<SEC-DOCUMENT>0001615774-19-008062.txt : 20190517
<SEC-HEADER>0001615774-19-008062.hdr.sgml : 20190517
<ACCEPTANCE-DATETIME>20190516205507
ACCESSION NUMBER:		0001615774-19-008062
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190516
FILED AS OF DATE:		20190517
DATE AS OF CHANGE:		20190516

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:		19834007

	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>s118403_6k.htm
<DESCRIPTION>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"><B>May 16, 2019</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"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>LATAM
AIRLINES GROUP REPORTS CONSOLIDATED OPERATING INCOME OF US$82.1 MILLION FOR FIRST QUARTER 2019</B></FONT></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; color: gray"><FONT STYLE="color: #808080">Santiago,
Chile, May 16, 2019 &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 first quarter ending March 31, 2019. &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), including the recent adoption of IFRS16 accounting standard,
and are expressed in U.S. dollars. The Brazilian real / US dollar average exchange rate for the quarter was BRL 3.77 per USD.</FONT></P>

<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"><FONT STYLE="text-transform: uppercase"><B><U>Highlights</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating income amounted to US$82.1 million
in the first quarter of 2019. Operating margin reached 3.3%, mainly due to declines in yields driven by the devaluation of local
currencies, the consequent effect on international demand, especially in Argentina, and overcapacity in international routes.
Net loss totaled US$60.1 million in the quarter ending March 31, 2019, compared with the US$92.2 million earned in the same period
last year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total revenues decreased 7.5% year-on-year
in the first quarter of 2019 to US$2,525.3 million due to a decrease in both passenger and cargo revenues. Passenger revenue declined
6.5% and cargo revenues decreased 10.9% as cargo unit revenue declined 10.6% year-over-year - also influenced by greater depreciation
of regional currencies- resulting in lower imports to the region, especially to Brazil and Argentina.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total operating expenses declined 0.7%
year-over-year in the quarter, despite an increase of 6.7% in total ASKs. Excluding fuel costs, total operating costs declined
2.6% year-on-year in the first quarter. Cost per ASK decreased 6.9% year-over-year, while costs per ASK excluding fuel decreased
8.7% year-over-year, reflecting a leaner and more efficient organizational structure.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On April 30th, LATAM Airlines Brazil acquired
the outstanding shares of Multiplus S.A., which has been de-listed and is now a privately held company, which will be merged into
LATAM Airlines Brazil as announced last year. For the 27.3% acquired, LATAM Airlines Brazil paid US$303.7 million.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Elliot Management Corporation contacted
LATAM to propose a restructuring plan for Avianca Brazil, consisting in dividing the company in seven independent productive units.
LATAM Airlines Brazil has agreed to bid for at least one independent productive unit for a minimum amount of US$70 million in an
upcoming auction. In addition, LATAM Airlines Brazil committed and funded US$13 million for working capital purposes to Avianca
Brazil.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Given the impact of the devaluation of
the Argentinian peso on international demand and overcapacity on routes to/from Brazil, LATAM is adjusting its international network
and reducing capacity growth for 2019 to approximately 0-2% compared with 2018. On the other hand, LATAM Airlines Brazil is increasing
the capacity of its domestic network to approximately 5-7% for 2019 due to recent developments in the Brazilian domestic market.
The Company has signed a contract with Aircastle to lease 10 Airbus A320-200 aircraft to be operated by the affiliates of the group
in their respective domestic markets, principally Brazil. As a result, the Company has revised down its total capacity guidance
growth for this year from 4-6% to 3-5% as compared with 2018.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At LATAM&rsquo;s Annual Shareholders&rsquo;
Meeting on April 25, 2019, a dividend distribution totaling US$54.6 million was approved. This is equivalent to 30% of 2018 earnings
and is the highest since the LAN and TAM association. Said dividend was paid today (Thursday May 16, 2019) to shareholders on record
as of May 10, 2019. </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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<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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finally, at the same shareholders&rsquo;
meeting, Mr. Patrick Horn was elected as a new board member replacing Mr. Georges de Bourguignon, as a new independent board member.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>MANAGEMENT COMMENTS
ON THE FIRST QUARTER 2019 </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The first quarter of 2019 presented more
challenging market conditions than we initially anticipated. Demand for international travel in Argentina further deteriorated
as a consequence of the sustained devaluation of the Argentinian Peso, while we continued to see overcapacity in international
routes to/from Brazil. This was exacerbated by the devaluation of other Latin American currencies such as the Brazilian real and
the Chilean and Colombian peso, which put additional pressure in our yields measured in US dollars. As a result, our revenues per
ASK declined by 12.3%, yields decreased 11.1% and load factor decreased1.1 percentage points.</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">Despite the challenging macroeconomic context,
LATAM continues to make progress on our strategic initiatives. Our cost saving initiatives continue delivering positive results
with total costs declining by 0.7%, despite 6.7% growth in operations in the first quarter. We carried more than 18 million passengers
during this period, 800,000 more than the same period of last year. Cost initiatives continue to be among LATAM&rsquo;s highest
priorities and will help us to tackle a challenging first half of the year.</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">We continue to adapt our network in line
with current market conditions. Overcapacity in international routes to/from Brazil, made it necessary to suspend the inauguration
of the Sao Paulo &ndash; Munich flight as well as suspending the Sao Paulo &ndash; Rome service from October 2019. In the context
of weak international demand in Argentina, in March, LATAM suspended its services from Santiago and Sao Paulo to Tucuman and will
suspend flights to Rosario from Santiago and Sao Paulo in the coming months. These network adjustments reflect LATAM Group&rsquo;s
proactive capacity management. That said, there continues to be attractive opportunities to expand the network within South America.
LATAM Airlines Group will offer non-stop flights from Santiago to Brasilia in October, LATAM Airlines Peru from Lima to Brasilia
in November and LATAM Airlines Brazil from Asuncion to Brasilia starting in December, improving the connectivity between these
capitals.</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">Moreover, domestic markets in South America
continue offering attractive growth opportunities. The unbundled fares model implemented in 2017 has allowed us to compete efficiently
with the low-cost competitors and as a result we continue to carry more passengers and increase our ancillary revenue generation.
The expansion plan announced for the second half of 2019 in Colombia and the improvement of LATAM Airlines Peru&rsquo;s connectivity,
especially from Lima, are examples of the growth potential that the Company has identified in these markets.</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">LATAM has refurbished three aircraft with
the new cabin configurations. The first Boeing 767 is already being operated by LATAM Airlines Peru in international routes, while
the first two Airbus A320s are operating in the domestic markets of Brazil and Peru. The new cabins are designed to offer an industry-leading
on-board experience with more options, flexibility and personalization, to better serve different passengers. At the same time,
we will increase capacity by adding more seats per aircraft, thereby reducing our cost per ASK.</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">In the meantime, we continue to make progress
towards the implementation of our Joint Business Agreements with American Airlines and International Airlines Group (IAG). We refiled
an updated request for approval with the Department of Transportation in the United States, having received approval from the relevant
authorities in Latin America. During April, we also presented our case to the Chilean Supreme Court, following the appeal made
by third parties to the approval by Chile&rsquo;s competition authority in October 2018. LATAM now awaits the court&rsquo;s final
ruling.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, on May 7, 2019, our onboard service
and travel experience were recognized by the APEX Passenger Choice Awards as the &lsquo;Best Global Airline in South America&rsquo;
for the second year running. LATAM was also awarded with the &lsquo;Best Seat Comfort&rsquo;, &lsquo;Best Cabin Service&rsquo;,
&lsquo;Best Entertainment&rsquo; and &lsquo;Best Wi-Fi&rsquo; in South America. In addition, LATAM Airlines was recognized for
its &lsquo;Outstanding Food Service by a South American Carrier&rsquo; in the PAX International Readership Awards in April 2019,
also for the second consecutive year. These awards mark our continued commitment to improving our passengers&rsquo; travel experience.</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"><FONT STYLE="text-transform: uppercase"><B>management discussion
and analysis of FIRST Quarter 2019 Results </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues in the first quarter 2019
totaled US$2,525.3 million, compared to US$2,730.5 million in first quarter 2018. The 7.5% decrease was composed by a 6.5% decrease
in passenger revenues, 10.9% in cargo revenues and 19.6% in other revenues. Passenger and cargo revenues accounted for 85.9% and
10.4% of the total operating revenue of the quarter, respectively.</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"><B><U>Passenger revenues</U></B> decreased
6.5% year-over-year in the first quarter as a result of a 12.3% decrease in consolidated passenger unit revenue (RASK) and a capacity
increase of 6.7% year-over-year. The passenger RASK decline was driven by a 11.1% yield decrease, together with a load factor decrease
of 1.1 p.p., mainly as a result of currency devaluation in the region and the contraction of Argentinian passengers for international
travel as a consequence of the current economic scenario in Argentina.</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">Revenues per ASK for LATAM&rsquo;s main
passenger business units are shown in the table below:</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"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="color: white; text-align: center">For the three month period ended March 31</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="color: white; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">RASK</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">ASK</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Load Factor</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; text-align: center">(US cents)</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; text-align: center">(millions)</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white; width: 23%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; width: 11%">1Q19</TD>
    <TD STYLE="color: white; text-align: center; width: 13%">% Change (YoY)</TD>
    <TD STYLE="color: white; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; width: 11%">1Q19</TD>
    <TD STYLE="color: white; text-align: center; width: 13%">% Change (YoY)</TD>
    <TD STYLE="color: white; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; width: 10%">1Q19</TD>
    <TD STYLE="color: white; text-align: center; width: 13%">% Change (YoY)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Bussines Unit</TD>
    <TD STYLE="text-align: center">&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: 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>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Domestic SSC</TD>
    <TD STYLE="text-align: right">6.5</TD>
    <TD STYLE="text-align: right">-10.4%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,910</TD>
    <TD STYLE="text-align: right">9.6%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">84.2%</TD>
    <TD STYLE="text-align: center">0.5 pp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Domestic Brazil</TD>
    <TD STYLE="text-align: right">6.2</TD>
    <TD STYLE="text-align: right">-7.2%</TD>
    <TD STYLE="text-align: left">*</TD>
    <TD STYLE="text-align: right">9,383</TD>
    <TD STYLE="text-align: right">1.5%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">82.1%</TD>
    <TD STYLE="text-align: center">-0.2 pp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; border-bottom: Black 0.5pt solid; text-align: left">International</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">5.6</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-15.2%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">21,695</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">8.1%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">85.1%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">-2.2 pp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD STYLE="font-weight: bold; text-align: right">5.7</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-12.3%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">37,989</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt">6.7%</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">84.2%</TD>
    <TD STYLE="font-weight: bold; text-align: center">-1.1 pp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="9">*RASK in domestic Brazil&nbsp;&nbsp;increased 7.3% measured in BRL excluding the proportional margin contribution from Multiplus Note: revenues include ticket revenue, breakage, ancillary, frequent flyer program revenues and other revenues</TD></TR>
</TABLE>


