<SEC-DOCUMENT>0001615774-18-008410.txt : 20180821
<SEC-HEADER>0001615774-18-008410.hdr.sgml : 20180821
<ACCEPTANCE-DATETIME>20180821061913
ACCESSION NUMBER:		0001615774-18-008410
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180820
FILED AS OF DATE:		20180821
DATE AS OF CHANGE:		20180821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LATAM AIRLINES GROUP S.A.
		CENTRAL INDEX KEY:			0001047716
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14728
		FILM NUMBER:		181029453

	BUSINESS ADDRESS:	
		STREET 1:		PRESIDENTE RIESCO 5711 20TH FLOOR
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			999999999
		BUSINESS PHONE:		5625652525

	MAIL ADDRESS:	
		STREET 1:		PRESIDENTE RIESCO 5711 20TH FLOOR
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Lan Airlines SA
		DATE OF NAME CHANGE:	20041015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAN CHILE SA
		DATE OF NAME CHANGE:	19990427

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILEAN AIRLINE SA  LANCHILE
		DATE OF NAME CHANGE:	19971010
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>s112228_6k.htm
<DESCRIPTION>FROM 6-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></P>

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

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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>REPORT OF FOREIGN
PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>PURSUANT TO RULE
13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>UNDER THE SECURITIES
EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">August 20,
2018</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Commission File
Number 1-14728</B></P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>LATAM Airlines
Group S.A. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>(Translation of
Registrant&rsquo;s Name Into English) </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Presidente Riesco
5711, 20th floor </B></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark
whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Form&nbsp;20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Form&nbsp;40-F&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark
if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark
if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):&nbsp;&nbsp;&#9744;</P>

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

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<P STYLE="margin: 0; text-align: right"><IMG SRC="img001_v1.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>LATAM
AIRLINES GROUP REPORTS CONSOLIDATED OPERATING INCOME OF US$6.5 MILLION FOR SECOND QUARTER 2018, TOTALING US$235 MILLION FOR FIRST
HALF 2018 </B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Santiago,
Chile, August 20, 2018 &ndash; LATAM Airlines Group S.A. (NYSE: LTM; IPSA: LTM), the leading airline group in Latin America, announced
today its consolidated financial results for the quarter ending June 30, 2018. &ldquo;LATAM&rdquo; or &ldquo;the Company&rdquo;
makes reference to the consolidated entity, which includes passenger and cargo airlines in Latin America. All figures were prepared
in accordance with International Financial Reporting Standards (IFRS) and are expressed in U.S. dollars. The Brazilian real /
US dollar average exchange rate for the quarter was BRL 3.61 per USD.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: Black"><B><U>Highlights</U></B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
                                         the second quarter of 2018, LATAM Airlines Group reported a US$6.5 million operating
                                         income and a 0.3% operating margin, 1.8 percentage points lower than the same period
                                         of 2017. During the quarter, the Company faced a cabin crew strike in Chile and was also
                                         impacted by a general trucking strike in Brazil, resulting in a total operational margin
                                         impact of US$38 million. Furthermore, due to an industry-wide issue affecting Rolls Royce
                                         engines, LATAM had a lower availability of its Boeing 787 fleet, part of which is still
                                         on ground awaiting engine maintenance by Rolls Royce. Nevertheless, for the first half
                                         of 2018, operating income rose 17.2% to US$235.0 million, accounting for an operating
                                         margin of 4.6%, 0.4 percentage points higher than the same period of 2017.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">LATAM&rsquo;s
                                         bottom line totaled a US$114 million loss in the quarter ended June 2018, a 17.7% reduction
                                         compared to the second quarter 2017, despite the negative impact of a US$79 million foreign
                                         exchange loss during the quarter mainly due to the depreciation of the Brazilian real.
                                         For the first half of 2018, the net loss amounted to US$19.7 million, 73% lower than
                                         the first half of 2017.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total
                                         revenues rose 3.7% year-over-year in the second quarter 2018 to US$2,357 million. This
                                         increase was mainly explained by a 3.6% increase in passenger revenues, resulting from
                                         a 4.6% increase in available seat kilometers (ASK), together with a 1.0% decline in revenue
                                         per available seat kilometer (RASK), pressured by the international long haul routes
                                         from Brazil, especially to the US, while RASK in Spanish Speaking Countries international
                                         routes remains healthy. Cargo revenues continued to recover during the quarter, growing
                                         16.8% year-over-year in the quarter, driven by a recovery of both imports and exports
                                         in the region.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total
                                         operating expenses increased 5.6% year-over-year in the second quarter to US$2,351 million,
                                         mainly due to a 34.3% increase in fuel costs compared to the same period of last year.
                                         Excluding fuel costs, total operating costs declined 2.9% year-over-year in the second
                                         quarter. Cost per ASK increased 0.9% year-over-year, while cost per ASK excluding fuel
                                         decreased 7.2% year-over-year, reflecting a leaner and more efficient organizational
                                         structure. Cost efficiency remains as one of LATAM&rsquo;s highest priorities, and thus
                                         the Company continues keep working on further developing its cost initiatives going forward.
                                         In line with these, LATAM announced today that it will outsource its ground handling
                                         services at the airports of Guarulhos in Sao Paulo and Galeao in Rio de Janeiro. The
                                         decision is in line with a worldwide trend of hiring specialized services for non-core
                                         activities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
                                         May 22, Brazil ratified the Open Skies agreement between Brazil and the US, previously
                                         ratified by the US. This is another step towards the implementation of LATAM&rsquo;s
                                         joint-business agreements (JBAs) with American Airlines and IAG (British Airways and
                                         Iberia), which are only pending the authorizations from the Chilean antitrust agency
                                         (TDLC) and the Department of Transportation in the US.</FONT></TD></TR></TABLE>

