color.
Potassium nitrate, which is sold in multiple formats and as a part of other specialty mixtures, is complemented by sodium nitrate,
potassium sodium nitrate, and other mixtures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Iodine</B>: The Company is an important
producer of iodine worldwide. Iodine is a product that is widely used in the pharmaceutical industry, in technology and in nutrition.
Additionally, Iodine is also used in x-ray contrast media and polarizing film for LCD displays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lithium:</B> The Company&rsquo;s Lithium
is mainly used in rechargeable batteries for cell phones, cameras and laptops. Through the preparation of lithium-based products,
the Company provides significant raw materials to face great challenges such as the efficient use of energy and raw material. Lithium
is not only used for rechargeable batteries and in new technologies for electric vehicles, but is also used in industrial applications
to lower melting temperatures and to help save costs and energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Industrial Chemicals:</B> Industrial
chemicals are products used as supplies for a number of production processes. The Company participates in this line of business,
producing sodium nitrate, potassium nitrate, boric acid and potassium chloride. Industrial nitrates are also used as a means for
the storage of thermal energy at solar energy plants, which are widely used in countries such as Spain and the United States in
their search for decreasing CO2 emissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Potassium:</B> Potassium is a primary
essential macro-nutrient, and even though it does not form part of a plant&rsquo;s structure, it has a significant role in the
development of its basic functions, validating the quality of a crop, increasing post-crop life, improving the crop flavor, its
vitamin content and its physical appearance. Within this business line, the Company also produces potassium chlorate and potassium
sulfate, both extracted from the salt layer located under the Atacama Salar (the Atacama Saltpeter Deposit).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><B>Note
1 - Corporate Information for Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries, (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other products and services: </B>This
segment includes those revenues derived from commodities, rendering of services, interests, royalties and dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 2 - Basis of presentation for the consolidated financial
statements and Summary of significant accounting policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>2.1&nbsp;&nbsp;Periods covered</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements
cover the following periods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">-</TD>
    <TD STYLE="width: 96%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidated classified statements of financial
        position as of December 31, 2011 and as of December 31, 2010.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">-</TD>
    <TD STYLE="text-align: justify">Consolidated statements of income by function for the periods ended December 31, 2011 and 2010.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">-</TD>
    <TD STYLE="text-align: justify">Consolidated statements of comprehensive income for the periods ended December 31, 2011 and 2010.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">-</TD>
    <TD STYLE="text-align: justify">Consolidated statements of cash flows for the periods ended December 31, 2011 and 2010.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">-</TD>
    <TD STYLE="text-align: justify">Consolidated statements of changes in equity for the periods ended December 31, 2011 and 2010.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><B>2.2&nbsp;&nbsp;Basis
of preparation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s annual consolidated
financial statements have been prepared in accordance with International Financial Reporting Standards (hereinafter &ldquo;IFRS&rdquo;)
and represent the integral adoption, explicit, and without reserves of the IFRS as issued by the International Accounting Standards
Board (IASB).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements
reflect fairly the Company&rsquo;s, financial position, results of its operations, comprehensive income, changes in equity and
cash flows for the twelve months periods ended December 31, 2011 and 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IFRS establish certain alternatives for
their application. Those alternative applied by the Company are detailed in this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies used in the preparation
of these consolidated financial statements comply with each IFRS in force at their presentation date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the convenience of the reader, these consolidated financial
statements and their accompanying notes have been translated from Spanish to English.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Note 2 - Basis
of presentation for consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>a)</B></TD><TD STYLE="text-align: justify"><B>Accounting pronouncements</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">As of the date of these consolidated
financial statements, the following accounting pronouncements had been issued by the IASB, but their application was not mandatory,
and they were not applied by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">New&nbsp;standards</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 56%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Compulsory&nbsp;application&nbsp;&nbsp;as&nbsp;&nbsp;of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">IAS 19</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Employee Benefits</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 1, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">IAS 27</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Separate Financial Statements</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 1, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">IFRS 9</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Financial Instruments</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 1, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Deferred until 01de January 2015&nbsp; as per amendment approved in December 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">IFRS 10</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Consolidated Financial Statements</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 1, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">IFRS 11</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Joint Agreements</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 1, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">IFRS 12</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Disclosure of Interests in Other Entities</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 1, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">IFRS 13</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Fair Value Measurement</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">January 1, 2013</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IAS 19 Reviewed &ldquo;Employee Benefits&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in June 2011, it replaces IAS 19
(1998). This reviewed standard modifies the recognitiion and measurement of expenses related to define benefit plans and termination
benefits. In addition, it includes modifications to the disclosures of all employee benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IAS 27 &ldquo;Separate Financial Statements&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in May 2011, it replaces IAS 27
(2008). The scope of this standard is restricted as of this change to only the separate financial statements, given that the matters
related with the definition of control and consolidation were removed and included in IFRS 10. Its early adoption is allowed jointly
with IFRS 10, IFRS 11 and IFRS 12 and the amendment to IAS 28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFRS 9 &ldquo;Financial Instruments&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in December 2009, it amends the
classification and measurement of financial assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequently this standard was amended
in November 2010 to include the treatment and classification of financial liabilities. Its early adoption is permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFRS 10 &ldquo;Consolidated Financial
Statements&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in May 2011, it replaces SIC 12
&ldquo;Consolidation of special purpose entities&quot; and parts of IAS 27 &ldquo;Consolidated Financial Statements.&rdquo; It
includes clarification and new parameters for the definition of control, as well as the principles for the preparation of Consolidated
Financial Statements. Its early adoption is allowed jointly with IFRS 11, IFRS 12 and amendments to IAS 27 a 28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 2 - Basis of presentation for consolidated financial
statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFRS 11 &ldquo;Joint Agreements&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in May 2011, it replaces IAS 31
&ldquo;Interests in Joint Ventures&rdquo; y SIC 13 &ldquo;Jointly Controlled Entities&rdquo;. Among the amendments is included
the elimination of the concept of jointly controlled assets and the possibility of proportional consolidation of entities under
joint control. Its early adoption is allowed jointly with IFRS 10, IFRS 12 and the amendments to IAS 27 and 28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFRS 12 &ldquo;Disclosure of Interests
in Other Entities&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in May 2011, it applies for those
entities that hold investments in affiliates, joint ventures, associates. Its adoption is allowed jointly with IFRS 10, IFRS 11
and amendments to IAS 27 and 28</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFRS 13 &ldquo;Fair value measurement&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in May 2011, it consolidates in
one standard the method to measure the fair value of assets and liabilities and the necessary disclosures on this, and incorporates
new concepts and clarifications for its measurement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 12%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 66%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Amendments&nbsp;and&nbsp;modifications</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; border-bottom: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Compulsory</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>application&nbsp;as&nbsp;of</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: justify">IAS 1</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">Presentation Of Financial Statements</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">July 1, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: justify">IAS 12</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">Income Taxes</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">January 1, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: justify">IFRS 7</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">Financial Instruments: Disclosures</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">July 1, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: justify">IAS 28</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">Investments in Associates and joint ventures</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify">January 1, 2013</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IAS 1 &ldquo;Presentation Of Financial
Statements&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in June 2011. The main change of
this amendment requires that the items of Other Comprehensive Income must be classified and grouped assessing whether they will
be potentially reclassified to income in subsequent periods. Its early adoption is allowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IAS 12 &ldquo;Income Taxes&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This amendment, issued in December 2010,
grants one exception to the general principles of IAS 12 for the investment property that is measured using the fair value model
contained under IAS 40 &ldquo;Investment Property.&rdquo; The exception also applies to Investment Property acquired as part of
a business combination if after the business combination the buyer applies the fair value model contained in IAS 40. The amendment
includes the assumption that the investment properties valued at fair value are realized upon their sale and therefore the temporary
differences originated thereby have to be calculated using the tax rate applicable for the sale transactions. Its early adoption
is allowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFRS 7 &ldquo;Financial Instruments:
Disclosures&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued in October 2010, it increases the
disclosure requirements for the transactions that imply transfers of financial assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IAS 28 &ldquo;Investments in Associates
and Joint Ventures&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">Issued in May 2011, it
sets the standard for the accounting treatment of the investments through the application of the equity method. Its early adoption
is allowed jointly with IFRS 10, IFRS 11 and IFRS 12 and the amendment to IAS 27.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">The Company's management
estimates that the adoption of standards, amendments and interpretations described above are under evaluation and it is expected
that they will not have a significant impact on the Consolidated Financial Statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.3</B></TD><TD><B>Transactions in foreign currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Functional and presentation
                                                                   currency </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company&rsquo;s consolidated
financial statements are presented in United States dollars (&ldquo;U.S. dollars&rdquo; or &ldquo;USD&rdquo;), which is the Company&rsquo;s
functional and presentation currency and is the currency of the main economic environment in which it operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Consequently, the term foreign
currency is defined as any currency other than U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The conversion of the financial
statements of foreign companies with functional currency other than U.S. dollars is performed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assets
                                                              and liabilities using the exchange rate prevailing on the closing
                                                              date of the consolidated financial statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Statement
                                                              of income account items using the average exchange rate for the
                                                              year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity
                                                              accounts are stated at the historical exchange rate prevailing at
                                                              acquisition date (or at the average exchange rate for the period
                                                              in which it was generated both for the case of retained earnings
                                                              and for contributions made), as applicable. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Foreign currency translation
differences which arise from the conversion of financial statements are recorded in the account &ldquo;Foreign currency translation
differences&quot; within other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Basis of conversion</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>Domestic subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Assets and liabilities denominated
in Chilean pesos and other currencies other than the functional currency (U.S. dollar) as of December 31, 2011, and December 31,
2010, have been translated to U.S. dollars at the exchange rates prevailing at those dates. The corresponding Chilean pesos were
converted at Ch$519.20 per US$1.00 as of December 31, 2011, and Ch$468.01 per US$1.00 as of December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The values of the UF (a Chilean
peso-denominated, inflation-indexed monetary unit) used to convert the UF denominated assets and liabilities as of December 31,
2011 amounted to Ch$22,294.03 (US$42.94), and as of December 31, 2010 amounted to Ch$21,455.55 (US$45.84).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.3</B></TD><TD><B>Transactions in foreign currency, (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><SUB>&nbsp;</SUB></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Basis
                                                                                                        of conversion</B></FONT><B><FONT STYLE="color: windowtext"><SUB>,
                                                                                                        </SUB></FONT><FONT STYLE="font-size: 10pt">continued</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>Foreign subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The exchange rates used to
translate the monetary assets and liabilities expressed in foreign currency at the closing date of each period in respect to the
U.S. dollar are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: justify">Brazilian Real</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">1.88</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">1.66</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">New Peruvian Sol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.81</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Argentinean Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.98</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Japanese Yen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.49</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Euro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Mexican Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.38</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Australian Dollar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Pound Sterling</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.64</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.64</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">South African Rand</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Ecuadorian Dollar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Chilean Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">468.01</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">UF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.84</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Transactions and balances</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Non-monetary transaction balances
denominated in a currency other than the functional currency (U.S. dollar) are translated using the exchange rate in force for
the functional currency at the transaction date. Monetary assets and liabilities denominated in a foreign currency are translated
at the exchange rate of the functional currency prevailing at the closing date of the consolidated classified statement of financial
position. All differences are taken to the statement of income with the exception of all monetary items that provide an effective
hedge for a net investment in a foreign operation. These items are recognized in other comprehensive income upon the disposal
of the investment, at which time they are recognized in the statement of income. Tax charges and credits attributable to exchange
differences on those monetary items are also recorded in other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Non-monetary items that are
measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date
when the fair value is determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.3</B></TD><TD><B>Transactions in foreign currency, continued</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Group entities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The profit or loss, assets
and liabilities of all those entities with a functional currency other than the presentation currency are translated to the presentation
currency as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assets
                                                               and liabilities are translated at the closing date exchange rate
                                                               as of the date of the consolidated statement of financial position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue
                                                               and expenses in each profit or loss account are translated at average
                                                               exchange rates for the year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                                               resulting foreign currency exchange differences are recognized
                                                               as a component separate from other comprehensive income (the foreign
                                                               currency translation difference reserve).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>Basis of consolidation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Subsidiaries</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Subsidiaries are all those
entities over which the Company has control to lead the financial and operating policies, which, in general, is accompanied by
an interest of greater than half the voting rights. Subsidiaries are consolidated from the date on which control is transferred
to the Company and are excluded from consolidation on the date that this control ceases to exist.<SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUB>&nbsp;</SUB></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUB>&nbsp;</SUB></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>Basis of consolidation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">In order to recognize the acquisition
of a subsidiary, the Company uses the acquisition method. Under this method, the acquisition cost is the fair value of assets
delivered, of equity instruments issued and of liabilities incurred or assumed at the exchange date. Acquisition related-costs
are expensed as incurred. Identifiable assets acquired and identifiable liabilities and contingencies assumed in a business combination
are initially stated at their fair value as of the acquisition date. For each business combination, the acquirer measures the
non-controlling interests in the acquiree at fair value.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><FONT STYLE="font-size: 10pt"><B>Companies included
in consolidation</B></FONT><B>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Ownership&nbsp;interest</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Country&nbsp;of</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Functional</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">12.31.2011</FONT>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">12.31.2010</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><FONT STYLE="font-size: 8pt">TAX&nbsp;ID&nbsp;No.</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 38%"><FONT STYLE="font-size: 8pt">Foreign&nbsp;subsidiaries</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">origin</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">currency</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Direct</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Indirect</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Nitratos Naturais Do Chile Ltda.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Brazil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Nitrate Corporation Of Chile Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">United Kingdom</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM North America Corp.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Europe N.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Belgium</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.8600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.1400</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Soquimich S.R.L. Argentina</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Argentina</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Soquimich European Holding B.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">The Netherlands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Corporation N.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Dutch Antilles</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0002</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9998</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQI Corporation N.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Dutch Antilles</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0159</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9841</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Comercial De Mexico S.A. De C.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Mexico</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0013</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9987</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">North American Trading Company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Administraci&oacute;n Y Servicios Santiago S.A. De C.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Mexico</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Peru S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Peru</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.9800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.0200</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Ecuador S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Ecuador</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0040</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9960</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Nitratos Mexico S.A. De C.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Mexico</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQMC Holding Corporation L.L.P.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">USA.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Investment Corporation N.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Dutch Antilles</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Brasil Limitada</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Brazil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.7900</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">97.2100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM France S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">France</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Japan Co. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Japan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Aruba</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.6700</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">98.3300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Oceania Pty Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Australia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Rs Agro-Chemical Trading A.V.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Aruba</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">98.3333</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.6667</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Indonesia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Indonesia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Virginia L.L.C.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Venezuela S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Venezuela</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Italia SRL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Italy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Comercial Caim&aacute;n Internacional S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Cayman Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Africa Pty.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">South Africa</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Lithium Specialties LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">USA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Iberian S.A. (**)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Spain</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">66.6750</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Iodine Minera B.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">The Netherlands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Agro India Pvt. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">India</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Beijing Commercial Co. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">China</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.4</B></TD><TD><B>Basis of consolidation (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B>Companies included in consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Ownership&nbsp;interest</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Country&nbsp;of</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Functional</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.</FONT><FONT STYLE="font-size: 8pt">2011</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.2010</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">TAX&nbsp;ID&nbsp;No.</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 38%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Domestic&nbsp;subsidiaries</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">origin</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">currency</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Direct</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Indirect</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">96.801.610-5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Comercial Hydro&nbsp; S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6383</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6383</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6383</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">96.651.060-9</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Potasio S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9974</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9974</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9974</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">96.592.190-7</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Nitratos S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9999</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0001</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">96.592.180-K</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Ajay SQM Chile S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">86.630.200-6</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQMC Internacional&nbsp; Ltda.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6381</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6381</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6381</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">79.947.100-0</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Industrial S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.0470</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.9530</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">79.906.120-1</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Isapre Norte Grande Ltda.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">79.876.080-7</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Almacenes y Dep&oacute;sitos Ltda.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">79.770.780-5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Servicios Integrales de Tr&aacute;nsitos y Transferencias S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0003</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.9997</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">79.768.170-9</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Soquimich Comercial S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6383</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6383</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.6383</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">79.626.800-K</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Salar S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18.1800</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">81.8200</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">78.602.530-3</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Minera Nueva Victoria S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">78.053.910-0</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Proinsa Ltda.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.5800</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.5800</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.5800</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">76.534.490-5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 8pt">Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">76.425.380-9</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Exploraciones Mineras S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2691</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.7309</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">76.064.419-6</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Comercial Agrorama Ltda. (*)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42.4468</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42.4468</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42.4468</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">76.145.229-0</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Agrorama S.A. (***)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean&nbsp;peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,6377</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,6377</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0000</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(*) Comercial Agrorama Ltda.
was consolidated given that the Company has control through subsidiary Soquimich Comercial S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(**) As of December 31, 2010
the interest in Fertilizantes Naturales S.A. was of 66,67%. On December 14, 2011, Fertilizantes Naturales S.A. changed its company
name to SQM Iberian S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(***) This subsidiary was incorporated
on April 7, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Subsidiaries are consolidated
by including in the consolidated financial statements all of their assets, liabilities, revenues, expenses and cash flows upon
making the respective adjustments and eliminations of intragroup operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The results from subsidiary
companies acquired or disposed of during the year are included in consolidated statement of income accounts from the effective
date of acquisition or up to the effective date of disposal, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.4&nbsp;&nbsp;&nbsp;&nbsp;Basis of consolidation (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Non-controlling interests represent
the portion of subsidiary net assets and operating results not owned by the parent company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.5</B></TD><TD STYLE="text-align: justify"><B>Significant accounting judgments,
                                                                   estimates and assumptions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained in these consolidated
financial statements is the responsibility of the Company&rsquo;s management, who expressly indicate that they have applied all
the principles and criteria included in IFRS, issued by the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the accompanying consolidated financial
statements, judgments and estimates have been made by management to quantify certain assets, liabilities, revenues, expenses and
commitments recorded and or disclosed therein. Basically, these estimates include, but are not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                                          useful lives of tangible and intangible assets and their residual values.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impairment
                                                          evaluations and resulting losses, if any.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assumptions
                                                          used for the actuarial calculation of employee benefits.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provisions
                                                          and contingent liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventory
                                                          provisions based on technical studies which cover the different variables
                                                          affecting products in stock (density. humidity. among others) and allowances
                                                          on slow-moving spare parts in inventory.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Future
                                                          costs for the closure of mining facilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: windowtext; vertical-align: baseline">-</FONT></TD><TD STYLE="text-align: justify">The
                                                                                                                           determination
                                                                                                                           of
                                                                                                                           the
                                                                                                                           fair
                                                                                                                           value
                                                                                                                           of
                                                                                                                           certain
                                                                                                                           financial
                                                                                                                           and
                                                                                                                           non-financial
                                                                                                                           assets
                                                                                                                           and
                                                                                                                           derivative
                                                                                                                           instruments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                                          determination and allocation of fair values in business combinations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although these estimates have been made
considering information available as of the date of preparation of these consolidated financial statements, it is possible that
events that may occur in the future could make their modification necessary in future years. Changes would be recorded prospectively,
recognizing the effects of the change in estimates in the respective future consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.6</B></TD><TD><B>Financial information by operating segment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IFRS 8 requires that companies adopt a
&ldquo;management approach&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation for
consolidated financial statements and Summary of significant accounting policies (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.6</B></TD><TD><B>Financial information by operating segment (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An operating segment is a group of assets
and operations responsible for providing products or services subject to risks and performance 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 different from those of other segments that operate in other economic environments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following operating segments have
been identified by the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Specialty
                                                          plant nutrients</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Industrial
                                                          chemicals</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Iodine
                                                          and derivatives</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Lithium
                                                          and derivatives</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Potassium
                                                          </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Other products
                                                          and services</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has not been able to allocate
all assets and liabilities to each operating segment because the same productive plants and process are often related to more
than one operating segment. Such assets and liabilities are classified as non-allocated in Note 26.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.7</B></TD><TD><B>Property, plant and equipment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tangible property, plant and equipment
assets are stated at acquisition cost, net of the related accumulated depreciation, amortization and impairment losses that they
might have experienced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">1.</TD><TD STYLE="text-align: justify">Accrued interest expenses during the
                                                           construction period which are directly attributable to the acquisition,
                                                           construction or production of qualifying assets, which are those that
                                                           require a substantial period prior to being ready for use. The interest
                                                           rate used is that related to the project&rsquo;s specific financing
                                                           or, should this not exist, the average financing rate of the investor
                                                           company.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>2.7</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment
                                                                  (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.22in">2.</TD><TD STYLE="text-align: justify">The present value of future costs
                                                            that the Company will have to experience related to the closure of
                                                            its facilities are included in the asset's cost.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">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 incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property, plant and equipment,
net in the case of their residual values are depreciated using thee straight-line method over its estimated useful lives. When
portions of a property, plant and equipment item have different useful lives, these portions are recorded as separate items. The
useful life is reviewed annually, and revised if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The useful lives used for the
depreciation and amortization of assets included in property, plant and equipment are presented below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-weight: bold"></TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center"><B>Life</B></TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center"><B>Life</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><B>Types of property. plant and equipment</B>&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Minimun</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Maximun</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Buildings</TD>
    <TD NOWRAP STYLE="text-align: right">3</TD>
    <TD NOWRAP STYLE="text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Plant and equipment</TD>
    <TD NOWRAP STYLE="text-align: right">3</TD>
    <TD NOWRAP STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Information technology equipment</TD>
    <TD NOWRAP STYLE="text-align: right">3</TD>
    <TD NOWRAP STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Fixed installations and accessories</TD>
    <TD NOWRAP STYLE="text-align: right">3</TD>
    <TD NOWRAP STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>Motor vehicles</TD>
    <TD NOWRAP STYLE="text-align: right">5</TD>
    <TD NOWRAP STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Other property. plant and equipment</TD>
    <TD NOWRAP STYLE="text-align: right">2</TD>
    <TD NOWRAP STYLE="text-align: right">30</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.7</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment
                                                                   (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">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&rsquo;s sales value and its net carrying value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company obtains property
rights and mining concessions from the Chilean State Government. Property rights are usually obtained without any initial cost
(other than the payment of mining licenses and minor registration expenses) and when rights are obtained on these concessions,
the Company retains them while it pays the related annual license fees. Such license fees, which are paid annually, are recorded
as prepaid expenses and amortized over the following twelve month period. Amounts attributable to mining concessions acquired
from other Governments or third parties, which are not from the Chilean State, are recorded at their acquisition cost in property,
plant and equipment, and depreciated over their contractual lives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.8</B></TD><TD><B>Investment properties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes as investment properties
the net values of land, buildings and other properties held which it intends to commercialize under lease agreements, or to obtain
proceeds from their sale as a result of those increases generated in the future in the respective market prices. These assets
are not used in the activities and are not destined for the Company&rsquo;s own use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment properties are initially stated
at acquisition cost, which includes the acquisition price or production cost plus directly assignable expenses. Subsequently,
investment properties are stated at their acquisition cost less accumulated depreciation, and the possible accrued provisions
for value impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.9</B></TD><TD><B>Inventory</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company states inventory at the lower
of cost or net realizable value. Cost includes direct costs of materials and; as applicable, labor costs, indirect costs incurred
to transform raw materials into finished products, and general expenses incurred in carrying inventory to their current location
and conditions. The method used to determine the cost of inventory is weighted average cost method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net realizable value of inventory
represents the estimate of the sales price less estimated finishing costs and costs that will be incurred in commercialization,
sales and distribution processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commercial discounts, rebates obtained
and other similar entries are deducted in the determination of the acquisition price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.9</B></TD><TD><B>Inventory (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The valuation of obsolete, impaired or
slow-moving products relates to their estimated net realizable value. The Company conducts an evaluation of the net realizable
value of inventory at the end of each year, recording an estimate with a charge to expense when inventories are overstated. When
the circumstances that previously gave rise to the write-down cease to exist, or when there is clear evidence of an increase in
the net realizable value due to a change in the economic circumstances (or prices of primary raw materials), the estimate made
previously is modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions on the Company's inventory
have been made based on a technical study which covers the different variables affecting products in stock (density, humidity,
among others.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.10</B></TD><TD><B>Trade and other accounts receivable</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade and other accounts receivable relate
to non-derivative financial assets with fixed payments that can be determined and are not quoted in any active market. These arise
from sales operations involving the products and/or services that the Company commercializes directly to its customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These assets are initially recognized
at their fair value (which is equivalent to their face value, discounting implicit interest for installment sales) and subsequently
at amortized cost according to the effective interest rate method less an accrual for impairment loss. When the face value of
the account receivable does not significantly differ from its fair value, it is recognized at face value. An allowance for impairment
loss is established for trade accounts receivable when there is objective evidence that the Company will not be able to collect
all the amounts owed to it according to the original terms of accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Implicit interest in installment sales
is recognized as interest income when interest is accrued over the term of the operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 2 - Basis of presentation of consolidated financial
statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.11</B></TD><TD><B>Revenue recognition</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue includes the fair value of considerations
received or receivable for the sale of goods and services during 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue is recognized when its amount
can be stated reliably, it is possible that the future economic rewards will flow to the entity and the specific conditions for
each type of activity -related revenue are complied with, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(a)</TD><TD STYLE="text-align: justify">Sale of goods</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Sales of goods are recognized
when the Company has delivered products to the customer, the customer has total discretion on the distribution channel and the
price at which products are sold 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 customers
when the related risks of obsolescence and loss have been transferred to the customer and the customer has accepted products in
accordance with the conditions established in the sale, the acceptance period has ended or there is objective evidence that those
criteria required for acceptance have been met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(b)</TD><TD STYLE="text-align: justify">Sales of services</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(c)</TD><TD STYLE="text-align: justify">Interest income</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Interest income is recognized
when interest is accrued in consideration of the principal pending payment using the effective interest rate method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(d)</TD><TD STYLE="text-align: justify">Income from dividends</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Income from dividends is recognized
when the right to receive the payment is established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.12</B></TD><TD><B>Investments recognized using the equity method</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interests in companies in which control
is exercised together with another company (joint ventures) or in which the Company has significant influence (associated companies)
are recorded using the equity method. Significant influence is assumed to exist when the Company has interest exceeding 20% of
the investee's equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under this method, the investment is recognized
in the consolidated classified statement of financial position at cost plus changes subsequent to the acquisition in an amount
proportional to the net associated company&rsquo;s equity using the ownership interest in the associate. The associated goodwill
is included at the carrying value of the investee, and it is not subject to amortization. The debit or credit to profit or loss
reflects the proportional amount in the associated companies&rsquo; results for the reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unrealized profit on transactions with
associates and subsidiaries are eliminated in consolidation of the ownership percentage that the Company has on these entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unrealized losses are also eliminated
unless the transaction provided evidence of loss from impairment of the assets transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in equity of the associates are
recognized proportionally with a debit or credit to &ldquo;Other reserves&rdquo; and classified according to their origin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The associated companies and the Company&rsquo;s
reporting dates and policies are similar for equivalent transactions and events under similar circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that significant influence
is lost or the investment is sold or is available-for-sale, the equity value method is discontinued, suspending the recognition
of proportional income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the resulting amount according to the
equity method is negative, the Company&rsquo;s equity interest is reduced to zero in the consolidated classified statement of
financial position unless the Company has a contractual commitment to resolve the equity position. In this case, the respective
provision for risks and expenses is recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Dividends received
in these companies are recorded by reducing the equity value and proportional profit or loss recognized in conformity with their
interest, and are included in the consolidated statement of income under the caption &ldquo;Equity in income (losses) of associates
and joint ventures accounted for using the equity method&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.13</B></TD><TD><B>Income Tax </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate income tax for the year is determined
as the sum of current 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 year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conformity with current Chilean 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax on companies and variations in deferred
tax assets or liabilities that are not the result of business combinations are recorded in statement of income accounts or equity
accounts in the consolidated classified statement of financial position, considering the origin of the gains or losses which have
generated them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of these consolidated financial
statements, the carrying value of deferred tax assets has been reviewed and reduced to the extent their will not be sufficient
taxable income to allow the recovery of all or a portion of the deferred tax assets. Likewise, as of the date of the consolidated
financial statements, deferred tax assets that are not recognized are were evaluated and not recognized as it was not more likely
than not that future taxable income will allow for recovery of the deferred tax asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The deferred income tax related to entries
directly recognized in equity is recognized with an effect on equity and not with an effect on profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.14</B></TD><TD><B>Earnings per share</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The basic earnings per share amounts are calculated by dividing
profit for the year attributable to ordinary owners of the parent by the weighted average number of ordinary shares outstanding
during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has not conducted any type
of operation of potential dilutive effect that assumes diluted earnings per share other than the basic earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles, continued</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>2.15</B></TD><TD><B>Non-financial asset value impairment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets subject to depreciation and amortization
are 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recoverable amount of an asset is
the higher between the fair value of an asset or cash generating unit (&ldquo;CGU&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the carrying value of an asset exceeds
its recoverable amount, the asset is considered an impaired asset and is reduced to its net recoverable amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating value in use, estimated
future cash flows are discounted using a discount rate before taxes which reflects current market evaluation on the time value
of money and specific asset risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An appropriate valuation model is used
to determine the fair value less selling costs. These calculations are confirmed by valuation multiples, quoted share prices for
subsidiaries quoted publicly or other available fair value indicators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment losses are recognized as expense,
except for properties reevaluated previously where the revaluation was taken to equity. In this case impairment is also recognized
with a debit to equity up to the amount of any previous revaluation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For assets other than acquired goodwill,
an annual evaluation is conducted of whether there is impairment loss indicators recognized previously that might have already
ceased to exist or decreased. The recoverable amount is estimated if such indicators exist. An impairment loss previously recognized
is reversed only if there have been changes in estimates used to determine the asset&rsquo;s recoverable amount from the last
time in which 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 would have not been recognized in prior years. This reversal is recognized with a credit to profit or loss unless
an asset is recorded at the revalued amount. Should this be the case, the reversal is treated as an increase in revaluation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, and December
31, 2010, the Company is not aware of any indicators of impairment with respect to its depreciated assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.16</B></TD><TD><B>Financial assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company classifies its financial assets
under the following categories: at fair value through profit or loss, loans and accounts receivable, financial assets held-to-maturity
and financial assets available-for-sale. The classification depends on the purpose for which financial assets were acquired. Management
determines the classification of its financial assets at the time of initial recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company assesses at each reporting
date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset
or a group of assets is deemed to be impaired if and only if there is objective evidence of impairment as a result of one or more
events that has occurred after the initial recognition of the asset (an incurred &ldquo;loss event&rdquo;) and that loss event
has an impact on the estimated future cash flow of the financial asset or the group of financial assets that can be reliably estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(a)</TD><TD STYLE="text-align: justify">Financial assets at fair value through
                                                            profit or loss</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial assets at fair value
through profit or loss are financial assets held for trading. A financial asset is classified in this category if it is acquired
mainly for the purpose of being sold in the short-term. Derivatives are also classified as acquired for trading unless they are
designated as hedge accounts. Assets under this category are classified as current assets and variations generated in fair value
are directly recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(b)</TD><TD STYLE="text-align: justify">Loans and accounts receivable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loans and accounts receivable
are non-derivative financial assets with fixed payments or payments that can be determined and are not quoted in any active market.
These are included in current assets, except for those with expiration dates exceeding 12 months from the closing date, which
are classified as non-current assets. Loans and accounts receivable are included under the caption &ldquo;Trade and other accounts
receivable&rdquo; in the consolidated classified statement of financial position and are stated at amortized cost. The subsequent
measurement at amortized cost is calculated using the effective interest rate method less impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(c)</TD><TD STYLE="text-align: justify">Financial assets held-to-maturity</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial assets held-to-maturity
are non-derivative financial assets with fixed payments or payments that can be determined and fixed expiration dates which management
has the positive intention and ability of holding to maturity. If a significant amount of financial assets held to maturity were
to be sold, the full category would be reclassified as available for sale. Assets in this category are stated at amortized cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(d)</TD><TD STYLE="text-align: justify">Financial assets available for sale</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial assets available
for sale are non-derivative instruments that have been designated in this category or are not classified in any of the other categories.
They are included in non-current assets unless the Company intends to dispose of the investment in the 12 months following the
closing date. These assets are stated at fair value, recognizing in other comprehensive income those variations in fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.17</B></TD><TD><B>Financial liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company classifies its financial liabilities
under the following categories: at fair value through profit or loss, trade accounts payable, interest-bearing loans or derivatives
designated as hedging instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s management determines
the classification of its financial liabilities at the time of initial recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial debt obligations are recorded
at nominal value and as non-current when maturity is over twelve months and as current when maturity is less than twelve months.
Interest expenses are recorded the year in which they are accrued under a financial approach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with IAS 32 and 39, debt-related
expenses are accounted for in the accompanying consolidated classified statements of financial position, deducting the associated
debt and are imputed to the results of the year within the life of the debt using the effective interest rate method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are derecognized
when the obligation is repaid, settled or it expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(a)</TD><TD STYLE="text-align: justify">Financial liabilities at fair value
                                                            through profit or loss</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Financial liabilities are classified
at fair value when these are held for trading or designated in their initial recognition at fair value through profit or loss.