<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">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 20.1% of total passenger revenue in the quarter.
Their consolidated capacity increased 9.6% year-over-year, while traffic measured in RPK rose 10.3%, especially in Peru and Chile.
As a result, consolidated load factor rose 0.5 percentage points to 84.2%. Revenue per ASK in USD decreased 10.4% in the quarter,
impacted by the depreciation of local currencies, especially the Argentinian, Chilean and Colombian Peso.</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">In Brazil&rsquo;s domestic passenger operation
&ndash; which represented 25.8% of total passenger revenues in the quarter &ndash; LATAM Airlines Brazil increased its domestic
capacity by 1.5% year-over-year, while traffic measured in RPK increased 1.3% in the same period, thus resulting in a 0.2 percentage
points decline in the load factor to 82.1%. Revenues per ASK decreased 7.2% year-over-year in USD exclusively as a result of the
devaluation of the Brazilian real, as in local currency revenues per ASK increased by 7.3% year-over-year.</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"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 6pt; text-align: right"><IMG SRC="img001_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<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">International passenger operations accounted
for 54.0% of total passenger revenues. Consolidated capacity increased 8.1% year-over-year in the quarter, while international
traffic rose 5.5%. As a result, passenger load factor declined by 2.2 percentage points to 85.1%. Consolidated RASK declined 15.2%,
mainly driven by lower demand from Argentina and capacity pressures in long haul routes from Brazil, especially to Europe.</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"><B><U>Cargo revenues</U></B> decreased
by 10.9% in the quarter, reaching US$263.5 million, driven by a 12.6% decline in cargo yields, partially offset by an increase
of 1.3 percentage points in the load factor to 56.0%. Import markets continued to show declines year-over-year, especially to Brazil
and Argentina driven by weaker currencies. Furthermore, the sale of our former Mexican subsidiary MasAir in the second half of
2018 reduced our cargo revenues by approximately US$10 million. On the other hand, export markets continue improving, especially
salmon from Chile. As a result, cargo revenues per ATK declined by 10.6% in comparison to the same quarter of the previous year.</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"><B><U>Other revenues</U></B> totaled US$93.8
million in the first quarter of 2019, US$22.9 million less compared to the same period of last year. This year-over-year decline
is due to lower revenues derived from Multiplus, driven by the devaluation of the Brazilian real.</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"><B><U>Total operating expenses</U></B>
in the first quarter amounted to US$2,443.1 million, a 0.7% decrease compared to the same period of 2018 despite the 6.7% increase
in total capacity. As a result, cost per ASK declined by 6.9% and Cost per ASK excluding fuel costs declined by 8.7% in the same
period, as a result of the costs contention initiatives. Changes in operating expenses were mainly explained by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Wages and benefits</B>&nbsp;decreased
7.5%, explained by the 5.0% decline in the average headcount during the quarter, in line with the company&rsquo;s cost efficiency
efforts, as well as the depreciation of local currencies. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fuel costs</B> rose 4.0%, mainly as
a result of an 8.4% increase in fuel consumption. The latter was partially offset by a 6.2% decrease in the average fuel price
per gallon (excluding hedge) as compared to the first quarter of 2018. The Company recognized a US$9.0 million loss related to
hedging contracts, compared to US$7.2 million gain for the same quarter of 2018. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Commissions to agents</B> decreased
10.1% due to a decline in passenger and cargo revenues.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Depreciation and amortization</B> rose
0.8% due to 6 more aircraft in average in our fleet compared to the same period of 2018.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other rental and landing fees</B> increased
3.6%, 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">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Passenger service expenses</B> declined
by 19.4% due to lower fixed costs associated with the outsourcing of catering services and lower rate of passenger contingencies
during the quarter compared to the same period of 2018.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Maintenance expenses</B> increased
5.5% due to an increase in costs associated to spare parts, as the company incorporated two Airbus A320neo during the quarter.
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other operating expenses</B> decreased
1.5%, due to lower marketing expenses, as well as a decline in costs related to the passenger service system, as the company unified
the reservation platform across the entire airline group in the second quarter of last year.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Non-operating results</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interest income </B>decreased by US$6.3
million year-over-year to US$5.9 million in first quarter 2019, mainly due to a reversal of interests associated with PIS/COFINS
tax payments in the first quarter 2019 and a lower return on financial investments of Multiplus.</FONT></TD></TR></TABLE>