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

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<P STYLE="margin: 0; text-align: right"><IMG SRC="img001_v1.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">LATAM&rsquo;s
revolving credit facility<SUP>1</SUP> (RCF), which remains completely undrawn, was increased to US$600 million (from US$450 million
at of the end of the previous quarter) and extended up to 2022.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">LATAM
                                         continues to work closely with Rolls Royce and Boeing in order to mitigate the impact
                                         of the industry-wide Trent 1000 engine issue affecting the operational availability of
                                         its Boeing 787 aircraft. Although this matter has caused significant operational impact
                                         for the company during the quarter, the issue has been mitigated with the operation of
                                         wet leases, as well as the modification of itineraries and aircraft type on select routes.
                                         The company expects only minor operational disruption for the remainder of the year.
                                         Following a peak of 13 aircraft out of service in June, the airline group currently has
                                         six of its 24 Boeing 787s out of operation awaiting Roll-Royce&rsquo;s preventative engine
                                         maintenance. During July, the company returned one wet-leased aircraft and in September,
                                         it expects to return two of the remaining six aircraft currently being leased and wet-leased.
                                         During the same month, LATAM Airlines Ecuador will resume normal operations on its Guayaquil-Madrid
                                         and Guayaquil-New York routes, switching from Airbus A330s to Boeing 767s. LATAM expects
                                         to return more Boeing 787s to service gradually throughout the year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Moreover,
                                         during the quarter, the Company reduced its fleet commitments for 2018 from US$714 to
                                         US$507 million as a result of the current demand environment and industry delays. Now,
                                         the expected operating fleet by the end of 2018 as compared to the previous quarter&rsquo;s
                                         plan was reduced from 318 to 312 aircraft, while for 2019 it was reduced from 324 to
                                         320 aircraft.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">LATAM
                                         is revising downwards its guidance for operating margin to a range between 6.5% and 8.0%,
                                         as compared to our previous guidance between 7.5% and 9.5%, and the capacity growth (ASKs)
                                         for this year from the range between 5% and 7% to 4% and 6%, as the company incorporated
                                         the impact of the strike in Chile and network adjustments due to higher fuel prices and
                                         weaker currencies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: Black"><B>MANAGEMENT
COMMENTS ON THE SECOND QUARTER 2018 </B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
cabin crew members strike in Chile and a general truck drivers&rsquo; strike in Brazil affected our second quarter results by
US$38 million, representing a 1.6 percentage point impact in the operating margin for the quarter. As we enter into the second
half of the year, we are happy to announce that we have successfully completed the negotiations with the pilots union of LATAM
Cargo and the cabin crew unions of LATAM Airlines Peru and LATAM Airlines Chile.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
parallel, we have also made progress to improve our passengers experience through the migration of LATAM Airlines Brazil and LATAM
Airlines Paraguay&rsquo;s Passenger Service System (PSS) &mdash;the platform for reservation, inventory and check-in&mdash; from
Amadeus to Sabre, unifying the reservation platform across the entire airline group, which will result in additional cost savings
for LATAM. We had a smooth integration with minor impacts, the most important being the lower load factor in domestic Brazil operations.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition, we continue to strengthen our network, taking advantage of profitable growth opportunities from our hubs and certain
strategic point-to-point routes. In this context, for our Sao Paulo-Guarulhos hub, we launched new international destinations
to Las Vegas and Boston, as well as the new routes Guarulhos - Tucuman and Salvador de Bahia &ndash; Miami, all operated by LATAM
Airlines Brazil. Moreover, LATAM Airlines Peru launched Santiago &ndash; Cusco in August. LATAM Airlines Brazil also announced
a new flight from Sao Paulo-Guarulhos to Munich for 2019, which would be the ninth passenger destination in Europe served by the
Company.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>