This category includes derivative instruments not designated for hedge accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(b)</TD><TD STYLE="text-align: justify">Trade accounts payable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Trade accounts payable to suppliers
are subsequently stated at their amortized cost using the effective interest rate method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(c)</TD><TD STYLE="text-align: justify">Interest-bearing loans</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Loans are subsequently stated
at amortized cost using the effective interest rate method. Amortized cost is calculated considering any premium or discount from
the acquisition and includes costs of transactions which are an integral part of the effective interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.18</B></TD><TD><B>The environment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.19</B></TD><TD><B>Minimum dividend</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Corporations Act, a publicly
traded corporation must pay dividends according to the policy dediced in the General Shareholders' Meeting of each year, with
a minimum of 30% of the net income of the year if the corporation does not have retained losses from prior years, unless it is
otherwise decided with the unanimous vote of the issued and subscribed shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.20</B></TD><TD><B>Consolidated statement of cash flows</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents relate to short-term,
highly liquid investments that are readily convertible into known amounts of cash and are subject to low risk of change in value,
and that expire in less than three months. This classification also applies to mutual funds classified as cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statement of cash flows includes cash
movements performed during the year, determined using the indirect method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.21</B></TD><TD STYLE="text-align: justify"><B>Obligations related to
                                                                    employee termination benefits and pension commitments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Obligations with the Company&rsquo;s employees
are in accordance with that established in the collective bargaining agreements in force formalized through collective employment
agreements and individual employment contracts. In the case of the United States employees, certain obligations are in accordance
with the related pension plan, valid until the year 2002.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These obligations are valued using actuarial
calculations, which consider such hypotheses as the mortality rate, employee turnover, interest rates, retirement dates, effects
related to increases in employees&rsquo; salaries, as well as the effects on variations in services derived from variations in
the inflation rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><SUB>&nbsp;</SUB></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.21</B></TD><TD STYLE="text-align: justify"><B>Obligations related to
                                                                    employee termination benefits and pension commitments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actuarial losses and gains that may be
generated by variations in previously defined obligations are directly recorded in consolidated statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actuarial losses and gains have their
origin in deviations between the estimate and the actual behavior of actuarial hypotheses or in the reformulation of established
actuarial hypotheses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discount rate used by the Company
for calculating the obligation was 6% for the periods ended December 31, 2011 and December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s affiliate 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 using a 6.5% interest rate. The net balance of this obligation is presented in the category called non-current
accruals for employee benefits.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.22</B></TD><TD STYLE="text-align: justify"><B>Financial derivatives and
                                                                    hedge transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives are recognized initially at
fair value as of the date in which the derivatives contract is signed and subsequently they are valued at fair value at each period
end. The method for recognizing the resulting loss or gain 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Fair value hedge of assets and liabilities
                                                            recognized (fair value hedges);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Hedging of a single risk associated
                                                            with an asset or liability recognized or a highly possible foreseen
                                                            transaction (cash flow hedge);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the beginning of the transaction, the
Company documents the relationship existing between hedging instruments and those entries hedged, as well as their objectives
for risk management purposes and the strategy to conduct different hedging operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also documents its evaluation
both at the beginning and the end of each period of whether derivatives used in hedging transactions are highly effective to offset
changes in the fair value or in cash flows of hedged entries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of derivative instruments
used for hedging purposes is shown in Note 8.3. Movements in the cash flow hedge reserve (other comprehensive income) are classified
as a non-current asset or liability if the remaining expiration period of the hedged item is higher than 12 months and as a current
asset or liability if the remaining expiration period of the entry is lower than 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.75pt"><B>2.22</B></TD><TD STYLE="text-align: justify"><B>Financial derivatives
                                                                     and hedge transactions(continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial derivatives are classified as a current asset or
liability, and the change in their fair value is recognized directly in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(a)</TD><TD>Fair value hedge</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The change in the fair value
of a derivative is recognized with a debit or credit to profit or loss, as applicable. The change in the fair value of the hedged
entry attributable to hedged risk is recognized as part of the carrying value of the hedged entry and is also recognized with
a debit or credit to profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">For fair value hedging related
to items recorded at amortized cost, the adjustment of the fair value is amortized against income during the period through maturity.
Any adjustment to the carrying value of a hedged financial instrument for which the effective rate is used is amortized with a
debit or credit to profit or loss at its fair value attributable to the risk being covered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">If the hedged entry is derecognized,
the fair value not amortized is immediately recognized with a debit or credit to profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(b)</TD><TD STYLE="text-align: justify">Cash flow hedges</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The effective portion of gains
or losses from the hedge instrument is initially recognized with a debit or credit to other comprehensive income, whereas any
ineffective portion is immediately recognized with a debit or credit to income, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Amounts taken to equity are
transferred to profit or loss when the hedged transaction affects income for the year, as when the hedged interest income or expense
is recognized when a forecasted sale occurs. When the hedged entry is the cost of a non-financial asset or liability, amounts
taken to equity are transferred to the initial carrying value of the non-financial asset or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Should the expected firm transaction
or commitment no longer be expected to occur, the amounts previously recognized in other comprehensive income are transferred
to income. If a hedge instrument expires, is sold, finished, and exercised without any replacement, or if a rollover is performed
or if its designation as hedging is revoked, the amounts previously recognized in equity are maintained in shareholders&rsquo;
equity until the expected firm transaction or commitment occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 2 - Basis of presentation of consolidated financial
statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.23</B></TD><TD><B>Leases</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Leases - Finance lease</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Leases are classified as finance
leases when the Company holds substantially all the risks and rewards derived from the ownership. Finance leases are capitalized
at the beginning of the lease at the lower of the fair value of the leased asset or the present value of minimum lease payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Each lease payment is distributed
between the liability and the interest expenses to obtain ongoing interest on the pending balance of the debt. The respective
lease obligations, net of interest expense, are included in other non-current liabilities. The interest element of finance cost
is debited in the consolidated statement of income during the lease period so that a regular ongoing interest rate is obtained
on the remaining balance of the liability for each year. The asset acquired through a finance lease is subject to depreciation
over the lesser value of its useful life or the life of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Lease - Operating lease</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Leases in which the lessor
maintains a significant part of the risks and rewards derived from the ownership are classified as operating leases. Operating
lease payments (net of any incentive received from the lessor) are debited to the statement of income or capitalized (as applicable)
on a straight-line basis over the lease period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.24</B></TD><TD><B>Prospecting expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Those prospecting expenses associated
with mineral reserves being exploited are included under Inventory and amortized according to the estimated mineral content reserves.
Prospecting expenses associated with future mineral reserves are presented under other non-financial assets as and when minerals
included in the future reserve have caliche ore-grade, which makes the mining property economically commercializable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Those expenses incurred on mining properties
in which the product has a low caliche ore-grade that is not economically commercializable, are directly charged to income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.25</B></TD><TD><B>Other provisions accrued expenses </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Provisions are recognized when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">*</TD><TD>The Company has a present obligation as the result of a past event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">*</TD><TD>It is more likely than not that certain resources must be used, including
                                                         benefits, to settle the obligation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">*</TD><TD>A reliable estimate can be made of the amount of the obligation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.25</B></TD><TD><B>Other provisions accrued expenses (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the consolidated statement of income,
the expense for any provision is presented net of any reimbursement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the effect of the time value of
money be significant, provisions are discounted using a discount rate before taxes that reflects the liability&rsquo;s specific
risks. When a discount rate is used, the increase in the provision over time is recognized as a finance cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s policy is maintaining
accruals 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company determines and recognizes
the cost related to employee vacation on an accrual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.26</B></TD><TD><B>Compensation plans</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensation plans implemented through
benefits in share-based payments settled in cash, which have been provided, are recognized in the financial statements at their
fair value, in accordance with International Financial Reporting Standard No. 2 &ldquo;Share-based payments&rdquo;. Variations
in the fair value of options granted are recognized with a charge to wages on a straight-line basis during the period between
the date on which these options are granted and the payment date. (See Note N&deg;16).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>2.27 Goods and service
insurance expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments for the different insurance policies
which the Company contracts are recognized in expenses considering the proportional amount related to the time that they cover,
regardless of payment terms. Amounts paid and not consumed are recognized as prepaid expenses within current assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs of claims are recognized in profit
or loss immediately after they become known, net of recoverable amounts from insurance companies. Recoverable amounts are recorded
as a reimbursable asset from the insurance company under &ldquo;Trade and other accounts receivable&quot;, calculated as established
in the respective insurance policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.28</B></TD><TD><B>Intangible assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets mainly relate to goodwill
acquired, water rights, trademarks, and rights of way related to electric lines and development expenses, and computer software
licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(a)</TD><TD STYLE="text-align: justify">Goodwill acquired</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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 acquisitions of subsidiaries is included in intangible assets, which is subject
to value impairment tests annually and is stated at cost plus accumulated impairment losses. Gains and losses related to the sale
of an entity include the carrying value of goodwill related to the entity sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(b)</TD><TD STYLE="text-align: justify">Water rights</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Water rights acquired by the
Company relate to water from natural sources and are recorded at acquisition cost. Given that these assets represent rights granted
on a perpetual basis to the Company, these are not amortized. However, they are subject to an impairment assessment on an annual
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(c)</TD><TD>Right of way for electric lines</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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 in third party
land. These rights are presented under Intangible assets. Amounts paid are capitalized at the date of the agreement and charged
to income according to the life of the right of way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2 - Basis of presentation of consolidated
financial statements and Summary of significant accounting principles (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.28</B></TD><TD STYLE="text-align: justify"><B>Intangible assets (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(d)</TD><TD>Computer software</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Licenses for IT programs acquired
are capitalized based on costs that have been incurred to acquire them and prepare them to use the specific program. These costs
are amortized over their estimated useful lives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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 probably will generate economic benefits that are higher than costs
during more than a year, are recognized as intangible assets. Direct costs include expenses incurred for employees who develop
IT programs and an adequate percentage of general expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The costs of development for
IT programs recognized as assets are amortized over their estimated useful lives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No impairment of intangible assets exists
as of December 31, 2011 and December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.29</B></TD><TD><B>Research and development expenses</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses are
expensed in the period in which the disbursement is made, with the exception of property, plant and equipment acquired for use
in research and development, which are recognized in the accounting under the respective item within property, plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.30</B></TD><TD><B>Classification of balances as current and non-current
                                                                    </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the attached statement of financial
position, balances are classified in consideration of their remaining recovery (maturity) dates; i.e., those maturing on a date
equal to or lower than twelve months are classified as current and those with maturity dates exceeding the aforementioned period
are classified as non-current.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exception to the foregoing relates
to deferred taxes, which are classified as non-current, regardless of the anticipated recovery date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 3 - Financial Risk Management, Objectives and Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Risk management policy</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Risk Management Policy of the company
is oriented towards safeguarding the stability and sustainability of Sociedad Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries
in relation to all such relevant financial uncertainty components.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of the Company are subject
to certain risk factors that may affect the financial position or results of the same. Among these risks, the most relevant are
market risk, liquidity risk, foreign exchange rate risk, bad debt risk, and interest rate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There may be additional risks that might
also affect the commercial operations, the business, the financial position or the results of the Company, but at this time they
are not significant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial risk management structure
includes identifying, determining, analyzing, quantifying, measuring and controlling these events. The Management, in particular
the Finance Management, is responsible for constantly assessing the financial risk. The Company uses derivatives to cover a significant
portion of these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 3 - Financial Risk Management, Objectives and Policies
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.2 Risk factors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.2.1 Market risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market risks are those uncertainties associated
with fluctuations of market variables that affect the assets and liabilities of the Company, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">a)</TD><TD STYLE="text-align: justify">Country risk</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The economic position of the
countries where the Company has a presence may affect its financial position. For example, the sales carried out in emerging markets
expose SQM to risks related to economic conditions and trends in those countries. On the other hand, inventories may also be affected
by the economic situation of these countries and/ or the global economy, amongst other probable economic impacts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">b)</TD><TD STYLE="text-align: justify">Price volatility risk</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The prices of the products
of the Company are affected by the fluctuations of international prices of fertilizers and chemical products and changes in productive
capacities or market demand, all of which might affect the Company&rsquo;s business, financial condition and operational results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal; font-style: normal">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Commodities
                                                                                                                        price
                                                                                                                        risk</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-weight: normal; font-style: normal">The
Company is exposed to changes in the prices of raw materials and energy which may have an impact on its production costs, thus
giving rise to instability in the results. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-weight: normal; font-style: normal">At
present, the Company has a direct annual expense close to US$110 million on account of petrol, gas and equivalents and close to
US$ 50 million on account of electricity. Variations of 10% in the prices of energy the Company requires to operate, may involve
in the short term movements in costs amounting to US$16.5 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.2.2 Doubtful accounts risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contraction of the global economy and
the potentially negative effects in the financial position of our clients may extend the accounts receivable collection time for
SQM, increasing the bad debt exposure. While measures have been taken in order to minimize risk, the global economy may trigger
losses that might have a material adverse effect on the business, financial position or the results of the Company&rsquo;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a way to mitigate these risks, SQM
actively controls debt collection and uses measures such as, loan insurance, letters of credit, and prepayments with regard to
some accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 3 - Financial Risk Management, Objectives and Policies
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.2 Risk factors (continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.2.3 Foreign exchange risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the influence in the price
determination, of its relationship with sales costs and since a significant part of the business of the Company is carried out
in that foreign currency, the functional currency of SQM is the United States dollar. However, the global business activities
of the Company expose the same to the foreign exchange fluctuations of several currencies with respect to the US dollar. Therefore,
SQM has hedge contracts to ensure its main mismatches (assets net of liabilities) in currencies other than the US dollar against
the foreign exchange fluctuation. Those contracts are periodically up-dated depending upon the mismatch amount to be covered in
these currencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant portion of the costs of
the Company, particularly wages, is related to the Chilean peso. Therefore, an increase or decrease in the exchange rate against
the dollar would affect the net income of MCS. Approximately US$ 400 million cost of the Company are related to the Chilean peso.
The effect of such obligations in the balance is covered by operations of derivative instruments that hedge the mismatch of balance
in this currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2010, the Company had
derivative instruments classified as hedging currency and interest rate associated with all the obligations denominated bonds
both in Chilean pesos and UF, with a fair value of $ 97,5 million. At December 31, 2011, this value amounts to US$ 56.1 million,
both for SQM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 31, 2011, the Chilean peso
to US dollar parity was of Ch$ 519.20 for US$ 1, and at December 31, 2010 it was of Ch$ 468.01 for US$ 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>3.2.4
Interest rate risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Interest
rate fluctuations, due to the uncertain future behavior of markets, may have a material impact on the financial results of the
Company.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">The
Company has short and long term debts valued at LIBOR plus a spread. The Company is partially exposed to fluctuations of said
rate, as SQM currently holds hedging derivative instruments to hedge a portion of its liabilities subject to the LIBOR rate fluctuations.
</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 3 - Financial Risk Management, Objectives and Policies
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.2 Risk factors (continued)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.2.4</B></TD><TD STYLE="text-align: justify"><B>Interest rate risk (continued)</B></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">As
of December 31, 2011, approximately 28% of the Company&rsquo;s financial obligations included current portion valued at LIBOR,
therefore significant increases in the rate may impact its financial position. A 100 point variation on this rate may trigger
variations in the financial expenses close to US$ 3.7 million. Notwithstanding, this effect is significantly counterbalanced by
the returns of the Company&rsquo;s investments that also relate to LIBOR.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">In
addition, as of December 31, 2011, the Company's financial debt is mainly in the long-term, with 11% with maturities under 12
months which decreases the exposure to changes in the interest rates.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.2.5</B></TD><TD STYLE="text-align: justify"><B>Liquidity
                                                                                        risk</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is related to the fund
requirements to comply with payment obligations. The object of the Company is to keep financial flexibility by comfortably balancing
the fund requirements and the flows from the regular business conduct, bank loans, public bonds, short term investments, and negotiable
instruments, amongst other.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">The
company has an important capital expense program which is subject to change over time. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">On
the other hand, world financial markets go through contraction and expansion periods that are not foreseeable in the long term
and may affect SQM&rsquo;s access to financial resources. These factors may have a material adverse impact on the business, financial
position, and operational results of the Company.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">SQM
constantly monitors that its obligations and investments match, taking care as part of its financial risk management strategy
of the obligations and investments maturities from a conservative perspective. As of December 31, 2011, the Company had non-committed
and available bank credit lines for a total of US$ 611 million, in addition to committed bank lines for US$ 40 million, available
in case additional resources are needed.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">The
position in other cash and cash equivalents so generated by the Company is invested in highly liquid mutual funds which have an
AAA risk rating.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>3.3</B></TD><TD STYLE="text-align: justify"><B>Risk measurement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has methods to measure the
effectiveness and efficiency of risk strategies, both prospectively and retrospectively. Those methods are consistent with the
risk management profile of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 4 - Changes in accounting estimates and policies (Uniformity)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><B>4.1
Changes in accounting estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no changes in accounting estimates
as of the closing date of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><B>4.2
Changes in accounting policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the Company&rsquo;s
consolidated financial statements present no changes in accounting policies or estimates compared to the prior period or the transaction
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated classified statements
of financial position as of December 31, 2011 and as of December 31,2010 and the statements of income, comprehensive income, equity
and cash flows for the periods ended December 31, 2011 and December 31, 2010, have been prepared in accordance with IFRS, and
accounting principles and criteria have been applied consistently.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: baseline">
    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 5 - Cash and cash equivalents</B><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: -0.4in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.1</TD><TD>Types of cash and cash equivalents</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">As of
December 31, 2011 and December 31, 2010, cash and cash equivalents are detailed as follows:&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: center; text-indent: -0.4in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold"></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash and cash equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Cash on hand</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">73</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">83</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bank balances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,267</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Short-term time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">143,573</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">125,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">444,992</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">524,652</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>5.2</B></TD><TD><B>Other cash and cash equivalents</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, and December
31, 2010, other cash and cash equivalents relate to mutual fund units for investments made in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Institution</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Legg Mason Western Asset Institutional Liquid Reserves</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">47,162</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">52,576</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">BlackRock Institutional cash series Plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,712</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">JP Morgan US dollar Liquidity Fund Institutional</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,386</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,957</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">143,573</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">125,245</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These other cash equivalents are highly
liquid fund manager accounts that are basically invested in short-term fixed rate notes in the U.S. market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 6%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold"><IMG SRC="logo.jpg" ALT=""></TD>
    <TD STYLE="width: 94%; text-align: left; text-indent: 0in; font-size: 10pt; font-weight: bold; vertical-align: bottom">Sociedad
    Qu&iacute;mica y Minera de Chile S.A. and Subsidiaries<FONT STYLE="font-weight: normal"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 5 - Cash and cash equivalents (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.3</B></TD><TD><B>Information on cash and cash equivalents by currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Cash
and cash equivalents are classified by currency as follows:</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Original currency</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Chilean Peso</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">123,265</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">331,011</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">US Dollar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,703</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Euro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mexican Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">South African Rand</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,776</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Japanese Yen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Peruvian Sol</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brazilian Real</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Chinese Yuan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Indonesian rupee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Pound sterling</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Totals</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">444,992</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">524,652</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">5.4</TD><TD>Amount of significant restricted (unavailable) cash balances</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash on hand and in current bank accounts
are available resources, and their carrying value is equal to their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, the Company has no significant cash balances with any type of restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 5 - Cash and Cash Equivalents (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.5 Detail of time deposits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents in time deposits
at each year-end are detailed as follows:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 18%; font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Type&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Principal</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Interest</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>accrued&nbsp;to-date</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.2011</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Receiver&nbsp;of&nbsp;the&nbsp;deposit</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Deposit</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">Original&nbsp;Currency</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">Interest&nbsp;rate</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">Placement&nbsp;date</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 8pt">Expiration&nbsp;date</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Cr&eacute;dito e Inversiones</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.51</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">11/09/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/07/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,591</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">86</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,677</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,401</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Cr&eacute;dito e Inversiones</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.51</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">11/09/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/07/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,591</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,676</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,168</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Cr&eacute;dito e Inversiones</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/22/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/09/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,164</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,209</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,738</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Cr&eacute;dito e Inversiones</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.60</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/20/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/04/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,010</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,574</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Cr&eacute;dito e Inversiones</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.20</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">10/21/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/19/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,482</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,531</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,150</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Cr&eacute;dito e Inversiones</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.00</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/12/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,011</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,355</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Cr&eacute;dito e Inversiones</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.50</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/26/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,014</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco de Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,781</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco de Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,056</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco de Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,832</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco de Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,962</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco de Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,271</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco de Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,306</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco de Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,667</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Estado</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,001</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Santander-Santiago</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.52</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/29/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/23/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,089</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,093</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,499</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Santander-Santiago</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.55</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/28/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/08/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,099</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,110</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,528</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Santander-Santiago</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.55</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/28/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/15/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,099</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,110</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,897</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Santander-Santiago</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.55</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/28/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/22/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,099</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,110</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31,752</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Santander-Santiago</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,251</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Santander-Santiago</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,200</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Santander-Santiago</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,009</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco Security</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,014</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Banco Security</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Citibank New - York</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Overnight</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.01</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/30/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/03/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">557</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 5 - Cash and Cash Equivalents (continued)</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">5.5
Detail of time deposits (continued)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents in time deposits
at each year-end are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 18%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Receiver&nbsp;of&nbsp;the&nbsp;deposit</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Type&nbsp;of&nbsp;<BR>
Deposit</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Original&nbsp;Currency</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Interest&nbsp;rate</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Placement&nbsp;date</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Expiration&nbsp;date</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Principal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Interest</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>accrued&nbsp;to-date</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.31.2011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.31.2010</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Citibank New - York</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Overnight</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.01</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/30/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/03/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,586</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,586</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Santander</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.01</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/31/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/03/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,001</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,001</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Corpbanca</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.30</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">10/18/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/11/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,043</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,556</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Corpbanca</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.60</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/20/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/19/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,016</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,786</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Corpbanca</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.75</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/25/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,024</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,032</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,060</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Corpbanca</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.75</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/25/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,008</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,786</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">IDBI Bank</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Rupia Hind&uacute;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/31/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/31/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 8pt">Scotiabank Sud Americano</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">20,880</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Banco BBVA Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Fixed term</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Chilean pesos</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">12/22/2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/16/2012</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,033</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">5,042</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">263,396</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">375,057</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nota 6 - Inventory</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The composition of inventory is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Type of inventory</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Raw materials</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">10,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">7,120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplies for production</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,398</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Products-in-progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355,894</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">291,536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finished products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">346,795</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">285,047</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">744,402</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">605,101</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventory reserves recognized as of December
31, 2011 amount to ThUS$58,220, as of December 31, 2010 amounted to ThUS$63,597. Inventory reserves have been made based on a
technical study that covers the different variables affecting products in stock (density, humidity, among others.) Additionally,
reserves are recognized if goods are sold cheaper than its related cost, and for differences that arise from inventory counts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 the sum registered
as cost of sale related to inventory in the statement of income amounts to ThUS$1,016,119, as of December 31, 2010 to ThUS$902,961
and as of December 31, 2009 to ThUS$615,755.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The breakdowns of inventory reserves are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Type of Inventory</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Raw materials reserves</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">593</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">593</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplies for production reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Products-in-progress reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finished products reserves</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,316</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,389</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">58,220</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">63,597</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has not delivered inventory as collateral for the
periods indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.1</B></TD><TD STYLE="text-align: justify"><B>Related party disclosures</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Balances pending at each period-end are
not guaranteed, accrue no interest and are settled in cash. No guarantees have been delivered or received for trade and other
accounts receivable from related parties or trade and other accounts payable to related parties. For the period ended December
31, 2011, the Company has not recorded any impairment in accounts receivable related to amounts owed by related parties. This
evaluation is conducted every year through an examination of the financial position of the related party in the market in which
it operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.2</B></TD><TD STYLE="text-align: justify"><B>Relationships between the parent company and the entity</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Company&rsquo;s by-laws,
no shareholder can own more than 32% of the Company&rsquo;s voting shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sociedad de Inversiones Pampa Calichera
S.A., Potasios de Chile S.A., and Global Mining Investments (Chile) S.A., collectively the Pampa Group, are the owners of a number
of shares that are equivalent to 31.97% of the current total amount of shares issued, subscribed and paid of the Company. In addition,
Kowa Company Ltd., Inversiones La Esperanza (Chile) Limitada, Kochi S.A. and La Esperanza Delaware Corporation, collectively the
Kowa Group, are the owners of a number of shares equivalent to 2.08% of the total amount of shares of SQM S.A. issued, subscribed
and paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pampa Group and the Kowa Group have
informed SQM S.A., the Chilean SVS and the pertinent stock exchanges in Chile and abroad that they are not and have never been
related parties between them. In addition, this is regardless of the fact that both Groups on December 21, 2006 have subscribed
an Agreement of Joint Action (AAC <I>as per its acronym in Spanish</I>) with regards to those shares. Consequently, the Pampa
Group, by itself, does not concentrate more than 32% of the voting rights capital of SQM S.A., and the Kowa Group does not concentrate
by itself more than 32% of the voting rights capital of SQM S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Likewise, the Agreement of Joint Action
has not transformed the Pampa Group and the Kowa Group into related companies. The agreement of Joint Action has only transformed
the current controller of SQM S.A., composed of the Pampa Group, and the Kowa Group into related parties of SQM S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Detail of effective concentration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; font-weight: bold">Taxpayer&nbsp;ID</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 58%; font-weight: bold">Company&nbsp;name</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ownership</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>percentage<BR>
        %</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>96.511.530-7</TD>
    <TD>&nbsp;</TD>
    <TD>Sociedad de Inversiones Pampa Calichera S.A.</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">21.66</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>96.863.960-9</TD>
    <TD>&nbsp;</TD>
    <TD>Global Mining Investments (Chile) S.A.</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3.34</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>76.165.311-5</TD>
    <TD>&nbsp;</TD>
    <TD>Potasios de Chile S.A.</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">6.97</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">Total Pampa Group</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right">31.97</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>79.798.650-k</TD>
    <TD>&nbsp;</TD>
    <TD>Inversiones la Esperanza (Chile) Ltda.</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1.40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>59.046.730-8</TD>
    <TD>&nbsp;</TD>
    <TD>Kowa Co Ltd.</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0.30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>96.518.570-4</TD>
    <TD>&nbsp;</TD>
    <TD>Kochi S.A.</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">0.29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>59.023.690-k</TD>
    <TD>&nbsp;</TD>
    <TD>La Esperanza Delaware Corporation</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right">0.09</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">Total Kowa Group</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: right">&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right">2.08</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>7.3</B></TD><TD STYLE="text-align: justify"><B>Intermediate parent company
                                                                    and companies controlled by SQM S.A. that publicly issue financial
                                                                    statements</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The only intermediate parent company that
prepares public financial statements is Soquimich Comercial S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>7.4</B></TD><TD STYLE="text-align: justify"><B>Detailed identification
                                                                    of the link between the parent company and the subsidiary
                                                                    as of December 31, 2011 and December 31, 2010</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.1pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest&nbsp;percentage&nbsp;in&nbsp;subsidiary
    <BR>12.31.2011&nbsp;and&nbsp;12.31.2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Subsidiary</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Direct <BR>%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Indirect <BR>%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Total <BR>%</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Comercial Hydro S.A.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.0000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60.6383</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60.6383</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Potasio S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9974</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Nitratos S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ajay SQM Chile S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQMC Internacional Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.6381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.6381</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Industrial S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.0470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9530</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100&nbsp;.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Isapre Norte Grande Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Almacenes y Dep&oacute;sitos Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Serv. Integrales de Tr&aacute;nsitos y Transferencias S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0003</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Soquimich Comercial S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.6383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.6383</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Salar S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.1800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.8200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Minera Nueva Victoria S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Proinsa Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.5800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.5800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Exploraciones Mineras S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.7309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Comercial Agrorama Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.4468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.4468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Agrorama S.A. (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.6377</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.6377</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Nitratos Naturais Do Chile Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Nitrate Corporation of Chile Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM North America Corporation.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Europe N.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.1400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Soquimich SRL Argentina</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Soquimich European Holding B.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Corporation N.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(*) This subsidiary was constituted on April 07, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>7.4</B></TD><TD STYLE="text-align: justify"><B>Detailed identification
                                                                    of the link between the parent company and the subsidiary
                                                                    as of December 31, 2011 and December 31, 2010 (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest&nbsp;percentage&nbsp;in&nbsp;subsidiary
    <BR>12.31.2011&nbsp;and&nbsp;12.31.2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Subsidiary</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Direct <BR>%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Indirect <BR>%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Total <BR>%</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">SQI Corporation N.V.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.0159</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">99.9841</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100.0000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Comercial de M&eacute;xico S.A. de C.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9987</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">North American Trading Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Administraci&oacute;n y Servicios Santiago S.A. de C.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>SQM Per&uacute; S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.0200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Ecuador S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Nitratos M&eacute;xico S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQMC Holding Corporation L.L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.9000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Investment Corporation N.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Brasil Limitada.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.2100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM France S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Japan Co Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Royal Seed Trading A.V.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98.3300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Oceania Pty Limited.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Rs Agro Chemical Trading A.V.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98.3333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Indonesia S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80&nbsp;.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Virginia L.L.C.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Venezuela S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Italia SRL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Comercial Caiman Internacional S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Africa Pty.Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Lithium Specialties LLP.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Iberian S.A..(**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Iodine Minera B.V.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Agro India Pvt. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Beijing Commercial Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(**) As of December 31, 2010 the interest held in Fertilizantes
Naturales S.A. was of 66.67%, on December 14, 2011, Fertilizantes Naturales S.A. changed its company name to SQM Iberian S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.5</B></TD><TD STYLE="text-align: justify"><B>Detail of related parties
                                                                   and transactions with related parties</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions between the parent company
and its subsidiaries are part of the Company's common transactions. In addition, these have been eliminated in consolidation and
are not detailed in this note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>7.5</B></TD><TD><B>Detail of related parties and transactions with related
                                                                   parties (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Taxpayer&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="width: 28%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Company</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Relationship&nbsp;</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 14%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Original</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>country</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 14%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Transaction</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.31.2011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.31.2010</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Doktor Tarsa Tarim Sanayi As</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,748</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,460</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Ajay Europe S.A.R.L.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">France</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,743</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,150</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Ajay Europe S.A.R.L.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">France</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Dividends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">628</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Ajay North America LLC.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">47,501</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,502</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Abu Dhabi Fertilizer Industries WWL</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">United Arab Emirates</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,234</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,384</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Kowa Company Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Jointly-controlled entity</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Japan</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">138,818</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94,611</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">NU3 B.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">The Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,708</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,921</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">NU3 B.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">The Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Services Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">NU3 N.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Belgium</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,993</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,590</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Thailand Co. Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Thailand</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,355</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,613</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Vitas Brasil</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Brazil</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,514</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Vitas Per&uacute;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Peru</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,608</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Misr Speciality Fertilizers</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Egypt</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">502</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">77.557.430-5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Sales de Magnesio Ltda.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Product Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">834</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">77.557.430-5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Sales de Magnesio Ltda.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Services Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">353</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">78.062.420-5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Minera Saskatchewan Ltda. (PCS )</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Other related party</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Services Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">423</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>7.6</B></TD><TD><B>Trade and other accounts receivable from related parties,
                                                                   current</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 26%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.2011</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.2010</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Taxpayer ID</B></FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Company</B></FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Relationship</B></FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Country</B></FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">77.557.430-5</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Sales de Magnesio Ltda.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">685</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">106</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">96.511.530-7</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Soc.de Inversiones Pampa Calichera</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Jointly-controlled entity</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">79.049.778-9</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Callegari Agr&iacute;cola S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Other related party</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Chilean peso</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">314</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Doktor Tarsa Tarim Sanayi AS</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.899</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Nutrisi Holding N.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Belgium</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Euro</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.618</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Ajay Europe S.A.R.L.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">France</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.603</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.043</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Ajay North America LLC.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">United states</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7.387</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.666</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Abu Dhabi Fertilizer Industries WWL</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">United Arab Emirates</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.587</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.517</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">NU3 B.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">The Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Euro</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.083</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Misr Speciality Fertilizers</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Egypt</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">199</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">335</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Kowa Company Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Jointly-controlled entity</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Japan</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">44.188</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23.134</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Thailand Co. Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Thailand</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.521</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">656</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Qingdao SQM-Star Corp</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">China</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">71</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Vitas Brasil Agroindustria</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Brazil</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27.523</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Vitas Per&uacute; S.A.C.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Peru</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.534</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Vitas Southerm Africa PTY.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">South Africa</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">597</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Coromandel Fertilizers Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">India</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>117,139</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>36,172</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>7.7</B></TD><TD><B>Trade and other accounts payable to related parties,
                                                                   current</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Taxpayer ID</FONT></TD>
    <TD NOWRAP STYLE="width: 28%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Company</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Relationship</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Currency</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">12.31.2011</FONT><BR>
<FONT STYLE="font-size: 8pt">ThUS$</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">12.31.2010<BR>
ThUS$</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Doktor Tarsa Tarim Sanayi AS</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">73</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">NU3 N.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Associate</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Belgium</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">US Dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">270</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Vitas</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">United Arab Emirates</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Dirham of the United Arab Emirates</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">873</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2,614</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">SQM Coromandel Fertilizers Limited</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Joint venture</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">India</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Rupee</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">581</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">873</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,538</FONT></TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011, and December 31, 2010 there are no
allowances for doubtful accounts relating to outstanding balances from transactions with related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>7.8</B></TD><TD><B>Board of directors and senior management</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1)</B></TD><TD STYLE="text-align: justify">Board of directors</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is managed by a Board of Directors
which is composed of eight regular directors who are elected for a three-year period. The present Board of Directors was elected
by the shareholders at the Ordinary Shareholders' Meeting of April 28, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, the Company has
an Audit Committee made up of three members of the Board of Directors. This Committee performs those duties provided in Article
50 bis of Law No. 18,046.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the periods covered by these consolidated
financial statements, there are no pending balances receivable and payable between the Company, its directors or members of Senior
Management other than those related to remuneration, fee allowances and profit participation. In addition, there were no transactions
conducted between the Company, its directors or members of Senior Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2)</B></TD><TD STYLE="text-align: justify">Directors&rsquo; Compensation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 Compensation for 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1.1 Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directors&rsquo; compensation is detailed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">A payment of a monthly fixed gross
                                                           amount of UF 300 in favor of the Chairman of the Company&rsquo;s Board
                                                           of Directors and UF 50 in favor of the seven remaining board members
                                                           regardless of their attendance at Board meetings or the number of meetings
                                                           attended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">A payment in domestic currency in favor
                                                           of the Chairman of the Company&rsquo;s Board of Directors consisting
                                                           of a variable and gross amount equivalent to 0.35% of total net for
                                                           the period effectively earned by the Company during fiscal year 2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">A payment in domestic currency in favor
                                                           of each Company&rsquo;s directors excluding the Chairman of the Board,
                                                           consisting of a variable and gross amount equivalent to 0.04% of total
                                                           net income for the year effectively earned by the Company during fiscal
                                                           year 2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">The fixed and variable amounts indicated
                                                           above will not be subject to any charge between them, and those expressed
                                                           as a percentage will be paid immediately after the shareholders at
                                                           the respective Annual General Shareholders&rsquo; Meeting of the Company
                                                           approve the statement of financial position (balance sheet), the financial
                                                           statements, the annual report, the report by the account inspectors
                                                           and the report of external auditors for the fiscal year ending December
                                                           31, 2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">Therefore, the remunerations and profit
                                                           sharing paid to members of the Board of Directors and Audit Committee
                                                           during 2011 amount to ThUS$3,030.</TD></TR></TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2)</TD><TD STYLE="text-align: justify">Directors&rsquo; Compensation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.1.2 Audit Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The remuneration of the Audit Committee is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">a)</TD><TD STYLE="text-align: justify">A payment of a monthly, fixed and gross
                                                           amount of UF 17 in favor of each of the three Directors who are a part
                                                           of the Company&rsquo;s Audit Committee regardless of the number of
                                                           meetings conducted during the respective month.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">b)</TD><TD STYLE="text-align: justify">A payment in domestic currency and
                                                           in favor of each of the three Directors of a variable and gross amount
                                                           equivalent to 0.013% of the Company&rsquo;s total net income for the
                                                           year effectively earned by the Company during fiscal year 2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.2</B></TD><TD STYLE="text-align: justify">Compensation for 2010</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2.1 Directors&rsquo; Compensation and
Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.1in">The remuneration
of Directors is composed of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">A payment of a monthly fixed gross
                                                           amount of UF 300 in favor of the Chairman of the Company&rsquo;s Board
                                                           of Directors and UF 50 in favor of the seven remaining board members
                                                           regardless of their attendance at Board meetings or the number of meetings
                                                           attended during the related month.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">A payment in domestic currency in favor
                                                           of the Chairman of the Company&rsquo;s Board of Directors consisting
                                                           of a variable and gross amount equivalent to 0.35% of total net income
                                                           for the period effectively earned by the Company during fiscal year
                                                           2010.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">A payment in domestic currency in favor
                                                           of each Company&rsquo;s directors excluding the Chairman of the Board,
                                                           consisting of a variable and gross amount equivalent to 0.04% of total
                                                           net income for the year effectively earned by the Company during fiscal
                                                           year 2010.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">The fixed and variable amounts indicated
                                                           above will not be subject to any charge between them, and those expressed
                                                           as a percentage will be paid immediately after the shareholders at
                                                           the respective Annual General Shareholders&rsquo; Meeting of the Company
                                                           approve the statement of financial position (balance sheet), the financial
                                                           statements, the annual report, the report by the account inspectors
                                                           and the report of external auditors for the fiscal year ending December
                                                           31, 2010.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">Therefore, the remunerations and profit
                                                           sharing paid to members of the Board of Directors and Audit Committee
                                                           during 2010 amount to ThUS$ 2,869.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.2.2 Audit Committee<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The remuneration of Directors Committee is composed of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">a)</TD><TD STYLE="text-align: justify">A payment of a monthly, fixed and gross
                                                           amount of UF 17 in favor of each of the three Directors who are a part
                                                           of the Company&rsquo;s Audit Committee regardless of the number of
                                                           meetings conducted during the respective month.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 - Related Party Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.2.2</B> Directors Committee<B> (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">b)</TD><TD STYLE="text-align: justify">A payment in domestic currency and
                                                           in favor of each of the three Directors of a variable and gross amount
                                                           equivalent to 0.013% of the Company&rsquo;s total net income for the
                                                           year effectively earned by the Company during fiscal year 2010.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>3)</B></TD><TD STYLE="text-align: justify">No guarantees have been constituted
                                                                  in favor of the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">4)</TD><TD STYLE="text-align: justify">Senior Management remuneration</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">As of December 31, 2011, the
global remuneration paid to the 114 main executives amounts to ThUS$ 22,509 (ThUS$ 21,809 as of December 31, 2010). This includes
monthly fixed salary and variable performance bonuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company has a bonuses intermediate
and bi-intermediate plan for compliance target and level of individual contribution to the Company&rsquo;s results. These benefits
are structured in a minimum and maximum of gross remunerations which are paid once a year or every two years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">5)</TD><TD STYLE="text-align: justify">Additionally, the Company has retention
                                                           bonuses for the Company&rsquo;s executives. The amount of these bonuses
                                                           is linked to the price of the Company&rsquo;s share and is payable
                                                           in cash between 2012 and 2016 (See Note 16).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">6)</TD><TD STYLE="text-align: justify">No guarantees have been constituted
                                                           in favor of the Company&rsquo;s management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">7)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Managers and Directors
                                                           do not receive or have not received any benefit during the period ended
                                                           as of December 31, 2011 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">8)</TD><TD STYLE="text-align: justify">One of the Company&rsquo;s Board of
                                                           Directors is member of the Ultramar Group. During the period ended
                                                           December 31, 2011, the amount of operations with this Group is approximately
                                                           ThUS$13,751 (ThUS$ 11,532 as of December 31, 2010).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">9)</TD><TD STYLE="text-align: justify">The Company currently maintains financial
                                                           operations with BCI Bank (Banco de Cr&eacute;dito e Inversiones). A
                                                           member of the Company&rsquo;s Board of Directors also belongs to the
                                                           Board of Directors of BCI Bank.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 183; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial assets are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.1</B></TD><TD><B>Types of other financial assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>Types of other financial assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Other current financial assets (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">129,069</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">69,818</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative instruments (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,363</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Hedging assets, current</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,997</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total other current financial assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">169,261</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">76,178</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-current financial assets (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Hedging assets, non-current</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,371</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,556</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total other non-current financial assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">30,488</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">92,674</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&#9;Relates to time deposits with purchased
maturities greater than 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&#9;Relate to forwards and options
that were not classified as hedging instruments. (See note 8.3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3)&#9;Relate to guarantees delivered
for the lease of offices and investments in Sociedad Garantizadora de Pensiones (ownership interest of 3 %.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial Instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.1</B></TD><TD><B>Types of other financial assets (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other financial assets, current</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Financial&nbsp;Institution</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Banco Santander</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">13,753</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">BBVA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Banco de Cr&eacute;dito e Inversiones</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Banco de Chile</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Corpbanca</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,031</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Banco Itau Chile</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,203</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">129,069</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,818</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.2</B></TD><TD><B>Trade and other accounts receivable</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>Trade and other accounts receivable, net:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Description&nbsp;of&nbsp;the&nbsp;type&nbsp;of&nbsp;trade&nbsp;and&nbsp;other&nbsp;accounts
    <BR>receivable,&nbsp;net:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Trade accounts receivable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">387,607</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">350,720</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other accounts receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,455</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,225</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Trade and other accounts receivable current, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">412,062</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">375,945</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Trade and other accounts receivable non-current, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,070</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,102</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other accounts receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,070</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,102</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">413,132</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">377,047</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">b)</TD><TD>Trade and other accounts receivable, gross:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Types&nbsp;of&nbsp;trade&nbsp;and&nbsp;other&nbsp;accounts&nbsp;receivable,&nbsp;gross</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Trade accounts receivable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">404,320</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">367,545</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other accounts receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">26,415</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">27,282</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Trade and other accounts receivable current, gross</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">430,735</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">394,827</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other accounts receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,070</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,102</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">431,805</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">395,929</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial Instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.2</B></TD><TD><B>Trade and other accounts receivable (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">c)</TD><TD>Detail of financial assets past due</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Financial assets past due are
composed of the following: Trade and other accounts receivable as of December 31, 2011 and December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Balances&nbsp;as&nbsp;of <BR>12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Financial&nbsp;assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>less&nbsp;than <BR>three <BR>months
    <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>between <BR>three&nbsp;and <BR>six&nbsp;months
    <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>between&nbsp;six <BR>and&nbsp;twelve
    <BR>months <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>more&nbsp;than <BR>twelve <BR>months
    <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Total <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Trade and other accounts receivable</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">42,483</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,879</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">6,177</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13,616</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">64,155</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42,483</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,879</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,177</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,616</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,155</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Balances&nbsp;as&nbsp;of <BR>12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Financial&nbsp;assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>less&nbsp;than <BR>three <BR>months
    <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>between <BR>three&nbsp;and <BR>six&nbsp;months
    <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>between&nbsp;six <BR>and&nbsp;twelve
    <BR>months <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Past&nbsp;due&nbsp;for <BR>more&nbsp;than <BR>twelve <BR>months
    <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Total <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Trade and other accounts receivable</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">57,804</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">606</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">6,976</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">4,245</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">69,631</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">606</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,976</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">69,631</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial Instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.2&#9;Trade and other accounts receivable (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">d)</TD><TD>Allowance for doubtful accounts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company records an allowance
for doubtful accounts when in the Company&rsquo;s management&rsquo;s opinion, all collection means have been exhausted or there
are certain doubts as to the recovery of trade and other accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Financial assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left; padding-bottom: 1pt">Trade and other accounts receivable</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right">(18,673</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right">(18,882</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Balance</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(18,673</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(18,882</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reconciliation of variations in the allowance
for doubtful accounts of trade and other accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 0">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Opening balance</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">18,882</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">17,083</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bad debt expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Write-offs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,288</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(118</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange difference</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(679</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(111</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,673</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,882</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD>Credit risk concentration</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.9pt; text-align: justify">Credit risk concentrations
with respect to trade receivables are reduced due to the great number of entities included in the Company&rsquo;s client database