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

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

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 6pt; text-align: right"><IMG SRC="img001_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interest expense</B> increased 3.8%
to US$138.4 million in first quarter 2019, from US$133.4 million in the same period of 2018, mainly due to the issuance of US$600
million senior unsecured notes in January 2019.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under <B>Other income (expense),</B> the
Company registered a US$6.9 million net gain, including a US$8.9 million in foreign exchange gain. This compares to the US$0.2
million net loss in other income (expense) in the first quarter of 2018, which included a foreign exchange loss of US$2.9 million.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Net loss</U></B> in the first quarter
amounted to US$60.1 million, compared with the gain of US$92.2 million compared to the same period of 2018, mainly explained by
a US$188.3 million decrease in operating income. The latter was partially offset by a US$30.1 million decrease in income taxes
as a result of a lower pre-tax result.</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="text-transform: uppercase"><B>LIQUIDITY
AND FINANCING</B></FONT></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">By the end of the quarter, LATAM&acute;s
net debt amounted to US$7.6 billion, a 3.5% increase compared to previous quarter, while leverage reached 4.3x from 3.9x in December
2018, including a decline of 8.2% in the last twelve month&rsquo;s EBITDA. For the balance of 2019, the Company has roughly US$770
million in debt maturities.</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">At the end of the first quarter 2019,
LATAM reported US$1,544 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$575 million of an undrawn revolving credit
facility<SUP>1</SUP> (RCF) line. Thus, LATAM&rsquo;s liquidity position amounted to 20.9% of the last twelve months&rsquo; net
revenue by March 31, 2019.</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">Regarding hedging, the main objective of
LATAM Airlines Group Hedge Policy is to protect medium term liquidity risk from fuel price increases, while benefiting from fuel
price reductions by building option structures with a cap and a floor (3-ways collar and 4-ways collar). Accordingly, the Company
hedges a portion of its estimated fuel consumption. Hedge positions per quarter for the next months are shown in the table below:</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"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: middle; background-color: gray">
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 30%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: gray">
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">2Q19</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">3Q19</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">4Q19</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">1Q20</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Hedge positions</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Estimated Fuel consumption hedged</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">65%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">42%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">20%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">0%</TD></TR>
</TABLE>


