This merger was the most important achievement in the history of air transport in the region, with an unprecedented level of connectivity.

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1 PRESS KIT

2 LATAM Airlines Group About LATAM Airlines Group Unlike other associations in the world of aeronautics, this alliance was made between two solid nancial companies, whose position in the market is very important. Besides reducing costs, LATAM Group aims to increase and provide better bene ts to its customers and to the region. This merger was the most important achievement in the history of air transport in the region, with an unprecedented level of connectivity. The airline Group has around 150 passenger destinations in twenty two countries and transports cargo to 169 destinations in twenty seven countries. The merger connects the world with South America and South America with the world, which is an important contribution for economical and social development in the region. The United States and Europe are two very important markets for LATAM Group long- hts. This is the second group of airlines to transport passengers between South America and the United States, and the fourth to transport them between South America and Europe. The routes that LAN and TAM o er in Europe complement one another and will allow each airline to o er destinations that they were unable to o er prior to forming the association. The destinations o ered by LATAM Group include Madrid, Frankfurt, Paris, London and Milan in Europe, and Miami, Orlando, New York City and Los Angeles in the US. LATAM Group is present within the main hubs in South America: Santiago, Sao Paulo and Lima, connecting the region to the rest of the world. During this time the company has worked to connect its network of destinations within the main hubs in the region with much more e cient airplanes, resulting in the generation of greater pr as well as providing passengers and cargo customers with more competitive fare options.

3 Structure The current Board of Directors was elected during the Extraordinary General Assembly which took place on September 4, During the Assembly, Mauricio Rolim Amaro was con rmed to serve as President of the Board. The other members are: Maria Claudia Amaro Juan Jose Cueto Plaza Ramon Eblen Kadis Juan Gerardo Jofre Miranda Carlos Heller Solari Jose María Eyzaguirre Baeza Georges Antoine de Bourguignon Covarrubias Francisco Luzon Lopez Synergies The merger of LAN and TAM, the leading companies in their respective markets, achieved greater e ciency, with lower costs and more opportunities for growth. The association between LAN and TAM allows culture and business to come together and obtain greater synergies than if the companies worked separately. Additionally, the complementary nature of their networks, businesses and experiences create enormous bene ts f community. LATAM Group projects generating synergies of between $600 million and $700 million dollars per year, to be fully realized following the fourth year of the partnership synergies are projected to be approximately $170 million to $200 million dollars, due to non-recurring costs related to transaction closing and synergy creation. It is anticipated that 60% of total projected synergies would result from new Group pr the remaining 40%, from cost savings. Regarding pr rd would come from new opportunities to connect to our network from the region s main hubs, with much more e cient airplanes.

4 LATAM Airlines Group is advancing in the process of attaining its anticipated synergies. Regarding its international passenger operations, a combination of fares has been established between LAN and TAM, sales which combine LAN and TAM prices, as well as codes shared on several international routes, which will allow connectivity synergies to be realized, providing its customers improved connectivity through a single network. At the same time, the air freight unit is moving towards achieving anticipated synergies and providing greater coverage with increased cargo capacity, thereby increasing e ciencies. Despite the existing slow down of some markets, the goal f rst semester 2014 is to be able to achieve all of the business-related synergies, before the company-wide projection date. LATAM Airlines Group has a diver income matrix: On the one hand, LAN and TAM have an important presence in several markets within the region: Chile, Argentina, Peru, Brazil, Ecuador and Colombia. Domestic business in Brazil, among the largest on the continent, represents 27% of the Group s total income. On the other hand, combining the passenger and cargo business provides the Group with soundness and stability with relation to external factors which could a ect the Group. Passenger bene ts LATAM Group wants air travel to be a simple and frequent experience, facilitating connection within South America and around the world, allowing more and more people to y to destinations such as Buenos Aires, Lima, Easter Island, Rio de Janeiro, Bogota, Cusco or the Galapagos Islands in South America, New York City, Los Angeles, Miami, or San Francisco in the United States, and Madrid, Milan, London, Paris, or Frankfurt in Europe, among other destinations. LATAM Group gives passengers a unique connection to the world. No other airline provides this level of connectivity in one region. Two out of ever ve passengers, who travel throughout South America, have traveled with this group of airlines. LAN and TAM are companies that have always been focused on maintaining excellent service, which is why now-with LATAM Group- it is not necessary to make large-scale product and service philosophy transformations. This allows the passenger to have the ht experience with

5 both LAN and TAM. More destinations, shorter connecting times, better itineraries and more ights. LAN and TAM passengers can get tickets for both airlines thr channels. Passengers who are members of LAN and TAM Frequent Flyer programs will be able to accumulate and exchange their points/ kilometers with both airlines, among other bene ts. As an added bene t, priority passengers at both airlines (Commodore/Black and Premium Silver/Red), will be able to access the preferred services along with a guest, such as the VIP lounges for each airline, preferential check-in and disembarkation at the airport and priority baggage retrieval. Both companies are working to combine the bene t programs without changing existing client bene ts. Cargo The association between LAN and TAM o ers cant bene ts for cargo customers, including access to an expanded network of routes in Latin America which is connected to major destinations world-wide. The LAN and TAM cargo network consists of 169 international destinations in 27 nations. The association makes it possible to o er excellent service, improving cargo transport options and meeting the customer needs in the best possible way, while looking to o er competitive conditions commercially, with a specialized and trained team. LATAM Group will also improve connectivity to countries in the Andes which o er connections outside of the region, as are the cases with Peru and Columbia. For LAN and TAM, it is a competitive advantage to have a solid cargo airline which is supplemented by the passenger business. Additional routes for freight and passenger aircraft will expand the cargo network in Brazil, o ering more capacity and route diversity for local customers. Passeng et and route decisions will be made in accordance with the cargo business.