and their distribution throughout the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial Instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8.2</B></TD><TD STYLE="text-align: justify"><B>Trade and other accounts receivable (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policy of the Company is to request
a collateral (such as letters of credit and guarantee clauses or other), and/ or to have insurance for certain accounts as the
management deems suitable. Renegotiated debts are not significant and are limited to accounts receivable in Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Trade&nbsp;receivables</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 58%; text-align: left">Gross trade receivable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">431,805</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">395,929</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Overdue which are not considered to be impaired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(64,155</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,631</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Allowance for doubtful accounts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,673</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,882</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Receivables that are neither overdue or considered impaired
    in value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">348,977</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">307,416</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.3</B></TD><TD><B>Assets and Liabilities Coverage</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance represents derivative instruments
measured at fair value which have been classified as hedges from exchange and interest rate risks related to the total obligations
relating to bonds of the Company in Chilean pesos and UF. As of December 31, 2011 the nominal value of flows in Cross Currency
Swap contracts agreed upon in US dollars amounted to ThUS$ 405,486 as of December 31, 2010 such contracts amounted to ThUS$ 410,618.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Derivative <BR>instruments <BR>(CCS)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Effect&nbsp;on&nbsp;profit&nbsp;or
    <BR>loss&nbsp;for&nbsp;the <BR>period,&nbsp;derivative <BR>Instruments</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Hedging&nbsp;reserve <BR>in&nbsp;other
    <BR>comprehensive <BR>income&nbsp;(equity)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Deferred&nbsp;income <BR>tax&nbsp;hedging
    <BR>reserve&nbsp;in&nbsp;equity</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Hedging&nbsp;reserve <BR>in&nbsp;other
    <BR>comprehensive <BR>income&nbsp;(equity)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Hedging&nbsp;assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 25%; font-weight: bold"><FONT STYLE="font-size: 8pt">December 31, 2011</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">56,109</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">(39,719</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">(12,184</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">2,104</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">(10,080</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">December 31,&nbsp; 2010</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">97,553</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">46,936</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(11,093</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,886</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,207</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Liability&nbsp;Coverage</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Derivate <BR>instruments&nbsp;(IP)
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Effect&nbsp;on&nbsp;profit&nbsp;or
    <BR>loss&nbsp;for&nbsp;the&nbsp;period, <BR>derivative <BR>Instruments</FONT><BR>
<FONT STYLE="font-size: 8pt">ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Hedging&nbsp;reserve <BR>in&nbsp;other
    <BR>comprehensive <BR>income&nbsp;(equity)</FONT><FONT STYLE="font-size: 8pt"><BR>
ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Deferred <BR>income&nbsp;tax <BR>hedging
    <BR>reserve&nbsp;in <BR>equity</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Hedging <BR>reserve&nbsp;in <BR>other
    <BR>comprehensive <BR>income <BR>(equity)</FONT><FONT STYLE="font-size: 8pt"><BR>
ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 25%; font-weight: bold"><FONT STYLE="font-size: 8pt">December 31, 2011</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">355</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">(205</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">(150</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">(150</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">December 31,&nbsp; 2010</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial Instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.3</B></TD><TD><B>Assets and Liabilities Coverage (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balances in the effect on profit or
loss column consider the interim effects of the contracts in force as of December 31, 2011 at December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative contract maturities are detailed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; font-weight: bold; text-align: center; vertical-align: bottom">Series</TD>
    <TD STYLE="width: 26%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contract</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount&nbsp;ThUS$</B></P></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%; font-weight: bold; text-align: center; vertical-align: bottom">Currency</TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: center; vertical-align: bottom">Expiration&nbsp;Date</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">C</TD>
    <TD STYLE="text-align: right">76,972</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">UF</TD>
    <TD STYLE="text-align: center">12.01.2026</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">G</TD>
    <TD STYLE="text-align: right">33,673</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Chilean peso</TD>
    <TD STYLE="text-align: center">01.05.2014</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">H</TD>
    <TD STYLE="text-align: right">146,360</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">UF</TD>
    <TD STYLE="text-align: center">01.05.2013</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">I</TD>
    <TD STYLE="text-align: right">56,041</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">UF</TD>
    <TD STYLE="text-align: center">04.01.2014</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">J</TD>
    <TD STYLE="text-align: right">92,440</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Chilean peso</TD>
    <TD STYLE="text-align: center">04.01.2014</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 financial risks associated with bonds payable. Hedges are documented and tested
to measure their effectiveness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Chilean
pesos and UF. Likewise, hedging contracts are denominated in the same currencies and have the same expiration dates of bond principal
payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Hedge Accounting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company classifies derivative instruments
as hedging that may include derivative or implicit derivatives either as fair value hedge derivative instruments, cash flow hedge
derivative instruments, or hedge derivative instruments for net investment in a business abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial Instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.3</B></TD><TD><B>Assets and Liabilities Coverage (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Fair value hedges</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Changes in fair values of derivative
instruments classified as fair value hedge derivative instruments are accounted for in gains and losses immediately along with
any change in the fair value of the covered item that is attributable to the risk that is covered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company documents the relationship
between hedge instruments and the covered entry along with the objectives of its risk management and strategy to carry out different
hedge transactions. In addition, upon commencement of the period covered and then on a quarterly basis the Company documents whether
hedge instruments have been efficient and met the objective to cover market fluctuations for which purpose we use the effectiveness
test. A hedge instrument is deemed effective if the effectiveness test result is between 80 to 120%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The hedge instruments are classified
as effective or not effective on the basis of the effectiveness test results. To date, the effectiveness tests have defined them
as effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Cash flow hedges</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Cash flow hedges cover exposure
to the cash flow variations attributable to a risk associated with a specific transaction that is very likely to be executed,
that may have material effects on the results of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.4</B></TD><TD><B>Financial liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011, and December 31, 2010, financial liabilities
are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Types of interest-bearing loans</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Current interest-bearing loans</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left">Bank loans (a)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">141,436</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">150,958</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Derivative instruments (8.6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,353</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Current hedging liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Unsecured obligations (b)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,244</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">161,008</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">187,555</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Non-current interest-bearing loans</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Bank loans (c)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">329,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Unsecured obligations (d)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">907,877</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">950,188</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,237,027</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,090,188</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">a)</TD><TD>Current bank loans:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">As of December 31, 2011 and December 31, 2010, current
bank loans are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Debtor</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Creditor</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current&nbsp;maturities</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Taxpayer&nbsp;ID</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Taxpayer&nbsp;ID</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Financial&nbsp;institution</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Currency</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Type&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>repayment</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>UP&nbsp;to&nbsp;90</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>days</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>More&nbsp;than</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>90&nbsp;days</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>less&nbsp;than&nbsp;1</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>year</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM.S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.032.000-8</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco BBVA Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.9975</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.9975</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,094</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,094</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM.S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.030.000-7</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.9465</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.9465</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,089</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,089</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado NY Branch</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.9500</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.7189</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">645</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">645</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">79.626.800-K</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Salar S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.030.000-7</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.2375</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.2375</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,114</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,114</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">79.626.800-K</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Salar S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.004.000-5</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco de&nbsp; Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.0293</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.0293</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,085</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,085</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">79.626.800-K</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Salar S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.018.000-1</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Scotiabank Sud Americano</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.7468</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.75</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,048</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,048</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bank of America</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.69</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.344</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">140</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">140</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Export Development Canada</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.95</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.7445</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">24</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Scotiabank &amp; Trust (Cayman) Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Cayman Islands</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.93</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.59</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">207</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">207</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">The Bank of Tokyo-Mitsubishi UFJ, Lda. (New York)</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.51</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.2325</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">137</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">137</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">79.947.100-0</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Industrial S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.004.000-5</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco de Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.58</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.58</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,057</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,057</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">79.947.100-0</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Industrial S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.018.000-1</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Scotiabank Sud Americano</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.14</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.70</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">20,051</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">20,051</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>60,268</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>81,423</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>141,691</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt"><B>Borrowing costs</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>-</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>(255)</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>(255)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>60,268</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>81,168</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>141,436</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 9%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Debtor</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Creditor</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2010</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current&nbsp;maturities</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Taxpayer&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subsidiary</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Taxpayer&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Financial&nbsp;institution</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Currency</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Type&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>repayment</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Up&nbsp;to&nbsp;90</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>days</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>More&nbsp;than</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>90&nbsp;days</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>less&nbsp;than&nbsp;1</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>year</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado NY Branch</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.93</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.77</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,214</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,214</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado NY Branch</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity&nbsp; date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.93</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.77</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado NY Branch</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity&nbsp; date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.55</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.55</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">625</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">625</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.032.000-8</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">BBVA Banco Bilbao Vizcaya Argentaria</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.64</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.64</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,030</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,030</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">97.032.000-8</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">BBVA Banco Bilbao Vizcaya Argentaria</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.26</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.26</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">ING Capital LLC</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Maturity date</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">0.80</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">80,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">80,055</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">70,348</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">80,680</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">151,028</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Borrowing costs</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(70</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(70</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">70,348</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">80,610</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">150,958</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">b)</TD><TD>Unsecured obligations, current:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Debtor</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Periodicity</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="5" NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current&nbsp;due&nbsp;dates</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 7%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Tax&nbsp;ID</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placement&nbsp;in</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Chile&nbsp;or&nbsp;abroad</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Number&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>registration&nbsp;or</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ID&nbsp;of&nbsp;the</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>instrument</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 3%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Series</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>value</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Currency</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>or&nbsp;indexed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>unit</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Interest</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amortization</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 4%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Up&nbsp;to</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>90</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>days</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>days&nbsp;less</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>than&nbsp;1</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>year</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 4%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">184</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Single</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.75</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.13</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,577</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,577</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">184</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Single</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.94</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,667</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,667</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">446</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">C</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">150,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.59</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,754</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,754</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">G</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.10</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,354</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,354</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">564</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">H</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.01</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.90</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,045</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.045</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">I</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.22</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">477</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">477</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">J</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.81</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,351</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,351</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">5,399</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">13,826&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">19,225&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Bond issue cost</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">(276</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">(1.820&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">(2,096&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">5,123</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">12,006&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">17,129&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">Effective rates of bonds in Chilean pesos and UF
are expressed and calculated in U.S. dollars based on the flows expected in Cross Currency Swap Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Debtor</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Periodicity</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2010</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current&nbsp;due&nbsp;dates</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Tax&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subsidiary</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placement&nbsp;in</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Chile&nbsp;or&nbsp;abroad</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Number&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>registration</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>or&nbsp;ID&nbsp;of&nbsp;the</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>instrument</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Series</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>value</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Currency</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>or&nbsp;indexed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>unit</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Interest</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amortization</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Up&nbsp;to&nbsp;90</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>days</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>More&nbsp;than&nbsp;90</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>days&nbsp;less</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>than&nbsp;1&nbsp;year</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Single</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.69</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.13</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,591</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,591</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Single</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.93</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,682</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,682</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">446</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">C</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">150,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.56</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,237</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,237</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">564</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">H</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.29</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.90</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,319</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,319</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">G</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.53</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,502</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,502</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">I</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.36</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">512</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">512</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">J</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.64</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">5,821</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">14,530</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">20,351</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Bond issue cost</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">(270</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">(1,837</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 6pt">(2,107</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">5,551</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">12,693</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">18,244</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">c)</TD><TD>Types of non-current interest-bearing loans</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-current interest-bearing loans as
of December 31, 2011 and December 31, 2010 are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-current interest-bearing bank loans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Debtor</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Creditor</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Years&nbsp;to&nbsp;maturity</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Taxpayer&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subsidiary</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Taxpayer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ID</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Financial&nbsp;institution</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Currency</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amortization</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>period</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B>&nbsp;</FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>1&nbsp;to&nbsp;3</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>years</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>3&nbsp;to&nbsp;5</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>years</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>More&nbsp;than</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>5&nbsp;years</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado NY Branch</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.95</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.72</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Scotiabank &amp; Trust (Caim&aacute;n) Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Cayman Islands</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.93</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.59</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">50,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">50,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bank of America</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.69</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.34</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Export Development</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Cayman Islands</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.95</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.74</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">50,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">50,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">The Bank of Tokyo-Mitsubishi UFJ, Ltd (New York)</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.51</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1.23</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">50,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">50,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">190,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">330,000</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Borrowing costs</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(104)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(746)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(850</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">189,896</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">139,254</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">329,150</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Debtor</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Creditor</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2010</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Years&nbsp;to&nbsp;maturity</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 9%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Taxpayer&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subsidiary</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Taxpayer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ID</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Financial</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>institution</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Currency</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amortization</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>period</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B>&nbsp;</FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>1&nbsp;to&nbsp;3</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>years</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>3&nbsp;to&nbsp;5</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>years</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>More</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>than&nbsp;5</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>years</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Banco Estado NY Branch</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">USD</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.55</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2.55</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Borrowing costs</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">140,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">d)</TD><TD>Non-current unsecured interest-bearing bonds</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The breakdown of non-current unsecured
interest-bearing bonds as of December 31, 2011 and December 31, 2010 is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Debtor</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Periodicity</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current&nbsp;due&nbsp;dates</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Tax&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subsidiary</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placement&nbsp;in</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Chile&nbsp;or</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>abroad</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Number&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>registration&nbsp;or</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ID&nbsp;of&nbsp;the</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>instrument</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Serie</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placed&nbsp;nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>current&nbsp;amount</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Currency</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>or&nbsp;indexed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>unit</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<FONT STYLE="font-size: 6pt"><B>Interest</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amortization</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Over&nbsp;1</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>to&nbsp;3</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Over&nbsp;3</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>to&nbsp;5</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Over&nbsp;5</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Single</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">200,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.75</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.13</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">200,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">200,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Single</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">250,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.94</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">250,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">250,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">446</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">C</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,100,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.59</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">12,881</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">12,881</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">64,408</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">90,170</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">564</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">H</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.01</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.90</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">171,753</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">171,753</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">G</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">21,000,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">I</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,500,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.22</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">64,408</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">64,408</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93.007.000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">J</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">52,000,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.81</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 6pt">100,152</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 6pt">100,152</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; padding-bottom: 2.5pt"></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt"><B>Total&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>217,887</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>212.881</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>486.161</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>916,929</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; padding-bottom: 2.5pt"></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt"><B>Bond issue costs&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>(1,263</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 6pt"><B>)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>(951</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 6pt"><B>)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>(6,838</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 6pt"><B>)</B></FONT></P></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>(9,052</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 2.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 6pt"><B>)</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt"><B>Total&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>216,624</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>211,930</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>479,323</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt"><B>907,877</B></FONT></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; width: 100%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;Debtor</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Periodicity</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2010</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current&nbsp;due&nbsp;dates</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Tax&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Subsidiary</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placement</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>in&nbsp;Chile&nbsp;or</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>abroad</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Number&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>registration</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>or&nbsp;ID&nbsp;of&nbsp;the</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>instrument</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Series</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Placed&nbsp;nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>current&nbsp;amount</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Currency&nbsp;or</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>indexed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>unit</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Effective</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Nominal</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>rate</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Interest</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amortization</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>payment</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Over&nbsp;1</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>to&nbsp;3</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Over&nbsp;3</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>to&nbsp;5</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Over&nbsp;5</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93,007,000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S,A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">single</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">200,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.69%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.13</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">200,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">200,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93,007,000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S,A,</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">single</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">250,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">US$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.93%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">250,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">250,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93,007,000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S,A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">446</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">C</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,325,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.56%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13,755</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13,755</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">75,654</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">103,164</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93,007,000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S,A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">564</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">H</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.29%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4.90</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">183,402</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">183,402</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93,007,000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S,A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">G</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">21,000,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.53%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">44,877</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">44,877</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93,007,000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S,A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">I</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,500,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">UF</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.36%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3.00</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">68,776</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">68,776</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">93,007,000-9</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM S,A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">563</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">J</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">52,000,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">Ch$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6.64%</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5.50</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">%&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Bi-annually</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">At maturity</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">111,124</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">111,124</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold"></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">13,755</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">238,532</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">709,056</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">961,343</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold"></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt"><B>Bond issue costs</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(682</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(2,670</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(7,803</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">(11,155</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="5" NOWRAP STYLE="font-weight: bold"></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt"><B>Total&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">13,073</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">235,862</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">701,253</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">950,188</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">e)</TD><TD>Additional Information</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, ThUS$17,129, ThUS$18,244, respectively are presented at short-term related to principal, current portion plus interest accrued
at that date, not including borrowing costs and bonds issuance costs , In the long-term, non-current, the Company presented ThUS$907,877
as of December 31, 2011, ThUS$950,188 as of December 31, 2010 related to principal installments of Series C bonds, unique Series
bonds, Series G bonds, Series H bonds, Series J bonds, Series I bonds and single series second issuance bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010 the details of each issuance are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Series &ldquo;C&rdquo; bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 25, 2006, the Company placed
Series C bonds for UF 3,000,000 (ThUS$101,918) at an annual rate of 4,00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, the Company has made the following payments of principal and interest to comply with its obligations in relation to the
Series C bonds.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><B>Payments made</B>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: justify">Principal</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">6,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">6,298</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Single Series bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 5, 2006, the Company placed Single
Series bonds for ThUS$200,000 at an annual rate of 6,125% under &quot;Rule 144 and regulation S of the U,S, Securities Act of
1933.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, the Company has made the following payments of principal and interest to comply with its obligations in relation to the
Single Series bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.02010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 62%; text-align: justify">Interest payments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">12,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">12,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Series &ldquo;G&rdquo; and &ldquo;H&rdquo;
bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 13, 2009, the Company placed
two bond series in the domestic market, Series H for UF 4,000,000 (ThUS$139,216) at an annual interest rate of 4,9% at a term
of 21 years with payment of principal beginning in 2019 and Series G for ThCh$ 21,000,000 (ThUS$34,146), which was placed at a
term of 5 years with a single payment at the maturity of the term and an annual interest rate of 7%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, the Company has made the following payments of principal and interest to comply with its obligations in relation to the
Series G and H bonds line:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 62%; text-align: justify">Interest G series</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">3,094</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">2,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Interest H series</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,989</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,763</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Series &ldquo;J&rdquo; and &ldquo;I&rdquo; Bonds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2009, the Company placed two
bond series in the domestic market, Series J for ThCh$52,000,000 (ThUS$92,456) which was placed at a term of 5 years with single
payment at the expiration date of the term and annual interest rate of 5,5% and Series I for UF 1,500,000 (ThUS$56,051) which
was placed at a term of 5 years with single payment at the maturity of the term and annual interest rate of 3,00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011 and December 31, 2010, the Company
has made the following payments of principal and interest to comply with its obligations in relation to the Series J and I bonds:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 62%; text-align: justify">Interest J series</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">5,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">5,588</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Interest I series</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,873</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.4</B></TD><TD><B>Financial liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Single Series bonds (second issuance)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2010, the Company informed
the Chilean Superintendence of Securities and Insurance of its placement in international markets of an unsecured bond of ThUS$250,000
maturing in ten years beginning on the aforementioned date with an annual interest rate of 5,5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, the Company has made the following payments of principal and interest to comply with its obligations in relation to the
second-issuance single series bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 62%; text-align: justify">Interest payments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">13,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">6,875</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Promissory notes with middle-term maturities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On April 2, 2009 the Company issued promissory notes in the
local market for an amount of Th$ 15,000,000 (ThUS$ 25,770) identified as line 47, Serie 1-B, with a maturity of 10 years. The
maximum amount to be issued is UF 1,500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>Payments made</B>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThCh$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThCh$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Principal, Series 1-B</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">15,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">29,040</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>8.5
&nbsp;Trade and other accounts payable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Type of trade and other accounts payable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Current trade and other accounts payable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 66%; text-align: left">Trade accounts payable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">182,552</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">151,516</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Rentals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other accounts payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">480</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">424</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">183,032</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">152,147</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purchase commitments held by the Company are recognized
as a liability when the services and goods are received by the Company, The Company has purchase order as of December 31, 2011
which amounts ThUS$ 79,045 (December 31, 2010 ThUS$ 51,347).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.6</B></TD><TD><B>Financial liabilities at fair value through profit or
                                                                   loss</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This balance relates to derivative instruments,
measured at fair value, the detail by type of instrument is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Financial&nbsp;liabilities&nbsp;at&nbsp;fair&nbsp;value <BR></TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Effect&nbsp;on <BR>profit&nbsp;or&nbsp;loss <BR>as&nbsp;of
    <BR>12.31.2011</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Effect&nbsp;on <BR>profit&nbsp;or&nbsp;loss <BR>as&nbsp;of
    <BR>12.31.2010</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><B>through&nbsp;profit&nbsp;or&nbsp;loss</B>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Derivative instruments (forwards)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,053</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(1,053</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">15,818</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(15,818</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Derivative instruments&nbsp; (options)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,036</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,535</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Derivative instruments&nbsp; (IRS)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">355</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(120</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,444</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,209</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,353</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(18,353</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Balances in the column &ldquo;effect on
profit or loss&rdquo; consider the annual effects of agreements that were in force as of December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.7</B></TD><TD><B>Financial asset and liability categories </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description&nbsp;of&nbsp;financial&nbsp;assets</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Financial assets at fair value through profits and loss, measure at fair value</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">14,455</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,363</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financial assets at fair value in other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,553</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Financial assets at fair value through profits and loss, held for trading</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments held to maturity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Loans and accounts receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">413,132</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">377,047</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total financial assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">612,882</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">545,899</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description of financial liabilities</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Financial liabilities at fair value through profit or loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,444</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">18,353</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Financial liabilities measured at amortized cost</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,578,624</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,411,537</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total financial liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,581,068</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,429,890</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.8</B></TD><TD><B>Financial assets pledged as guarantee</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 4, 2004, Isapre Norte Grande
Ltda. maintained a guarantee equivalent to the total amount owed to its members and healthcare providers, which is managed and
maintained by Banco de Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, assets pledged as guarantees are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Restricted cash</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 54%; text-align: left; padding-bottom: 1pt">Isapre Norte Grande Ltda.</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: right">428</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: right">514</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">428</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">514</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.9</B></TD><TD STYLE="text-align: justify"><B>Estimated fair value of
                                                                   financial instruments and derivative financial instruments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by IFRS 7, the following information
is presented for the disclosure of the estimated fair value of financial assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although inputs represent Management's
best estimate, they are subjective and involve significant estimates related to the current economic and market conditions, as
well as risk factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Methodologies and assumptions used depend
on the risk terms and characteristics of each instrument, and include the following as a summary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">-</TD><TD STYLE="text-align: justify">Cash equivalents approximate fair value
                                                         due to the short-term maturities of these instruments.</TD></TR>                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">-</TD><TD STYLE="text-align: justify">Other current financial liabilities are
                                                         considered at fair value equal to their carrying values.</TD></TR>                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">-</TD><TD STYLE="text-align: justify">For interest-bearing liabilities with
                                                         an original maturity of more than a year, fair values are calculated
                                                         by discounting contractual cash flows at their original current market
                                                         with similar terms.</TD></TR>                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">-</TD><TD STYLE="text-align: justify">For forward and swap contracts, fair
                                                         value is determined using quoted market prices of financial instruments
                                                         with similar characteristics.</TD></TR>                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 8 - Financial instruments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>8.9</B></TD><TD STYLE="text-align: justify"><B>Estimated fair value of
                                                                   financial instruments and derivative financial instruments
                                                                   (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s instruments, listed at carrying value and
estimated fair value, are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Carrying <BR>Value</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Fair&nbsp;Value</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Carrying <BR>Value</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Fair&nbsp;&nbsp;Value</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">444,992</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">444,992</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">524,652</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">524,652</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current trade and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,945</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other current financial assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">- Time deposits (L2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total other current financial assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">169,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">169,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">76,178</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">76,178</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-current financial assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-current hedging assets (L2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,371</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,371</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,556</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,556</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total other non-current financial assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,674</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,674</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other current financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">- Bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,958</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,958</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">-&nbsp; Unsecured obligations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,244</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,244</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total other current financial Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">161,008</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">161,008</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">187,555</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">187,555</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,032</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,032</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,147</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-current financial liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">- Bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">329,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">348,218</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,174</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">-&nbsp; Unsecured obligations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">907,877</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,074,907</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">950,188</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,092,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total other non-current financial liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,237,027</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,423,125</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,090,188</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,235,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair value hierarchy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value hierarchies correspond to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><B>Level
1 (L1):</B> when only quoted (unadjusted) prices have been used in active markets,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><B>Level
2 (L2) :</B>when in a phase in the valuation process variables other than prices quoted in Level 1 have been used which are directly
observable in markets,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><B>Level
3 (L3): </B>when in a phase in the valuation process, variables not based on observable market data have been used,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 9 - Investments and disclosures on Investments in subsidiaries
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Disclosures on investments
                                                                   in subsidiaries</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>a)</B></TD><TD STYLE="text-align: justify"><B>Operations acquired in 2011</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">On April 7, 2011 was formed
Sociedad Agrorama S.A. with ownership of the subsidiary Soquimich Comercial S.A. by 99,999% and Sociedad Productora de Insumos
Agr&iacute;colas Ltda. by 0,001%. This new company will have a paid-in capital amounting to M$100,000 (ThUS$211), its duration
will be indefinite and its main business objective will be the commercialization and distribution of fertilizers, pesticides and
agricultural products or supplies.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">On August 30, 2011, SQM Industrial
S.A. made a capital contribution amounting to ThUS$8,000 to its subsidiary SQMC M&eacute;xico S.A. de CV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">During the month of September
2011, SQM Industrial S.A. made a capital contribution amounting to ThUS$14,017 to its subsidiary SQMC M&eacute;xico S.A. de CV,
thereby increasing its share to 99.8739%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">During the month of September
2011, the subsidiary Soquimich European Holding B.V., purchases from its associate Nutrisi Holding N.V., 66.6% of the share it
held in the subsidiary Fertilizantes Naturales S.A. for an amount of ThUS$3.179.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">On December 12, 2011 the subsidiary
Comercial Agrorama Callegari Ltda., changed its company name to &ldquo;Comercial Agrorama Limitada&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">On December 14, 2011, Fertilizantes
Naturales S.A. changed its company name to SQM Iberian S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">During December 2011 the subsidiary
Soquimich Europen Holding B.V. sold its 50% interest Nutrisi Holding N.V. for an amount of ThUS$ 5,736.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>b)</B></TD><TD STYLE="text-align: justify"><B>Operations acquired in 2010</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">On February 2, 2010, the subsidiary
SQM Beijing Commercial Co. Ltd. was formed, to which SQM Industrial S.A. contributed capital of ThUS$100, obtaining an equity
interest of 100% in that entity.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" HSPACE="0" VSPACE="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 9 - Investments and disclosures
on Investments in subsidiaries (continued</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Disclosures on investments
                                                                   in subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial information as of December 31,
2011 of the companies included in the consolidation process is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="12" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2011</B></FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Net profit<BR STYLE="mso-special-character:



             line-break">
    </B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Subsidiaries</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional<BR>
    currency</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Interest
    %</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current<BR>
    ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current<BR>
    ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current <BR>
    ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current<BR>
    ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total&nbsp;ThUS$</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenue <BR>
    ThUS$</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>(loss) <BR>
    ThUS$</B></FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Nitratos S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">722,375</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">97,049</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">819,424</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">650,781</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,734</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">665,515</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">271,765</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">106,473</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Proinsa Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.58</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">203</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">204</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQMC Internacional Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.6382</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">268</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">268</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(4</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Potasio S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">99.9974</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,345</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">763,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">771,112</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">120,134</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">120,138</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">246,439</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Serv. Integrales de Tr&aacute;nsito y Transf. S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">206,437</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">70,859</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">277,296</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">244,321</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,237</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">250,558</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42,979</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,302</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Isapre Norte Grande Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">591</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">536</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,127</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">558</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">158</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">716</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,654</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">28</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ajay SQM Chile S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">51</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">25,393</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,584</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">26,977</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,058</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">797</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,855</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">76,536</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,066</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Almacenes y Dep&oacute;sitos Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">370</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">49</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">419</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(17</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Salar S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">576,952</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">861,720</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,438,672</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">484,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">126,407</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">610,538</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">802,246</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">286,239</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Industrial S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,234,168</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">655,813</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,889,981</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,002,501</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">64,097</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,066,598</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">799,461</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">93,062</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Minera Nueva Victoria S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">53,457</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">59,171</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">112,628</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,501</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,026</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,527</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,676</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,069</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Exploraciones Mineras S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">446</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">31,432</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">31,878</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,082</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,082</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(207</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">685</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">72</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">757</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">212</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">436</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">648</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,099</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(23</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Soquimich Comercial S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.6383</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">173,957</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17,389</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">191,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">81,660</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,090</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">82,750</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">218,667</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,220</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Comercial Agrorama Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42.4468</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,375</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">11,555</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,159</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">105</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,264</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,910</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">29</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Comercial Hydro S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.6382</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,411</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">270</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,681</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">148</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">93</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">241</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">109</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">334</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Agrorama S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean Peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.6377</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">326</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">328</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">226</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">226</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">32</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(91</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM North Am&eacute;rica Corp.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">173,102</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,452</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">188,554</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">173,460</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,356</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">176,816</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">309,682</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(19,702</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 9 - Investments and disclosures
on Investments in subsidiaries (continued</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Disclosures on investments
                                                                   in subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="12" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">12.31.2011</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Net&nbsp;profit</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 25%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Subsidiaries</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>currency</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Interest&nbsp;%</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Total&nbsp;ThUS$</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Total&nbsp;ThUS$</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenue</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>(loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">RS Agro Chemical.Trading A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,224</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,224</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(4</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Nitratos Naturais do Chile Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Brazil</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,047</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">302</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,349</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,804</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,804</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">271</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Nitrate&nbsp; Corporation of Chile Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">England</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Corporation N.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dutch Antilles</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">669</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">88,800</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">89,469</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,715</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,715</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,340</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Per&uacute; S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Per&uacute;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,357</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">109</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,466</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,611</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,611</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">19,189</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(759</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Ecuador S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ecuador</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,635</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">89</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,724</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,176</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,176</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">22,512</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(83</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Brasil Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Brazil</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">295</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">59</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">354</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,050</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,050</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">867</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">113</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQI Corporation NV.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Antillas Holandesas</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">36</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">36</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQMC Holding Corporation L.L.P.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,516</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">18,615</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">21,131</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">614</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">614</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,926</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Japan Co. Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Japan</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,684</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">284</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,968</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">558</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">520</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,078</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,601</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">518</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Europe N.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Belgium</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">430,603</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">391</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">430,994</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">393,419</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">393,419</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">941,794</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,135</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Italia SRL</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Italy</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,333</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,333</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Indonesia S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Indonesia</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">80</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">North American Trading Company</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">161</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">145</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">306</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Virginia LLC</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,831</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,376</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">29,207</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(3</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Comercial de M&eacute;xico S.A. de C.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">67,320</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,252</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">68,572</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">47,814</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">592</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">48,406</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">158,065</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,061</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 9 - Investments and disclosures
on Investments in subsidiaries (continued</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Disclosures on investments
                                                                   in subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP COLSPAN="23" STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">12.31.2011</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Net&nbsp;profit</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Subsidiaries</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>currency</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Interest&nbsp;%</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total&nbsp;ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total&nbsp;ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenue</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>(loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM investment Corporation N.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dutch Antilles</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">64,753</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">370</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">65,123</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">41,236</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">755</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">41,991</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">12,162</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">195,885</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">850</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">196,735</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13,543</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">190,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">203,543</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,251</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Lithium Specialties LLP</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,782</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,785</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,264</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,264</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(3</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Soquimich SRL Argentina</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Argentina</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">429</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">429</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">144</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">144</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(78</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Comercial Caim&aacute;n Internacional S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Panama</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">477</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">477</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,232</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,232</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">855</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(14</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM France S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">France</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">345</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">351</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">114</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">114</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Administraci&oacute;n y Servicios Santiago S.A. de C.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">821</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">94</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">915</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,623</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Nitratos M&eacute;xico S.A. de C.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">51</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">26</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">27</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">136</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Soquimich European Holding B.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Netherlands</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">49,395</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">103,816</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">153,211</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">72,969</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">72,969</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,850</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Iberian S.A</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Spain</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">27,230</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">27,225</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">25,638</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">25,638</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">73,496</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">258</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Iodine Minera B.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Netherlands</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13,228</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13,228</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,034</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,100</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Africa Pty Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">South Afruca</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">62,165</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">170</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">62,335</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">52,657</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">52,657</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">104,712</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,821</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Venezuela S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Venezuela</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">328</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">328</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(157</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Ocean&iacute;a Pty Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Australia</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,349</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,349</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,042</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,042</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,291</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,372</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM&nbsp; Agro India Pvt. Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">India</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">61</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">63</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">18</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">18</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(27</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Beijing Commercial Co. Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">China</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">2,127</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">20</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">2,147</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,910</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,910</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">5,769</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">140</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-decoration: none; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>4,178,692</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>2,806,213</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>6,948,905</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,360,734</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>532,631</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,893,058</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,893,922</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>864,114</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 9 - Investments and disclosures
on Investments in subsidiaries (continued</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Disclosures on investments
                                                                   in subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial information as of December 31,
2010 of the companies included in the consolidation process is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="12" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">12.31.2010</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Net&nbsp;profit</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 25%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Subsidiaries</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>currency</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Interest&nbsp;%</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Total&nbsp;ThUS$</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Total&nbsp;<BR>