<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"><B>LATAM FLEET PLAN </B></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">LATAM maintains the wet lease contracts
of two Airbus A330 with the Spanish airline Wamos and 2 Boeing 777-200 with Boeing Capital. These aircraft were leased in order
to mitigate the impact of fewer Boeing 787 availability due to the extension of Rolls Royce&rsquo;s engine maintenance program.</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">Fleet commitments for 2019 amount to US$1,197
million, with approximately US$676 million accounting for capital expenditures. LATAM has successfully financed all its 2019 deliveries
with a combination of sales&amp;leasebacks and Jolco financing, with senior secured debt and Japanese equity. For 2020, expected
fleet commitments amount to US$708 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.</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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"><SUP>1</SUP> Subject to borrowing base availability</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 6pt; text-align: right"><IMG SRC="img001_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt dotted; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<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">The table below reflects the updated fleet
plan of LATAM until 2021:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: middle; background-color: gray">
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: gray">
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 40%">By year end</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 15%">2018</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 15%">2019E</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 15%">2020E</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 15%">2021E</TD></TR>
<TR STYLE="vertical-align: middle; background-color: gray">
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Passenger Aircraft</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="padding-left: 12px; text-align: left">Narrow Body</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A319-100</TD>
    <TD STYLE="text-align: center">46</TD>
    <TD STYLE="text-align: center">46</TD>
    <TD STYLE="text-align: center">41</TD>
    <TD STYLE="text-align: center">41</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A320-200</TD>
    <TD STYLE="text-align: center">126</TD>
    <TD STYLE="text-align: center">132</TD>
    <TD STYLE="text-align: center">128</TD>
    <TD STYLE="text-align: center">118</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A320 Neo</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: center">13</TD>
    <TD STYLE="text-align: center">18</TD>
    <TD STYLE="text-align: center">24</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A321-200</TD>
    <TD STYLE="text-align: center">49</TD>
    <TD STYLE="text-align: center">49</TD>
    <TD STYLE="text-align: center">49</TD>
    <TD STYLE="text-align: center">49</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A321 Neo</TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: center">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid">TOTAL</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">225</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">240</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">240</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">241</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="padding-left: 12px; text-align: left">Wide Body</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Boeing 767-300</TD>
    <TD STYLE="text-align: center">35</TD>
    <TD STYLE="text-align: center">32</TD>
    <TD STYLE="text-align: center">29</TD>
    <TD STYLE="text-align: center">28</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A350-900</TD>
    <TD STYLE="text-align: center">7</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="text-align: center">12</TD>
    <TD STYLE="text-align: center">15</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Boeing 777-300 ER</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Boeing 787-8</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Boeing 787-9</TD>
    <TD STYLE="text-align: center">14</TD>
    <TD STYLE="text-align: center">16</TD>
    <TD STYLE="text-align: center">18</TD>
    <TD STYLE="text-align: center">20</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid">TOTAL</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">76</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">78</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">79</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">83</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Cargo Aircraft</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;&nbsp;&nbsp;Boeing 767-300F</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">9</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">10</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">10</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;TOTAL</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double">TOTAL OPERATING FLEET</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">310</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">328</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">329</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">334</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Subleases</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A320-200</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: center">5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;&nbsp;&nbsp;Airbus A350-900</TD>
    <TD STYLE="text-align: center">2</TD>
    <TD STYLE="text-align: center">3</TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="text-align: center">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;&nbsp;&nbsp;Boeing 767-300F</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">1</TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="text-align: center">2</TD>
    <TD STYLE="text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top-color: Black; border-top-width: 0.5pt">TOTAL</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-top-color: Black; border-top-width: 0.5pt">8</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">8</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double">TOTAL FLEET</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">318</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">337</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">337</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: center">341</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: #E4DFEC">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: justify">Fleet Commitment (US$ million)</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">311</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">1,197</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">708</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">1,118</TD></TR>
</TABLE>