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</SUP>Subject to borrowing base availability</FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
August 15<SUP>th</SUP>, 2018, the Argentinian government lifted the minimum fare rule for domestic tickets, allowing airlines
to price their fares freely. For that reason, starting in September, we will start the sale of tickets under our new sales model
for domestic operations in Argentina, the last of our six domestic markets in which we have launched this model, which will help
us to transport more passengers in the country by stimulating demand, and to increase the ancillary revenue generation through
initiatives already implemented in Brazil, Chile, Peru, Colombia and Ecuador. Furthermore, at the beginning of the fourth quarter
we will implement the new sales model in regional routes, expanding the successful results in the domestic markets to the international
routes. With this, around 90% of our total passengers will be flying under this sales model by the end of the year.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the recent years, we have invested in our digital experience with the development of mobile applications, our website and automated
airport services; introduced a new flexible fare structure for domestic flights with unbundled services and revolutionized our
onboard catering. Now we will invest in the onboard experience, which is one of the most important differentiators in choosing
an airline and the most relevant factor in passenger satisfaction. &ldquo;<I>As one of the most important factors in airline choice
and passenger satisfaction, we believe the transformation of our onboard experience will not only help strengthen loyalty with
our existing passengers, but also attract new customers</I>&rdquo; said Claudia Sender, Vice President of Customers. We will invest
approximately US$400 million to upgrade the cabins of around two-thirds of our fleet over the next 3 years. The transformation
of our cabins will enable us to offer an industry-leading onboard experience and better serve each passenger with more options,
flexibility and personalization. For passengers travelling on long-haul routes, LATAM will transform the cabin of some of its
Boeing 767 and Boeing 777 wide-body aircraft as well as apply the new design to Boeing 787s and Airbus A350s due for delivery
in the coming years. For passengers travelling on domestic flights and routes within Latin America, LATAM will transform the cabin
of over 150 Airbus A320 and A321 aircraft, achieving a homogeneous layout across the narrow body fleet.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: Black"><B>management
discussion and analysis of SECOND Quarter 2018 Results </B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total
revenues in the second quarter 2018 totaled US$2,357.4 million, compared to US$2,273.7 million in the same period of 2017. This
3.7% increase was driven by a 3.6% and 16.8% growth in passenger and cargo revenue, respectively. Passenger and cargo revenues
accounted for 83.0% and 12.7% of the total operating revenue of the quarter, respectively.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B><U>Passenger
revenues</U></B> increased 3.6% year-over-year in the second quarter as a result of a 4.6% increase in capacity, while consolidated
passenger unit revenue (RASK) decreased by 1.0% year-over-year. The passenger RASK decline resulted from a 1.7% yield growth,
together with a load factor decline of 2.2 p.p, impacted by the strikes in Chile and Brazil, the migration of the PSS and the
engine maintenance program of the Rolls Royce engines, thus reaching 81.5%. This yield growth was mainly driven by a strong pricing
environment in the international long-haul routes from the SSC (in particular to the US and Europe).</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Revenues
per ASK for LATAM&rsquo;s main passenger business units are shown in the table below:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE=" padding: 2pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE=" padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">For the three month period ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE=" padding: 2pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE=" padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>RASK</B></FONT></TD>
    <TD STYLE=" padding: 2pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE=" padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>ASK</B></FONT></TD>
    <TD STYLE=" padding: 2pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE=" padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Load Factor</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE=" padding: 2pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE=" padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">(US cents)</FONT></TD>
    <TD STYLE=" padding: 2pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE=" padding: 2pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">(millions)</FONT></TD>
    <TD STYLE=" padding: 2pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE=" padding: 2pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE=" width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE=" width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2Q18</FONT></TD>
    <TD STYLE=" width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">% Change (YoY)</FONT></TD>
    <TD STYLE=" width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2Q18</FONT></TD>
    <TD STYLE=" width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">% Change (YoY)</FONT></TD>
    <TD STYLE=" width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2Q18</FONT></TD>
    <TD STYLE=" width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">% Change (YoY)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bussines Unit</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic SSC</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.5%</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,188</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80.3%</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.9 pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic Brazil</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,001</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77.2%</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 2.7 pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3%</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,054</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3%</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.9%</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- 2.9 pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.9</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-1.0%</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33,242</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.6%</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>81.5%</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-2.2 pp</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*RASK
in domestic Brazil decreased 0.5% measured in BRL excluding the proportional margin contribution from Multiplus</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:
revenues include ticket revenue, breakage, excess baggage fee, frequent flyer program revenues and other revenues &nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
domestic operations of LATAM Airlines group&rsquo;s Spanish speaking country affiliates (SSC) &ndash;which include LATAM Airlines
Chile, LATAM Airlines Peru, LATAM Airlines Argentina, LATAM Airlines Colombia and LATAM Airlines Ecuador&ndash; accounted for
17.9% of total passenger revenue in the quarter. Their consolidated capacity remained flat year-over-year, as the capacity reduction
in Chile due to the strike in April offset the consolidated capacity growth in the rest of the Spanish speaking countries. Traffic
measured in RPK rose 1.1%, while the consolidated load factor expanded by 0.9 p.p. to 80.3%. Revenues per ASK in USD decreased
3.5% in the quarter, mainly driven by the depreciation of the Argentinian peso.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
Brazil&rsquo;s domestic passenger operation &ndash; which represented 25.0% of total passenger revenues in the quarter &ndash;
LATAM Airlines Brazil increased its domestic capacity by 6.1% year-over-year, strengthening its connectivity especially in the
Guarulhos hub. On the other hand, traffic measured in RPK increased by 2.5% in the same period, thus resulting in a 2.7 p.p. decline
in the load factor to 77.2%. This decline is explained in part by the strike of the truck drivers and the migration of the PSS,
which generated minor disruptions in the operations. As a result, Revenues per ASK decreased by 0.5% year-over-year in local currency
(and decreased by 9.7% in USD).</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">International
passenger operations, which accounted for 57.1% of total passenger revenues, increased their consolidated capacity by 5.3% year-over-year
in the quarter. International traffic rose 1.8%, with passenger load factors declining by 2.9 p.p. to 83.9%. Consolidated RASK
rose 4.3%, boosted mainly by routes from the Spanish Speaking Countries both to the US and Europe. In addition, demand and RASK
kept improving in the regional flights.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B><U>Cargo
revenues</U></B> increased 16.8% in the quarter, reaching US$299.7 million, driven by a 6.7% increase in cargo yields, mainly
due to a better demand environment in the region. In addition, cargo load factor reached 54.9%, an improvement of 1.0 percentage
points compared to the second quarter 2017. Imports from North America and Europe to Brazil and Chile showed an improvement in
terms of revenues per ATKs, driven by higher imports of electronics and capital goods. Export markets are also showing a recovery
year-over-year driven mainly by salmon exports from Chile.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
a result, cargo revenues per ATK improved by 8.7% in comparison to the same quarter of the previous year, consolidating and further
improving the positive trend shown since the beginning of last year. Cargo capacity, measured in ATKs, rose 7.5% in the second
quarter of 2018.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B><U>Other
revenues</U></B> totaled US$101.1 million in the second quarter of 2018, a 21.6% decrease compared to the same period of last
year. This year-over-year decline is due to lower revenues from Multiplus, in part due to the depreciation of the Brazilian real
and accounting changes (IFRS-15) carried out in 2018, and fewer aircraft subleases to third parties compared to second quarter
2017.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B><U>Total
operating expenses</U></B> in the second quarter amounted to US$2,350.9 million, a 5.6% increase compared to the same period of
2017. This increase is mainly explained by US$174.9 million of higher fuel expenses, resulting from a 35.6% increase in the average
price per gallon (excluding hedge) compared to the second quarter of 2017. However, cost per ASK excluding fuel costs decreased
by 7.2% in the same period, as a result of the costs contention initiatives implemented during 2017, together with capacity increasing
4.6% year-over-year in the quarter. Changes in operating expenses were mainly explained by:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Wages
                                         and benefits </B>decreased 3.7%, explained by the 3.9% decline in the average headcount
                                         during the quarter, as well as the 12.2% depreciation of the Brazilian Real and 49.4%
                                         depreciation of the Argentinian Peso. This was partially offset by the unit increase
                                         in unit salaries, mainly due to inflation adjustments as well as the 6.4% appreciation
                                         of the Chilean peso.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Fuel
                                         costs </B>rose 34.3%, mainly as a result of the 35.6% increase in the average fuel price
                                         per gallon (excluding hedge) as compared to the second quarter of 2017. The latter was
                                         partially offset by fuel hedge gains recorded in the quarter which totaled US$10.4 million,
                                         compared to US$10.5 million fuel hedge losses for the same quarter of 2017. At the same
                                         time, the Company recognized a US$6.2 million gain related to foreign currency hedging
                                         contracts, while reported a neutral result in the same period of last year.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Commissions
                                         to agents</B> decreased 5.9% due to lower passenger commissions in LATAM Airlines Brazil&rsquo;s
                                         operations due to the depreciation of the Brazilian real, partially offset by more passengers
                                         and cargo tons carried during the quarter.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Depreciation
                                         and amortization</B> decreased 2.4% due to the positive impact of the 12.2% year-over-year
                                         depreciation of the Brazilian real in the quarter, partially offset by more on-balance
                                         aircraft compared to the same period of 2017.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other
                                         rental and landing fees </B>increased 9.4%, mainly due to higher passenger and cargo
                                         operation as well as higher costs related to ground handling operations.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Passenger
                                         service </B>expenses increased 22.4% driven by an increase in passenger compensations
                                         resulted from the strikes in Chile and Brazil during the quarter.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Aircraft
                                         rentals </B>decreased 10.5%, in line with the previous quarter, as a result of the reduction
                                         of 6 aircraft in our fleet under operating leases.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Maintenance
                                         expenses</B> decreased 8.3% as the Company recognized lower redelivery costs as the Company
                                         returned one aircraft under operating lease contract during the quarter, as compared
                                         to seven aircraft returned in the same period of last year.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other
operating expenses </B>decreased 10.4%, due to lower advertising and marketing expenses, and lower costs related to loyalty programs&rsquo;
redemptions due to accounting changes (IFRS 15) carried out in 2018.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B><U>Non-operating
results</U></B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Interest
                                         income </B>decreased by US$6.6 million year-over-year to US$12.7 million in second quarter
                                         2018, as a result of lower interest rates in Brazil and the depreciation of the Brazilian
                                         Real.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Interest
                                         expense</B> decreased 11.0% to US$91.3 million in second quarter 2018, from US$102.5
                                         million in the same period of 2017, mainly due to gross debt reduction of 13.7% YoY.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Under
                                         <B>Other income (expense),</B> the Company registered a US$47.1 million net loss, including
                                         a US$78.9 million in foreign exchange loss. This compares to the US$60.9 million net
                                         loss in other income (expense) in the second quarter of 2017, which included a foreign
                                         exchange loss of US$45.9 million. In addition, during 2Q18, LATAM recognized a gain of
                                         US$22 million from the previously announced sale of Andes Airport Services in Chile.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B><U>Net
loss</U></B> in the second quarter amounted to US$113.6 million, a decrease of US$24.5 million compared to the net loss of US$138.0
in same period of 2017, mainly explained by a US$35.5 million decrease in income taxes and US$18.6 million increase in non-operating
result. This was partially offset by a US$41.7 million decrease in the operating income compared to the same period of 2017.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: Black"><B>LIQUIDITY
AND FINANCING </B></FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">At
the end of the second quarter 2018, LATAM reported US$1,191 million in cash and cash equivalents, including certain highly liquid
investments accounted as other current financial assets. Furthermore, the Company&acute;s liquidity position was enhanced by US$600
million of an undrawn revolving credit facility<SUP>2</SUP> (RCF) line, which was increased by US$150 million compared to the
previous quarter. Thus, LATAM&rsquo;s liquidity position amounted to 17.1% of the last twelve months&rsquo; revenue by June 30,
2018.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"></FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><SUP>2
</SUP>Subject to borrowing base availability</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Fleet
commitments for 2018 were further reduced, reaching US$507 million, all of which are operating leases, due to the industrial delay
of two Airbus A320neo and two Airbus A321neo. As a result, 2019 fleet commitments also changed and now amount to US$1,371 million.
The Company is constantly working on adjusting its fleet to the current demand environment, so it can optimize its utilization
and thus maximize profitability.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Additionally,
LATAM expects to invest approximately US$650 million in non-fleet CAPEX in 2018, which includes intangible assets, fleet and non-fleet
maintenance, expenditures in spare engines and fleet components, as well as investments related to the retrofit of the Boeing
767s and 777s cabins. This number also includes the migration of our new Passenger Service System in the Brazilian operations
to Sabre, which we concluded in May 2018.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">By
the end of the quarter, LATAM&acute;s adjusted net financial debt amounted to US$10.2 billion, a US$29.9 million increase compared
to the previous quarter, thus reaching a leverage of 4.4x from 4.3x in March 2018. For the balance of 2018, the Company has roughly
US$508 million in debt maturities.</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Regarding
hedging, the main objective of LATAM Airlines Group Hedge Policy is to protect medium term liquidity risk from fuel price increases
and BRL depreciation, while benefiting from fuel price reductions and BRL appreciation. Accordingly, the Company hedges a portion
of its estimated fuel consumption and Brazilian real operating exposure. Hedge positions per quarter for the next months are shown
in the table below:</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle; background-color: gray; font-family: Times New Roman, Times, Serif">
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 44%; font-family: Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: gray; font-family: Times New Roman, Times, Serif">
    <TD STYLE="color: white; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">3Q18</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">4Q18</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">1Q19</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">2Q19</FONT></TD></TR>
<TR STYLE="background-color: white; font-family: Times New Roman, Times, Serif">
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; font-family: Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: white; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-weight: bold; text-align: left; font-family: Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Hedge
    positions</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Estimated
    Fuel consumption hedged</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">44%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">51%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">30%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">22%</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: white; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-family: Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Brazilian
    reais operational exposure hedged (US$ million)<FONT STYLE="font-weight: normal; font-style: normal"><SUP>(1)</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">0</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1)
Estimated Brazilian reais annual operational exposure US$600 million.</FONT></P>