    ThUS$</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenue</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>(loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Nitratos S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">652,776</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">61,542</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">714,318</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">610,283</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">11,599</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">621,882</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">134,842</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">29,622</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Proinsa Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60,58</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">227</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">228</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQMC Internacional Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.6382</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">302</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">302</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(2</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Potasio S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">99.9974</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">58,331</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">604,872</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">663,203</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">172,351</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">172,353</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">139,838</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Serv. Integrales de Tr&aacute;nsito y Transf. S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">149,255</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60,290</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">209,545</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">182,671</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,437</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">187,108</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">45,446</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,113</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Isapre Norte Grande Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">570</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">591</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,161</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">581</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">154</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">735</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,018</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ajay SQM Chile S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">51</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,299</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,378</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17,677</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,833</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">747</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,580</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">54,948</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,049</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Almacenes y Dep&oacute;sitos Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">413</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">52</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">465</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(13</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Salar S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">365,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">658,793</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,024,623</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">273,758</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">98,885</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">372,643</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">631,151</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">185,315</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Comercial Hydro S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.6382</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,890</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">329</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,219</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">73</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">113</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">185</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">217</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Industrial S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,063,080</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">596,723</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,659,803</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">854,130</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">51,512</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">905,642</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">690,541</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">130,230</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Minera Nueva Victoria S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">73,217</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">53,754</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">126,971</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">445</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,495</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,940</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,578</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,369</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Exploraciones Mineras S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">438</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">31,380</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">31,818</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,814</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,814</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(178</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">645</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">93</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">738</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">224</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">367</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">591</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,897</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(3</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Soquimich Comercial S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60.6383</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">140,678</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">156,553</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">48,195</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,181</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">49,376</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">171,181</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,107</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Agrorama Callegari Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">42.4468</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,024</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,492</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,516</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,998</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">117</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,115</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,910</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(293</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM North Am&eacute;rica Corp.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">109,944</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,448</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">125,392</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">90,533</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,644</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">93,177</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">226,249</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,143</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">RS Agro Chemical.Trading A.V.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,227</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,227</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(5</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Nitratos Naturais do Chile Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Brazil</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">290</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">295</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,022</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,022</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(124</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 9 - Investments and disclosures
on Investments in subsidiaries (continued</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Disclosures on investments
                                                                   in subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="12" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">12.31.2010</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Net&nbsp;profit</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 25%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Subsidiaries</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>currency</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Interest&nbsp;%</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenue</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 6%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>(loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Nitrate&nbsp; Corporation of Chile Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">England</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,076</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Corporation N.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dutch Antilles</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">669</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">52,607</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">53,276</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,712</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,712</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13,472</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Per&uacute; S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Peru</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,159</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">483</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,642</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,027</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,027</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">24,536</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,236</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Ecuador S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ecuador</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,716</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">71</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,787</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,149</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,149</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">16,808</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">298</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Brasil Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Brazil</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">295</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">75</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">370</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">771</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQI Corporation NV.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dutch Antilles</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">33</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">33</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQMC Holding Corporation L.L.P.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,501</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,498</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,999</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">619</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">619</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">492</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Japan Co. Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Japan</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,440</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">633</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,073</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">263</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">436</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">699</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,855</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">218</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Europe N.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Belgium</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">358,214</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">454</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">358,668</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">341,425</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">341,425</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">861,596</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,107</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Italia SRL</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Italy</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,377</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,377</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Indonesia S.A.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Indonesia</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">80</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">North American Trading Company</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">161</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">145</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">306</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">39</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Virginia LLC</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,834</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,379</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">29,213</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,834</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,834</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Comercial de M&eacute;xico S.A. de C.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">58,332</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,410</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">59,742</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60,646</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">60,646</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">130,861</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,523</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 9 - Investments and disclosures
on Investments in subsidiaries (continued</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Disclosures on investments
                                                                   in subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="23" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>12.31.2010</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Assets</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Net&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Subsidiaries</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>currency</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>%&nbsp;Interest</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Operating</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenues</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>profit<BR>
               (loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Investment Corporation N.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dutch Antilles</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">71,100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">551</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">71,651</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">49,515</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">742</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">50,257</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,255</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">587</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Royal Seed Trading Corporation A.V.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Aruba</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">88,567</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">88,567</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">96,627</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">96,627</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,058</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Lithium Specialties LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,786</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,789</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,264</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,264</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Soquimich SRL Argentina</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Argentina</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">472</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">472</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">109</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">109</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(83</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Comercial Caim&aacute;n Internacional S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Panama</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">339</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">339</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,080</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,080</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(174</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM France S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">France</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">345</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">351</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">114</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">114</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Administraci&oacute;n y Servicios Santiago S.A. de C.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">47</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">47</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">854</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">195</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,049</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,597</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(173</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Nitratos M&eacute;xico S.A. de C.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">51</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">27</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">28</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">128</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Soquimich European Holding B.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">68,722</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">71,384</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">140,106</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">94,565</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">94,565</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">12,481</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Fertilizantes Naturales S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Spain</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">66.67</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">16,515</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(10</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">16,505</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,175</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,175</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">64,748</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">749</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Iodine Minera B.V.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,122</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,122</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,467</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,175</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Africa Pty Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">South Africa</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,463</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">147</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,610</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">36,736</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">36,736</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">94,111</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">149</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Venezuela S.A.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Venezuela</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">80</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">80</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">402</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">402</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(161</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Ocean&iacute;a Pty Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Australia</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,466</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,466</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">533</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">533</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,207</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">120</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM&nbsp; Agro India Pvt. Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">India</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">231</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">235</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">149</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">149</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(14</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Beijing Commercial Co. Ltd.</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">China</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">100</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">131</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">42</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">173</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">77</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">77</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">1,462</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">(4</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,426,343</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>2,254,796</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>5,681,139</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>2,824,693</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>347,935</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,172,628</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,186,348</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>546,318</B></FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 10 - Investments in associates accounted for using
the Equity method </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>10.1</B></TD><TD><B>Investments in associates accounted for using the equity
                                                                    method</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011 and December 31,
2010, in accordance with criteria established in Note 2.4 and Note 2.12, investments in associates accounted for using the equity
method and investments in joint ventures are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Note <BR>N&ordm;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="width: 46%; text-align: left">Investments in associates</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 15%; font-weight: bold; text-align: center">10.1
                                                                                 to 10.3</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 15%; text-align: right">43,057</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 15%; text-align: right">38,262</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">Joint ventures</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">11.0&nbsp;
                                                                                           to 11.4</TD><TD NOWRAP STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">17,637</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">24,009</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">60,694</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">62,271</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 10 - Investments in associates accounted for using
the Equity method (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>10.2</B></TD><TD><B>Assets, liabilities, revenues and expenses of associates
                                                                    </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="21" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">12.31.2011</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Tax&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt"><B>Associate</B>&nbsp;</FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>incorporation</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Functional&nbsp;currency</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-<BR>
current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenue</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Profit<BR>
               (loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">77.557.430-5</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Sales de Magnesio Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,428</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">56</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,484</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,595</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,595</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,652</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,335</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Abu Dhabi Fertilizer Industries WWL</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Arabia</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dirham of the United Arab Emirates</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">20,697</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,267</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">22,964</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,846</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,849</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,024</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,985</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Doktor Tarsa Tarim Sanayi AS</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Turkey</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Turkish Lira</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">70,507</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,583</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">78,090</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">40,713</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13,039</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">53,752</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">67,205</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,160</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ajay North America</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">38,982</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,884</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">47,866</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,876</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,876</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">80,923</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">23,689</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ajay Europe SARL</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">France</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Euro</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">30,044</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,288</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">32,332</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,600</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,600</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">59,189</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,384</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Misr Specialty Fertilizers</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Egypy</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Egyptian pound</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,651</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,825</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,476</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,582</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">220</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,802</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(266</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Eastmed Turkey</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Turkey</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Euro</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">16</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">422</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">438</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">264</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">264</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">29</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(94</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Thailand Co. Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Thailand</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Thai Bath</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">7,522</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">608</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">8,130</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">4,227</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">4,227</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">10,895</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt">175</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-decoration: underline; text-align: right"></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">174,847</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">24,933</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">199,780</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">79,703</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">13,262</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">92,965</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">264,917</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">41,368</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="21" STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">12.31.2010</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt"><B>Tax&nbsp;ID</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Associate&nbsp;</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country&nbsp;of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>incorporation</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional&nbsp;currency</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-<BR>
current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-<BR>
current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenue</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Profit&nbsp;(loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">77.557.430-5</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;Sales de Magnesio Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chile</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Chilean peso</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,844</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,847</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,143</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,143</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,494</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,408</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Abu Dhabi Fertilizer Industries WWL</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Arabia</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dirham of the United Arab Emirates</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">19,909</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,092</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">22,001</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,869</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,869</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">35,506</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,960</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Doktor Tarsa Tarim Sanayi AS</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Turkey</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Turkish Lira</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">49,013</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,840</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">56,853</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">33,229</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">27</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">33,256</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">64,540</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,003</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Nutrisi Holding N.V.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Belgium</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Euro</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">449</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,768</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">11,217</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,228</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,228</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,056</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ajay North America</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United States</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,585</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,926</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">22,511</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,168</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,168</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">52,237</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,143</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Ajay Europe SARL</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">France</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Euro</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">15,428</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,223</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">17,651</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,519</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,519</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">41,992</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,212</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Mirs Specialty Fertilizers</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Egypt</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Egyptian pound</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,013</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,214</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,227</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,980</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">226</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,206</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,231</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(521</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Eastmed Turkey</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Turkey</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Euro</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">34</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">592</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">626</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">247</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">247</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">646</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Thailand Co. Ltd.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Thailand</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Thai Bath</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">5,307</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">587</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">5,894</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">2,035</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">2,035</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">11,149</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: right"><FONT STYLE="font-size: 6pt">594</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>112,582</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>34,245</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>146,827</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>62,418</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>253</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>62,671</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>216,795</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt"><B>20,855</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 10 - Investments in associates accounted for using
the Equity method (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: -21.25pt"><B>10.3
Details of investments in associates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The interest of SQM
S.A., in its associates is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; font-weight: bold; text-align: left">Associate Name</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 43%; font-weight: bold; text-align: center">Main Activities of Associate</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; font-weight: bold; text-align: center; vertical-align: bottom">% Interest</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Investment</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>12.31.2011</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ThUS$</B></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Investment</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>12.31.2010</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ThUS$</B></P></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">Sales de Magnesio Ltda.</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Magnesium salt trader.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">1,444</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">1,352</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Abu Dhabi Fertilizer Industries Co. W.W.L.</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Distribution and trade of specialty vegetal nutrients in the Middle East.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">8,558</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">7,066</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">Ajay North America L.L.C</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Production and trade of iodine by-products.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">49</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">14,866</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">7,251</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Doktor Tarsa Tarim Sanayi AS</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Distribution and trade of specialty vegetal nutrients in Turkey.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">12,169</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">11,799</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">Nutrisi Holding N.V.</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Holding</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">3,551</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Ajay Europe SARL</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Production and distribution of iodine and iodine products</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">3,102</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">4,076</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">NU3 B.V<B>.</B></TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Production of fertilizers in solid and liquid state.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">100</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">NU3 N.V<B>.</B></TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Production of fertilizers in solid and liquid state.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">Misr Specialty Fertilizers S.A.E.</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Production and trade of liquid fertilizers for Egypt</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">47.4857</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">1,270</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">1,435</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">SQM Eastmed Turkey</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Production and trade of specialty products</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">50</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">87</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">189</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top">SQM Thailand Co. Ltd.</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Distribution and trade of specialty vegetal nutrients.</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">40</TD>
    <TD NOWRAP STYLE="text-align: right; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right">1,561</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: right">1,543</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">Total</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; font-weight: bold; text-align: right">43,057</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; font-weight: bold; text-align: right">38,262</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not have an interest
in unrecognized losses in investments in associates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not have any associates
not accounted for using the equity method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 11 - Joint Ventures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.1</B></TD><TD STYLE="text-align: justify"><B>Policy for accounting for
                                                                   joint ventures in a Parent Company&rsquo;s separate financial
                                                                   statements</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The method for the recognition of joint
ventures in which equity interest is initially recorded at cost and subsequently adjusted considering changes after the acquisition
in the portion of the entity&rsquo;s net assets which correspond to the investor. Profit for the year of the investor will receive
the portion which belongs to it in profit or loss of the entity under joint control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.2</B></TD><TD><B>Disclosures on interest in joint ventures</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>a)</B></TD><TD><B>Operations acquired in 2011</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 27, 2011 the subsidiary SQM
Industrial S.A. made a capital contribution of ThUS$2.500 in Sichuan SQM Migao Chemical Fertilizer Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 11 - Joint Ventures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>11.2
Disclosures on interest in joint ventures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>b)</B></TD><TD STYLE="text-align: justify"><B>Operations acquired in 2010</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.3in; text-indent: 0in; text-align: justify">On
March 4, 2010, SQM Industrial S.A. entered an agreement with Qingdao Star Plant Protection Technology Co. Ltd. by means of which
the companies formed a joint venture, SQM Qingdao-Star Co. Ltd. Each party made a capital contribution of ThUS$2,000 for an interest
of 50%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.3in; text-indent: 0in; text-align: justify">On
June 24, 2010 SQM Industrial S.A. made a contribution of ThUS$2,500 in SQM Migao Sichuan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nota 11 - Policy and disclosures on interest in Joint Ventures
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>11.3
Detail of assets, liabilities and results of investments in joint ventures by company as of 12.31.2011 and 12.31.2010, respectively:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="27" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">12.31.2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 3%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Tax&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 23%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Joint&nbsp;venture</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Functional&nbsp;currency</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-<BR>
                                 current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenues</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Expenses</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Net&nbsp;income</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>(loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Sichuan SQM Migao Chemical Fertilizers Co Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">China</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">18,014</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,576</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">28,590</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,306</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,306</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">23,818</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(23,455</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">363</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Coromandel SQM</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">India</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Indian Rupee</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">559</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,074</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,633</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">62</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">62</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">23</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(60</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(37</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Vitas</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United Arab Emirates</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dirham of the United Arab Emirates</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">24,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,920</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">33,807</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,005</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,005</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">25,207</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(26,266</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,059</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">SQM Qindao-Star Co. Ltda.</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">China</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">1,974</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">403</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">2,377</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">314</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">314</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">5,065</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(5,028</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">37</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">45,434</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">20,973</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">66,407</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">9,687</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">9,687</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">54,113</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(54,809</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(696</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="27" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">12.31.2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Assets</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 3%"><FONT STYLE="font-size: 6pt">Tax&nbsp;ID</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 2%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 23%"><FONT STYLE="font-size: 6pt">Joint&nbsp;venture</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 5%"><FONT STYLE="font-size: 6pt">Country</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 9%"><FONT STYLE="font-size: 6pt">Functional&nbsp;currency</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>current</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Revenues</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Expenses</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>Net&nbsp;income</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>(loss)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 6pt"><B>ThUS$</B></FONT></P></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Sichuan SQM Migao Chemical Fertilizers Co Ltda.</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">China</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,987</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">11,677</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14,664</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,744</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3,744</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(46</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(46</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Coromandel SQM</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">India</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Indian Rupee</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">862</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">872</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">SQM Vitas</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">United Arab Emirates</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 6pt">Dirham of the United Arab Emirates</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">27,534</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">9,499</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">37,033</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,828</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,828</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">19,954</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(18,756</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,198</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Foreign</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">SQM Qindao-Star Co. Ltda.</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">China</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">US dollar</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">2,448</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">387</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">2,835</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">808</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">808</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">2,900</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(2,873</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">27</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">32,979</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">22,425</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">55,404</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">7,387</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">7,387</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">22,857</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(21,675</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">1,182</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nota 11 - Policy and disclosures on interest in Joint Ventures
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>11.4
Amount of net gain (loss) on investments in joint ventures by company is detailed as follows:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 8pt">Joint&nbsp;Venture</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Main&nbsp;Activities&nbsp;of&nbsp;Joint&nbsp;venture</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">%&nbsp;Interest</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Investment</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.31.2011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Investment</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.31.2010</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ThUS$</B></FONT></P></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">Coromandel SQM</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 8pt">Production
    and distribution of&nbsp; potassium nitrate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">%&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">786</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">432</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">Sichuan SQM Migao Chemical
    Fertilizer Co. Ltda.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 8pt">Production
    and distribution of soluble fertilizers.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">%&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">10,142</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">5,461</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Vitas</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 8pt">Production
    and trade of vegetal and animal specialty&nbsp; and industrial hygiene nutrition goods&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">%&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">5,677</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">17,102</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Quindao-Star Co. Ltda.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 8pt">Production
    and distribution of Vegetal Nutrition Solutions&nbsp; NPK solubles</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">%&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,032</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.4pt 3.5pt 1pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,014</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding-top: 1.4pt; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 8pt">Total</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">17,637</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.4pt 3.5pt 1pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-top: 1.4pt; padding-right: 3.5pt; padding-left: 3.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">24,009</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 12 - Intangible assets and goodwill</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>12.1 Balances</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balances</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: left">Intangible assets other than goodwill</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,316</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,270</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Goodwill</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">38,605</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">38,388</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">42,921</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">41,658</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.2 Disclosures on intangible assets and goodwill</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets relating to goodwill,
water rights, trademarks, industrial patents, rights of way and IT programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Balances and movements in the main types
of intangible assets as of December 31, 2011, and December 31, 2010 are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left">Description&nbsp;of&nbsp;types&nbsp;of <BR>intangible&nbsp;assets</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Useful&nbsp;life</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12.31.2011</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ThUS$</B></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%">Goodwill</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-left: 0; padding-right: 0">Indefinite</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">38,605</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Water rights</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Indefinite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Rights of way, net</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Indefinite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Industrial patents, net</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Finite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">IT programs, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Finite</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,938</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: right; text-indent: 30.4pt; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">42,921</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left">Description&nbsp;of&nbsp;types&nbsp;of <BR>intangible&nbsp;assets</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Useful&nbsp;life</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12.31.2010</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ThUS$</B></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%">Goodwill</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; width: 12%">Indefinite</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">38,388</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Water rights</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Indefinite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Rights of way, net</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Indefinite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Industrial patents, net</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Finite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trademarks, net</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">Finite</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">IT programs, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 1pt">Finite</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">823</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: right; text-indent: 30.4pt; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><B>41,658</B></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify; text-indent: -132pt">Note
12 - Intangible assets and Goodwill (continued)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify; text-indent: -132pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.2 Disclosures on intangible assets and goodwill (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>a)</B></TD><TD><B>Estimated useful lives or amortization rates used for
                                                                  finite identifiable intangible assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Finite useful life measures
the lifetime or the number of productive units or other similar factor that constitute its useful life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The estimated useful life for
software is three years. For other finite useful life assets, the period in which they are amortized relates to periods defined
by contracts or the rights that generate them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Indefinite useful life intangible
assets mainly relate to water rights and rights of way, which were obtained as indefinite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>b)</B></TD><TD><B>Method used to express the amortization of identifiable
                                                                  intangible assets (life or rate) </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">Amortization is calculated using the straight-line
method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><B>c)</B></TD><TD><B>Minimum and maximum amortization lives or rates of intangible
                                                                  assets:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><B>Estimated&nbsp;useful&nbsp;lives&nbsp;or&nbsp;amortization&nbsp;rate</B></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Minimum&nbsp;life&nbsp;or</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>rate</B></P></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Maximum&nbsp;life&nbsp;or&nbsp;rate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Water rights</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">Indefinite</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">Indefinite</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Rights of way</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">Indefinite</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">Indefinite</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Industrial patents</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1 year</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">16 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Trademarks</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1 year</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>IT programs</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2 years</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>d)</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Disclosure
                                                                                                                                on
                                                                                                                                internally-generated
                                                                                                                                assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">The Company has no internally-generated intangible
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify; text-indent: -132pt">Note
12 - Intangible assets and Goodwill (continued)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: justify; text-indent: -132pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.2 Disclosures on intangible assets and goodwill (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">c)</TD><TD>Movements in identifiable intangible assets as of December 31,
                                                           2011</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">Movements&nbsp;in&nbsp;identifiable&nbsp;intangible&nbsp;assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Net <BR>goodwill <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Water <BR>rights,&nbsp;net&nbsp;
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Rights&nbsp;of&nbsp;way, <BR>net
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Industrial <BR>patents,&nbsp;net
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Trademarks, <BR>net <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Computer <BR>software,&nbsp;net
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Identifiable&nbsp; <BR>intangible
    <BR>assets,&nbsp;net&nbsp;&nbsp; <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 10%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">Opening balance</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">38,388</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,546</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">396</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">501</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">823</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">41,658</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 7pt">Additions</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">217</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,812</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,029</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 7pt">Amortization</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(61</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(697</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(762</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Other increases (decreases)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(4</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(4</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Ending balance</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">38,605</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,542</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">396</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">440</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,938</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">42,921</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Movements in identifiable intangible assets as of December
31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">Movements&nbsp;in&nbsp;identifiable&nbsp;intangible&nbsp;assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Net <BR>goodwill <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Water <BR>rights,&nbsp;net&nbsp;
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Rights&nbsp;of&nbsp;way, <BR>net
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Industrial <BR>patents,&nbsp;net
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Trademarks, <BR>net <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Computer <BR>software,&nbsp;net
    <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Identifiable&nbsp; <BR>intangible
    <BR>assets,&nbsp;net&nbsp;&nbsp; <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 10%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">Opening balance</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">38,388</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,549</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">395</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">570</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">322</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">41,224</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 7pt">Additions</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">839</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">839</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 7pt">Amortization</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(338</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(407</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Other increases (decreases)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">(3</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">1</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">4</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">2</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-decoration: none; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Ending balance</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">38,388</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">1,546</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">396</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">501</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">4</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">823</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">41,658</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<!-- Field: Page; Sequence: 219; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 13 - Property, plant and equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011 and December 31, 2010, property, plant
and equipment are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B>13.1</B></TD><TD><B>Types of property, plant and equipment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description of types of property, plant and equipment</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Property, plant and equipment, net</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%">Construction-in-progress</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">297,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">356,551</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">693,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">492,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">IT equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,826</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,897</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fixed installations and accessories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">327,511</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Motor vehicles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,364</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,755,042</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,453,973</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Property, plant and equipment, gross</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Construction-in-progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">291,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,715</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,515,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,184,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">IT equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,759</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fixed installations and accessories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">618,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">531,423</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Motor vehicles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62,938</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,910</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,118,901</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,624,041</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Accumulated depreciation and value impairment of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Accumulated depreciation&nbsp; of buildings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,395</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated depreciation&nbsp; plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">821,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">691,745</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Accumulated depreciation&nbsp; of&nbsp; IT equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated depreciation of fixed installations and accessories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,410</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Accumulated depreciation&nbsp; of motor vehicles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,608</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated depreciation&nbsp; of other PP&amp;E</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,889</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,546</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,363,859</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,170,068</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 13 - Property, plant and equipment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.75pt"><B>13.2</B></TD><TD><B>Reconciliation of changes in property, plant and equipment
                                                                     by type as of December 31, 2011 and December 31, 2010:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Reconciliation&nbsp;entries&nbsp;of&nbsp;changes&nbsp;in
    <BR>property,&nbsp;plant&nbsp;and&nbsp;equipment&nbsp;by <BR>class&nbsp;as&nbsp;of&nbsp;December&nbsp;31,&nbsp;2011</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Construction&nbsp;in-<BR>
    progress</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Land</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Buildings, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Plant&nbsp;and <BR>equipment,
    <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">IT <BR>equipment, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Fixed <BR>installations
    <BR>and <BR>accessories, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Motor <BR>vehicles, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Improvement&nbsp;of <BR>leased&nbsp;property,
    <BR>plant&nbsp;and <BR>equipment,&nbsp;net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Other&nbsp;property, <BR>plant&nbsp;and
    <BR>equipment,&nbsp;net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Property,&nbsp;plant <BR>and&nbsp;equipment,<BR>
    net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 6pt"><B>&nbsp;ThUS$</B></FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 8%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">Opening balance</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">356,551</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">107,869</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">88,320</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">492,525</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">3,897</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">327,511</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">48,936</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">28,364</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,453,973</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Changes</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 6pt">Additions</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">474,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,251</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">178</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">277</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">902</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">558</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">185</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">477,848</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">Divestitures</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(85</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,371</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(451</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,971</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Depreciation expense</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(11,477</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(130,230</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,644</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(34,607</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(14,902</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(3,036</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(195,896</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Increase(decrease) in foreign currency exchange</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(42</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">127</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 6pt">Reclassifications</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(546,769</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">69,410</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">333.622</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,371</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">86,275</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">48,717</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">7,374</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Others Increases / Decreases</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14.172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,472</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(2,512</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(202</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">21</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">8,117</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">21,054</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Total changes</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(58,555</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">1,123</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">58,212</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">201,267</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(71</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">52,522</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">33,886</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">12,685</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">301,069</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Ending balance</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">297,996</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">108,992</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">146,532</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">693,792</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">3,826</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">380,033</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">82,822</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">41,049</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,755,042</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 13 - Property, plant and equipment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><B>13.2</B></TD><TD><B>Reconciliation of changes in property, plant and equipment
                                                                    by class as of December 31, 2011 and December 31, 2010, continued:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Reconciliation&nbsp;entries&nbsp;of&nbsp;changes&nbsp;in
    <BR>property,&nbsp;plant&nbsp;and&nbsp;equipment&nbsp;by <BR>class&nbsp;as&nbsp;of&nbsp;December&nbsp;31,&nbsp;2010</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Construction&nbsp;in-<BR>
    progress</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Land</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Buildings, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Plant&nbsp;and <BR>equipment, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">IT <BR>equipment, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Fixed <BR>installations <BR>and
    <BR>accessories, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Motor <BR>vehicles, <BR>net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Improvement&nbsp;of <BR>leased&nbsp;property,
    <BR>plant&nbsp;and <BR>equipment,&nbsp;net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Other&nbsp;property, <BR>plant&nbsp;and
    <BR>equipment,&nbsp;net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">Property,&nbsp;plant <BR>and&nbsp;equipment,<BR>
net</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">ThUS$</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 9%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">Opening balance</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">379,416</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">108,356</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">86,252</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">453,859</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">3,853</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">193,893</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">55,341</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">19,576</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,300,546</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6pt">Changes</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 6pt">Additions</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">295,357</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,021</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">512</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">123</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">41</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">450</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">298,016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6pt">Divestitures</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(114</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(3,391</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(116</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(3,673</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Depreciation expense</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(9,226</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(88,640</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(1,537</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(29,342</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(11,837</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(3,326</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(143,908</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Increase(decrease) in foreign currency exchange</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 6pt">Reclassifications</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(315,722</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">10,385</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">130,130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">1,484</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">162,905</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">4,969</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">5,849</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">Others Increases / Decreases</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(2,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">(847</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">6,252</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6pt">2,906</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Total changes</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(22,865</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(487</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">2,068</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">38,666</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">44</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">133,618</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">(6,405</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">8,788</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">153,427</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Ending balance</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">356,551</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">107,869</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">88,320</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">492,525</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">3,897</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">327,511</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">48,936</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">28,364</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">1,453,973</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 13 - Property, plant and equipment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>13.3</B></TD><TD><B>Detail of property, plant and equipment pledged as
                                                                    guarantee</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no restrictions on titles or
guarantees for the compliance with obligations which affect property, plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>13.4</B></TD><TD><B>Additional Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in">1)</TD><TD STYLE="text-align: justify">Leased property, plant and equipment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; text-indent: 0">At December
31, 2011, the company has no assets in leasing. At December 31, 2010 the balance of assets in leasing amounted to ThUS$ 1,373
and corresponded to 2 floors of the Las Americas building in Santiago Centro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in">2)</TD><TD>The investment properties at December 31, 2011 and at December
                                                            31, 2010 is as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.35in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Description of assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 62%; text-align: left; padding-bottom: 1pt">2 floors of the Las Americas Building, net</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: right">1,373</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total (net)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,373</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in">3)</TD><TD STYLE="text-align: justify">Interest capitalized in construction-in-progress</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; text-indent: 0">Capitalized interest amounted
to ThUS$ 22,249 as of December 31, 2011 and ThUS$ 25,947 as of December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; text-indent: 0">Financing costs are not capitalized
for periods that exceed the normal term of acquisition, construction or installation of the asset, such as in the case of delays,
interruptions or temporary suspension of the project due to technical, financial or other issues that inhibit the asset&rsquo;s
maintenance in good conditions for its use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 14 - Leases</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.15in"><B>14.1</B></TD><TD>&nbsp;<B>Disclosures on finance leases, lessee</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The asset acquired under a finance lease
relates to a contract that the Company, has with Inversiones La Esperanza S.A., which began in June 1992 and ends on June 31,
2011, The agreement entered into indicates 230 installments of UF 663,75 each, with an annual interest rate of 8,5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company held financial leases as a
tenant until July 2011, and for this reason there are no quotas or restrictions to report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">The net book
value at December 31, 2011 amounted to ThUS$ 0 and at December 31, 2011 to ThUS$ 1,373.</FONT><FONT STYLE="color: white"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reconciliation between the total gross
investment and the present value is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt"><B>12.31.2011 <BR>
    ThUS$</B></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;<B>12.31.2010<BR>
    ThUS$</B></FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Minimum payments to be made</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt">Gross<BR> investment</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt">Deferred <BR> interest</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt">Present <BR>value</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt">Gross <BR>investment</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt">Deferred <BR>interest</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 7pt">Present <BR>value</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 16%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Not exceeding one year</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">213</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(6</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">207</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Total</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">213</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">(6</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">207</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 15 - Employee benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>15.1</B></TD><TD><B>Accruals for employee benefits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Types of benefits and expenses by employee</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; text-align: left; padding-bottom: 1pt">Profit sharing and bonuses</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">30,074</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">44,011</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">30,074</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">44,011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Non- current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Profit sharing and bonuses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Severance indemnities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,208</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Pension Plan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,413</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">702</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">33,684</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,710</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>15.2</B></TD><TD><B>Policies on defined benefit plan</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This policy is applied to all benefits
received for services provided by the Company's employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term benefits for active employees
are represented by salaries, social welfare benefits, paid time off, sick leaves and other leaves, profit sharing and incentives
and non-monetary benefits; e.g., healthcare services, housing, subsidized or free goods or services. These benefits will be paid
over a term not exceeding twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company only has employee benefits
for active employees, with the exception of SQM North America, as explained in 15.4 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each incentive bonus delivered to
the Company&rsquo;s employees, there will be a disbursement in the first quarter of the following year calculated based on the
net income for the period, applying a factor obtained subsequent to the employee evaluation process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employee benefits include bonuses for
officers of the Company according to the price per share of the Company and are paid in cash. The short-term portion is presented
as the current employee benefits accrual while the long-term portion is presented as non-current.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bonus provided to the Company&rsquo;s
directors is calculated based on net income for the year at each year-end and will consider the application of a percentage factor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUB>&nbsp;</SUB></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The benefit relates to vacations (short-term
benefits to employees) as provided in the Chilean Labor Code, which indicates that employees with more than a year of service
will be entitled to annual holidays for a period of not less than fifteen paid business days. The Company provides the benefit
of two additional vacation days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 15 - Employee benefits (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>15.2</B></TD><TD><B>Policies on defined benefit plan (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employee termination benefits are agreed
upon and payable based on the last salary for each year of service to the Company or with certain maximum limits in respect to
the number of years to be considered or with respect to monetary terms. In general, this benefit is payable when the employee
or worker ceases to provide his/her services to the Company, and the right to collect can be obtained for different causes, as
indicated in the respective agreements; e.g., retirement, dismissal, voluntary retirement, incapacity or disability, death, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Law No, 19,728 published on May 14, 2001
and effective since October 01, 2002 required &ldquo;Compulsory Unemployment Insurance&rdquo; in favor of all dependent employees
regulated by the Chilean Labor Code, Article 5 of this law provided the financing of this insurance through monthly contribution
payments by both the employee and the employer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>15.3</B></TD><TD><B>Other long-term benefits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other long-term benefits relate to employee
termination benefits and are recorded at their actuarial value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.15in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Employee termination benefits at actuarial value</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: left">Employee termination benefits, Chile</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">27,574</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">26,577</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other obligations in foreign companies</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">614</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">631</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total other non-current liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">28,188</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">27,208</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">SQM North America&rsquo;s pension plan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,413</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">702</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total post-employment obligations</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,413</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">702</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employee termination benefits have been
calculated using the actuarial assessment method of the Company&rsquo;s obligations with respect to employee termination benefits,
which relate to defined benefit plans consisting of days of remuneration per year served at the time of retirement, under conditions
agreed upon in the respective agreements established between the Company and its employees.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the indemnity fund benefit plan,
the Company retains the obligation for the payment of employee termination benefits related to retirements without establishing
a separate fund with specific assets, which is referred to as not funded. The discount interest rate of flows expected to be used
was 6%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Benefit payment conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The employee termination benefit relates
to remuneration days per year worked for the Company with no limit on salary or years of service to the Company, when employees
cease to work for the Company due to turnover or death. In this case, the maximum age for men is 65 years and 60 years old for
women, which are the usual ages for retirement due to achieving the senior citizen age according to the Chilean pension system
provided in Decree Law 3,500 of 1980.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 15 - Employee benefits (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>15.3</B></TD><TD><B>Other long-term benefits (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Methodology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of the obligation for
benefits under IAS 19, Projected Benefit Obligation (PBO) is described as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To determine the Company's total liability,
the Company used a mathematical simulation model that was programmed using a computer and processed the situation of each employee
on an individual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This model considered months as discrete
time; i.e., the Company determined the age of each person and his/her salary on a monthly basis according to the growth rate.