<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"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 6pt; text-align: right"><IMG SRC="img001_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>GUIDANCE</B></FONT></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">Operating margin guidance for 2019 remains
unchanged (see table below). In addition, the Company revised its guidance for capacity growth for 2019 to approximately between
3% and 5%.</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"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">2019</TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom; width: 22%">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; width: 22%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 29%">Previous Guidance</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 27%">New Guidance</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid">ASK Growth (Passenger)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid">Total Network</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; text-align: center">4% - 6%</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; text-align: center">3% - 5%</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">International</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">3% - 5%</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">0% - 2%</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Brazil Domestic&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">2% - 4%</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">5% - 7%</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">SSC Domestic&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">8% - 10%</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">8% - 10%</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">ATK Growth (Cargo)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">1% - 3%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">0% - 2%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Operating Margin</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">7.0% - 9.0%</TD>
    <TD STYLE="text-align: center">7.0% - 9.0%</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">LATAM filed its quarterly financial statements
for the three-month period ended March 31, 2019 with the <I>Comisi&oacute;n para el Mercado Financiero</I> of Chile on May 16,
2019. These financial statements will be available in Spanish and English languages at <U>http://www.latamairlinesgroup.net</U>.</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; color: #7F7F7F"><FONT STYLE="color: Black"><B><U>About
LATAM Airlines Group S.A.</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="color: Black">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 142 destinations in 26 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, Africa and Asia.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="color: Black">The
Group employs approximately 41.000 people worldwide, operating more than 1,300 flights per day and transporting 69 million passengers
per year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="color: Black">LATAM
Airlines Group has a young and modern fleet. Its 313 aircraft average an age of around nine 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: 0pt 0; text-align: justify; color: gray"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: gray"><FONT STYLE="color: Black">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 2018, it was recognized by the index for sustainable practices, based on economic, social and environmental
criteria, for the fifth consecutive year.</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidated Financial Results for the first quarter 2019
</B>(in thousands of US Dollars)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2018 periods have been re-expressed to reflect adoption of
IFRS 16 accounting standards</I></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">For the three month period ended March 31</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white; width: 52%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 16%">2019</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 16%">2018</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 16%">% Change</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">REVENUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Passenger</TD>
    <TD STYLE="text-align: right">2,167,982</TD>
    <TD STYLE="text-align: right">2,318,015</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-6.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Cargo</TD>
    <TD STYLE="text-align: right">263,496</TD>
    <TD STYLE="text-align: right">295,820</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-10.9%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; border-bottom: Black 0.5pt solid; text-align: left">Other</TD>
    <TD STYLE="text-align: right">93,790</TD>
    <TD STYLE="text-align: right">116,701</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-19.6%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">TOTAL OPERATING REVENUE</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: right">2,525,268</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: right">2,730,536</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; border-top: Black 0.5pt solid; text-align: right">-7.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">EXPENSES</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 12px; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Wages and Benefits</TD>
    <TD STYLE="text-align: right">-476,012</TD>
    <TD STYLE="text-align: right">-514,543</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-7.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Aircraft Fuel</TD>
    <TD STYLE="text-align: right">-746,551</TD>
    <TD STYLE="text-align: right">-717,854</TD>
    <TD STYLE="padding-right: 12px; text-align: right">4.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; text-align: left">Commissions to Agents</TD>
    <TD STYLE="text-align: right">-54,066</TD>
    <TD STYLE="text-align: right">-60,120</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-10.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; text-align: left">Depreciation and Amortization</TD>
    <TD STYLE="text-align: right">-351,644</TD>
    <TD STYLE="text-align: right">-348,887</TD>
    <TD STYLE="padding-right: 12px; text-align: right">0.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; text-align: left">Other Rental and Landing Fees</TD>
    <TD STYLE="text-align: right">-322,821</TD>
    <TD STYLE="text-align: right">-311,610</TD>
    <TD STYLE="padding-right: 12px; text-align: right">3.6%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Passenger Services</TD>
    <TD STYLE="text-align: right">-64,246</TD>
    <TD STYLE="text-align: right">-79,756</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-19.4%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Aircraft Maintenance</TD>
    <TD STYLE="text-align: right">-104,056</TD>
    <TD STYLE="text-align: right">-98,677</TD>
    <TD STYLE="padding-right: 12px; text-align: right">5.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; border-bottom: Black 0.5pt solid; text-align: left">Other Operating Expenses</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-323,750</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-328,645</TD>
    <TD STYLE="padding-right: 12px; border-bottom: Black 0.5pt solid; text-align: right">-1.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">TOTAL OPERATING EXPENSES</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-2,443,146</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-2,460,092</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; text-align: right">-0.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double">OPERATING INCOME&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">82,122</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">270,444</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; border-bottom: Black 2pt double; text-align: right">-69.6%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; font-style: italic; text-align: left">Operating Margin</TD>
    <TD STYLE="text-align: right">3.3%</TD>
    <TD STYLE="text-align: right">9.9%</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-6.7 pp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 12px; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Interest Income</TD>
    <TD STYLE="text-align: right">5,891</TD>
    <TD STYLE="text-align: right">12,187</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-51.7%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Interest Expense</TD>
    <TD STYLE="text-align: right">-138,446</TD>
    <TD STYLE="text-align: right">-133,355</TD>
    <TD STYLE="padding-right: 12px; text-align: right">3.8%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Other Income (Expense)</TD>
    <TD STYLE="text-align: right">6,877</TD>
    <TD STYLE="text-align: right">-211</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-3359.2%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">INCOME BEFORE TAXES AND MINORITY INTEREST</TD>
    <TD STYLE="font-weight: bold; text-align: right">-43,556</TD>
    <TD STYLE="font-weight: bold; text-align: right">149,065</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; text-align: right">-129.2%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; text-align: left">Income Taxes</TD>
    <TD STYLE="text-align: right">-13,041</TD>
    <TD STYLE="text-align: right">-43,213</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-69.8%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 24px; color: navy; text-align: left">&nbsp;</TD>
    <TD STYLE="color: navy; text-align: right">&nbsp;</TD>
    <TD STYLE="color: navy; text-align: right">&nbsp;</TD>
    <TD STYLE="color: navy; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">INCOME BEFORE MINORITY INTEREST</TD>
    <TD STYLE="font-weight: bold; text-align: right">-56,597</TD>
    <TD STYLE="font-weight: bold; text-align: right">105,852</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; text-align: right">-153.5%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 12px; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Attributable to:</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders</TD>
    <TD STYLE="text-align: right">-60,074</TD>
    <TD STYLE="text-align: right">92,169</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-165.2%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority Interest</TD>
    <TD STYLE="text-align: right">3,477</TD>
    <TD STYLE="text-align: right">13,683</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-74.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: navy; text-align: right">&nbsp;</TD>
    <TD STYLE="color: navy; text-align: right">&nbsp;</TD>
    <TD STYLE="color: navy; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double">NET INCOME&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">-60,074</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">92,169</TD>
    <TD STYLE="padding-right: 12px; font-weight: bold; border-bottom: Black 2pt double; text-align: right">-165.2%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; font-style: italic; text-align: left">Net Margin</TD>
    <TD STYLE="text-align: right">-2.4%</TD>
    <TD STYLE="text-align: right">3.4%</TD>
    <TD STYLE="padding-right: 12px; text-align: right">-5.8 pp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 12px; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Effective Tax Rate</TD>
    <TD STYLE="text-align: right">29.9%</TD>
    <TD STYLE="text-align: right">-29.0%</TD>
    <TD STYLE="padding-right: 12px; text-align: right">58.9 pp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 0.5pt solid">EBITDA</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">433,766</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">619,331</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">-30.0%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12px; font-style: italic; border-bottom: Black 0.5pt solid; text-align: left">EBITDA Margin</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">17.2%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">22.7%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-5.5 pp.</TD></TR>
</TABLE>


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<P STYLE="margin: 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>LATAM
Airlines Group S.A.</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"></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>