6 Cargo in Brazil Brazil has the largest domestic market in Latin America, which is why 25% of cargo sales are expected to come from businesses inside this country. LATAM has big expectations for domestic business in Brazil, where its greatest challenge comes from dealing with a market with a low cargo occupancy factor (around 70%) and where it is anticipated that 40% of the synergies projected for the pr rom cargo business will be generated. The Olympic Games and the World Cup, which are due to take place in Brazil in the next few years, are very important for this group of c cally for air cargo, since it is already working to accomplish investment and construction goals, in order to provide an e cient network of services and to meet all of the expectations for these two important sporting events. Regarding the cargo a liate LAN CARGO in Brazil, ABSA, the company has obtained the approval required to use the brand name TAM Cargo, and all national and international cargo operations in Brazil, et cargo capacity, are marketed under the TAM Cargo brand name, which is positioned well in the Brazilian market. Employees LATAM Group is aiming to consolidate a single common culture, where more than fty two thousand employees can enjoy their work and share the pride of working for this large airline group with passengers and cargo customers. Employees of the Group have the opportunity to get to know and share new working cultures, and to work together towards a common goal. The people who make up LATAM Group are part of one of the most important groups of airlines in the world and the protagonists of this historic step for the air industry. Employees can take advantage of the opportunities to work in the di erent countries where the airlines operate, among other multiple bene ts. Unlike most other mergers, this association s primary goal is not to lower costs by reducing sta ; since there is very little duplication between LAN and TAM operations, it rather seeks to grow and create more opportunities for employees.

7 Fleet Plan Each company maintains its curren et plan. Currently, both companies own a total of 319 airplanes. When making the association et order for 230 airplanes: 124 for LAN and 106 for TAM, including 32 Boeing 787 Dreamliners the most modern airplane of its kind in the world; 27 Airbus A380 which will allow the airline groups to increase their capacity by being more e cient; 20 Airbus A320Neo an airplane that, thanks to its advanced aerodynamics, will allow carbon emissions to be cut back a high percent; in addition to the two Boeing 777F freighters that have just been integrated int et and that will increase cargo capacity by a considerable amount, among other models that will be incorporated gradually int et over the next couple of years. LAN and TAM operate similar airplanes, particularly the short range eet. Both also operate the Airbus A320, which o ers the Gr cant advantag exibility. The future of LATAM Group All merger processes require time to adapt and change, which is why passenger bene ts and internal structural changes to the company will occur gradually. Over the short and long term, the companies are working to consolidate the growth obtained over the years, improving connectivity, and making operations more cost-e ective, mainly in Brazil s domestic market. The demand in South America continues to be high, and stable, as is the case with the international routes where the companies operate, which has been re ected by the large tra c increase and in the high occupancy factors for the second trimester of Challenges include continuing with the process of generating synergies and exchanging best practices between the two airlines.

8 LATAM Airlines Gr res Area LAN TAM LATAM Airlines Group Fleet 319 planes Flight purchase order orders Employees More than 55 thousand employees ht average hts a day Passenger Destinations Approximately 150 (including duplication Countries countries (including duplication) Regional operation AR, CL, EC, COL, PE BR BR, AR,CL,EC, COL, PE Passengers transported Passengers transported from the USA to South America 399, , million 557,634 Passengers transported from the EU to South America 232, , ,700 Frequent Flyer Program Founded in 1984 Founded in 1993 Members 7 million members 10.5 million members 17.5 million members worldwide CARGO FIGURES Cargo Destinations 169 Countries 27 Fleet 16 cargo planes

9 Main LATAM Airlines Group recognitions in 2012 LAN Recognized as a Global Challenger by The Boston Consulting Group (BCG) - LAN as one of the 100 Global Challengers Business Traveler s Cellars in the Sky Airline Wine Awards : The best sparkling (House Roederer Champagne) Travel plus Airline Amenity Kit Awards Third place: Bvlgari Amenity Kit 2011 Lira Award: The best Investor Rela World Airline Awards (Skytrax): The Best South American Airline. - Second place The Best of the Web Awar st Mile Leader. as the best airline website Second place in the Adimark survey. The most respected businesses in Chile ranking: The Most respect MERCO: with the best reputation in Capital Humano 2012 Duoc UC Award: This award recognizes nine Chilean companies which have sponsored professional technical careers. Revista Capital and Fundación Chile: Ranking of Chilean businesses most dedicated to managing climate change. - Fifth place

10 Revista Business Traveller Magazine: "Best Business Class to Latin America" - First Place TAM 2012 World Airline Awards (Skytrax): The best Airline Company in South America best Airline Company Team in South America.. The most admired businesses in Brazil (Carta Capital Review) Airline company, and The most admired Brazilian companies in Latin America. - First and the fth place, respectively. The best for the money (IstoÉ Dinheiro revie Resources Management. The best brands in Brazil (IstoÉ Dinheiro/Br, and Analytics) in the industry, and 19th overall. Airlinetrends.com - Fifth most innovative airline company in the world. Customer Service Excellence Award (Consumidor Moderno Review): The best Logistics Company (TAM Carg Reliable Products Award (Selecciones Review): Airline Company Freddie Awards (Inside Flyer Review): The best loyalty program rewards availability in the Americ : TAM Fidelidade. Cellars in the Sky (Business Traveler Review): The best wine for First Class with the French Clos Canon 2008, and The airline company with the greatest perfection in its First Class wine..