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<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>LATAM
FLEET PLAN </B></FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">During
the second quarter of 2018, LATAM took delivery of one Airbus A350 and returned one Airbus A320. Moreover, the Company added three
leased Airbus A330 and one Boeing 747 to its fleet under a short-term rental agreement with the Spanish airline Wamos Air, in
order to mitigate the impact of fewer Boeing 787 aircraft available due to the extension of Rolls Royce&rsquo;s engine maintenance
program.</FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">LATAM
reduced its fleet commitments for 2018 by US$207 million due to the current demand environment and industrial delays. The Company
will no longer receive two Airbus A320neo and two Airbus A321neo during 2018. In addition, LATAM extended its sublease contracts
with Qatar for two Airbus A350, initially returning in 2018, for two more years. LATAM also expects to receive one more Airbus
A350 during 2018 and to convert one Boeing 767-300 from a passenger aircraft into a freighter. Finally, LATAM will return five
aircraft during 2018, therefore ending the year 2018 with an operating fleet of 312 aircraft.</FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
2019, the Company expects the delivery of 16 new aircraft, including 3 aircraft postponed from 2018 to 2019, and to return eight.
Additionally, it expects to convert two Boeing 767-300 from passenger aircraft into freighters (one of which arriving in 2020),
thus ending the year 2019 with an operating fleet of 320 aircraft.</FONT></P>