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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: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; text-align: center">For the three month period ended</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; text-align: center">March 31</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 15%; text-align: right">2019</TD>
    <TD STYLE="color: white; font-weight: bold; width: 15%; text-align: right">2018</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 15%">% Change</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">System</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Costs per ASK (US Cent)</TD>
    <TD STYLE="text-align: right">6.4</TD>
    <TD STYLE="text-align: right">6.9</TD>
    <TD STYLE="text-align: right">-6.9%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Costs per ASK ex fuel&nbsp;&nbsp;(US Cents)</TD>
    <TD STYLE="text-align: right">4.5</TD>
    <TD STYLE="text-align: right">4.9</TD>
    <TD STYLE="text-align: right">-8.7%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Fuel Gallons Consumed (millions)</TD>
    <TD STYLE="text-align: right">322.2</TD>
    <TD STYLE="text-align: right">297.2</TD>
    <TD STYLE="text-align: right">8.4%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Fuel Gallons Consumed per 1,000 ASKs</TD>
    <TD STYLE="text-align: right">8.5</TD>
    <TD STYLE="text-align: right">8.3</TD>
    <TD STYLE="text-align: right">1.7%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Fuel Price (with hedge) (US$ per gallon)</TD>
    <TD STYLE="text-align: right">2.32</TD>
    <TD STYLE="text-align: right">2.42</TD>
    <TD STYLE="text-align: right">-4.1%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Fuel Price (without hedge) (US$ per gallon)</TD>
    <TD STYLE="text-align: right">2.29</TD>
    <TD STYLE="text-align: right">2.44</TD>
    <TD STYLE="text-align: right">-6.1%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Average Trip Length (km)</TD>
    <TD STYLE="text-align: right">1,759.6</TD>
    <TD STYLE="text-align: right">1,757.8</TD>
    <TD STYLE="text-align: right">0.1%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Total Number of Employees (average)</TD>
    <TD STYLE="text-align: right">40,925</TD>
    <TD STYLE="text-align: right">43,095</TD>
    <TD STYLE="text-align: right">-5.0%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Total Number of Employees (end of the period)</TD>
    <TD STYLE="text-align: right">40,746</TD>
    <TD STYLE="text-align: right">42,977</TD>
    <TD STYLE="text-align: right">-5.2%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Passenger&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">ASKs&nbsp;&nbsp;(millions)</TD>
    <TD STYLE="text-align: right">37,989</TD>
    <TD STYLE="text-align: right">35,619</TD>
    <TD STYLE="text-align: right">6.7%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">RPKs&nbsp;&nbsp;(millions)</TD>
    <TD STYLE="text-align: right">31,979</TD>
    <TD STYLE="text-align: right">30,384</TD>
    <TD STYLE="text-align: right">5.2%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Passengers Transported (thousands)</TD>
    <TD STYLE="text-align: right">18,174</TD>
    <TD STYLE="text-align: right">17,286</TD>
    <TD STYLE="text-align: right">5.1%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Load Factor (based on ASKs) %</TD>
    <TD STYLE="text-align: right">84.2%</TD>
    <TD STYLE="text-align: right">85.3%</TD>
    <TD STYLE="text-align: right">-1.1 pp</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Yield based on RPKs (US Cents)</TD>
    <TD STYLE="text-align: right">6.8</TD>
    <TD STYLE="text-align: right">7.6</TD>
    <TD STYLE="text-align: right">-11.1%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Revenues per ASK (US cents)</TD>
    <TD STYLE="text-align: right">5.7</TD>
    <TD STYLE="text-align: right">6.5</TD>
    <TD STYLE="text-align: right">-12.3%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid">Cargo</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">ATKs (millions)</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">1,604</TD>
    <TD STYLE="text-align: right">1,610</TD>
    <TD STYLE="text-align: right">-0.4%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">RTKs (millions)</TD>
    <TD STYLE="text-align: right">899</TD>
    <TD STYLE="text-align: right">882</TD>
    <TD STYLE="text-align: right">1.9%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Tons Transported (thousands)</TD>
    <TD STYLE="text-align: right">215</TD>
    <TD STYLE="text-align: right">225</TD>
    <TD STYLE="text-align: right">-4.5%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Load Factor (based on ATKs) %</TD>
    <TD STYLE="text-align: right">56.0%</TD>
    <TD STYLE="text-align: right">54.8%</TD>
    <TD STYLE="text-align: right">1.3 pp</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Yield based on RTKs (US Cents)</TD>
    <TD STYLE="text-align: right">29.3</TD>
    <TD STYLE="text-align: right">33.5</TD>
    <TD STYLE="text-align: right">-12.6%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Revenues per ATK (US Cents)</TD>
    <TD STYLE="text-align: right">16.4</TD>
    <TD STYLE="text-align: right">18.4</TD>
    <TD STYLE="text-align: right">-10.6%</TD>
    </TR>
</TABLE>


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

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

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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</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>LATAM
Airlines Group S.A.</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"></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 BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom; width: 58%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 21%">As of March 31</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 21%">As of December 31</TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">2019</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF2CC">
    <TD STYLE="font-weight: bold; text-align: left">Assets:</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cash, and cash equivalents</TD>
    <TD STYLE="text-align: right">1,124,326</TD>
    <TD STYLE="text-align: right">1,081,642</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial assets</TD>
    <TD STYLE="text-align: right">486,401</TD>
    <TD STYLE="text-align: right">383,984</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other non-financial assets</TD>
    <TD STYLE="text-align: right">259,085</TD>
    <TD STYLE="text-align: right">290,476</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Trade and other accounts receivable</TD>
    <TD STYLE="text-align: right">1,125,376</TD>
    <TD STYLE="text-align: right">1,162,582</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Accounts receivable from related entities</TD>
    <TD STYLE="text-align: right">6,549</TD>
    <TD STYLE="text-align: right">2,931</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="text-align: right">301,659</TD>
    <TD STYLE="text-align: right">279,344</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Tax assets</TD>
    <TD STYLE="text-align: right">64,013</TD>
    <TD STYLE="text-align: right">69,134</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Non-current assets and disposal groups held for sale</TD>
    <TD STYLE="text-align: right">2,006</TD>
    <TD STYLE="text-align: right">5,768</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total current assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">3,369,415</TD>
    <TD STYLE="font-weight: bold; text-align: right">3,275,861</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial assets</TD>
    <TD STYLE="text-align: right">57,210</TD>
    <TD STYLE="text-align: right">58,700</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other non-financial assets</TD>
    <TD STYLE="text-align: right">238,034</TD>
    <TD STYLE="text-align: right">227,541</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Accounts receivable</TD>
    <TD STYLE="text-align: right">5,348</TD>
    <TD STYLE="text-align: right">5,381</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Intangible assets other than goodwill</TD>
    <TD STYLE="text-align: right">1,434,324</TD>
    <TD STYLE="text-align: right">1,441,072</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Goodwill</TD>
    <TD STYLE="text-align: right">2,283,269</TD>
    <TD STYLE="text-align: right">2,294,072</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="text-align: right">12,565,500</TD>
    <TD STYLE="text-align: right">12,501,809</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Tax assets</TD>
    <TD STYLE="text-align: right">757</TD>
    <TD STYLE="text-align: right">757</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Deferred tax assets</TD>
    <TD STYLE="text-align: right">271,650</TD>
    <TD STYLE="text-align: right">273,529</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total non- current assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">16,856,092</TD>
    <TD STYLE="font-weight: bold; text-align: right">16,802,861</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #333399; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left; background-color: white">Total assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20,225,507</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20,078,722</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF2CC">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities and shareholders' equity:</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial liabilities</TD>
    <TD STYLE="text-align: right">1,790,900</TD>
    <TD STYLE="text-align: right">1,794,286</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Trade and other accounts payables</TD>
    <TD STYLE="text-align: right">1,704,729</TD>
    <TD STYLE="text-align: right">1,674,303</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Accounts payable to related entities</TD>
    <TD STYLE="text-align: right">2,569</TD>
    <TD STYLE="text-align: right">382</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other provisions</TD>
    <TD STYLE="text-align: right">5,210</TD>
    <TD STYLE="text-align: right">4,794</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Tax liabilities</TD>
    <TD STYLE="text-align: right">3,699</TD>
    <TD STYLE="text-align: right">3,738</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other non-financial liabilities</TD>
    <TD STYLE="text-align: right">2,293,634</TD>
    <TD STYLE="text-align: right">2,454,746</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Liabilities included in disposal groups classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&mdash;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,800,741</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,932,249</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other financial liabilities</TD>
    <TD STYLE="text-align: right">8,790,470</TD>
    <TD STYLE="text-align: right">8,359,462</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Accounts payable</TD>
    <TD STYLE="text-align: right">462,785</TD>
    <TD STYLE="text-align: right">529,277</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other provisions</TD>
    <TD STYLE="text-align: right">312,641</TD>
    <TD STYLE="text-align: right">303,495</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Deferred tax liabilities</TD>
    <TD STYLE="text-align: right">778,951</TD>
    <TD STYLE="text-align: right">786,571</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Employee benefits</TD>
    <TD STYLE="text-align: right">89,416</TD>
    <TD STYLE="text-align: right">82,365</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other non-financial liabilities</TD>
    <TD STYLE="text-align: right">628,236</TD>
    <TD STYLE="text-align: right">644,702</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total non-current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: right">11,062,499</TD>
    <TD STYLE="font-weight: bold; text-align: right">10,705,872</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left; background-color: white">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16,863,240</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16,638,121</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Share capital</TD>
    <TD STYLE="text-align: right">3,146,265</TD>
    <TD STYLE="text-align: right">3,146,265</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Retained earnings</TD>
    <TD STYLE="text-align: right">158,897</TD>
    <TD STYLE="text-align: right">218,971</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Treasury Shares</TD>
    <TD STYLE="text-align: right">(178)</TD>
    <TD STYLE="text-align: right">(178)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other reserves</TD>
    <TD STYLE="text-align: right">(36,890)</TD>
    <TD STYLE="text-align: right">(4,365)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Equity attributable to the parent company&rsquo;s equity holders</TD>
    <TD STYLE="font-weight: bold; text-align: right">3,268,094</TD>
    <TD STYLE="font-weight: bold; text-align: right">3,360,693</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Minority interest&nbsp;</TD>
    <TD STYLE="text-align: right">94,173</TD>
    <TD STYLE="text-align: right">79,908</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Total net equity</B></TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>3,362,267</B>&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black"><B>3,440,601</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left; background-color: white">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20,225,507</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20,078,722</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>