Thus, information on each person was simulated from the beginning of the life of his/her employment contract or when he/she started
earning benefits up to the month in which the person reaches the normal retirement age, generating in each period the possible
retirement according to the Company&rsquo;s turnover rate and the mortality rate according to the age reached. When he/she reaches
retirement age, the employee finishes his/her service for the Company and receives indemnity related to retirement due to old
age.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The methodology
followed to determine the accrual for all employees covered by the agreements has considered turnover rates and the mortality
rate RV-2010 established by the Chilean Superintendence of Securities and Insurance to calculate pension-related life insurance
reserves in Chile according to the Accumulated Benefit Valuation or Accrued Cost of Benefit Method, This methodology is established
in IAS 19 Retirement Benefit Costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>15.4</B></TD><TD><B>Employee post-retirement obligations</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Up to 2002, our subsidiary SQM North Am&eacute;rica,
had agreed with its employees, a pension plan where the liability is calculated considering certain assumptions such us the expected
future severance indemnities, mortality and turnover, discounting the resulting amounts at present value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2003, SQM North America, offers
its employees, benefits associated to pensions based on system 401-k, which generates no obligations to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUB>&nbsp;</SUB>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 15 - Employee benefits (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15.4</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employee
                                                                                                                                   post-retirement
                                                                                                                                   obligations</B><FONT STYLE="color: windowtext"><SUB>,
                                                                                                                                   </SUB></FONT></FONT><B>continued</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below establishes the status of the financing plan
and the amounts recognized in the consolidated balance sheet:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>31.12.2011</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>31.12.2010</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>ThUS$</B></TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>ThUS$</B></TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Variation in projected benefit obligation (liability):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; text-align: left">Benefit liability at the beginning of year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,548</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,792</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Cost of service</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">427</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Actuarial loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(374</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Benefits paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(297</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(297</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Benefit obligation (liability) at year-end</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,619</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,549</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Change in the plan&rsquo;s assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fair value of the plan&rsquo;s assets at beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Contributions by the employer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Actual return (loss) on plan assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(533</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Benefits paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(297</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(296</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Fair value of the plan&rsquo;s assets at year-end</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,206</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,847</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accrued liability pension plan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,413</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(702</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Items not yet recognized as net regular pension-related cost elements:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net actuarial loss at the beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,111</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,056</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Amortization during the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net gain or loss during the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(927</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">865</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Adjustment made to recognize the minimum pension-related liability</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,954</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,036</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 228; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 15 - Employee benefits (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-size: 10pt"><B>15.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Employee
                                                                                                          post-retirement obligations</B><FONT STYLE="color: windowtext"><SUB>,
                                                                                                          </SUB></FONT></FONT><B>continued</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011 and December 31, 2010 the net regular
pension-related expense was composed of the following elements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12.31.2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12.31.2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: left">Costs or benefits of services earned during the period</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of interest in benefit liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">427</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -10.4pt; padding-left: 10.4pt">Actual return in plan&rsquo;s assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(532</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(869</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amortization of loss from prior periods</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net gain for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">492</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net regular pension-related expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(205</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011 and December 31, 2010 distributions
of the plan assets (SQM North America) by category are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12.31.2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12.31.2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: left">Growth securities (US instruments)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">67</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">59</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">International securities (US instruments)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Taxable bonds (US instruments)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Money market funds (US instruments)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 229; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 15 - Employee benefits (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>15.5</B></TD><TD><B>Employee termination benefits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Severance pays calculated at actuarial value present the movements
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: left">Initial balance</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(27,208</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(28,682</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of current service</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,871</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,583</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interest cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,106</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,889</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Actuarial gains/ losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(151</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Exchange rate difference</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Benefits paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,455</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Balance as of December 31</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,188</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,208</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The severance pay liability is valued using the actuarial value
method, for which purpose the company uses the following actuarial hypotheses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Mortality table</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">RV - 2010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">RV - 2009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left">Real annual interest rate</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Voluntary resignation turnover rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;Men</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0,9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0,9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">annual</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Women</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,53</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,53</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">annual</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Salary increase</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">annual</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Retirement age:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Men</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">years</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Women</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">years</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note 16 - Executive compensation plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company counts on a compensation plan
for its executives, by means of the granting of payments based on the SQM share price change, paid in cash, and the executives
may exercise their rights until the year 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Characteristics of the plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This compensation plan is related with
the company performance through the price of the Series B SQM share (Santiago Stock Exchange).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participants in this plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This compensation plan includes 46 executives
of the Company, who are entitled to this benefit, provided they stay with the Company during the dates these options are executed.
The dates for exercising the options will be the first 7 calendar days of May following to the fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation for each executive is
the differential between the average prices of the share during April of each year compared to the base price established by Company&rsquo;s
management. The base price fixed by the Company for this compensation plan amounts to US$ 50 per share<FONT STYLE="color: #00B050">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reserves the right to exchange
that benefit by shares or share options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The movement of the options in effect
for the period, the average prices for the fiscal year of the options and the average contractual life of the options in effect
as of December 31, 2011 and December 31, 2010 are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Movement for the period</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12.31.2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12.31.2010</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 66%; text-align: justify">In effect as of January 1</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">3,370,025</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,150,025</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Granted during the fiscal year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,370,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Exercised&nbsp; during the fiscal year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,030,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">In circulation as of December 31</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,340,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,370,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Average contractual life</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48&nbsp;months</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60&nbsp;months</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts accrued by the plan, as of
December 31, 2011 and December 31, 2010, amount to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Result effect</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12.31.2011</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ThUS$</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12.31.2010 <BR>ThUS$</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: justify">Amount accrued</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">22,782</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Total accrued compensation</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,200</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,782</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.2pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 17 - Equity Disclosures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The detail and movements in the funds
of equity accounts are shown in the consolidated statement of changes in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>17.1</B></TD><TD><B>Capital management</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main object of capital management
relative to the administration of the Company&rsquo;s equity is to administer the capital of SQM group as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Ensure the regular conduct of operations
                                                          and business continuity in the long term.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Ensure financing of new investments
                                                          in order to maintain steady growth.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Have an adequate capital structure in
                                                          accordance with the cycles of the economy that have an impact on the
                                                          business and the nature of the industry.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Maximize the value of SQM group in the
                                                          mid and long term.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the foregoing, the capital
requirements are included on the basis of the financing requirements of the group, 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. The
Company manages its capital structure and makes adjustments on the basis of 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no changes in the capital
management objectives or policy within the years reported in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>17.2</B></TD><TD><B>Disclosures on preference share capital </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issued share capital is divided into 263,196,524
fully paid and subscribed shares with no par value composed of 142,819,552 Series &quot;A&quot; shares and 120,376,972 Series
&ldquo;B&rdquo; shares, where both series are preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preferential voting rights for each series are detailed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Series &ldquo;A&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the election of the President of the
Company results in a tie vote, the Company's directors may vote once again, without the vote of the director elected by the Series
B shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Series &ldquo;B&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">1)</TD><TD STYLE="text-align: justify">A general or extraordinary shareholders'
                                                          meeting may be called at the request of shareholders representing 5%
                                                          of the Company's Series B shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">2)</TD><TD STYLE="text-align: justify">An extraordinary meeting of the Board
                                                          of Directors may be called with or without the agreement of the Company's
                                                          President, at the request of the director elected by Series B shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, December 31,
2010, the Group does not maintain shares in the parent company either directly or through its companies in which it has investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 17 - Equity Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>17.2</B></TD><TD><B>Disclosures on preference share capital (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Detail of types of capital in preference shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Type of capital in preferred shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Description of type of capital in preferred shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">A Serie</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">B Serie</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">A Serie</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">B Serie</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 44%">Number of authorized shares</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">142,819,552</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">120,376,972</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">142,819,552</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">120,376,972</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Par value of shares in ThUS$</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Capital amount in shares ThUS$</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,636</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amount of premium issuance ThUS$</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Amount of reserves ThUS$</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Number of fully subscribed and paid shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,819,552</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,376,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,819,552</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,376,972</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Number of subscribed, partially paid shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total number of subscribed shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">142,819,552</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">120,376,972</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">142,819,552</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">120,376,972</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011 and December 31, 2010, the Company
has not placed any new issuances of shares on the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 17 - Shareholders&rsquo; Equity Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>17.3</B></TD><TD><B>Dividend policy</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by Article 79 of the Chilean
Shareholders&rsquo; Company Act. unless otherwise decided by unanimous vote of the holders of issued and subscribed shares, the
Company must pay dividends according to the policy agreed upon at each annual General Shareholders' Meeting for an amount equivalent
to at least 30% of consolidated profit for the year ended December 31 unless the Company records a deficit in retained earnings
(losses not absorbed in prior years).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The dividends policy defined by the General
Shareholders' Meeting for year 2011 is the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>-</B></TD><TD STYLE="text-align: justify">Distribution and payment in favor
                                                                of each shareholder of a final dividend that will be equivalent
                                                                to 50% of profit for the year obtained in 2011.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>-</B></TD><TD STYLE="text-align: justify">Distribution and payment during
                                                                2011, of an interim dividend which is recorded against the aforementioned
                                                                final dividend. This interim dividend was paid (see below) during
                                                                the last quarter of 2011, and its amount did not exceed 50% of
                                                                the retained earnings for distribution obtained during 2011, which
                                                                are reflected in the Company&rsquo;s financial statements as of
                                                                September 30, 2011.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>-</B></TD><TD STYLE="text-align: justify">The distribution and payment by
                                                                the Company of the remaining balance of the final dividend related
                                                                to profit for the year for the 2011 fiscal year in up to two installments,
                                                                which must be effectively paid and distributed prior to June 30,
                                                                2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>-</B></TD><TD STYLE="text-align: justify">An amount equivalent to the remaining
                                                                50% of the Company&rsquo;s profit for the year for 2011 will be
                                                                retained and destined to the financing of operations of one or
                                                                more of the Company&rsquo;s investment projects with no prejudice
                                                                to the possible future capitalization of the entirety or a portion
                                                                of this.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">-</TD><TD STYLE="text-align: justify">The Board of Directors does not consider
                                                         the payment of any additional or interim dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>-</B></TD><TD STYLE="text-align: justify">The Board of Directors considers
                                                                as necessary to indicate that the aforementioned Dividends Policy
                                                                correspond to the intention or expectation of the Board regarding
                                                                this matter, Consequently, the enforcement of such Policy Dividends
                                                                is necessarily conditioned to net incomes finally obtained, to
                                                                the results indicating the Company&rsquo;s regular forecasts or
                                                                the existence of certain conditions that could affect them, Notwithstanding
                                                                the above and to the extent that such policy dividend does not
                                                                suffer a significant change, SQM S.A. will timely communicate
                                                                its shareholders on this matter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>17.4</B></TD><TD><B>Interim dividends</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 22, 2011, it was reported
to the Superintendence of Securities and Insurance that the Board of Directors of Sociedad Qu&iacute;mica y Minera de Chile S.A.
(SQM), in its meeting on November 22 of this year, unanimously agreed to pay and distribute the provisional dividend referred
to in SQM&rsquo;s current &ldquo;2011 Dividends Policy&rdquo; which was informed to SQM&rsquo;s General Annual Ordinary Shareholders
Meeting that was held on April 28 of this year. This, for the essential purpose of being able to pay and distribute as of December
19, 2011, a provisional dividend of US$0.73329 per share &ndash;and which is approximately equivalent to the total amount of US$193
million and the latter corresponds to 50% of the distributable net income of the fiscal year 2011 that has been accrued at September
30, 2011. The above, is charged against the net income of said fiscal year, in favor of the Shareholders who appeared registered
in SQM&rsquo;s Shareholders Registry by the 5<SUP>th</SUP> working day prior to December 19<SUP>th</SUP>, 2011, and in its equivalent
in Chilean pesos according to the value of the &ldquo;Observed dollar&rdquo; or &ldquo;USA dollar&rdquo; that appears published
in the Official Gazette on December 13, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 17 - Shareholders&rsquo; Equity Disclosures (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>17.4</B></TD><TD><B>Interim dividends (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Annual Board of Directors meeting
held on April 28, 2011, the Directors unanimously agreed to pay a final dividend of US$0.7259 per share in relation to net profit
for the year. Notwithstanding the above, US$ 0.41794 per share was already paid as an interim dividend, and this amount should
be subtracted from the final dividend detailed above, In line with this, the balance, amounting to US$ 0.30798 per share, will
be paid and distributed among shareholders of the Company who are registered with their respective shareholders registry as of
the fifth business day prior to the day in which this dividend will be paid<FONT STYLE="color: #00B050">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 23, 2010 the Board of the
Company agreed to pay interim dividends amounting to ThUS$ 110,000, payable from December 15, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At a Board of Directors meeting held on
April 29, 2010, the Directors unanimously agreed to reduce its distribution of dividends. This means that a final dividend of
US$ 0.62131 per share will be paid in relation to net profit for the year. Notwithstanding the above, US$ 0.37994 per share was
already paid as an interim dividend, and this amount should be subtracted from the final dividend detailed above, In line with
this, the balance, amounting to US$ 0.24137 per share, will be paid and distributed among shareholders of the Company who are
registered with their respective shareholders registry as of the fifth business day prior to the day in which this dividend will
be paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends presented deducted from equity
are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12.31.2011</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ThUS$</B></P></TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12.31.2010</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ThUS$</B></P></TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: justify">Final dividend</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">193,050</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">63,527</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Interim dividend</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify">Dividend accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,831</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Reversal of prior year dividend</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,831</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Dividend prepayment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">193,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">351,544</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">179,358</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: left">Dividends attributable to owners of the parent</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">349,329</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">178,164</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Dividends of non-parent ownerships</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,215</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,194</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">351,544</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">179,358</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 18 - Provisions and other non-financial liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>18.1</B></TD><TD><B>Types of provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description of types of provisions</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Other current provisions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 68%; text-align: left">Provision for legal complaints (*)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other provisions &ndash; see below</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,366</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,424</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,937</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Other non-current provisions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mine closers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other provisions &ndash; see below</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,871</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Other current provisions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,595</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,500</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(*) Provisions for legal complaints relate
to legal expenses for lawsuits whose resolution are pending, and correspond to funds estimated necessary to make the disbursement
of expenses incurred for this purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This provision relates mainly to the litigation of its subsidiary
located in Brazil and United States (see note 19.1. number 2) and other minor litigations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUB>&nbsp;</SUB></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>18.2</B></TD><TD><B>Description of other provisions </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Description&nbsp;of&nbsp;other&nbsp;provisions</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Current provisions, other provisions</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; text-align: left">Provision for tax loss in fiscal litigation</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,441</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Royalties, agreement with CORFO (the Chilean Economic Development Agency)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,182</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Temporary closer of &ldquo;El Toco operation&rdquo;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Multa Brasil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Indemnizaci&oacute;n Yara Sudafrica</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Retirement plan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Miscellaneous provisions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,001</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,464</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,366</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,424</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other long-term provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Mine closure</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,724</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,724</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,500</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 18 - Provisions and other non-financial liabilities
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>18.3</B></TD><TD><B>Other non-financial liabilities, current</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Description of other liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-align: left">Tax withholdings</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,837</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,529</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">VAT payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,416</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Guarantees received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accrual for dividend</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,831</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Monthly tax provisional payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Withholdings from employees and salaries payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Vacation accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,874</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">841</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">344</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">161,961</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">67,459</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 18 - Provisions and other non-financial liabilities
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>18.3</B></TD><TD><B>Movements in provisions as of December 31, 2011</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description of items that gave rise to<BR>
 variations</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Legal complaints</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Dismantling, cost<BR>
 of restoration and<BR>
 rehabilitation</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Other <BR>
provisions</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left">Total provisions, initial balance</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">12,424</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">20,514</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Provision used</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,080</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,099</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase (decrease) in foreign currency translation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(183</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(183</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total provisions, final balance</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,571</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,724</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,237</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">25,532</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>18.4</B></TD><TD><B>Movements in provisions as of December 31, 2010</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description of items that gave rise to <BR>
variations</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Legal complaints</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Dismantling, cost<BR>
 of restoration and<BR>
 rehabilitation</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Other<BR>
 provisions</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left">Total provisions, initial balance</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">15,852</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">19,942</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,301</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,301</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Provision used</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,803</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,803</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase (decrease) in foreign currency translation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total provisions, final balance</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,590</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,500</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,424</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">20,514</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 18 - Provisions and other non-financial liabilities
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>18.5</B></TD><TD><B>Detail of main types of provisions and other non-financial liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legal expenses: </B>This provision depends
on the pending resolution of a legal lawsuit (incurred mainly in Brazil and U.S.A.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tax accrual in tax litigation: </B>This
accrual relates to lawsuits pending resolution related to taxes in Brazil for two of our subsidiaries, SQM Brazil and NNC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CORFO (Economic Development Agency)
Royalties agreement:</B> Relates to the commercialization of mining properties that SQM Salar S.A. pays the Economic Development
Agency for on a quarterly basis. The amount of the lease payable is calculated based on sales of products extracted from the Atacama
Saltpeter deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The settlement of the aforementioned amounts
is performed on a quarterly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Temporary closure of El Toco operation:
</B>During 2010, the Company&rsquo;s Board of Directors unanimously agreed to approve the temporary closure of the Toco and Pampa
Blanca mining sectors. The Company accrued a legal severance indemnity for the employees subject to this closure during 2009 and
2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Retirement plan:</B> Corresponds to
a benefit agreed upon with employees to retire from the Company. Those employees who invoked the agreed-upon plan signed their
consent as of December 31, 2010. The effective retirement date was during 2010, but part of this benefit is pending for 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 19 - Contingencies and restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to note 18.1 the Company has only registered a provision
for those lawsuits in which the probability to lose is &ldquo;more likely than not&rdquo;, The Company is party to lawsuits and
other relevant legal actions that are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>19.1</B></TD><TD STYLE="text-align: justify"><B>Lawsuits and other relevant events</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">1.</TD>
    <TD STYLE="width: 15%; text-align: left">Plaintiff</TD>
    <TD STYLE="width: 5%; text-align: center">:</TD>
    <TD STYLE="width: 78%; text-align: justify">&nbsp;Compa&ntilde;&iacute;a de Salitre y Yodo Soledad S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">&nbsp;Sociedad Qu&iacute;mica y Minera de Chile S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">&nbsp;December 1994</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">&nbsp;Civil Court in Pozo Almonte</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">&nbsp;Nullity of mining concession Cesard 1 to 29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">&nbsp;Lower court decision in favor of SQM.&nbsp; Appellate court decision pending&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">&nbsp;ThUS$ 211</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 19 - Contingencies and restrictions (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>19.1</B></TD><TD STYLE="text-align: justify"><B>Lawsuits and other relevant events (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">2.</TD>
    <TD STYLE="width: 15%; text-align: left">Plaintiffs</TD>
    <TD STYLE="width: 5%; text-align: center">:</TD>
    <TD STYLE="width: 78%; text-align: left">JB Com&eacute;rcio de Fertilizantes e Defensivos Agr&iacute;colas Ltda. (JB)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendants</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Nitratos Naturais do Chile Ltda. (NNC)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">December 1995</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">MM 1&ordf;, Vara Civel de Comarca de Barueri, Brasil.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Compensation claim filed by JB against NNC for having appointed a</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">distributor in a territory of Brazil for which JB had an exclusive contract.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Lower court ruling against Nitratos Naturais do Chile Ltda. and recourse of  appeal pending resolution&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">ThUS$1,800</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">3.</TD>
    <TD STYLE="width: 15%; text-align: left">Plaintiff</TD>
    <TD STYLE="width: 5%; text-align: center">:</TD>
    <TD STYLE="width: 78%; text-align: justify">Compa&ntilde;&iacute;a Productora de Yodo y Sales S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Sociedad Qu&iacute;mica y Minera de Chile S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">November 1999</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Civil Court in Pozo Almonte</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Nullity of mining concession Paz II 1 to 25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">First sentence in favor of SQM. Recourse of appeal pending resolution.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">ThUS$ 162</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">4.</TD>
    <TD STYLE="width: 15%; text-align: left">Plaintiff</TD>
    <TD STYLE="width: 5%; text-align: center">:</TD>
    <TD STYLE="width: 78%; text-align: justify">Compa&ntilde;&iacute;a Productora de Yodo y Sales S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Sociedad Qu&iacute;mica y Minera de Chile S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">November 1999</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Civil Court in Pozo Almonte</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Nullity of mining concession Paz III 1 to 25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Lower court decision in favor of SQM.&nbsp; Appellate court decision pending</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">ThUS$ 204</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">5.</TD>
    <TD STYLE="width: 15%; text-align: left">Plaintiff</TD>
    <TD STYLE="width: 5%; text-align: center">:</TD>
    <TD STYLE="width: 78%; text-align: justify">Nancy Erika Urra Mu&ntilde;oz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendants</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Fresia Flores Zamorano, Duratec-Vinilit S.A. and SQM S.A. and their insurers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">December 2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">1st Civil Court of Santiago&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Labor Accident</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Evidence</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">ThUS$ 550</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">6.</TD>
    <TD STYLE="text-align: left">Plaintiffs</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Eduardo Fajardo Nu&ntilde;ez, Ana Maria Canales Poblete, Raquel Beltran Parra,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">Eduardo Fajardo Beltran and Martina Fajardo Beltran.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendants</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">SQM Salar S.A. and insured parties</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">November 2009</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">20th Civil Court in Santiago&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Labor accident</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">Evidence</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: justify">ThUS$ 1,880</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 19 - Contingencies and restrictions (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>19.1</B></TD><TD STYLE="text-align: justify"><B>Lawsuits and other relevant events (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt; text-align: justify; text-indent: -18.75pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">7.</TD>
    <TD STYLE="width: 15%; text-align: left">Plaintiff</TD>
    <TD STYLE="width: 5%; text-align: center">:</TD>
    <TD STYLE="width: 78%; text-align: left">Newland S,A,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">SQM Industrial S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">August 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Arbitral Court&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Claim for damages due to alleged breach of obligations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Ruling against SQMI.&nbsp; Complaint appeal pending</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">ThUS$480</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">8.</TD>
    <TD STYLE="text-align: left">Plaintiffs</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Mar&iacute;a Loreto Lorca Morales, Nathan Guerrero Lorca, Maryori Guerrero</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Lorca, Abraham Guerrero Lorca, Esteban Guerrero Lorca and Mar&iacute;a Sol</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Osorio Tapia et all</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendants</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Gonzalo Daved Valenzuela, July Zamorano Avenda&ntilde;o, Comercial</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Transportes y Servicios Generales July Zamorano Avenda&ntilde;o E.I.R.L.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">And in solidum SQM S.A. and insurers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">August 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">2nd Civil Court of Iquique</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Claim for damages resulting from the crash of two trucks in July 2008 near</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Pozo Almonte, causing the death of Mr. Alberto Galleguillos Monardes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">And Mr. Fernando Guerrero Tapia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">First sentence in favor of SQM S.A. Recourse period still open.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">ThUS$3,500</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">9.</TD>
    <TD STYLE="text-align: left">Plaintiff</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">City of Pomona, California USA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">SQM North America Corp (SQM NA)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">The lawsuit also was filed against Sociedad Qu&iacute;mica y</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Minera de Chile S.A. this lawsuit has not yet been notified to the Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">December 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">United States District Court for the Central District of California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Payment of expenses and other amount related to the treatment of groundwater to allow for consumption by removing the existing perchlorate in such groundwater and that supposedly come from Chilean fertilizer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Withdrawal conditioned to the outcome pending of the appeal.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">&nbsp;Not possible to determine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">10.</TD>
    <TD STYLE="text-align: left">Plaintiff</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">City of Lindsay, California USA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">SQM North America Corp (SQM NA)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">The lawsuit also was filed against Sociedad Qu&iacute;mica y</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">Minera de Chile S.A. this lawsuit has not yet been notified to the Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">December 2010</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">United States District Court for the Eastern District of California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Payment of expenses and other amount related to the treatment of groundwater to allow for consumption by removing the existing perchlorate in such groundwater and that supposedly come from Chilean fertilizer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Claim.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Not possible to determine</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.2pt; text-align: justify; text-indent: -99pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.2pt; text-align: justify; text-indent: -99pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 19 - Contingencies and restrictions (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>19.1</B></TD><TD STYLE="text-align: justify"><B>Lawsuits and other relevant events (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: left">11.</TD>
    <TD STYLE="width: 15%; text-align: left">Plaintiff</TD>
    <TD STYLE="width: 5%; text-align: center">:</TD>
    <TD STYLE="width: 78%; text-align: left">Alejandro Tapia Moyano</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">SQM Nitratos S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">February 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Labour Court of Antofagasta</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Compensation for moral damage for illness allegedly acquired as the results of works performed</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Hearing trial</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">ThUS$200</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">12.</TD>
    <TD STYLE="text-align: left">Plaintiff</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Metal&uacute;rgica FAT Limitada</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">SQM Salar S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">August&nbsp; 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">9th Civil Court in Santiago</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Compensation for early termination of supply contract and installation of metal structures.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Claim reply</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">THUS$175</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">13.</TD>
    <TD STYLE="text-align: left">Plaintiff</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Nueva Victoria Mining Company Workers Union</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">SQM S.A. y SQM Industrial S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">October 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Pozo Almonte&nbsp; Labor Court</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Protection of basic rights with compensation action for derived injury to honor, reputation, affections or sentiments,&nbsp; all of the above due to the</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">implementation of an ordinary or extraordinary work day</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Pretrial audience</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">THUS$9,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">14.</TD>
    <TD STYLE="text-align: left">Plaintiff</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Sociedad Industrial Minera Nueva Victoria S.A. Company Union.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">SQM S.A. and SQM Industrial S.A.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">December 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Labor Court of Pozo Almonte</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Alleged unpaid overtime</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Reply to accusation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">ThUS$420</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">15.</TD>
    <TD STYLE="text-align: left">Plaintiff</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Juan Osvaldo Godoy Barraza</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Defendant</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Renta Equipos Besalco Limitada and SQM S.A. and its insurers.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Date</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">February 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Court</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Labor Court of San Miguel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Reason</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Labor accident. Claim for compensationof moral and material damages</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">resulting from the accident that occured on July 25, 2007 and that resulted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">in the partial handicap of the plaintiff following the tip over of the truck he</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">drove in SQM S.A.'s premises in Pedro de Valdivia.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Status</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">Pretrial audience</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Nominal value</TD>
    <TD STYLE="text-align: center">:</TD>
    <TD STYLE="text-align: left">ThUS$640</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 19 - Contingencies and restrictions (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in"><B>19.1</B></TD><TD STYLE="text-align: justify"><B>Lawsuits and other relevant events (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 106.2pt; text-align: justify; text-indent: -99pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has been involved and will
probably continue being involved either as plaintiffs or defendants in certain judicial proceedings that have been and will be
heard by the Arbitral 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 ThUS$ 700.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has made efforts and continues
making efforts to obtain payment of certain amounts that are still owed it on occasion of their 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has not received legal notice
of any claims other than those mentioned in paragraph I above. The claims detailed above seek to annul certain mining claims that
were purchased by SQM S.A. and Subsidiaries, the proportional purchase value of which, with respect to the portion affected by
the superimposition, exceeds the nominal and approximate amount of ThUS$ 150. The claims seek payment of certain amounts allegedly
owed by the Company due to its own activities, which exceed the approximate nominal and individual amount of ThUS$ 150.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><B>19.2</B></TD><TD STYLE="text-align: justify"><B>Restrictions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bank loans of the Company have similar
restrictions to the loans of a similar nature that have been valid at the appropriate times and that amongst others relate to maximum
indebtedness and minimum equity. Save for the foregoing. The Company, is not exposed to other restrictions or limits on financial
indicators relating to contracts and agreements with creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><B>19.3</B></TD><TD STYLE="text-align: justify"><B>Commitment</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The subsidiary SQM Salar S.A. has signed
a rental contract with the Economic Development Agency (CORFO), which establishes that this subsidiary will pay rent to CORFO for
the concept of commercialization of certain mining properties owned by CORFO and for the products resulting from this commercialization.