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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
line with the above, fleet commitments for 2018 and 2019 now amount to US$507 million and US$1,371 million, respectively.</FONT></P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle; background-color: gray; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 40%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
    year end</FONT></TD>
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</FONT></TD>
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018E</FONT></TD>
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passenger
    Aircraft</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Narrow
    Body</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A319-100</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A320-200</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">146</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">126</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">124</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">121</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A320 Neo</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A321-200</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A321 Neo</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">243</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">223</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">227</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">235</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wide
    Body</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    767-300</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Airbus A350-900</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Boeing 777-300 ER</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    787-8</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Boeing 787-9</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cargo
    Aircraft</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Boeing 777-200F&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">Boeing
767-300F</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    OPERATING FLEET</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">329</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">307</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subleases</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Airbus A320-200</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Airbus A350-900</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    767-300F</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top-color: Black; border-top-width: 0.5pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    FLEET</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">332</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">319</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">327</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle; background-color: #E4DFEC; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fleet
    Commitment (US$ million)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,950</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">326</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">507</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,371</FONT></TD></TR>
</TABLE>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<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-size: 10pt; text-transform: uppercase"><B>2018
GUIDANCE</B></FONT></P>

<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-size: 10pt">&nbsp;</FONT></P>

<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-size: 10pt">The
company revised downwards the guidance for operating margin to a range between 6.5% and 8.0%, as compared to the previous guidance
between 7.5% and 9.5%. The new guidance incorporates higher fuel prices, weaker currencies and the impact of the strikes in Chile
and in Brazil.</FONT></P>

<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-size: 10pt">&nbsp;</FONT></P>

<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-size: 10pt">LATAM
expects total passenger ASKs to grow between 4% and 6% for full year 2018. International passenger ASKs for full year 2018 is
now expected to increase between 5% and 7%, reflecting a network adjustment due to higher fuel prices and FX. LATAM&rsquo;s domestic
passenger ASKs in the Brazilian market is expected to increase between 2% and 4%. ASKs in Spanish-speaking countries are now expected
to increase by approximately 4% to 6%, incorporating the impact of the strike in Chile, but not changing its strategy in the Spanish-speaking
countries. Regarding cargo operations, LATAM expects cargo ATKs to grow between 1% and 3% for full year 2018.</FONT></P>

<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-size: 10pt">&nbsp;</FONT></P>