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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>Consolidated
Statement of Cash Flow &ndash; Direct Method </B>(in thousands of US Dollars)</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="background-color: gray">
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 20%">As of March 31, 2019</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 20%">As of March 31, 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow from operating activities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Cash collections from operating activities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Proceeds from sales of goods and services</TD>
    <TD STYLE="text-align: right">2,536,205</TD>
    <TD STYLE="text-align: right">2,698,081</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other cash receipts from operating activities</TD>
    <TD STYLE="text-align: right">27,027</TD>
    <TD STYLE="text-align: right">25,539</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Payments for operating activities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Payments to suppliers for goods and services</TD>
    <TD STYLE="text-align: right">(1,739,695)</TD>
    <TD STYLE="text-align: right">(1,605,394)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Payments to and on behalf of employees</TD>
    <TD STYLE="text-align: right">(504,940)</TD>
    <TD STYLE="text-align: right">(559,714)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other payments for operating activities</TD>
    <TD STYLE="text-align: right">(51,345)</TD>
    <TD STYLE="text-align: right">(76,643)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Income Taxes refunded (paid)</TD>
    <TD STYLE="text-align: right">(12,719)</TD>
    <TD STYLE="text-align: right">(11,796)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other cash inflows (outflows)</TD>
    <TD STYLE="text-align: right">(27,988)</TD>
    <TD STYLE="text-align: right">(6,322)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF2CC">
    <TD STYLE="font-weight: bold; text-align: left">Net cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; text-align: right">226,545</TD>
    <TD STYLE="font-weight: bold; text-align: right">463,751</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow used in investing activities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Cash flows arising from losing control of subsidiaries or other businesses</TD>
    <TD STYLE="text-align: right">&nbsp;&mdash;</TD>
    <TD STYLE="text-align: right">&nbsp;&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Cash flows used in the purchase of non-controlling interest</TD>
    <TD STYLE="text-align: right">&nbsp;&mdash;</TD>
    <TD STYLE="text-align: right">&nbsp;&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other cash receipts from sales of equity or debt instruments of other entities</TD>
    <TD STYLE="text-align: right">728,847</TD>
    <TD STYLE="text-align: right">903,496</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other payments to acquire equity or debt instruments of other entities</TD>
    <TD STYLE="text-align: right">(824,446)</TD>
    <TD STYLE="text-align: right">(1,083,699)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Amounts raised from sale of property, plant and equipment</TD>
    <TD STYLE="text-align: right">274</TD>
    <TD STYLE="text-align: right">107,129</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Purchases of property, plant and equipment</TD>
    <TD STYLE="text-align: right">(181,826)</TD>
    <TD STYLE="text-align: right">(178,566)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Purchases of intangible assets</TD>
    <TD STYLE="text-align: right">(18,504)</TD>
    <TD STYLE="text-align: right">(19,911)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Interest Received</TD>
    <TD STYLE="text-align: right">7,730</TD>
    <TD STYLE="text-align: right">3,790</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other cash inflows (outflows)</TD>
    <TD STYLE="text-align: right">(597)</TD>
    <TD STYLE="text-align: right">11,731</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF2CC">
    <TD STYLE="font-weight: bold; text-align: left">Net cash flows used in investing activities</TD>
    <TD STYLE="font-weight: bold; text-align: right">(288,522)</TD>
    <TD STYLE="font-weight: bold; text-align: right">(256,030)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow from (used in) financing activities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Amounts raised from long-term loans</TD>
    <TD STYLE="text-align: right">594,354</TD>
    <TD STYLE="text-align: right">5,004</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Amounts raised from short-term loans</TD>
    <TD STYLE="text-align: right">&nbsp;&mdash;</TD>
    <TD STYLE="text-align: right">80,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Loans repayment</TD>
    <TD STYLE="text-align: right">(306,081)</TD>
    <TD STYLE="text-align: right">(384,985)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Payments of finance lease liabilities</TD>
    <TD STYLE="text-align: right">(94,136)</TD>
    <TD STYLE="text-align: right">(91,416)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Dividends paid</TD>
    <TD STYLE="text-align: right">&nbsp;&mdash;</TD>
    <TD STYLE="text-align: right">(9,716)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Interest paid</TD>
    <TD STYLE="text-align: right">(100,919)</TD>
    <TD STYLE="text-align: right">(107,005)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other cash inflows (outflows)</TD>
    <TD STYLE="text-align: right">27,246</TD>
    <TD STYLE="text-align: right">(2,449)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF2CC">
    <TD STYLE="font-weight: bold; text-align: left">Net cash flows from (used in) financing activities</TD>
    <TD STYLE="font-weight: bold; text-align: right">120,464</TD>
    <TD STYLE="font-weight: bold; text-align: right">(510,567)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">58,487</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(302,846)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Effects of variations in the exchange rate on cash and equivalents</TD>
    <TD STYLE="text-align: right">(15,803)</TD>
    <TD STYLE="text-align: right">(24,928)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Net increase (decrease) in cash and cash equivalents</TD>
    <TD STYLE="text-align: right">42,684</TD>
    <TD STYLE="text-align: right">(327,774)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF2CC">
    <TD STYLE="font-weight: bold; text-align: left">CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,081,642</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,142,004</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #FFF2CC">
    <TD STYLE="font-weight: bold; text-align: left">CASH AND CASH EQUIVALENTS AT END OF PERIOD</TD>
    <TD STYLE="font-weight: bold; text-align: right">1,124,326</TD>
    <TD STYLE="font-weight: bold; text-align: right">814,230</TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; width: 58%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 21%">As of March 31</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 21%">As of December 31</TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">2019</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">2018</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="color: #333399; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #333399; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">Total Assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">20,225,507</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">20,078,722</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Total Liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,863,240</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,638,121</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">Total Equity*</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">3,362,267</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">3,440,601</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total Liabilities and Shareholders equity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">20,225,507</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">20,078,722</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #333399; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Debt&nbsp;</TD>
    <TD STYLE="color: #333399; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #333399; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Current and long term portion of loans from financial institutions</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,700,066</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,636,872</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Current and long term portion of obligations under capital leases</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,925,620</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,624,854</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total Financial Debt</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">7,625,686</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">7,261,726</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Lease liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,937,372</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,858,049</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total Gross Debt</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">10,563,058</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">10,119,775</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-1,544,342</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-1,404,070</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">Total Net Debt&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,018,716</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,715,705</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Red"><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">(*)
Note: Includes minority interest</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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></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">
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 58%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 21%">As of March 31</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 21%">As of December 31</TD></TR>
<TR STYLE="vertical-align: middle; background-color: gray">
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">2019</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Cash and Equivalents as % of LTM revenues</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">15.2%</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">13.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gross Debt (US$ thousands)</TD>
    <TD STYLE="text-align: center">10,563,058</TD>
    <TD STYLE="text-align: center">10,119,775</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Gross Debt / EBITDA (LTM)</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">5.1</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">4.5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #333399">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #333399; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net Debt (US$ thousands)</TD>
    <TD STYLE="text-align: center">9,018,716</TD>
    <TD STYLE="text-align: center">8,715,705</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Net Debt / EBITDA (LTM)</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">4.3</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">3.9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left">Including the Revolving Credit Facility, Cash and Equivalents as % of LTM revenues reaches 20.9%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="margin: 0"></P>