The annual rent stated in the aforementioned contract is calculated on the basis of sales of each type of product. The contract
is in force until 2030, and rent began being paid in 1996 reflecting an expense amount of ThUS$ 23,951 as of December 31, 2011
(ThUS$ 18,717 as of December 31, 2010).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><B>19.4</B></TD><TD STYLE="text-align: justify"><B>Restricted or pledged cash</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The subsidiary Isapre Norte Grande Ltda.
in compliance with that 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This guarantee, according
to the regulations issued by the Chilean Superintendence of Healthcare is equivalent to the total sum owed to its members and medical
providers, Banco de Chile reports the present value of the guarantee to the Chilean Superintendence of Healthcare and Isapre Norte
Grande Ltda. on a daily basis. As of December 31, 2011, the guarantee amounts to ThUS$ 428.<BR CLEAR="ALL" STYLE="page-break-before: always"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the consolidated
Financial Statements as of December 31, 2011</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 19 - Contingencies and restrictions (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><B>19.5</B></TD><TD STYLE="text-align: justify"><B>Collateral received from third parties</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The main
collateral received from third parties (distributors) to guarantee Soquimich Comercial S.A.&rsquo;s compliance with obligations
in contracts of commercial mandates for the distribution and sale of fertilizers amounted to ThUS$4.467 as of December 31, 2011;
as of December 31, 2010 these amounted to ThUS $6,389 which is detailed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Entity name</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%; text-align: left">Llanos y Wammes Soc. Com. Ltda</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,926</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,037</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fertglobal Chile Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,352</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tattersall Agroinsumos S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 19 - Contingencies and restrictions (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>19.6&#9;Indirect guarantees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Guarantees in which there is no pending
balance indirectly reflect that the respective guarantees are in force and approved by the Company's Board of Directors and have
not been used by the respective subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Creditor of the guarantee</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: bold; text-align: center; padding-left: 0"><FONT STYLE="font-size: 8pt"><B>Debtor</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>Pending balances as of the <BR> closing date of
    the financial <BR> statements</B></FONT></TD><TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-left: 0"><FONT STYLE="font-size: 8pt">Name</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-left: 0"><FONT STYLE="font-size: 8pt">Relationship</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<B>Type of <BR>
    guarantee</B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.2011 <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12.31.2010 <BR>ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Australian and New Zealand Bank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM North America&nbsp; Corp</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Australian and New Zealand Bank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Europe N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Generale Bank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM North America&nbsp; Corp</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Generale Bank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Europe N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Kredietbank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM North America&nbsp; Corp</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">Kredietbank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Europe N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Banks and financial institutions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Investment Corp. N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Banks and financial institutions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Europe N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Banks and financial institutions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM North America&nbsp; Corp</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Banks and financial institutions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Nitratos Naturais do Chile Ltda.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Banks and financial institutions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM M&eacute;xico S.A. de C.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Banks and financial institutions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Brasil Ltda.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">BNP</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Investment Corp. N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Sociedad Nacional de Mineria A.G.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Potasio S.A.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 26%; text-align: left"><FONT STYLE="font-size: 8pt">ING Capital LLC</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Royal Seed Trading A.V.V.</FONT></TD><TD STYLE="width: 1%; padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">80,055</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Scotiabank &amp; Trust (Cayman) Ltd.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Royal Seed Trading A.V.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,207</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Bank of America</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Royal Seed Trading A.V.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Export Development Canada</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Royal Seed Trading A.V.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,024</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">The Bank of Tokyo-Mitsubishi UFJ Ltd.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Royal Seed Trading A.V.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,137</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">JP Morgan Chase Bank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Industrial S.A.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">The Bank of Nova Scotia</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Investment Corp. N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Morgan Stanley Capital Services</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">SQM Investment Corp. N.V.</FONT></TD><TD STYLE="padding-left: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-size: 8pt">Subsidiary</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Bond</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 20 - Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011, 2010 and 2009, revenue is detailed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Sales of goods</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,138,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,823,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,431,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Provision of services</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,022</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,570</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,438</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,145,286</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,830,413</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,438,659</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 21 - Earnings per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings per share are calculated
by dividing net income attributable to the Company&rsquo;s shareholders by the weighted average of the number of shares in circulation
during that period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As expressed, earnings per share are detailed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Earnings per share</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>12.31.2011</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ThUS$</B></P></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>12.31.2010</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ThUS$</B></P></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>12.31.2009</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ThUS$</B></P></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">&nbsp;Earnings attributable to owners of the parent</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">545,758</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">382,122</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">338,297</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>12.31.2011</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Units</B></P></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>12.31.2010</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Units</B></P></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>12.31.2010</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Units</B></P></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Number of common shares in circulation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,196,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,196,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,196,524</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Basic and diluted earnings per share (US$ per share)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has not made any operation
with a potential dilutive effect that assumes diluted earnings per share different from the basic earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 22 - Loan costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost of interest is recognized as expenses
in the year in which it is incurred, except for interest that is directly related to the acquisition and construction of tangible
property, plant and equipment assets and that complies with the requirements of IAS 23. As of December 31, 2011, total interest
expenses incurred amount to ThUS$39,335 (ThUS$35,042 as of December 31, 2010 and ThUS$ 30,979 as of December 31, 2009).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company capitalizes all interest costs
directly related to the construction or to the acquisition of property, plant and equipment, which require a substantial time to
be suitable for use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Costs of capitalized interest, property, plant and equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost of capitalized interest is determined
by applying the average or weighted average of all financing costs incurred by the Company to the monthly end balances of works-in-progress
meeting the requirements of IAS 23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rates and costs for capitalized interest
of property, plant and equipment are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Capitalization rate of costs for capitalized interest, property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Amount of costs for interest capitalized in ThUS$</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,947</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,231</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 23 - Effect of variations in the foreign currency exchange
rates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>a)</B></TD><TD STYLE="text-align: justify"><B>Foreign currency exchange differences recognized in profit or loss except for financial instruments
measured at fair value through profit or loss</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2009 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left">Conversion foreign exchange gains (losses) recognized in the result of the year.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(25,307</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(5,807</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(7,577</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Conversion foreign exchange reserves attributable to the owners of the controlling entity.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,781</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Conversion foreign exchange reserves attributable to the non-controlling entity.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(109</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 23 - Effect of variations in the foreign currency exchange
rates (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>b)</B></TD><TD><B>Reserves for foreign currency exchange differences</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">As of December 31, 2011, December 31, 2010 and December
31, 2009 foreign currency exchange differences are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Detail</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2009 <BR>ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Changes in equity generated through the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left">Comercial Hydro S.A.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">937</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">937</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">946</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQMC Internacional Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Proinsa Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Agrorama Callegari Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Isapre Cruz del Norte Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Almacenes y Dep&oacute;sitos Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sales de Magnesio Ltda.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Sociedad de Servicios de Salud S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Agrorama S.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Doktor Tarsa</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,964</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Nutrisi Holding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">SQM Vitas Fzco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(159</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ajay Europe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(176</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Misr Specialty Ferti</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SQM Eastmed Turkey</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Charlee SQM (Thailand) Co. Lta.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Coromandel SQM India</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,251</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,530</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,234</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>c)</B></TD><TD><B>Functional and presentation currency</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The functional currency in these
companies corresponds to the currency of the country of origin of each entity, and its presentation currency is the US dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>d)</B></TD><TD><B>Reasons to use one presentation currency and a different functional currency </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The total revenues of these subsidiaries
are associated with the local currency.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The commercialization cost structure of
these companies is affected by the local currency.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The equities of these companies are expressed
in local currency (Chilean peso).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in">24.1</TD><TD STYLE="text-align: left">Disclosures of disbursements related to the environment</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt; text-align: left; text-indent: -18.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company is continuously concerned with protecting the environment
both in its production processes and with respect to products manufactured. This commitment is supported by the principles indicated
in the Company&rsquo;s Sustainable Development 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&rsquo;s
Sustainable Development Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.1</TD><TD STYLE="text-align: left">Disclosures of disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, due to their low waste-to-mineral ratio, generate remaining deposits
that slightly alter the environment, A portion of the ore extracted is crushed, a process in which particle emissions occur. Currently
this operation is conducted only at the Pedro de Valdivia worksite and no ore crushing process is conducted in the Maria Elena
sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of the Company&rsquo;s products are
shipped in bulk at the Port of Tocopilla. In 2007 the city of Tocopilla was declared a zone Saturated with MP 10 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 successfully implemented since 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company carries out environmental follow-up
and monitoring plans based on specialized scientific studies, and it also provides an annual training program in environmental
matters to both its direct employees and its contractors&rsquo; employees, Within this context, the Company entered into a contract
with the National Forestry Corporation (CONAF) aimed at researching the activities of flamingo groups that live in the Salar de
Atacama (Atacama Saltpeter Deposit) lagoons. Such research includes a population count of the birds, as well as breeding research.
Environmental monitoring activities carried out by the Company at the Salar de Atacama and other systems in which it operates are
supported by a number of studies that have integrated diverse scientific efforts from prestigious research centers, including Dictuc
from the Pontificia Universidad Cat&oacute;lica in Santiago and the School of Agricultural Science of the Universidad de Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 and the Nueva Victoria plants, This
effort is being accompanied by cultural initiatives within the community and the organization of exhibits in local and regional
museums.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&rsquo; 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, and in order to do so, it acts both individually
and in conjunction with private and public entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of
consolidated financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accumulated disbursements in which
the Company incurred as of December 31, 2011 for the concept of investments in production processes, verification and control of
compliance with ordinances and laws relative to industrial processes and facilities, including prior year disbursements related
to these projects amounted to ThUS$ 19,912 and are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses as of December 31, 2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: center; vertical-align: top"><FONT STYLE="font-size: 7pt"><B>Identification
    of the <BR>
    Parent Company or<BR>
    subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom; width: 25%"><FONT STYLE="font-size: 7pt"><B>Name
    of the project with which the<BR>
    disbursement is associated</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom; width: 17%"><FONT STYLE="font-size: 7pt"><B>Concept
    for which the<BR>
    disbursement was made or<BR>
    will be made</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; width: 5%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Asset
    /<BR>
    Expense</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Description
    of the<BR>
    asset or expense<BR>
    Item</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Amount
    of <BR>
    disbursement for the<BR>
    Period ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; width: 15%; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 7pt"><B>Certain
    or estimated date on <BR>
    which disbursements were<BR>
    or will be made</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Environmental Management (Expense as of December 2011)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1,868</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQ7X - Reach 2011-2013</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1/31/2014</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IMNA - Infrastructure consulting for the storeage of dangerous
    chemicals.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Risk prevention and Environment</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">46</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">FNWR - EID Discard field in Pampa Blanca</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Risk prevention and Environment</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">FP55 - FPXA - Zone Mine EIS PB - PB Expansion EIS (Projects:
    Pampa Blanca Saltwater - Saltwater Stage I)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">945</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">JNTU - Assessment of waters at San Isidro</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Risk prevention and Environment</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">556</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">JPX9 - Enhanced Ground Granulated DAY-Prilado Coya Sur (Project:
    Pilot Plant TD and Pilot Testing of Resin)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Investigaci&oacute;n y Development</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Investigaci&oacute;n</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">11</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MNYS - Measures of Technological Change Cultural Heritage
    Dissemination Maria Elena</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Risk prevention and Environment</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">29</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MP17 - Standardization Water Chlorination ME / CS / PV</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MP5W - TK's Fuel Standards</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">613</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MPIS - Stabilization of streets and sidewalks dust suppression</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">736</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MPL5 - Repair sanitary and electrical services</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">184</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MPLS - Automation and Alarm Monitoring Station Hospital information</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses as of December 31, 2011 (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 10%; vertical-align: top; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Identification
    of the<BR>
 Parent Company or<BR>
 subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom; width: 25%"><FONT STYLE="font-size: 7pt"><B>Name
    of the project with which the <BR>
disbursement is associated</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom; width: 17%"><FONT STYLE="font-size: 7pt"><B>Concept
    for which the <BR>
disbursement was made or<BR>
 will be made</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Asset
    /<BR>
 Expense</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Description
    of the <BR>
asset or expense<BR>
 Item</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Amount
    of <BR>
disbursement for the<BR>
 Period ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Certain
    or estimated date<BR>
 on which disbursements <BR>
were or will be made</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MQ51 - Terms of Reference Project ME economic measures</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">PPNK - Management of Ammonia PV plant in Custody</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">22</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">PPZU - Standardize and certify Plant Fuel Tanks</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">785</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">JQ8K &ndash; DIA Line 4&nbsp; Floor Drying , Coya Sur (Project:
    Drying Line 4)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">9/1/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ8G - Improving exchange, offices and facilities</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">45</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MQ7P - ME Village sewer lids change</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">JQB6 - DAY Ground NPT4, Coya Sur (Project: NPTIV)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">4/30/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TQ78 - motorized sweepers</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Replacement of equipment</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">206</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Minera Nueva Victoria S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IPMN - Capacity Expansion Sanitary Iris</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">85</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MPQU - Construction of Hazardous Chemical Supplies warehouse</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">199</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">PPC1 - Eliminate PCBs in sub park switches 3 and 1/12 Pedro
    de Valdivia</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Replacement of equipment</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">68</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MQ8M - Reconditioning monitoring station ME</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Spare</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MQAJ - Improvements to Camp Water and Sewage (P Contesse commitment
    to DDSS)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses as of December 31, 2011 (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 10%; vertical-align: top; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Identification
    of the <BR>
    Parent Company or<BR>
    subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom; width: 25%"><FONT STYLE="font-size: 7pt">Name of the project with which
    the<BR>
    disbursement is associated</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 17%; vertical-align: top; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Concept
    for which the<BR>
    disbursement was made or<BR>
    will be made</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Asset
    /<BR>
    Expense</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Description
    of the<BR>
    asset or expense<BR>
    Item</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Amount
    of<BR>
    disbursement for the <BR>
Period ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Certain
    or estimated date on<BR>
    which disbursements were<BR>
    or will be mad</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Minera Nueva Victoria S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IPNW - Improvements Halls C / D / B Iris</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">44</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">8/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Minera Nueva Victoria S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ4C - Development Camp (Osmosis and Others)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1,630</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TPLR - Implementation sewage pumping system to sewer</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">68</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TPM7 - Leggings environmental field 3 and 4</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">524</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TPR8 - Disposal of liquid waste generation by aspiration</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TPYX - Enabling the dust collector of the crib and court seal
    3 Tocopilla</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1,496</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TQAV - Paving paths IV</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TQAP - Paving Court No. 3 and No. 4</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">10/30/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IP6W - Treatment Plant Riles</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">39</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">PP0V - Environmental Medium Maintenance Projects ME-PV-NV-PB</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">82</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">AQ0A - Well Drilling 4 Uptake Change Point Tamarugal Pampa</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">534</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IPFT - Cultural Heritage Region I</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">127</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IPXE - Environmental Monitoring Plan Llamara Salt</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">465</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses as of December 31, 2011 (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 10%; vertical-align: top; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Identification
    of the<BR>
    Parent Company or <BR>
    subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center; width: 25%"><FONT STYLE="font-size: 7pt">Name of the project with which
    the<BR>
    disbursement is associated</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 17%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 7pt">Concept for which the<BR>
    disbursement was made or<BR>
    will be made</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Asset
    /<BR>
    Expense</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Description
    of the <BR>
    asset or expense<BR>
    Item</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Amount
    of <BR>
    disbursement for the<BR>
    Period ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Certain
    or estimated date on<BR>
    which disbursements were<BR>
    or will be made</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IPXF - Environmental Monitoring Plan Tamarugal Pampa</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">230</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ08 - PSA Llamara &amp; Pampa Tamarugal</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1,740</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ0C - Mine Area Enhancement NV</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">65</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ1K - Construction of 3 observation wells in Old South</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">195</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ1M - PSA Re-injection of water to Puquios Llamara</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">962</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ3S - Hazardous Materials Management Standardization</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ52 - New Victoria Environment Office</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">29</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ53 - Cultural heritage route Soronal adduction (Pampa Hermosa)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ54 - Cultural heritage Pampa Hermosa</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">188</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SCI6 - Environmental Studies - Project Region I</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">2,376</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ6M - EID Victoria New South Mine Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">262</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ9V - Project Quillagua</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">323</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2014</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">CPTP - Installing emergency showers drinking water</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">26</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses as of December 31, 2011 (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: center; width: 10%"><FONT STYLE="font-size: 7pt"><B>Identification
    of the<BR>
    Parent Company or<BR>
    subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center; width: 25%"><FONT STYLE="font-size: 7pt"><B>Name
    of the project with which the<BR>
    disbursement is associated</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: center; width: 17%"><FONT STYLE="font-size: 7pt"><B>Concept
    for which the<BR>
    disbursement was made or<BR>
    will be made</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Asset
    /<BR>
    Expense</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Description
    of the <BR>
    asset or expense<BR>
    Item</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Amount
    of<BR>
    disbursement for the<BR>
    Period ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Certain
    or estimated date on <BR>
    which disbursements were<BR>
    or will be made</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">CPZH - Management of Descartes Filter Presses Hydroxide</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">39</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">LP5J - Water Recharge Study Salar de Atacama</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Research</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">105</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">LP82 - Project for the Promotion of Agricultural Activity
    in Cities of Salt</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">761</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2014</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">LPTF - Study and Environmental Survey 2010</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">370</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">LPTJ - Improvements Sanitary Works</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">206</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">LQ38 - Field Drying Sludge</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">26</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">CQ8U - New Changing Room CL - HL</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">238</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">LQAK - Boards of MOP and SOP waste</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">25</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Total</FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">19,912</FONT></TD>
    <TD STYLE="vertical-align: top; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Future expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 7pt">Identification of the<BR>
    Parent Company or<BR>
    subsidiary</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 25%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Name
    of the project with which the<BR>
    disbursement is associated</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 17%; vertical-align: top; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Concept
    for which the<BR>
    disbursement was made or<BR>
    will be made</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Asset
    /<BR>
    Expense</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Description
    of the<BR>
    asset or expense Item</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt"><B>Amount
    of<BR>
    disbursement for <BR>
    the Period ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 7pt">Certain or estimated date on which<BR>
    disbursements were or will be<BR>
    made</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Environment Management (Ppto 2011 - Expense to December 2011)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">2,243</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQ7X - Reach 2011-2013</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">551</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">1/31/2014</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">FP55 - FPXA - Mine Area EIS PB - PB Expansion EIS (Projects:
    Pampa Blanca Saltwater - Saltwater Stage I)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">800</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MNYS - Measures of Technological Change Cultural Heritage
    Dissemination Maria Elena</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">107</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MP5W - TK's Fuel Standards</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">487</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">MPQU - Construction of Hazardous Chemical Supplies warehouse</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">264</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">PPC1 - Eliminate PCBs in sub park switches 3 and 1/12 Pedro
    de Valdivia</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Replacement of equipment</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">122</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">PPNK - Management of Ammonia PV plant in Custody</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">178</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">PPZU - Standardize and certify Plant Fuel Tanks</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">2,715</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">JQ8K - EID 4 Floor Drying Line, Coya Sur (Project: Drying
    Line 4)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">13</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">9/1/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">IQ8G - Improving exchange, offices and facilities</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">JQB6 - EID Ground NPT4, Coya Sur (Project: NPTIV)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">50</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">4/30/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">TQA2 - Drainage Improvement Villa Prat</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">170</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">12/30/2011</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Future expenses (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 12%; vertical-align: top; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt"><B>Identification
    of the <BR>
    Parent Company or<BR>
    subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt"><B>Name
    of the project with which the<BR>
    disbursement is associated</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 6pt">Concept
    for which the<BR>
    disbursement was made or<BR>
    will be made</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt"><B>Asset
    /<BR>
    Expense</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 15%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt"><B>Description
    of the<BR>
    asset or expense Item</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt"><B>Amount
    of<BR>
    disbursement for <BR>
    the Period ThUS$</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt"><B>Certain
    or estimated date on which<BR>
    disbursements were or will be<BR>
    made</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">MQAJ - Improvements to Camp Water and Sewage (P Contesse commitment
    to DDSS)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">297</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">MQA8 - Standardization peripheral casinos gas networks (stage
    1: Projects)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">150</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM Industrial S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">MQBM - Archaeological Survey Deploying Maria Elena - Toco</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">56</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Minera Nueva Victoria S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">IQ4C - Development Camp (Osmosis and Others)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">1.370</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">TPR8 - Disposal of liquid waste generation by aspiration</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">86</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">TPYX - Enabling the dust collector of the crib and court seal
    3 Tocopilla</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">204</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">MQ6Y - Maintenance and repair and exchange office Tocopilla
    ME</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">20</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">TQAV - Paving paths IV</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">297</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">IQDN - Storage RISES (folder + sill)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">40</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">7/30/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">IPFT - Cultural Heritage Region I</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">96</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">IPXE - Environmental Monitoring Plan Llamara Salt</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">1,276</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">IPXF - Environmental Monitoring Plan Tamarugal Pampa</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">1,836</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">IQ08 - PSA Llamara &amp; Pampa Tamarugal</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 6pt">Sustainability: Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">27</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<!-- Field: Page; Sequence: 257; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Future expenses (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 12%">.<FONT STYLE="font-size: 6pt"><B>Identification
    of the <BR>
    Parent Company or<BR>
    subsidiary</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 20%"><FONT STYLE="font-size: 6pt"><B>Name
    of the project with which the<BR>
    disbursement is associated</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 0; padding-left: 0; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 15%"><FONT STYLE="font-size: 6pt">Concept
    for which the <BR>
    disbursement was made or<BR>
    will be made</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font-size: 6pt"><B>Asset
    /<BR>
    Expense</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 15%"><FONT STYLE="font-size: 6pt"><B>Description
    of the<BR>
    asset or expense Item</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    disbursement for<BR>
    the Period ThUS$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 6pt"><B>Certain
    or estimated date on which<BR>
    disbursements were or will be<BR>
    made</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ0C - Mine Area
    Enhancement NV</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">11</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ1K - Construction
    of 3 observation wells in Old South</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ1M - PSA Re-injection
    of water to Puquios Llamara</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">783</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ3S - Hazardous
    Materials Management Standardization</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">300</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ52 - New Victoria
    Office Environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ53 - Cultural
    heritage route Soronal adduction (Pampa Hermosa)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">15</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ54 - Cultural
    heritage Pampa Hermosa</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">764</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ9V - Project
    Quillagua</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">849</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2014</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PQB9 - Change of
    exhaust gas SO2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">178</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM Salar
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">CQ4M - Adjustment
    Facility Contractors</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Environment and Risk prevention</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">26</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-size: 6pt">SQM Salar
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LP82 - Project
    for the Promotion of Agricultural Activity in Cities of Salt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">822</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2014</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">SQM Salar
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">CQ8U - New Changing
    Room CL - HL</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">102</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">Total</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">17,338</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses, as of December 31, 2010</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Identification
    of the<BR>
    Parent Company or<BR>
    subsidiary</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Name
    of the project with which the disbursement is<BR>
    associated</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 0; padding-left: 0; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Concept
    for which the disbursement was<BR>
    made or will be made</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset
    /<BR>
    Expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Description
    of<BR>
    the asset or <BR>
    expense Item</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    disbursement <BR>
    for the Period<BR>
    ThUS$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Certain
    or estimated <BR>
    date on which<BR>
    disbursements were or<BR>
    will be made</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Environment Management
    (2010 Expense)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1,270</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 6pt">EPRH
    &ndash; REACH 2010</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1,010</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MCLX - Cleaning
    of the saving yards</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Cost reduction</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">604</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">ANMI -&nbsp; Infrastructure
    consulting for the storage of dangerous chemical substances</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">46</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MNH8 - Lightning
    upgrades</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">228</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SCCY - Disposal
    of dangerous residue</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">165</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">JNTU - San Isidro
    water evaluation</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">556</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">JNNX - Nitrate
    environment various</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">51</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MNTE - Industrial
    hygiene equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">INST - Acquisition
    of used lubricant rapid disposal bank, NV-ME-PB</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">46</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">07-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MP17 - Normalization
    of consumable water ME/CS/PV</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MP5W - Normalization
    TK&acute;s fuel</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">397</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">FNWR EID Discard
    field Pampa Blanca</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">30</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MNYS Actions for
    the dissemination of cultural heritage, technology change Maria Elena</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">21</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">FP55-FPXA</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1,106</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MP8Z Automation
    of water volume inlet pipe ME, CS and Vergara</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">523</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MPL5Repair of sanitary
    and electric facilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">184</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MPIS - Stabilization
    of streets and suppression of dust at sidewalks</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">736</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PPNK Handling of
    PV ammonia in Detention of plant</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">22</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MPGF Improvement
    of sealing and pressurization room 031</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">48</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TPO4 Indigenous
    camp</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">88</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">06-11-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MPLS Automated
    alarms and information of monitoring station Hospital</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Minera Nueva Victoria
    S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IPNW Extension
    in sanitary capacity for Iris</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">44</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Minera Nueva Victoria
    S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IPMN Extension
    in sanitary capacity for Iris</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Capacity upgrade</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">85</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PNH2 Maintenance
    of Environmental projects ME-PV-NV-PB</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">48</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">06-29-2010</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses, as of December31, 2010 (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Identification
    of the<BR>
    Parent Company or <BR>
    subsidiary</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Name
    of the project with which the<BR>
    disbursement is associated</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 0; padding-left: 0; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Concept
    for which the disbursement was<BR>
    made or will be made</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset
    /<BR>
    Expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Description
    of<BR>
    the asset or<BR>
    expense Item</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    disbursement <BR>
    for the Period<BR>
    ThUS$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 0; padding-left: 0; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Certain
    or estimated<BR>
    date on which<BR>
    disbursements were<BR>
    or will be made</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PP0V - Maintenance
    of environmental projects ME-PV-NV-PB</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">82</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IP6W Treatment plants
    of &ldquo;riles&rdquo;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">95</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PPAT - Risk prevention
    projects Sem II 2008</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">157</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LP5K Environmental
    evaluation (mop)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LP5J - Water study
    Water Recharge Atacama Saltpeter deposit</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Research</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">83</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LNNT Environmental
    projects Salar Chaxa</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">98</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPIL Upgrade SOP plant</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Capacity upgrade</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">17</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPIK Potassium Plant</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Capacity upgrade</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LP82 - Project
    to foster the agricultural activity in Locations of Salar</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">331</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPGA Improvement in
    facilitiesToconao</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Capacity upgrade</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">109</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">09-30-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPK2 Cash exchange
    house</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">102</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPN3 New plant MOP</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Investigation</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">CPTP - Installation
    of drinking water emergency showers</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">14</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">04-01-2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPTF Environment
    projects</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">169</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPTJ Sanitary upgrades</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">95</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">05-01-2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPPJ - EID SOP
    upgrade</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Capacity upgrade</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">14</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-31-2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TNLA - Road paving</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">82</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PNOT - Lightning
    upgrade (train area)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset -Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">369</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TPR8 - Elimination
    of waste water generation through vacuum</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">54</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TPLR - Waste disposal
    system</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">68</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12-01-2010</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TPM7 - Environment
    projects</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">524</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">06-30-2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SCI6 - Environment
    studies</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">2,376</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10-01-2010</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accumulated expenses, as of December 31, 2010 (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Identification
    of <BR>
    the Parent<BR>
    Company or<BR>
    subsidiary</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Name
    of the project with which the <BR>
    disbursement is associated</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 0; padding-left: 0; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Concept
    for which the disbursement was<BR>
    made or will be made</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset
    /<BR>
    Expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Description
    of <BR>
    the asset or<BR>
    expense Item</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    disbursement <BR>
    for the Period<BR>
    ThUS$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Certain
    or estimated <BR>
    date on which<BR>
    disbursements were<BR>
    or will be made</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">AQ0A Llamara &amp;
    Tamarugal Meadows</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support Natural
    resources</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">5</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 6pt">03,30,2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IPFT - I Region
    of Chile Cultural heritage</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">111</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-size: 6pt">12,31,2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">IPXE- Environmental
    follow-up plan at Tamarugal Meadows</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Support: Risk prevention
    and the environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Not classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">12,31,2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">12,345</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.2</TD><TD STYLE="text-align: left">Detail of information on disbursements related to the environment (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Future expenses from December 31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Identification
    of the<BR>
    Parent Company or <BR>
    subsidiary</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Name
    of the project with which the<BR>
    disbursement is associated</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Concept
    for which the disbursement was made<BR>
    or will be made</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset
    / Expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Description
    of the<BR>
    asset or expense <BR>
    Item</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    disbursement <BR>
    for the Period<BR>
    ThUS$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Certain
    or<BR>
    estimated date on <BR>
    which <BR>
    disbursements<BR>
    were or will be<BR>
    made</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Management Environment
    (Ppto 2011)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1,771</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM SQM Industrial
    S.A S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">ACI9 - Enhanced
    Ground Granulated DAY-Prilado Coya Sur (Project: Study PCl II)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Research and Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Research</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">23</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IMNA - Consulting
    Infrastructure for Alm. of Sust Quim. conditions).</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MNH8 - Improvements
    in lighting</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MP5W - TK's Fuel
    Standards</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">703</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MNYS - Measures
    of Technological Change Cultural Heritage Dissemination Maria Elena</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">85</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">FP55 - FPXA - Mine
    Area EIS PB - PB Expansion EIS (Projects: Pampa Blanca Saltwater - Saltwater Stage I)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">204</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MP8Z - Automation
    Control Flow intakes ME, CS and Vergara</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">261</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PPC1 - Remove switches
    park OCB sub 3 and 1/12 Pedro de Valdivia</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Replacement of equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">171</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MPIS - Stabilization
    of streets and sidewalks dust suppression</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PPNK - Management
    of Ammonia PV plant in Custody</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">177</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PPZU - Standardize
    and certify Plant Fuel Tanks</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">3,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">7/1/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ5B - Preparation
    of slab to transfer pumps</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Capacity Expansion</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset expenditure</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">110</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10/10/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">MQ51 - Terms of
    Reference Project ME economic measures</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>24.2&#9;Detail of information on disbursements related to
the environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Future expenses from December 31, 2010, continued</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Identification
    of the<BR>
    Parent Company or <BR>
    subsidiary</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Name
    of the project with which the <BR>
    disbursement is associated</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Concept
    for which the disbursement was<BR>
    made or will be made</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset
    / Expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Description
    of the<BR>
    asset or expense<BR>
    Item</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    disbursement<BR>
    for the Period<BR>
    ThUS$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Certain
    or <BR>
    estimated date on <BR>
    which <BR>
    disbursements<BR>
    were or will be<BR>
    made</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Industrial
    S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">FQ39 - Close plain
    white</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">500</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Minera Nueva Victoria
    S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ4C - Development
    Camp (TAS and Osmosis)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">3,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PP0V - Environmental
    Medium Maintenance Projects ME-PV-NV-PB</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Nitratos S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PPAT - Risk Prevention
    Projects Sem II 2008</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LP5J - Water Recharge
    Study Salar de Atacama</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Research</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">29</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LQ38 - Field Drying
    Sludge</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">154</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">9/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LP82 - Project
    for the Promotion of Agricultural Activity in Cities of Salt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">528</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPK2 - money exchange
    enablement</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">102</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">CPTP - Installing
    emergency showers drinking water</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">4/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPTF - Study and
    Environmental Survey 2010</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">226</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LPTJ - Improvements
    Sanitary Works</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">104</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">5/1/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM Salar S.A</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">LQ33 - Adjustments
    Salar</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">300</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">PNOT - Improved
    lighting FFCC area</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset expenditure</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">65</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TPR8 - Disposal
    of liquid waste generation by aspiration</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">96</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TPLR - Implementation
    sewage pumping system to sewer</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>24.2&#9;Detail of information on disbursements related to
the environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Future expenses from December 31, 2010, continued</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Identification
    of the<BR>
    Parent Company or<BR>
    subsidiary</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Name
    of the project with which the <BR>
    disbursement is associated</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Concept
    for which the disbursement was made<BR>
    or will be made</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset
    / Expense</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Description
    of the<BR>
    asset or expense<BR>
    Item</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Amount
    of<BR>
    disbursement<BR>
    for the Period<BR>
    ThUS$</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 6pt">Certain
    or <BR>
    estimated date on<BR>
    which <BR>
    disbursements<BR>
    were or will be <BR>
    made</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SIT S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">TPM7 - environmental
    mail for fields 3 and 4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset - Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">15</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SCI6 - Environmental
    Studies - Project Region I</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">AQ0A - Well Drilling
    4 Uptake Change Point Tamarugal Pampa</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">595</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">3/30/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IPFT - Cultural
    Heritage Region I</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">47</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ0C - Mine Area
    Enhancement NV</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">139</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IPXE - Environmental
    Monitoring Plan Llamara Salt</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">530</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IPXF - Environmental
    Monitoring Plan Tamarugal Pampa</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">543</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ08 - PSA Llamara
    &amp; Pampa Tamarugal</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">424</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">2/28/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ1M - PSA Re-injection
    of water to Puquios Llamara</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">1,649</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">7/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ1K - Construction
    of 3 observation wells in Old South</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Natural Resources</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Development</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">200</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">3/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ3S - Hazardous
    Materials Management Standardization</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">400</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/30/2012</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ52 - NV Office
    Environment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">30</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">6/30/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">IQ54 - Cultural
    heritage Pampa Hermosa</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">340</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">SQM S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">IQ53 - Cultural
    heritage route Soronal adduction (Pampa Hermosa)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Sustainability:
    Prev and Environment Risk</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Asset</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">Not Classified</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">20</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">12/31/2011</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6pt">16,586</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 1pt"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.3</TD><TD STYLE="text-align: justify">Description of each project, indicating whether they are being implemented or completed</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SQM Industrial S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SQ7X:</B> The purpose of this project
is obtaining and recording information on compliments on final products of SQM in the ECHA database to comply with the requirements
set forth by the REACH regulation of the European Union. The project is in execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ANMI:</B> Compliance silver penny call
and legal matters, and specific standards that are required with regards to warehouseing, signs, safety and the main factors related
to materials, product and supplies that are handled in the works. In addition, improvement of the warehouse infrastructure will
be implemented for the storage of dangerous chemical substances. The project is completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FNWR: </B>Preparation and filing of
the DIA of the project of discarding field Pampa Blanca. The project is in its closing stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FP55 &ndash; FPXA: </B>These 2 projects
about, final objective which consists in the installation of us see what her sucking system of 87 km from the Mejillones area to
the SQM facilities in Pampa Blanca. the projected expenses correspond only to the filing of the EIA of the PB mine zone and the
EIA of the PB expansion. Both projects are in execution stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JNTU:</B> To perform the environmental
assessment of the waters of San Isidro. The project is in its closing stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JPX9:</B> This parade because of the
final purpose to perform pilot tests of 2 processes to eliminate the perchlorate of a specific product, but the predicted expenses
correspond only to the filing of the EID of the improvements to the plant of granulation&ndash;prilation Coya Sur. The project
is in execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MNYS: </B>Preparation and execution
of a project of geoglyphs conservation; editing and publishing a book and implementing a diffusion center. Construction of a collections
warehouse. All these are compensation measures of the project Technological Change Maria Elena. The project is in execution stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MP17:</B> A study and analysis of the
current chlorination of water system in Mar&iacute;a Elena, Coya Sur and Pedro de Valdivia would be performed, in order to subsequently
implement and start the operation of a water chlorination system according to the current legislation. The project is finished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MP5W:</B> Normalization of the fuel
storage and distribution system in SQM installations. The project is in execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.3</TD><TD STYLE="text-align: justify">Description of each project, indicating whether they are being implemented or completed (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MPIS:</B> Improve the urban condition
of Mar&iacute;a Elena by placing a stabilization tarmac in the streets applying an anti-dust treatment on the sidewalks. The project
is finished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MPL5:</B> Improvement of part of the
water and sewage infrastructure<B> </B>Mar&iacute;a Elena. The project is complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MPLS: </B>Implement e-mail alerts of
the concentration of particulate material in the information change in text files about that the base for the implementation of.