<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-size: 10pt">These
variations assume an average exchange rate of approximately BRL/USD 3.71 and jet fuel price of US$ 85 per barrel for full year
2018.</FONT></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>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Verdana, Helvetica, Sans-Serif">
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    <TD STYLE="color: white; vertical-align: bottom; text-align: right; width: 28%; padding-top: 2pt; padding-bottom: 2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; width: 25%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 13%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 13%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 13%; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previous</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revised</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASK
    Growth (Passenger)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Network</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5%
    - 7%</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4%
    - 6%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6%
    - 8%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5%
    - 7%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brazil
    Domestic&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2%
    - 4%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2%
    - 4%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SSC
    Domestic&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6%
    - 8%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4%
    - 6%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ATK
    Growth (Cargo)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
    - 3%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
    - 3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Margin</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5% - 9.5%</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5% - 8.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<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-size: 10pt">LATAM
filed its quarterly financial statements for the three month period ended June 30, 2018 with the <I>Comisi&oacute;n para el Mercado
Financiero</I> of Chile on August 20, 2018. These financial statements will be available in Spanish and English languages at <U>http://www.latamairlinesgroup.net</U>.</FONT></P>

<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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #7F7F7F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>About
LATAM Airlines Group S.A.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: #7F7F7F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LATAM
Airlines Group is Latin America&rsquo;s leading airline group with one of the largest route networks in the world, offering air
services to around 140 destinations in 25 countries, and is present in six domestic markets in Latin America: Argentina, Brazil,
Chile, Colombia, Ecuador and Peru, in addition to its international operations in Latin America, Europe, the United States, the
Caribbean, Oceania and Africa.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group employs approximately 42.000 people worldwide, operating more than 1,300 flights per day and transporting 67 million passengers
per year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LATAM
Airlines Group has a young and modern fleet. Its 315 aircraft average an age of around eight years and feature the latest models
including the Boeing 787, Airbus A350, A321 and A320neo.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LATAM
Airlines Group is the only airlines group in Latin America and one of three worldwide to be part of the Dow Jones Sustainability
&lsquo;World&rsquo; Index. In 2017, it was recognized by the index for sustainable practices, based on economic, social and environmental
criteria, for the fourth consecutive year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LATAM
Airlines Group shares are traded on the Santiago Stock Exchange and the New York Stock Exchange in the form of ADRs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any commercial or brand related query, visit <U>www.latam.com</U>. Further financial information is available via <U>www.latamairlinesgroup.net</U></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>Note on Forward-Looking Statements</U></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; color: gray; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
report contains forward-looking statements. Such statements may include words such as &ldquo;may&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;believe&rdquo; or other
similar expressions. Forward-looking statements are statements that are not historical facts, including statements about our beliefs
and expectations. These statements are based on LATAM&rsquo;s current plans, estimates and projections and, therefore, you should
not place undue reliance on them. Forward-looking statements involve inherent known and unknown risks, uncertainties and other
factors, many of which are outside of LATAM&rsquo;s control and difficult to predict. We caution you that a number of important
factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors and
uncertainties include in particular those described in the documents we have filed with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them,
whether in light of new information, future events or otherwise.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LATAM
Airlines Group S.A.</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Financial Results for the second quarter 2018 </B>(in thousands of US Dollars)</FONT></P>

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

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Verdana, Helvetica, Sans-Serif">
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the three month period ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="color: white; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="color: white; width: 52%; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="color: white; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 16%; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVENUE</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passenger</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,956,555</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,888,311</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cargo</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">299,703</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">256,511</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101,096</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,912</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-21.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    OPERATING REVENUE</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,357,354</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,273,734</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wages
    and Benefits</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-435,743</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-452,642</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aircraft
    Fuel</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-685,557</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-510,627</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comissions
    to Agents</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54,116</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57,503</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and Amortization</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-237,544</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-243,492</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Rental and Landing Fees</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-297,961</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-272,350</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passenger
    Services</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76,004</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62,076</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aircraft
    Rentals</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-137,042</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-153,131</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aircraft
    Maintenance</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-112,631</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-122,821</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Operating Expenses</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-314,276</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-350,889</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    OPERATING EXPENSES</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2,350,874</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2,225,531</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING
    INCOME&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,480</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,203</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    Margin</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.3%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.8
    pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Income</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,740</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,300</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-34.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Expense</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91,252</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-102,545</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-11.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Income (Expense)</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47,097</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60,929</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCOME
    BEFORE TAXES AND MINORITY INTEREST</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-119,129</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95,971</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    Taxes</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,452</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-28,019</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-126.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="color: navy; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCOME
    BEFORE MINORITY INTEREST</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-111,677</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-123,990</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attributable
    to:</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in">Shareholders</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-113,554</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-138,038</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in">Minority Interest</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,877</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,048</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: white; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NET
    INCOME&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-113,554</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-138,038</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Margin</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4.8%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3
    pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
    Tax Rate</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.3%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.2%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-35.5
    pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">244,024</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">291,695</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-16.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDA
    Margin</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.5
    pp.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDAR</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">381,066</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">444,826</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-14.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDAR
    Margin</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.4
    pp.</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM
Airlines Group S.A.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Financial Results for the six month period ended June </B>(in thousands of US Dollars)</FONT></P>

