SQM Reports Earnings for 2010

SANTIAGO, Chile, March 2, 2011 - Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock
Exchange: SQM-B, SQM-A) reported today earnings for 2010 of US$382.1
million (US$1.45 per ADR), an increase of 13.0% with respect to 2009, when
earnings totaled US$338.3 million (US$1.29 per ADR). Gross Margin reached
US$626.0 million (34.2% of revenues), 18.1% higher than the US$530.2
million (36.9% of revenues) recorded during 2009. Revenues totaled US$1,830.4
million for 2010, representing an increase of 27.2% over the US$1,438.7
million reported in the same period of 2009.

The Company also announced a year-over-year earnings increase of 34.1%
for the fourth quarter of 2010, reporting quarterly net income of US$105.8
million (US$0.40 per ADR) compared to the 2009 figure of US$78.9 million
(US$0.30 per ADR). Gross Margin for the fourth quarter reached US$171.6
million, 39.9% higher than the US$122.7 million recorded for the same period
of 2009. Revenues totaled US$505.7 million, an increase of approximately
30.8% with respect to the fourth quarter of 2009, when revenues amounted to
US$386.5 million.

Patricio Contesse, SQM's Chief Executive Officer, stated, "After
consistent performance in each quarter of the year, we finished 2010 with
solid results. We observed strong volumes across all of our product lines as
market conditions in all of our business segments surpassed our initial
expectations for 2010, moving past 2009 lows. We observed healthy volume
recovery that in some cases exceeded pre-crisis levels. In fact, we posted
record sales volumes in our iodine and lithium businesses, which reflects the
strong fundamentals of our markets."

Mr. Contesse concluded, "The first months of 2011 have followed 2010's
upward trend, and we remain optimistic about the coming year. In these
normalized conditions, we anticipate more moderate growth trends compared to
2010 recovery as markets return to historical levels of expansion. SQM
remains uniquely positioned to capture this future growth, and we remain
fully committed to capitalizing on our competitive advantages."

For the complete version of this press release, please visit our Web
site: www.sqm.com.

SQM is an integrated producer and distributor of specialty plant
nutrients, iodine and lithium. Its products are based on the development of
high quality natural resources that allow the Company to be leader in costs,
supported by a specialized international network with sales in over 100
countries. SQM's development strategy aims to maintain and strengthen the
Company's world leadership in its three core businesses: Specialty Plant
Nutrition, Iodine and Lithium.

    For further information,    Mary Laverty, 56-2-4252074 /
     contact:                    mary.laverty@sqm.com
                                Isabel Bendeck, 56-2-4252058 /
                                 isabel.bendeck@sqm.com
                                Mark Fones, 56-2-4252485 /
                                 mark.fones@sqm.com

    For media inquiries,        Fabiola Scianca, 56-2-4252027 /
     contact:                    fabiola.scianca@sqm.com

Statements in this press release concerning the Company's business
outlook, future economic performances, anticipated profitability, revenues,
expenses, or other financial items, anticipated cost synergies and product or
service line growth, together with other statements that are not historical
facts, are "forward-looking statements" as that term is defined under Federal
Securities Laws.

Any forward-looking statements are estimates, reflecting the best
judgment of SQM based on currently available information and involve a number
of risks, uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. Risks, uncertainties,
and factors that could affect the accuracy of such forward-looking
statements, are identified in the public filing made with the Securities and
Exchange Commission, and forward-looking statements should be considered in
light of those factors.

Mary Laverty, +56-2-4252074, mary.laverty at sqm.com, or Isabel Bendeck, +56-2-4252058, isabel.bendeck at sqm.com, or Mark Fones, +56-2-4252485, mark.fones at sqm.com; media inquiries: Fabiola Scianca, +56-2-4252027, fabiola.scianca at sqm.com