The project is complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MQ51: </B>The purpose of the project
is to generate the reference terms for the implementation of the of the resolution set forth in RCA N&deg;0076/2000 that grants
the environmental approval of the EID of project Mar&iacute;a Elena. The project is in its closing stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PPNK: </B>Project to ensure the control
of the ammonia gas in the crystal plant stoppage. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PPZU: </B>The necessary actions to normalize
and certify certified fuel tanks in the plants in Mar&iacute;a Elena, Coya Sur and Pedro de Valdivia we be performed. The project
is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JQ8K: </B>This project has the purpose
of building a new drying plant in Coya Sur. The projected expenses correspond only to the environmental filing. The project is
being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ8G: </B>This project contemplates
the improvement of restrooms and the expansion of their capacity. In addition to water storage sector would be improved. The project
is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MQ7P: </B>This project will renew the
sewerage caps in the town of Mar&iacute;a Elena, which currently are very old. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JQB6: </B>Preparation and filing of
the EID of project<B> </B>NPT4 of Coya Sur, which increases the salt production capacity. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TQ78: </B>This project contemplates
the purchase of sweeping trucks with a vacuum system in order to reduce the emissions of particulate material in the port of Tocopilla.
The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MPQU: </B>Construction of warehouses
for dangerous chemicals in order to comply with the current regulation and decrease the chance of accidents with high potential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.3</TD><TD STYLE="text-align: justify">Description of each project, indicating whether they are being implemented or completed (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PPC1: </B> Comply with environmental
regulations and production continuity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MQM8: </B> Perform maintenance to structures
and closing monitoring stations in Mar&iacute;a Elena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MQAJ:</B> Improve the water and sewerage
network in Maria Elena for better operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Minera Nueva Victoria S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IPMN: </B>This project contemplates
the expression of the sanitary capacity of the Iris camp. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IPNW: </B>This consists in the rear
position of deteriorated sanitary artifacts to improve hygienic conditions.<B> </B>The project is finished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ4C: </B>Supply, construction and assembly
of the osmosis and septic pits plant required to enable that Iris camp plant and other. The project is in its closing stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SIT S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TPLR: </B>The purpose of the project
is to enable the disposal of wastewater into public sewerage system. The project is finished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TPM7: </B>This project involves purchasing
mail that will be installed in fields number 3 and 4 to control dust emissions during dust-combing operations and to protect from
definitions by the electric power plant. The project is being closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TPR8: </B>This project pretends to increase
the generation of industrial waste through the use of vacuum and no-washing technologies, through the implementation of a vacuum
system that avoids the use of water and therefore the generation of liquid industrial waste. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TPYX: </B> To comply with the commitment
of decreasing their mission of particulate material made to the city of Tocopilla. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TQAV: </B>Paving and maintenance of
internal roads of the port of<B> </B>Tocopilla, to decrease pollution and to comply with the Supreme Decree related to the saturated
zone. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SQM Nitratos S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IP6W: </B>To design and build mud, water,
oil decanting pits and one tank equipped with a pump to reuse water, and metallic tanks for the removal of mud. The project is
in its closing stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.3</TD><TD STYLE="text-align: justify">Description of each project, indicating whether they are being implemented or completed (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PP0V:</B> Installation of a container
to hold dangerous residues in maintenance and elimination of Likud the industrial water filters in the maintenance workshop Mar&iacute;a
Elena, Pedro de Valdivia, Nueva Victoria and Pampa Blanca mines. The project is finished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SQM S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AQ0A: </B>To enable the use of water
rights that have been granted in several pits of the<B> </B>Conaf reservation Pampa del Tamarugal and to take them outside of the
tamarugo forest and of the reservation, reducing the environmental impact of its exploitation. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IPFT:</B> The project contemplates the
implementation of measures committed in projects in the area of the Nueva Victoria mine, update of operations in Nueva Victoria,
evaporation ducts and pits in Iris. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IPXE: </B>To implement the plan of environment
follow-up of Project Pampa Hermosa in Salar de Llamara. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IPXF: </B>To implement the environment
plan follow-up of the project Pampa Hermosa in Pampa del Tamarugal. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ08: </B>The project considers the
following words for the water reservoirs in Pampa del Tamarugal and Salar de Llamara: construction and enabling observation and
monitoring pits, pumping tests, construction of roads over hard sand terrain and Salar crust. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ0C: </B>This project consists in implementing
a program of adding value and area adyacent to route 5, which will enable the development of a self-guided tour of the area called
Cant&oacute;n de Lagunas in the context of the saltpeter history. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ1K: </B>Construction of the observation
pits in Sur Viejo to comply with the environmental commitments proposed in the EIS of Pampa Hermosa and to be able to monitor the
water reservoir near said pits. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ1M:</B> To implement environmental
commitments included in the EIS of project &ldquo;Pampa Hermosa&rdquo; to safeguard the puqu&iacute;os zone that is in the Salar
de Llamara water reservoir. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ3S: </B>Improvements in the storage
installations of dangerous raw materials in Nueva Victoria. The project is being executed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.3</TD><TD STYLE="text-align: justify">Description of each project, indicating whether they are being implemented or completed (continued)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ52: </B>This project includes the
enabling and expansion of the environment offices in Nueva Victoria. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ53: </B>To perform equity assay to
the new location of the Soronal abduction trace Project Pampa Hermosa approved through N&deg; 890/2010. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ54: </B>This corresponds to the implementation
of environmental commitments acquired through the environment assessment of the project Pampa Hermosa (RCA N&deg;890/2010). The
project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SCI6:</B> This project has the purpose
of obtaining environmental permits for the project of development in the region of Arica and Parinacota, included all the works
related to environmental obligations that enable Operations to execute the construction and operation of the project. The environmental
assessment to obtain the corresponding permit would be made to an EIS, that considers the preparation and filing of the document,
and that also include activities of specific environmental studies (study of tamarugos in Llamara and Pampa Tamarugal, archeological
mitigation measures, environment study of the Loa, hydrogeology studies). The project is in its closing stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ6M: </B>Preparation and filing of
the EID of the Project &ldquo;Expansion of Mine Nueva Victoria&rdquo;. The projected expenses only include the environment document
filing. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IQ9V: </B>To support the development
of agriculture and tourist industry in the location of Quillagua, in order to enhance the activity through productive measures,
technical assistance and marketing. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SQM Salar S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CPTP: </B>The project considers the
change of the current industrial water network, for a drinking water network in order to comply with the current regulation set
forth in<B> </B>DS 72. The project is finished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CPZH: </B>The purpose of the project
is to recuperate in a quick and safe manner the cake of LiOH and the waste without dropping it on the floor and avoiding the spelling
of nearby sectors, that would generate danger for the operators in the area. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 24 - The environment (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in">24.3</TD><TD STYLE="text-align: justify">Description of each project, indicating whether they are being implemented or completed (continued)</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LP5J: </B>To perform analysis to define
the hydrologic units of the Creek, quantified the recharge of the reservoir using environmental isotopic techniques.<B> </B>The
project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LP82: </B>To support the development
of demonstration lots, provide technical assistance for the improvement of agriculture practices such as watering. The project
is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LPTF: </B>To<B> </B>perform semi-annual
reports, given that it is necessary to present improvements and optimizations at environmental control points, and the knowledge
on geologic and hydrogeologic variables must be improved near Salar de Atacama. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LPTJ</B>: The plan considers the acquisition
of stand equipment to ensure the operating continuity of the TAS and OR plants, the change in the current control system of TK's
regarding the accumulation of drinking water, wastewater, and wastewater elevation chambers. The project is finished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LQ38: </B>This project has the purpose
to comply with the current regulations and with observations raised by the SEREMI of Health. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CQ8U: </B>To improve the condition and
capacity of the exchange rooms in Salar del Carmen. The project is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>LQAK: </B>The project considers the
construction of the waste rooms in the MOP and SOP lunchrooms. This, in order to increase the capacity of waste storage. The project
is being executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: left; text-indent: -132pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: left; text-indent: -132pt">Note 25
- Other current and non-current non-financial assets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 132pt; text-align: left; text-indent: -132pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, and December 31,
2010, the composition of other current and non-current assets is detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: left"><B>Other non-financial&nbsp; assets, current</B>&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">ThUS$</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">ThUS$</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Domestic Value Added Tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,795</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign Value Added Tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Prepaid mining licenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,281</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepaid insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Prepaid leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marine concessions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,154</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,460</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">63,792</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">44,442</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: left"><B>Other non-financial&nbsp; assets, non-current</B>&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: right"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">ThUS$</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Stain development expenses and prospecting expenses (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income taxes recoverable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Guarantee deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">514</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,542</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,642</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">24,651</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">24,157</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">(1)</TD><TD STYLE="text-align: justify">Assets for the exploration or evaluation of mineral resources are amortized to the extent that
the explored or evaluated area has been exploited. For this purpose, a variable rate is applied to extracted tons, which is determined
based on the measured initial reserve and evaluation cost. The Company presents expenses associated with Exploration and Evaluation
of Mineral Resources. Of these expenses, those that are under exploitation are included under Inventory and are amortized according
to the estimated ore reserves contained, and expenses associated with future reserves are presented under Other non-current assets.
Those expenses incurred on properties with low ore grade that are not economically exploitable are directly charged to income.
As of December 31, 2011 balances associated with the exploration and assessment of mineral resources is presented under Inventory
for ThUS$ 3,699 (ThUS$ 1,723 as of December 31, 2010).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 25 - Other current and non-current
non-financial assets (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reconciliation of changes in assets
for exploration and mineral resource evaluation, by type</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Movements in assets for the exploration
and evaluation of mineral resources as of December 31, 2011 and December 31, 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: left"><B>Reconciliation</B>&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Assets for the exploration and evaluation of mineral resources, net, beginning balance</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,350</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,832</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Changes in assets for exploration and assessment of mineral resources:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,883</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,044</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Decrease due to transfers and other charges</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,849</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,438</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Assets for exploration and assessment of mineral resources, net, final balance</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,395</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,350</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the presentation date, no reevaluations
of assets for exploration and assessment of mineral resources have been conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.1</B></TD><TD><B>Operating segments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance of each
item presented in each operating segment is equal to that reported to the maximum authority who makes decisions regarding the operation,
in order to decide on the allocation of resources to the defined segments and to assess its performance. The reported information
in each segment is obtained from the consolidated financial statements of the company and, therefore, no consolidation is required
between the abovementioned data and that reported in the corresponding operating segments, according to what is set forth in paragraph
28 of IFRS N&deg; 8, &ldquo;Operating Segments&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating segments relate to the following
groups of products that generate revenue and for which the Company incurs expenses and the result of which is regularly reviewed
by the Company's maximum authority in the decision-making process:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. - Specialty plant nutrients</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. - Iodine and its derivatives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. - Lithium and its derivatives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. - Industrial chemicals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. - Potassium</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. - Other products and services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information relative to assets, liabilities
and profit and expenses that cannot be assigned to the segments indicated above, due to the nature of production processes, is
included under the &quot;Corporate Unit&quot; category of disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: whitesmoke">The indicator used by management
to performance measurement and resource allocation to each segment, is related to the margin of each segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: whitesmoke">Sales between segments are made
in the same conditions as those made to third parties, and are consistently measures as presented in the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.2</B></TD><TD><B>Statement of income classified by operating segments based on groups of products as of December 31, 2011:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Items&nbsp;in&nbsp;the&nbsp;statement&nbsp;of&nbsp;income</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Specialty<BR>
    plant<BR> nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Iodine&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Lithium&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Industrial&nbsp;chemicals<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Potassium&nbsp;<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Other<BR>
    products<BR> and<BR> services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Corporate<BR>
    unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Total<BR>
    segments<BR> and<BR> Corporate<BR> unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 6">Sales</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">721,696</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">454,468</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">183,403</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">139,508</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">555,742</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">90,469</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">2,145,286</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 6">Cost of sales</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(494,220</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(192,107</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(98,173</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(83,503</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(337,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(85,013</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(1,290,494</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">Gross profit</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">227,476</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">262,361</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">85,230</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">56,005</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">218,264</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">5,456</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">854,792</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Other income by function</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">47,681</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">47,681</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Administrative expenses</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(91,760</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(91,760</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Other expenses by function</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(63,047</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(63,047</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Other gains</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">5,787</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">5,787</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Interest income</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">23,210</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">23,210</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Interest expenses</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(39,335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(39,335</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Interest in gains from associates and joint ventures accounted for
    using the equity method</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">21,808</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">21,808</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Foreign currency transactions</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(25,307</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(25,307</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">Profit (loss) before taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">227,476</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">262,361</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">85,230</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">56,005</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">218,264</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">5,456</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(120,963</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">733,829</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Income tax expense</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(179,710</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(179,710</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">Net income (loss) from continuing operations</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">227,476</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">262,361</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">85,230</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">56,005</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">218,264</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">5,456</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(300,673</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">554,119</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Net income (loss) from discontinued operations</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">Net income (loss)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">227,476</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">262,361</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">85,230</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">56,005</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">218,264</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">5,456</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(300,673</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">554,119</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">Net income attributable to:</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">Owners of the parent</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">545,758</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 6">Non-controlling interests</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">8,361</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">Net income for the year</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">554,119</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 273; Value: 3 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.2</B></TD><TD><B>Statement of Income classified by operating segments based on groups of products as of December 31, 2010:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Items&nbsp;in&nbsp;the&nbsp;statement&nbsp;of&nbsp;income</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Specialty<BR>
    plant<BR> nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Iodine&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Lithium&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Industrial<BR>
    chemicals<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Potassium&nbsp;<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Other<BR>
    products<BR> and<BR> services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Corporate<BR>
    unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Total<BR>
    segments<BR> and<BR> Corporate<BR> unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 12%; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Sales</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">603,678</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">316,253</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">150,810</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">149,706</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">528,151</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">81,815</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">1,830,413</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Cost of sales</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(431,735</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(177,425</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(85,596</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(82,489</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(350,092</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(77,073</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(1,204,410</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Gross
    profit</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">171,943</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">138,828</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">65,214</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">67,217</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">178,059</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,742</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">626,003</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Other income by function</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">6,545</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">6,545</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Administrative expenses</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(78,819</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(78,819</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Other expenses by function</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(36,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(36,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Other gains (losses)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(6,979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(6,979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Interest income</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">12,930</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">12,930</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Interest expenses</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(35,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(35,042</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Interest in gains from associates
    and joint ventures accounted for using the equity method</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">10,681</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">10,681</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Foreign currency transactions</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(5,807</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(5,807</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Income
    (loss) before taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">171,943</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">138,828</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">65,214</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">67,217</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">178,059</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,742</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(132,703</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">493,300</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Income tax expense</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(106,029</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(106,029</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income
    (loss) from continuing operations</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">171,943</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">138,828</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">65,214</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">67,217</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">178,059</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,742</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(238,732</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">387,271</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income (loss) from discontinued
    operations</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income
    (loss)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">171,943</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">138,828</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">65,214</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">67,217</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">178,059</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,742</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(238,732</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">387,271</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income
    attributable to:</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><FONT STYLE="font-size: 6">Owners of the parent</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">382,122</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt"><FONT STYLE="font-size: 6">Non-controlling interests</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">5,149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Profit
    for the year</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">387,271</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.2</B></TD><TD><B>Statement of Income classified by operating segments based on groups of products as of December 31, 2009:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Items&nbsp;in&nbsp;the&nbsp;statement&nbsp;of&nbsp;income</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Specialty<BR>
    plant<BR> nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Iodine&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Lithium&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Industrial<BR>
    chemicals<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Potassium&nbsp;<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Other<BR>
    products<BR> and<BR> services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Corporate<BR>
    &nbsp;unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 6">Total<BR>
    segments<BR> and<BR> Corporate<BR> unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 12%; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Sales</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">526,953</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">190,915</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">117,844</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">115,385</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">399,109</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">88,453</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 6">1,438,659</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Cost of sales</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(382,959</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(73,978</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(60,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(57,385</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(249,617</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(84,233</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(908,474</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Gross
    profit</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">143,994</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">116,937</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">57,542</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">58,000</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">149,492</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,220</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">530,185</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Other income by function</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">17,009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">17,009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Administrative expenses</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(75,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(75,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Other expenses by function</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(21,847</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(21,847</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Other gains (losses)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(13,705</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(13,705</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Interest income</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">13,525</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">13,525</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Interest expenses</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(30,979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(30,979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Interest in gains from associates
    and joint ventures accounted for using the equity method</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">4,462</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">4,462</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Foreign currency transactions</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(7,577</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(7,577</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Income
    (loss) before taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">143,994</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">116,937</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">57,542</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">58,000</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">149,492</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,220</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(114,582</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">415,603</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Income tax expense</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(75,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">(75,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income
    (loss) from continuing operations</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">143,994</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">116,937</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">57,542</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">58,000</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">149,492</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,220</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(190,422</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">339,763</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income (loss) from discontinued
    operations</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income
    (loss)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">143,994</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">116,937</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">57,542</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">58,000</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">149,492</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">4,220</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">(190,422</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">339,763</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Net income
    attributable to:</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><FONT STYLE="font-size: 6">Owners of the parent</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">338,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt"><FONT STYLE="font-size: 6">Non-controlling interests</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">1,466</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-size: 6">Profit
    for the year</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 6">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 6">339,763</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 6">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>26.3&#9;Revenues from ordinary activities from transactions
with other Operating Segments of the company at December 31, 2011 are detailed as follows: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty
    plant<BR> nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Iodine
    and<BR> its derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Lithium
    and its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Industrial
    chemicals<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Potassium
    <BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other
    products and<BR> services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate
    unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total
    segments and<BR> Corporate unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">268,628</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">620,516</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">136,894</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">265,298</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">568,393</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">365,225</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,224,954</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>26.3&#9;Revenues from ordinary activities from transactions
with other Operating Segments of the company at December 31, 2010 are detailed as follows:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty&nbsp;plant<BR>
    nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Iodine&nbsp;and&nbsp;its<BR>
    derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Lithium&nbsp;and&nbsp;its<BR>
    derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Industrial&nbsp;chemicals<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Potassium&nbsp;<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other&nbsp;products&nbsp;and<BR>
    services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate&nbsp;unit<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total&nbsp;segments&nbsp;and<BR>
    Corporate&nbsp;unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">233,064</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">416,758</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">91,675</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">227,567</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">468,169</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">225,402</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,662,635</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>26.3&#9;Revenues from ordinary activities from transactions
with other Operating Segments of the company at December 31, 2009 are detailed as follows:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty&nbsp;plant<BR>
    nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Iodine&nbsp;and&nbsp;its<BR>
    derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Lithium&nbsp;and&nbsp;its<BR>
    derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Industrial&nbsp;chemicals<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Potassium&nbsp;<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other&nbsp;products&nbsp;and<BR>
    services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Corporate&nbsp;unit<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total&nbsp;segments&nbsp;and<BR>
    Corporate&nbsp;unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">125,924</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">336,743</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62,677</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">144,184</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">365,940</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">275,429</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,310,897</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.4</B></TD><TD STYLE="text-align: justify"><B>Disbursements of non-monetary assets of the segment as of December 31, 2011:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Identification
    of disbursements of non-monetary assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chile<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Latin
    America<BR> and the<BR> Caribbean<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Europe<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">North
    America<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Asia
    and<BR> others<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balances<BR>
    according to the<BR> Statement of<BR> Financial<BR> Position<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 28%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Investments in joint ventures</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,909</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,909</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Coromandel SQM India</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">409</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">409</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">SQM Migao Sichuan</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Amounts in addition of non-current assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">500,118</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">501,118</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;- Property, plant and equipment</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">500,895</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">500,895</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;- Intangible assets</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">223</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">223</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Total segments</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">501,118</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">4,909</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">506,027</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.4</B></TD><TD STYLE="text-align: justify"><B>Disbursements of non-monetary assets of the segment as of December 31, 2010:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Identification
    of disbursements of non-monetary assets</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chile<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Latin
    America<BR> and the<BR> Caribbean<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Europe<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">North
    America<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Asia
    and<BR> others<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balances<BR>
    according to the<BR> Statement of<BR> Financial<BR> Position<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 28%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Investments in joint ventures</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,500</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,500</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">SQM Quindao &ndash; Star</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">SQM Migao Sichuan</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Amounts in addition of non-current assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">335,997</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">335,997</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;- Property, plant and equipment</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">335,632</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">335,632</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;- Intangible assets</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">365</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">365</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total segments</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">335,997</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">3,500</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">339,497</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.5</B></TD><TD><B>Information on products and services of external customers</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenues from operating activities with external customers by
group of product and service as of December 31, 2011 are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Items
    in the statement of income</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty
    plant<BR> nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Iodine
    and<BR> its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Lithium
    and<BR> its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Industrial<BR>
    chemicals<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Potassium<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other<BR>
    products<BR> and services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total<BR>
    segments and<BR> Corporate Unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Revenue</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">721,696</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">454,468</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">183,403</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">139,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">555,742</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">90,469</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,145,286</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenues from operating activities from external customers by
group of product and service as of December 31, 2010 are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Items&nbsp;in&nbsp;the&nbsp;statement&nbsp;of&nbsp;income</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty&nbsp;plant<BR>
    nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Iodine&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Lithium&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Industrial<BR>
    chemicals<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Potassium&nbsp;<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other<BR>
    products<BR> and&nbsp;services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total<BR>
    segments&nbsp;and<BR> Corporate&nbsp;Unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Revenue</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">603,678</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">316,253</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">150,810</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">149,706</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">528,151</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">81,815</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,830,413</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenues from operating activities from external customers by
group of product and service as of December 31, 2009 are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Items&nbsp;in&nbsp;the&nbsp;statement&nbsp;of&nbsp;income</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Specialty&nbsp;plant<BR>
    nutrients<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Iodine&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Lithium&nbsp;and<BR>
    its<BR> derivatives<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Industrial<BR>
    chemicals<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Potassium&nbsp;<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other<BR>
    products<BR> and&nbsp;services<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total\
    <BR>segments&nbsp;and<BR> Corporate&nbsp;Unit<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 8pt">Revenue</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">526,953</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">190,915</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">117,844</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115,385</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">399,109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">88,453</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,438,659</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.6</B></TD><TD><B>Information on geographical areas</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.7</B></TD><TD><B>Revenues from operating activities from external customers classified by geographical areas as of December 31, 2011:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Identification&nbsp;of&nbsp;revenue&nbsp;from&nbsp;external&nbsp;customers</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chile<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Latin&nbsp;America<BR>
    and&nbsp;the<BR> Caribbean<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Europe<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">North&nbsp;America<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Asia&nbsp;and<BR>
    others<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balances<BR>
    according&nbsp;to<BR> the Statement<BR> of income<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Revenue</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">247,510</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">284,605</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">837,126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">445,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">330,997</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,145,286</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.7</B></TD><TD><B>Revenue from external customers, classified by geographical areas as of December 31, 2010:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Identification&nbsp;of&nbsp;revenue&nbsp;from&nbsp;external&nbsp;customers</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chile<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Latin&nbsp;America<BR>
    and&nbsp;the<BR> Caribbean<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Europe<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">North&nbsp;America<BR>
    ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Asia&nbsp;and<BR>
    others<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balances<BR>
    according&nbsp;to<BR> the Statement<BR> of income<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Revenue</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">216,028</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">162,967</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">799,457</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">363,676</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">288,285</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,830,413</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.7</B></TD><TD><B>Revenue from external customers, classified by geographical areas as of December 31, 2009:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Identification&nbsp;of&nbsp;revenue&nbsp;from&nbsp;external&nbsp;customers</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Chile<BR>
    ThUS$</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Latin&nbsp;America<BR>
    and&nbsp;the<BR> Caribbean<BR> ThUS$</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Europe<BR>
    ThUS$</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">North&nbsp;America<BR>
    ThUS$</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Asia&nbsp;and<BR>
    others<BR> ThUS$</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balances<BR>
    according&nbsp;to<BR> the Statement<BR> of income<BR> ThUS$</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Revenue</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">250,730</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">169,148</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">408,682</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">299,926</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">310,173</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,438,659</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.8</B></TD><TD><B>Non-current assets classified by geographical area as of December 31, 2011:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-current&nbsp;asset&nbsp;items</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Chile<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Latin<BR> America and<BR> the <BR> Caribbean<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Europe<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">North&nbsp;America<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Asia&nbsp;and<BR> others<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances<BR> according&nbsp;to<BR> the&nbsp;Statement<BR> of&nbsp;financial<BR> position<BR> ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 28%; text-align: left">Investments in associates accounted for using the equity method</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,444</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16,919</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">14,867</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">27,464</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">60,694</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets other than goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,316</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,146</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">38,605</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,752,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,755,042</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">24,413</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">238</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">24,651</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,809,871</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,757</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">28,681</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">15,335</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">27.664</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,883,308</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.8</B></TD><TD><B>Non-current assets classified by geographical area as of December 31, 2010:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-current&nbsp;asset&nbsp;items</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Chile<BR> ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Latin<BR> America and<BR> the<BR> Caribbean<BR> ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Europe<BR> ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">North&nbsp;America<BR> ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Asia&nbsp;and<BR> others<BR> ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balances<BR> according&nbsp;to<BR> the&nbsp;Statement<BR> of&nbsp;financial<BR> position<BR> ThUS$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 28%; text-align: left">Investments in associates accounted for using the equity method</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,352</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">19,615</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7,251</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">34,053</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">62,271</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets other than goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,147</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,388</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,451,576</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,453,973</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">112,820</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">227</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,293</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">373</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">116,713</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,594,033</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2,171</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31,323</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">11,809</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">36,652</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">1,675,988</TD><TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.9</B></TD><TD><B>Information on main customers</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the degree of dependency
of the Company on its customers, in accordance with paragraph N&deg; 34 of IFRS N&deg; 8, the Company has no external customers
who individually represent 10% or more of its income from operating activities. Credit risk concentrations with respect to trade
and other accounts receivable are limited due to the significant number of entities in the Company&rsquo;s portfolio and its worldwide
distribution. The Company&rsquo;s policy requires guarantees (such as letters of credit, guarantee clauses and others) and/or to
maintain insurance policies for certain accounts as deemed necessary by the Company's Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.10</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment classified by geographical area as of December 31, 2011:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Property,&nbsp;plant&nbsp;and&nbsp;equipment</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Chile</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Latin&nbsp;America<BR> and&nbsp;the<BR> Caribbean</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Europe</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">North&nbsp;America</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Asia&nbsp;and<BR> others</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center"><B>12.31.2011</B> </TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;Production and Port facilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; text-align: left">Coya Sur</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">279,416</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">279,416</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Mar&iacute;a Elena</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,046</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,046</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Nueva Victoria</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Pampa Blanca</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,998</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pedro de Valdivia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,662</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,662</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Salar de Atacama</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">648,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">648,303</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Salar del Carmen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tocopilla (port premises)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,629</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,629</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Sub total Production and Port facilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,728,767</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,728,767</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Corporate facilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Santiago</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,752</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Antofagasta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,907</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal corporate facilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,659</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,659</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal business offices</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,565</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,433</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">389</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">200</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,616</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,752,991</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,433</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">389</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">200</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,755,042</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 281; Value: 3 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>26.10</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment classified by geographical area as of December 31, 2010:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Property,&nbsp;plant&nbsp;and&nbsp;equipment</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Chile</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Latin&nbsp;America<BR> and&nbsp;the<BR> Caribbean</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Europe</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">North&nbsp;America</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Asia&nbsp;and<BR> others</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center"><B>&nbsp;12.31.2010</B> </TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Production and Port facilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; text-align: left">Coya Sur</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">256,570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">256,570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Mar&iacute;a Elena</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">144,233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Nueva Victoria</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,134</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Pampa Blanca</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,381</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pedro de Valdivia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Salar de Atacama</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">442,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">442,281</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Salar del Carmen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213,488</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tocopilla (port premises)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Sub total Production and Port facilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,427,600</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,427,600</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Corporate facilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Santiago</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,506</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Antofagasta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,831</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal corporate facilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,337</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,337</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Subtotal business offices</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,639</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,858</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">331</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">40</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">168</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,036</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,451,576</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,858</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">331</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">40</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">168</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,453,973</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 26 - Operating Segments (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>26.10&#9; Property, plant and equipment
classified by geographic area, continued </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The company's main
productive facilities are located near their mines and extraction facilities in northern Chile. The following table presents the
main production facilities as of December 31, 2011 and December 31, 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 27%; font-weight: bold; text-decoration: underline">Location</TD>
    <TD NOWRAP STYLE="width: 73%; font-weight: bold; text-decoration: underline">&nbsp;Products:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Pedro de Valdivia</TD>
    <TD NOWRAP>Production of nitrite, sulfate, and iodine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Mar&iacute;a Elena</TD>
    <TD NOWRAP>Production of nitrite, sulfate, and iodine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Coya Sur</TD>
    <TD NOWRAP>Production of nitrite, sulfate, and iodine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Nueva Victoria</TD>
    <TD NOWRAP>Production of iodine and nitrate salts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Salar de Atacama</TD>
    <TD NOWRAP>Potasium chloride, Litium chloride and boric acid</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Salar del Carmen</TD>
    <TD NOWRAP>Production of Lithium carbonate and lithium hydroxide, production of boron.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tocopilla</TD>
    <TD NOWRAP>Port facilities</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 27 - Income statement information by function of expenses
presented according to the expenses nature </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>27.1.-&nbsp;&nbsp;<U>Revenue from ordinary activities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,138,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,823,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,431,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Services</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,022</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">6,570</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,438</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,145,286</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,830,413</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,438,659</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>27.2.-&nbsp;&nbsp;<U>Cost of sales</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Payroll and employee benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118,603</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw material and supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">572,652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fuel and power</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,126</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lease of machinery, equipment and other goods</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,312</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Contractors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,989</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Maintenance services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Freight</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,219</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,200</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">117,732</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,290,494</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,204,410</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">908,474</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>27.3.-&nbsp;&nbsp;<U>Other income</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Discounts obtained from suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">922</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Compensation received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Penalties charged to suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">288</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Taxes recovered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Insurance recovered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Excess in the provision of liabilities with 3rd parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">424</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Excess in bad-debt provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sale of fixed assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">248</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Sale of materials, spare parts and supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sale of mining concessions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,170</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Sale of scrap metal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Compensation Minera Esperanza</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,356</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Excess inventory provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sale of concession of Minera Sierra Gorda</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Overestimation of employee post-retirement obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sundry services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other operating results</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,919</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,154</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,255</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">47,681</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,545</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17.009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 27 - information of the income statement by expense
function, presented according to the nature of expenses ( continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>27.4.-<U> Management expenses</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Payroll and employee benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,399</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">45,267</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">40,433</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">40,071</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">91,760</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">78,819</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">75,470</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>27.5.-&nbsp;<U>Other expenses, by function</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Impairment Of Doubtful Accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,364</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,293</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">VAT And Other Unrecoverable Tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">543</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Fines</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment Plan Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,737</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Donations Rejected As Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,431</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustment To Fixed Asset Realization Value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Loss In Bids</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Impairmen of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,001</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Indemnification Paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Depreciation Of Stopped Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,677</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trial In Brasil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Provision of exploration expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Indemnification Of&nbsp; Yara Sudafrica</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other Operating Expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">827</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,411</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,448</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">63,047</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36,212</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,847</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>27.6.- <U>Other gains (losses)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Retirement plan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,500</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustment of Equity Method, prior year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">El Toco shut-down provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,900</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,500</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sale of investment in associates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Layoff process costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,696</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">El Toco closing provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,028</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Lack of capital contribution income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(2</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,787</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(6,979</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(13,705</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2011 and December 31, 2010, current income
