On June 18, 2024, local time in Chile, CMF publicly released a document titled "CMF informa que publica respuesta a presentacion de Inversiones TLC SpA" (English translation: "CMF's Reply on the Materials Submitted by Tianqi Chile"). CMF believes that the "Partnership Agreement" is not suitable for the Special Shareholders' Meeting of SQM to make a ruling, and that the transaction should be analyzed and decided by the Board of Directors of SQM, without affecting the shareholders' right to pursue directors' liability under general rules if they believe that damage has been caused to SQM and the shareholders (if applicable). Therefore, CMF disagrees with the demands of Tianqi Chile.

According to the provisions of the "Partnership Agreement," one of the prerequisites for establishing a joint venture company is that "its wholly-owned subsidiary, Tianqi Chile, submitted a request for an injunction to CMF on May 21, 2024 (i.e., the transaction must be approved by two-thirds of the voting rights of SQM shareholders at the shareholder meeting), which was not accepted, and there was no order issued by any authorized institution to prevent the effectiveness of the partnership." However, there is still uncertainty as to whether the other prerequisites for the "Partnership Agreement" are met. The company will comprehensively evaluate within the scope permitted by law, and will not rule out the possibility of taking possible actions while ensuring the protection of SQM shareholders' interests. In addition, according to the announcement "SQM and Codelco Sign Partnership Agreement" disclosed by SQM on May 31, 2024, it is currently uncertain what financial impact the implementation of the "Partnership Agreement" may have. The related transaction of the "Partnership Agreement" is expected to be completed on January 1, 2025, or later, and is not expected to have a significant impact on the company's financial status and operating performance in 2024.

If the prerequisite conditions stipulated in the "Partnership Agreement" are met and become effective, on the one hand, the lithium production quota of the joint venture company in the Atacama Salt Lake may increase and its term may be extended, and on the other hand, Codelco will distribute the profits of the joint venture company in accordance with the "Partnership Agreement." Due to limited information available, the company is currently unable to determine the investment income and dividend amount that should be enjoyed by the company's holding of SQM shares after considering the above matters. As of the time of the 2023 annual report, the company conducted an impairment test on SQM based on the information and assumptions available at the time, and the results showed that there was no impairment of SQM as of the 2023 annual report. Based on the information and assumptions available at the time in the Partnership Agreement, the company's impairment test results for the long-term equity investment in SQM as of December 31, 2023, were not significantly changed in the 2023 annual report, and the "Partnership Agreement" does not affect the company's continued use of the equity method to account for and measure SQM. The company will continue to closely monitor updated information regarding SQM and conduct timely and prudent evaluations from a financial perspective.