Ann: Offtake Memorandum of Understanding with LG Chem, page-39

I post little on KDR but I cannot ignore this:

1. this is a classic buy the rumour sell the fact. The market was buying for a TO. It cares little for an Off take so many years out. They only want instant gratification.

2. the whole market is at the mercy of many factors at the moment. This price action is nothing but a buying opportunity if you have a long horizon.

3. the announcement is a great one but was as expected and telegraphed by many. KDR has lot's of leverage and has used it beautifully but do not expect the market to react as we do on HC. Investing is not like prospecting.

4.the involvement, support and to an extent desperation of SQM to have KDR succeed should not be forgotten.

5.the fact that a CR appears less and less likely should also not be forgotten, our shares are getting more valuable by the day even though the SP does not reflect it yet.

6. in the words of CS, there is still a "game changer" to come in 2019. The leaves never lie.

7. if you expect the KDR SP to respond logically in the next 12 months you are in the wrong game. It will not do that until the future is certain.