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

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Verdana, Helvetica, Sans-Serif">
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the six month period ended June 30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white; width: 53%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVENUE</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passenger</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,274,570</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,994,472</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cargo</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">595,523</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">510,257</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">217,797</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">246,454</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-11.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL OPERATING REVENUE</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,087,890</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,751,183</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wages
    and Benefits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-950,286</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-977,860</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aircraft
    Fuel</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1,403,411</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1,105,658</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comissions
    to Agents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-114,236</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-119,195</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and Amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-489,004</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-495,707</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Rental and Landing Fees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-608,179</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-550,569</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passenger
    Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-155,760</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-136,392</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aircraft
    Rentals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-272,803</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-303,527</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aircraft
    Maintenance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-214,272</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-208,007</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Operating Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-644,923</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-653,787</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL OPERATING EXPENSES</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4,852,874</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4,550,702</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING
    INCOME&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">235,016</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,481</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    Margin</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.4 pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,927</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,224</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Expense</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-177,469</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-198,333</FONT></TD>
    <TD STYLE="text-align: right; background-color: white; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    Income (Expense)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47,308</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-12,055</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">292.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCOME
    BEFORE TAXES AND MINORITY INTEREST</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,166</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,317</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39,271</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81,507</FONT></TD>
    <TD STYLE="text-align: right; background-color: white; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: navy; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCOME BEFORE MINORITY
    INTEREST</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4,105</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-49,190</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attributable to:</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19,665</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72,481</FONT></TD>
    <TD STYLE="text-align: right; background-color: white; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minority Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,560</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,291</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-33.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: navy; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NET
    INCOME&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19,665</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72,481</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Margin</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.4%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.5%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1 pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective Tax Rate</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-111.7%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-252.2%</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5 pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">724,020</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">696,188</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDA
    Margin</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.4
    pp.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDAR</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">996,823</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">999,715</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDAR
    Margin</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.4
    pp.</FONT></TD></TR>
</TABLE>


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<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt dotted; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM
Airlines Group S.A.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Operational Statistics</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>For
    the three month period ended</B></FONT></TD>
    <TD COLSPAN="3" STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-top: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>For
    the six month period ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>June
    30</B></FONT></TD>
    <TD COLSPAN="3" STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>June
    30</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2017</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>%
    Change</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2017</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>%
    Change</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>System</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    Revenues per ASK (US Cent)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
    per ASK (US Cent)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.0
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
    per ASK ex fuel&nbsp;&nbsp;(US Cents)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7.2%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel
    Gallons Consumed (millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">281.3
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">271.8
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">578.5
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">564.6
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel
    Gallons Consumed per 1,000 ASKs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel
    Price (with hedge) (US$ per gallon)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.46
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.88
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.44
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.95
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel
    Price (without hedge) (US$ per gallon)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.50
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.84
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.47
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.94
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    Trip Length (km)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,753.6
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,746.9
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Number of Employees (average)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,832
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,530
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,454</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44,281</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Number of Employees (end of the period)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,904
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,330
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,904</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,330</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Passenger
    </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASKs&nbsp;&nbsp;(millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,242
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,766
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68,861
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,380
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RPKs&nbsp;&nbsp;(millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,095
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,602
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57,479
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,927
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passengers
    Transported (thousands)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,451
    </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,228
    </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,736
    </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,913
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Load
    Factor (based on ASKs) %</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.2
    pp</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.8
    pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield
    based on RPKs (US Cents)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
    per ASK (US cents)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cargo</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ATKs
    (millions)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,594
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,483
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,204
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,015
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RTKs
    (millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">875
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">799
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,757
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,609
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tons
    Transported (thousands)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">231
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">214
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">455
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">427
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Load
    Factor (based on ATKs) %</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0
    pp</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5
    pp</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yield
    based on RTKs (US Cents)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.3
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.9
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.7
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
    per ATK (US Cents)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.8
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.3
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.6
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.9
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.9%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM
Airlines Group S.A.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Balance Sheet </B>(in thousands of US Dollars)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: gray">
    <TD STYLE=" vertical-align: bottom; width: 70%; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" width: 15%; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of June 30</B></FONT></TD>
    <TD STYLE=" width: 15%; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of December 31</B></FONT></TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE=" vertical-align: bottom; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E4DFEC">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets:</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
    and cash equivalents</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">773,889</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,142,004</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    financial assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">514,937</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">559,919</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-financial assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">290,178</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">221,188</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    and other accounts receivable</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,187,476</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,214,050</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable from related entities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,535</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,582</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">247,625</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">236,666</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103,176</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77,987</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    assets and disposal groups held for sale</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,475</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">291,103</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    current assets </B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3,147,291</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3,745,499</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    financial assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,582</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,090</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-financial assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">206,587</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">220,807</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,638</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,891</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets other than goodwill</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,430,913</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,617,247</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,310,528</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,672,550</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
    plant and equipment</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,887,245</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,065,335</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,332</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,532</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">301,014</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">364,021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    non-current assets </B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14,244,839</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15,052,473</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    assets </B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17,392,130</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,797,972</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E4DFEC">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liabilities
    and shareholders&rsquo; equity:</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    financial liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,390,660</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,300,949</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    and other accounts payables</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,534,476</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,695,202</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable to related entities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">379</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">760</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    provisions</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,316</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,783</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,245</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,511</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-financial liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,689,570</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,823,963</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
    included in disposal groups classified as held for sale</FONT></TD>
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,822</FONT></TD>
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,546</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    current liabilities </B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5,632,468</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5,842,714</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    financial liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,116,921</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,605,508</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">535,383</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">498,832</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    provisions</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">330,110</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">374,593</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">887,523</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">949,697</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
    benefits</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113,599</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101,087</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-financial liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,523</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">158,305</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    non-current liabilities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8,104,059</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8,688,022</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    liabilities </B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13,736,527</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14,530,736</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    capital</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,146,265</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,146,265</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    earnings</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">445,903</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">475,118</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury
    Shares</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(178)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(178)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    reserves</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,593)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">554,884</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
    attributable to the parent company&rsquo;s equity holders</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3,576,397</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4,176,089</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minority
    interest </FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,206</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,147</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    net equity</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3,655,603</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4,267,236</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    liabilities and equity</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17,392,130</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,797,972</B></FONT></TD></TR>
</TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM
Airlines Group S.A.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Statement of Cash Flow &ndash; Direct Method </B>(in thousands of US Dollars)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: gray">
    <TD STYLE=" vertical-align: bottom; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of June 30, 2018</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of June 30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash
    flow from operating activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash
    collections from operating activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from sales of goods and services</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,923,137</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,025,079</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    cash receipts from operating activities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,217</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,562</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payments
    for operating activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    to suppliers for goods and services</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,343,545)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,398,364)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    to and on behalf of employees</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(983,543)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(960,316)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    payments for operating activities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(127,326)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(112,785)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    Taxes refunded (paid)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(40,145)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(71,703)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    cash inflows (outflows)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,745)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41,968)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E4DFEC">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net
    cash flows from operating activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>461,050</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>469,505</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash
    flow used in investing activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows arising from losing control of subsidiaries or other businesses</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,248</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,124</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    cash receipts from sales of equity or debt instruments of other entities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,937,709</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,403,463</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    payments to acquire equity or debt instruments of other entities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,931,759)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,372,576)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    raised from sale of property, plant and equipment</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">215,904</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,706</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
    of property, plant and equipment</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(277,352)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(189,483)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
    of intangible assets</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(44,830)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38,004)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Received</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,836</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,338</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    cash inflows (outflows)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,757</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,583)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E4DFEC">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net
    cash flows used in investing activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(48,487)</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(162,015)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash
    flow from (used in) financing activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    raised from long-term loans</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">382,663</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">908,748</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    raised from short-term loans</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">205,000</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
    repayment</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(588,714)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(785,901)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
    of finance lease liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(371,982)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(160,546)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
    paid</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(63,359)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43,394)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    paid</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(181,451)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(181,865)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    cash inflows (outflows)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,890)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71,722</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E4DFEC">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net
    cash flows from (used in) financing activities</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(624,733)</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(91,236)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    increase (decrease) in cash and cash equivalents before effect of exchange rate changes </FONT></TD>
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212,170)</FONT></TD>
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">216,254</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effects
    of variations in the exchange rate on cash and equivalents</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(155,945)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,028)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(368,115)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">201,226</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E4DFEC">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CASH
    AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,142,004</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>949,327</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E4DFEC">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CASH
    AND CASH EQUIVALENTS AT END OF PERIOD</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>773,889</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,150,553</B></FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM
Airlines Group S.A.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Balance Sheet Indicators </B>(in thousands of US Dollars)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: gray">
    <TD STYLE=" vertical-align: bottom; width: 60%; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" width: 20%; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of June 30</B></FONT></TD>
    <TD STYLE=" width: 20%; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of December 31</B></FONT></TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE=" vertical-align: bottom; padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2017</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17,392,130</B></FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,797,972</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Liabilities</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,736,527</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,530,736</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Equity*</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,655,603</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,267,236</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Liabilities and Shareholders equity</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17,392,130</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,797,972</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Debt
    </B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    and long term portion of loans from financial institutions</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,594,109</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,782,135</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    and long term portion of obligations under capital leases</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,909,217</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,109,505</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    liabilities current and long term portion</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Gross Debt</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7,503,326</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7,891,640</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1,190,598</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1,614,236</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE=" vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Net Debt </B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6,312,728</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6,277,404</B></FONT></TD></TR>
<TR>
    <TD STYLE=" vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus:
    7 x last twelve months&rsquo;aircraft rent</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,841,796</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,056,864</FONT></TD></TR>
<TR>
    <TD STYLE=" vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjusted
    Net Debt</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10,154,524</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10,334,268</B></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(*)
Note: Includes minority interest</FONT></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>