taxes recoverable are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.75pt"><B>28.1</B></TD><TD><B>Current tax accounts receivable</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net monthly tax provisional payments, Chilean companies actual year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,614</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net monthly tax provisional payments, Chilean companies prior year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Monthly tax provisional payments, foreign companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">562</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Corporate tax credits (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Corporate tax absorbed by tax losses (2)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,756</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">9,328</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,765</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">32,773</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1): These credits are available to companies
and relate to the corporate tax payment in April of the following year, These credits include, amongst others, training expense
credits (SENCE) and property, plant and equipment acquisition credits that are equivalent to 4% of the property, plant and equipment
purchases made during the year. In addition, some credits relate to the donations the Group has made during 2011 and 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2): This concept corresponds to the absorption
of non-operating losses (NOL&rsquo;s) determined by the company at year end, which must be imputed or recorded in the Retained
Taxable Profits Registry (FUT).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the laws in force and
as provided by article 31, No. 3 of the Income Tax Law, when profits recorded in the FUT that have not been withdrawn or distributed
are totally or partially absorbed by NOL&rsquo;s, the corporate tax paid on such profits (20%, 17%, 16.5%, 16%, 15%, 10% depending
on the year in which profits were generated) will be considered to be a provisional payment with respect to the portion representing
the absorbed accumulated tax profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.75pt"><B>28.1</B></TD><TD><B>Current tax accounts receivable (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Taxpayers
are entitled to apply for a refund of this provisional tax payment on the absorbed profits recorded in the FUT registry via their
tax returns (Form 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, the provisional payment for
absorbed profits (PPAP) recorded in the FUT is in effect a recoverable tax, and as such the Company records it as an asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.2</B></TD><TD><B>Current tax accounts payable</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; font-weight: bold; text-align: left">Taxes payable</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Corporate tax and royalty</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign company income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,105</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Article 21 unique tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">75,418</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,113</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: whitesmoke">The income tax is determined
on the basis of the determination of income tax that applies the tax rate currently in force in Chile 20%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: whitesmoke">The provision of royalty is determined
by applying the tax rate was determined for the Operational Net income (INO).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The royalty provision is determined by applying the tax rate
that was determined to the Operational Net Income (ONI).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In conclusion, both concepts represent the estimated amount
the company will have to pay on account of income tax and specific tax on mining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.3</B></TD><TD><B>Taxable earnings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2011, December 31, 2010
and December 31, 2009, the Company and its subsidiaries have recorded the following consolidated balances for retained taxable
earnings registry, income not constituting revenue subject to income tax, accumulated tax losses and credit for shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12.31.2009</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">ThUS$</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">ThUS$</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Taxable profits with credit rights (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,053,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">602,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">668,670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Taxable profits without credit rights (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,832</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Taxable losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Credit for shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,874</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>28.3&#9;Taxable earnings
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1): The Retained Taxable Profits Registry
(FUT) is a chronological registry where the profits generated and distributed by the company are recorded. The object of the FUT
is to control the accumulated taxable profits of the company that may be distributed, withdrawn or remitted to the owners, shareholders
or partners, and the final taxes that must be imposed, called in Chile Global Aggregate Tax (that levies persons resident or domiciled
in Chile), or Withholding Tax (that levies persons &ldquo;Not&rdquo; resident or domiciled in Chile).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FUT Register contains profits with
credit rights and profits without credit rights, which arise out of the inclusion of the net taxable income determined by the company
or the profits received by the company that may be dividends received or withdrawals made within the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profits without credit rights represent
the tax payable by the company within the year and filed the following year, therefore they will be deducted from the FUT Registry
the following year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profits with credit rights may be used
to reduce the final tax burden of owners, shareholders or partners, which upon withdrawal are entitled to use the credits associated
with the relevant profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In summary, companies use the FUT Registry
to maintain control over the profits they generate that have not been distributed to the owners and the relevant credits associated
with such profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.4</B></TD><TD><B>Income and deferred taxes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets and liabilities recognized in the
consolidated classified statement of financial position are offset if and only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">1</TD><TD STYLE="text-align: justify">The Company has legally recognized before the tax authority the right to offset the amounts recognized
in these entries; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2</TD><TD STYLE="text-align: justify">Deferred income tax assets and liabilities are derived from income tax related to the same tax
authority on:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt">(i)</TD><TD STYLE="text-align: justify">the same entity or tax subject; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt">(ii)</TD><TD STYLE="text-align: justify">different entities or tax subjects who intend either to settle current fiscal assets and liabilities
for their net amount, or to realize assets and pay liabilities simultaneously in each of the future periods in which the Company
expects to settle or recover significant amounts of deferred tax assets or liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Deferred income tax assets recognized
are those income taxes to be recovered in future periods, related to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt">(a)</TD><TD STYLE="text-align: justify">deductible temporary differences;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt">(b)</TD><TD STYLE="text-align: justify">the offset of losses obtained in prior periods and not yet subject to tax deduction; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt">(c)</TD><TD STYLE="text-align: justify">the offset of unused credits from prior periods.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt">(d)</TD><TD STYLE="text-align: justify"><BR CLEAR="ALL" STYLE="mso-special-character: line-break; page-break-before: always">
</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;<BR>
Notes to the consolidated Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.4</B></TD><TD><B>Income and deferred taxes (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes a deferred tax asset
when there is certainty that these can be offset with fiscal income from subsequent periods, losses or fiscal credits not yet used,
but solely as long as it is more likely than not that there will be tax earnings in the future against which to charge to these
losses or unused fiscal credits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt">Deferred tax liabilities
recognized refer to the amounts of income taxes payable in future periods related to taxable temporary differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal; font-style: normal">d.1</FONT></TD><TD><FONT STYLE="font-weight: normal; font-style: normal">Income tax assets and liabilities as of December 31, 2011 are detailed
as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Net position, assets</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"><B>&nbsp;Net position, liabilities</B></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description of deferred income tax assets and liabilities</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Assets</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Liabilities</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Assets</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Liabilities</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"></TD><TD STYLE="text-align: center"><B>&nbsp;ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 52%">Depreciation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">114,151</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Doubtful accounts impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Vacation accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Production expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,747</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Unrealized gains (losses) from sales of products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Bonds fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Employee termination benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,036</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Hedging</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,636</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Inventory of products, spare parts and supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,598</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,046</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capitalized interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,461</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Expenses in assumption of bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Unaccrued interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fair value of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Royalty deferred income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">194</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,773</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at year-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">304</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">123,925</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">222,519</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net balance</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">304</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">98,594</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 289; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->165<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.4</B></TD><TD><B>Income and deferred taxes (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal; font-style: normal">d.2</FONT></TD><TD><FONT STYLE="font-weight: normal; font-style: normal">Income tax assets and liabilities as of December 31, 2010 are detailed
as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center"><B>&nbsp;Net position, assets</B> </TD><TD NOWRAP STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">Net position, liabilities </TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">Description of deferred income tax assets and liabilities</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Assets</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Liabilities</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Assets</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Liabilities</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 52%">Depreciation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">88,785</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Doubtful accounts impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Vacation accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Production expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,442</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Unrealized gains (losses) from sales of products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Bonds fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,886</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Employee termination benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Hedging</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,739</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Inventory of products, spare parts and supplies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,215</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Capitalized interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Expenses in assumption of bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,278</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Unaccrued interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fair value of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Royalty deferred income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">471</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,362</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at year-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,415</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,050</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">87,908</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">188,689</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net balance</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">365</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,781</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.4</B></TD><TD><B>Income and deferred taxes (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.3</FONT></TD><TD><FONT STYLE="font-weight: normal">Deferred income taxes related to benefits for tax losses</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company&rsquo;s tax loss
carryforwards (NOL carryforwards) were mainly generated by losses in Chile, which in accordance with current Chilean tax regulations
have no expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">As of December 31, 2011 and December 31, 2010, tax
loss carryforwards (NOL carryforwards) are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: 21.3pt">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Chile</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,046</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,748</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other countries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">796</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at year-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,046</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,544</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax losses as of December 31 correspond
mainly to Servicios Integrales de Tr&aacute;nsitos y Transferencias S.A., Exploraciones Mineras e Isapre Norte Grande Ltda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.4</FONT></TD><TD><FONT STYLE="font-weight: normal">Unrecognized deferred income tax assets and liabilities </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">As of December 31, 2011 and December 31, 2010, unrecognized
assets and liabilities are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="width: 76%; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2011</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 9%; font-weight: bold; text-align: center">12.31.2010</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"></TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center"><B>ThUS$</B>&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: center"></TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">Assets (liabilities)</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="text-align: center">Assets (liabilities)&nbsp;</TD><TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax losses (NOL&rsquo;s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Doubtful accounts impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Inventory impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">704</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pensions plan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(536</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Vacation accrual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(67</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(19</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(17</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at year-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">657</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,264</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><FONT STYLE="font-size: 10pt">Tax losses mainly relate
to the United States, which expire in 20 years,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.4</B></TD><TD><B>Income and deferred taxes (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.5</FONT></TD><TD><FONT STYLE="font-weight: normal">Movements in deferred tax liabilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Movements in deferred tax liabilities
as of December 31, 2011 and December 31, 2010 are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 92%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">ThUS$</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">ThUS$</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">Liabilities<BR> (assets)</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">Liabilities<BR> (assets)</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Beginning balance of deferred income tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,932</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase (decrease) in deferred income taxes in statement of income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,664</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,735</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax Recovery of first category credit absorbed by tax losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Increase (decrease) in deferred income taxes in equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(218</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(251</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Balance at year-end</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">98,290</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">100,416</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.6</FONT></TD><TD><FONT STYLE="font-weight: normal">Disclosures on income tax expense (income)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company recognizes current
and deferred income taxes as income or expenses, and they are included in income, unless they arise from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.7pt"></TD><TD STYLE="width: 21pt">(a)</TD><TD STYLE="text-align: justify">a transaction or event recognized in the same period or in a different period, outside profit or
loss either in other comprehensive income or directly in equity; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.7pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.7pt"></TD><TD STYLE="width: 21pt">(b)</TD><TD STYLE="text-align: justify">a business combination</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>28.4&nbsp;Income and deferred
taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.6</FONT></TD><TD><FONT STYLE="font-weight: normal">Disclosures on income tax expense (income) (continued)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><FONT STYLE="font-weight: normal; font-style: normal">Current
and deferred income tax expenses (income) are detailed as follows </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Benefit<BR> (expenses)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Benefit<BR> (expenses)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Benefit<BR> (expenses)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Current gains tax expense</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Current tax expense</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(181,424</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(60,863</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(43,613</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Adjustments to current taxes of the previous year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,950</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,552</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,495</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Current tax expenses, net, total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(183,374</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(58,294</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,108</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred tax expense (revenue) relating to the creation and reversal of temporary differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,664</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(47,735</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,732</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Deferred tax expenses, net, total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,664</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(47,735</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(27,732</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(179,710</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(106,029</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(75,840</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><FONT STYLE="font-weight: normal; font-style: normal">Expenses
(income) for income taxes for foreign and domestic parties are detailed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Benefit<BR> (expenses)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Benefit<BR> (expenses)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Benefit<BR> (expenses)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Current income tax expense by domestic and foreign parties, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Current income tax expense, foreign parties, net</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(5,231</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(2,208</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(1,499</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Current income tax expense, domestic, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178,143</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,086</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,609</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current income tax expense, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(183,374</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(58,294</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(48,108</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Deferred income taxes by foreign and domestic parties, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred income tax expense, foreign parties, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(651</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(646</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,075</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Deferred income tax expense, domestic, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,089</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,657</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Deferred income tax expense, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,664</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(47,735</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(27,732</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(179,710</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(106,029</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(75,840</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>28.4 Income and deferred
taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.7</FONT></TD><TD><FONT STYLE="font-weight: normal">Equity interest in taxation attributable to investments recognized according to the equity
method:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company does not recognize
any deferred income tax liability in all cases of taxable temporary differences associated with investments in subsidiaries, branches
and associated companies or interest in joint ventures, because as indicated in the standard, the following two conditions are
jointly met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">(a)</TD><TD>the parent company, investor or interest holder is able to control the time for reversal of the temporary difference; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -14.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">(b)</TD><TD>It is more likely than not that the temporary difference is not reversed in the foreseeable future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">In addition, the Company does
not recognize deferred income tax assets for all deductible temporary differences from investments in subsidiaries, branches and
associated companies or interests in joint ventures because it is not possible to meet for the following requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -14.1pt">(a) Temporary differences are
reversed in a foreseeable future; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -14.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -14.1pt">(b) The Company has tax earnings,
against which temporary differences can be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-indent: -14.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Information on the tax effects of other comprehensive income
components:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Income&nbsp;tax&nbsp;related&nbsp;to&nbsp;components&nbsp;of&nbsp;other</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">income&nbsp;and&nbsp;expense&nbsp;with&nbsp;a&nbsp;charge&nbsp;or&nbsp;credit&nbsp;to</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top">net&nbsp;equity</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Amount<BR> before&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Expense<BR> (income)&nbsp;for<BR> income&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Amount<BR> after&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font-weight: bold">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash flow hedges</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">218</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(873</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">218</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(873</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Income&nbsp;tax&nbsp;related&nbsp;to&nbsp;components&nbsp;of&nbsp;other</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">income&nbsp;and&nbsp;expense&nbsp;with&nbsp;a&nbsp;charge&nbsp;or&nbsp;credit&nbsp;to</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top">net&nbsp;equity</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Amount<BR> before&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Expense<BR> (income)&nbsp;for<BR> income&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Amount<BR> after&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 1pt">Cash flow hedges</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(1,474</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">251</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(1,223</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,474</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">251</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,223</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Income&nbsp;tax&nbsp;related&nbsp;to&nbsp;components&nbsp;of&nbsp;other</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">income&nbsp;and&nbsp;expense&nbsp;with&nbsp;a&nbsp;charge&nbsp;or&nbsp;credit&nbsp;to</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top">net&nbsp;equity</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Amount<BR> before&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Expense<BR> (income)&nbsp;for<BR> income&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Amount<BR> after&nbsp;taxes</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 1pt">Cash flow hedges</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(112</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">19</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(93</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(93</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 294; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->170<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>28.4&nbsp;Income and deferred
taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Explanation of the relationship between expense (income) for
tax purposes and accounting income</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">In accordance with paragraph
No. 81, letter c) of IAS 12, the Company has estimated that the method that discloses more significant information for the users
of its financial statements is the reconciliation of tax expense (income) to the result of multiplying income for accounting purposes
by the tax rate in force in Chile. This option is based on the fact that the Parent Company and its subsidiaries incorporated in
Chile generate almost the total amount of tax expense (income) and the fact that amounts of subsidiaries incorporated in foreign
countries have no relevant significance within the context of the total amount of tax expense (income.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"><B>Reconciliation of numbers
in income tax expenses (income) and the result of multiplying financial gain by the rate prevailing in Chile.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12.31.2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Income<BR> (loss)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Income<BR> (loss)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Income<BR> (loss)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Consolidated income before taxes</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">733,829</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">493,300</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">415,603</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax rate in force in Chile</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Tax expense using the legal rate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(146,766</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(83,861</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(70,653</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Effect of royalty tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,487</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,115</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,364</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Effect of non-taxable income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,865</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax effect of rates in other jurisdictions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,548</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,360</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax effect of tax rates supported abroad</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,173</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,996</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Effect on the tax rate arising from changes in the tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,385</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other effects from the reconciliation between carrying amount and the tax expense (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,601</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Tax expense using the effective rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(179,710</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(106,029</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(75,840</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>28.4</B></TD><TD><B>Income and deferred taxes (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-indent: -21.3pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-weight: normal">d.10</FONT></TD><TD><FONT STYLE="font-weight: normal">Tax periods potentially subject to verification:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">The Company is potentially subject to income tax
audits by tax authorities in each country. These audits are limited to a number of annual tax periods, which, in general, when
they elapse, give rise to the expiration of these inspections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">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 tax regulations in force in the country of origin:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>a)</B></TD><TD><B>Chile </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">According to article 200 of Decree
Law No. 830, the tax authority shall review for any deficiencies in its settlement and taxes turn giving rise, by applying a requirement
of 3 years term from the expiration of the legal deadline when payment should have been made. Besides, this requirement was extended
to 6 years term for the revision of taxes subject to declaration, when such declaration was not been filed or has been presented
maliciously false.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>b)</B></TD><TD><B>United States </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>c)</B></TD><TD><B>Mexico</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In Mexico, the tax authority
can review tax returns up to 5 years from the expiration date of the tax return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>d)</B></TD><TD STYLE="text-align: justify"><B>Spain</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In Spain, the tax authority can
review tax returns up to 4 years from the expiration date of the tax return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>e)</B></TD><TD STYLE="text-align: justify"><B>Belgium</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>f)</B></TD><TD STYLE="text-align: justify"><B>South Africa</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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 an omission or error in the tax
return is detected, the review can be extended for a period of up to 5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 28 - Income and deferred taxes (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.4in">28.5</TD><TD>Amendments to the income tax law and specific tax on mining in Chile</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">a)</TD><TD>Amendment to Corporate Tax</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Law No. 20,455 was published
in the Official Gazette of July 31, 2010. Article 1 of this law temporarily increases the Corporate Tax rate set forth in article
20 of the Income Tax Law (ITL), which levies incomes received or accrued within calendar years 2011 and 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">In accordance with that temporary
increase, the referred-to rate of 17% increases to 20% for income received or accrued within calendar year 2011 (fiscal year 2012);
and to 18,5% for income received or accrued within calendar year 2012 (fiscal year 2013).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">b)</TD><TD>Amendment to the specific tax on mining</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Law No. 20,469 was published
in the Official Gazette of October 21, 2010, dealing with the following matters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">a.</TD><TD STYLE="text-align: justify">Article 64 bis of the Income Tax Law, which establishes a specific tax on the operating income
derived from mining activities earned by a foreign mine operator, was replaced;</TD></TR></TABLE>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">b.</TD><TD STYLE="text-align: justify">It included a new article 64 ter, relating to the method to be used to determine the operating
taxable income derived from mining activities that, prior to this amendment, were addressed in the replaced article 64 bis;</TD></TR></TABLE>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">c.</TD><TD STYLE="text-align: justify">It amended article 11 ter of Decree Law 600/ 1974; and</TD></TR></TABLE>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 21.25pt">d.</TD><TD STYLE="text-align: justify">It established transitory and optional regulations applicable to investments or companies subject
to articles 7, 11 bis and 11 ter of DL 600/ 1974; transitory article 5 of Law 20,026, and companies included in the provisions
set forth in transitory article 4, even when they are not the recipients of foreign investments.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify; text-indent: -21.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify; text-indent: -21.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM Salar S.A. on August 26, 2011 undersigned
a contract with the Ministry of Economy, Development and Tourism that grants the fixed regime that is set forth in Article 4-Transitory
of Law 20469 of 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SQM Nitratos S.A. on December 22, 2011
undersigned a contract with the Ministry of Economy, Development and Tourism that grants the fixed regime that is set forth in
Article 4-Transitory of Law 20469 of 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract grants the benefit of fixed
regime to SQM Salar S.A. and SQM Nitratos S.A. as of 2013 and for 5 years, to a fixed 5% rate as its Specific Mining Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 29 - Disclosures on accounts held in foreign currency
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assets held in foreign currency are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Class&nbsp;of&nbsp;asset</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Currency</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12/31/2011<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12/31/2010<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Cash and cash equivalent</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: left">BRL</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">22</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">22</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332,624</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CNY</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EUR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,709</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">GBP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">IDR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">INR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">MXN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">PEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">YEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,193</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">ZAR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal Cash and cash equivalent</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">136,361</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">342,311</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal other financial assets, current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">129,069</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">69,818</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">ARS</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">AUD</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">BRL</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLF</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CNY</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EUR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,303</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">INR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">MXN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">PEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial assets, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">ZAR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal other non-financial assets, current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">53,141</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">36,407</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">ARS</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">BRL</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLF</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,108</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CNY</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EUR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,193</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">GBP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">409</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">MXN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">PEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">YEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade debtors and other accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">ZAR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal Trade debtors and other accounts receivable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">188,223</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">220,196</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts receivable from related entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">AED</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Accounts receivable from related entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts receivable from related entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EUR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Accounts receivable from related entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">YEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal accounts receivable from related entities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,621</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,762</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax asset, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,098</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax asset, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CNY</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax asset, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EUR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax asset, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">MXN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax asset, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">PEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax asset, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">YEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Tax asset, current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">ZAR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal Tax asset, current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">939</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,497</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Total current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">509,354</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">680,991</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 298; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 29 - Disclosures on accounts maintained in foreign currency
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Class of asset</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Currency</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12/31/2011<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">12/31/2010<BR> ThUS$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Non-current assets:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">ther financial assets, non-current</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: left">BRL</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other financial assets, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other financial assets, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EUR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other financial assets, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">YEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal other financial assets, non-current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">114</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">115</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">BRL</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other non-financial assets, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other non-financial assets, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">YEN</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal other non-financial assets, non-current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">715</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,199</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Rights receivable, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLF</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">633</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Rights receivable, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal Rights receivable, non-current</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,071</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,102</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">AED</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,958</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,168</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,444</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,352</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EGP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,270</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">EUR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">INR</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">THB</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,543</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments accounted for using the equity method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">TRY</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,988</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal Investments accounted for using the equity method</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">51,140</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">50,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets other than goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal Intangible assets other than goodwill</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">42</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">CLP</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,762</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Subtotal Property, plant and equipment</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,264</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,762</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Non-current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">56,346</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">54,656</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Total assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">565,700</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">735,647</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 29 - Disclosures on accounts maintained in foreign currency
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liabilities maintained in foreign currency are detailed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2011</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2010</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Class&nbsp;Of&nbsp;Liability</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Currency</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Up&nbsp;To&nbsp;90<BR> Days<BR>
    Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Over&nbsp;90<BR> Days&nbsp;Up&nbsp;To<BR>
    One&nbsp;Year<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Up&nbsp;To&nbsp;90<BR> Days<BR>
    Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Over&nbsp;90<BR> Days&nbsp;Up&nbsp;To<BR>
    One&nbsp;Year<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Current Liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 33%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Current Financial Liabilities</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-size: 8pt">CLF</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">3,769</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">6,987</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">10,756</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">3,577</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">7,749</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">11,326</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Current Financial Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">451</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,805</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">814</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,322</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal&nbsp; Other Current Financial Liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">5,123</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">7,438</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,561</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,391</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">9,257</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,648</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ARS</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">BRL</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CHF</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">221</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">221</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115,694</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">236</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115,930</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85,403</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85,403</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CNY</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,821</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,821</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">EUR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,265</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">181</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,446</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,356</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,535</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,891</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">GBP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">INR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">MXN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">426</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">426</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,160</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">PEN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">YEN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">124</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">124</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Trade Accounts Payable And Other Accounts Payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ZAR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,831</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,939</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,280</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,062</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,342</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal Trade Accounts Payable And Other Accounts
    Payable</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">133,761</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">525</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">134,286</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">110,542</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,737</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">113,279</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Accounts Payable To Related Entities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">EUR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">997</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">997</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal&nbsp; Accounts Payable To Related Entities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">997</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">997</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Short-Term Provisions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ARS</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Short-Term Provisions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">BRL</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,459</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,459</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Short-Term Provisions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Short-Term Provisions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">EUR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">323</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">323</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Short-Term Provisions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">MXN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal&nbsp; Other Short-Term Provisions</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">231</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,709</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,940</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">343</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,634</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,977</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Tax Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,129</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,129</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Tax Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CNY</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Tax Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">EUR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Tax Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">MXN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Tax Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">YEN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Tax Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ZAR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal&nbsp; Current Tax Liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">189</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,635</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,824</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">335</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">335</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Provisions Related To Employee Benefits</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,915</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,807</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,722</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,211</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43,666</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Current Provisions Related To Employee Benefits</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">MXN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">334</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">334</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal Current Provisions Related To Employee
    Benefits</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">6,915</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">23,141</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">30,056</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">34,211</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">9,747</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">43,958</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 300; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 29 - Disclosures on accounts maintained in foreign currency
(continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12,31,2011</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12,31,2010</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Class&nbsp;Of&nbsp;Liability</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Currency</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Up&nbsp;To&nbsp;90<BR> Days<BR>
    Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Over&nbsp;90<BR> Days&nbsp;Up&nbsp;To<BR>
    One&nbsp;Year<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Up&nbsp;To&nbsp;90<BR> Days<BR>
    Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Over&nbsp;90<BR> Days&nbsp;Up&nbsp;To<BR>
    One&nbsp;Year<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total<BR> Thus$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 33%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Non-Financial Current Liabilities</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-size: 8pt">AUD</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Non-Financial Current Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">BRL</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Non-Financial Current Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,464</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,006</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,299</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,557</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,856</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Non-Financial Current Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CNY</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Non-Financial Current Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">EUR</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">84</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Non-Financial Current Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">MXN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">53</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,384</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">710</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">764</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;Other Non-Financial Current Liabilities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">PEN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal&nbsp; Other Non-Financial Current Liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">9,568</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">36,103</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">45,671</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">7,147</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,699</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">19,846</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Total Current Liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">155,787</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">73,551</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">229,338</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">156,634</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">37,406</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">194,040</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 301; Value: 3 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Notes to the consolidated
Financial Statements as of December 31, 2011</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Translation of consolidated
financial statements originally issued in Spanish &ndash; see Note 2.2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 29 - Disclosures on accounts maintained in foreign
currency (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12,31,2011</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">12,31,2010</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Class&nbsp;of&nbsp;liability</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Currency</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">over&nbsp;one<BR> year&nbsp;up&nbsp;to<BR>
    3&nbsp;years<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">over&nbsp;3<BR> years&nbsp;up&nbsp;to<BR>
    5&nbsp;years<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">over&nbsp;5<BR> years<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">over&nbsp;one<BR> year&nbsp;up&nbsp;to<BR>
    3&nbsp;years<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">over&nbsp;3<BR> years&nbsp;up&nbsp;to<BR>
    5&nbsp;years<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">over&nbsp;5<BR> years<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total<BR> ThUS$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Liabilities, Non-Current</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 19%; text-align: left; padding-left: 0.12in"><FONT STYLE="font-size: 8pt">Other Financial Liabilities, Non-Current</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: left"><FONT STYLE="font-size: 8pt">CLF</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">76,853</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">12,881</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">232,131</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">321,865</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">66,081</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">284,056</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">350,137</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.12in"><FONT STYLE="font-size: 8pt">Other Financial Liabilities, Non-Current</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">139,770</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">139,770</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">154,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">154,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal&nbsp; Other Financial Liabilities, Non-Current</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">216,623</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,881</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">232,131</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">461,635</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">220,566</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">284,056</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">504,622</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.12in"><FONT STYLE="font-size: 8pt">Deferred Tax Liability</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">92</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.12in"><FONT STYLE="font-size: 8pt">Deferred Tax Liability</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">MXN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">590</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">590</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal&nbsp; Deferred Tax Liability</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">647</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">703</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">36</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">92</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.12in"><FONT STYLE="font-size: 8pt">Noncurrent Provisions Related To Employee Benefits</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLP</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,578</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,578</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Noncurrent Provisions Related To Employee Benefits</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">MXN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">520</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">520</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">195</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">195</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Noncurrent Provisions Related To Employee Benefits</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">YEN</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">436</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Subtotal Noncurrent Provisions Related To Employee
    Benefits</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">28,187</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">28,187</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">27,209</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">27,209</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Total&nbsp; Liabilities, Non-Current</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">217,270</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">12,881</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">260,374</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">490,525</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">220,566</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">311,301</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">531,923</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 30 - Events after the reporting period</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>30.1&#9;Authorization of the financial statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
of Sociedad Qu&iacute;mica y Minera de Chile S.A. and subsidiaries prepared in accordance with International Financial Reporting
Standards for the period ended December 31, 2011 were approved and authorized for issuance by the Board of Directors at their
meeting held on April 27, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>30.2&#9;Disclosures of subsequent events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management is not aware of any other significant
events that occurred between December 31, 2011 and the date of issuance of these consolidated financial statements that may significantly
affect them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>30.3&#9;Detail of dividends declared
after the reporting date</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the closing date of these financial
statements, there are no dividends declared after the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>2
<FILENAME>v310820_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 8.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Significant Subsidiaries of Sociedad
Qu&iacute;mica y Minera de Chile S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; border-bottom: windowtext 1pt solid; font-weight: bold">Name of Subsidiary</TD>
    <TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; font-weight: bold">Country of Incorporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SQM Industrial S.A.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chile</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SQM Nitratos S.A.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chile</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SQM Salar S.A.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chile</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Minera Nueva Victoria S.A.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chile</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Servicios Integrales de Transito y Transferencia S.A.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chile</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Soquimich Comercial S.A.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chile</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SQM North America Corp.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">USA</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SQM Europe N.V.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Belgium</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For a complete list of foreign and domestic subsidiaries see
Note 2.4.a to the Consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>v310820_ex12-1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 12.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>CHIEF EXECUTIVE OFFICER CERTIFICATION<BR>
</B>(Pursuant to Section 302)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Patricio Contesse, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;I have reviewed this annual report on
Form 20-F of Sociedad Qu&iacute;mica y Minera de Chile S.A.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;&nbsp;Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the company as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&nbsp; The company&rsquo;s other
certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the company and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the company&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the company&rsquo;s internal control over financial reporting
that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially
affect, the company&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&nbsp;&nbsp;The company&rsquo;s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&rsquo;s
auditors and the audit committee of the company&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the company&rsquo;s ability to record, process, summarize
and report financial information; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the company&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; text-align: justify">/s/ Patricio Contesse G.</TD>
    <TD STYLE="width: 54%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:&nbsp; Patricio Contesse G.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:&nbsp; Chief Executive Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Date: April 27, 2012</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>4
<FILENAME>v310820_ex12-2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 12.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>CHIEF FINANCIAL OFFICER CERTIFICATION<BR>
</B>(Pursuant to Section 302)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Ricardo Ramos, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;I have reviewed this annual report on
Form 20-F of Sociedad Qu&iacute;mica y Minera de Chile S.A.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp; Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this
report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&nbsp;&nbsp;The company&rsquo;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the company and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the company&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the company&rsquo;s internal control over financial reporting
that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially
affect, the company&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&nbsp;&nbsp;The company&rsquo;s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&rsquo;s
auditors and the audit committee of the company&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the company&rsquo;s ability to record, process, summarize
and report financial information; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the company&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: justify">/s/ Ricardo Ramos R.</TD>
    <TD STYLE="width: 60%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">Name:&nbsp; Ricardo Ramos R.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">Title:&nbsp; Chief Financial Officer and Business Development Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">Date: April 27, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>5
<FILENAME>v310820_ex13-1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 13.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER<BR>
PURSUANT TO 18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Patricio Contesse, Chief Executive Officer
of Sociedad Qu&iacute;mica y Minera de Chile S.A. (&ldquo;SQM&rdquo;), a corporation incorporated under the laws of the Republic
of Chile, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Annual Report of SQM on Form 20-F for the fiscal year ended December 31, 2011, as filed with
the Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The information contained in such Annual Report on Form 20-F fairly presents, in all material respects,
the financial condition and results of operations of SQM.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; text-align: justify">/s/ Patricio Contesse G.</TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:&nbsp; Patricio Contesse G.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:&nbsp; Chief Executive Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Date: April 27, 2012</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>6
<FILENAME>v310820_ex13-2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 13.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER<BR>
PURSUANT TO 18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Ricardo Ramos, Chief Financial Officer
of Sociedad Qu&iacute;mica y Minera de Chile S.A. (&ldquo;SQM&rdquo;), a corporation incorporated under the laws of the Republic
of Chile, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Annual Report of SQM on Form 20-F for the fiscal year ended December 31, 2011, as filed with
the Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The information contained in such Annual Report on Form 20-F fairly presents, in all material respects,
the financial condition and results of operations of SQM.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: justify">/s/ Ricardo Ramos R.</TD>
    <TD STYLE="width: 60%; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">Name:&nbsp; Ricardo Ramos R.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">Title:&nbsp; Chief Financial Officer and Business Development Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">Date: April 27, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