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<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>LATAM
Airlines Group S.A.</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"></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 BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: gray">
    <TD STYLE="color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; text-align: center">As of March 31, 2019</TD></TR>
<TR STYLE="background-color: gray">
    <TD STYLE="color: white; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">Operating leases on balance under IFRS16</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">Aircraft on Property, Plant &amp; Equipment</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; width: 16%">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Passenger Aircraft</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Airbus A319-100</TD>
    <TD STYLE="text-align: center">9</TD>
    <TD STYLE="text-align: center">37</TD>
    <TD STYLE="font-weight: bold; text-align: center">46</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Airbus A320-200</TD>
    <TD STYLE="text-align: center">33</TD>
    <TD STYLE="text-align: center">92</TD>
    <TD STYLE="font-weight: bold; text-align: center">125</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Airbus A320- Neo</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="font-weight: bold; text-align: center">6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Airbus A321-200</TD>
    <TD STYLE="text-align: center">19</TD>
    <TD STYLE="text-align: center">30</TD>
    <TD STYLE="font-weight: bold; text-align: center">49</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Airbus A350-900</TD>
    <TD STYLE="text-align: center">3</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="font-weight: bold; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Boeing 767-300</TD>
    <TD STYLE="text-align: center">2</TD>
    <TD STYLE="text-align: center">33</TD>
    <TD STYLE="font-weight: bold; text-align: center">35</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Boeing 777-300 ER</TD>
    <TD STYLE="text-align: center">6</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Boeing 787-8</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: center">6</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; padding-left: 0.125in">Boeing 787-9</TD>
    <TD STYLE="text-align: center">10</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">4</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">14</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 0in">&nbsp;TOTAL</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">91</TD>
    <TD STYLE="font-weight: bold; text-align: center">211</TD>
    <TD STYLE="font-weight: bold; text-align: center">302</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Cargo Aircraft</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; padding-left: 0.125in">Boeing 767-300F</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">1</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">8</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; padding-left: 0in">TOTAL</TD>
    <TD STYLE="font-weight: bold; text-align: center">1</TD>
    <TD STYLE="font-weight: bold; text-align: center">8</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Short-term leases</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; padding-left: 0.125in">Boeing 777-200</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">2</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&mdash;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">TOTAL SHORT-TERM LEASES</TD>
    <TD STYLE="font-weight: bold; text-align: center">2</TD>
    <TD STYLE="font-weight: bold; text-align: center">0</TD>
    <TD STYLE="font-weight: bold; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">TOTAL OPERATING FLEET</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">94</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">219</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">313</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">Subleases</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 0.5pt solid; text-align: left; padding-left: 0.125in">Airbus A320-200</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: center">5</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; text-align: center">5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-left: 0.125in">Airbus A350-900</TD>
    <TD STYLE="text-align: center">2</TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="font-weight: bold; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; padding-left: 0.125in">Boeing 767-300F</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&mdash;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">1</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">TOTAL SUBLEASES</TD>
    <TD STYLE="font-weight: bold; text-align: center">2</TD>
    <TD STYLE="font-weight: bold; text-align: center">7</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">TOTAL FLEET</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">96</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">226</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">322</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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: May 16, 2019</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 Alfonsin</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 Alfonsin</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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