<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-size: 10pt"><B>LATAM
Airlines Group S.A.</B></FONT></P>

<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-size: 10pt"><B>Main
Financial Ratios</B></FONT></P>

<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-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: gray">
    <TD STYLE=" width: 60%; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" width: 20%; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of June 30</B></FONT></TD>
    <TD STYLE=" width: 20%; padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of December 31</B></FONT></TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2018</B></FONT></TD>
    <TD STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and Equivalents as % of LTM revenues</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3%</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Gross Debt (US$ thousands)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,345,122</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,948,504</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Gross Debt / EBITDAR (LTM)</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Net Debt (US$ thousands)</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,154,524</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,334,268</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
    Net Debt / EBITDAR (LTM)</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including
    the Revolving Credit Facility, Cash and Equivalents as % of LTM revenues reaches 17.1%</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM
Airlines Group S.A.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Fleet </B></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="padding: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE=" padding: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>As
    of June 30, 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Off-Balance</B></FONT></TD>
    <TD STYLE=" width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>On-Balance</B></FONT></TD>
    <TD STYLE=" width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Passenger
    Aircraft</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A319-100</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>46</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A320-200</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>126</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A320- Neo</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A321-200</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>49</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A350-900</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    767-300</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>36</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    777-300 ER</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    787-8</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    787-9</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>91</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>210</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>301</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cargo
    Aircraft</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    777-200F</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    767-300F</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Short-term
    leases</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A330-900</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boeing
    747-400</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE=" border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL
    SHORT-TERM LEASES</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>0</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL
    OPERATING FLEET</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>97</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>218</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>315</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subleases</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A320-200</FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Airbus
    A350-900</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL
    SUBLEASES</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE=" padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL
    FLEET</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>97</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>224</B></FONT></TD>
    <TD STYLE=" border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>322</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>
<!-- Field: Page; Sequence: 17; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 4%; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August 20,
    2018</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM
    AIRLINES GROUP S.A.</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; border-bottom: #000000 1px solid; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Ramiro Alfons&iacute;n</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramiro Alfons&iacute;n</FONT></TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top">CFO</TD></TR>
</TABLE>

<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-size: 10pt">&nbsp;</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
