<SEC-DOCUMENT>0001213900-19-019075.txt : 20190927
<SEC-HEADER>0001213900-19-019075.hdr.sgml : 20190927
<ACCEPTANCE-DATETIME>20190926211213
ACCESSION NUMBER:		0001213900-19-019075
CONFORMED SUBMISSION TYPE:	SC14D9C
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190927
DATE AS OF CHANGE:		20190926

SUBJECT COMPANY:	

	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:		SC14D9C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50478
		FILM NUMBER:		191119429

	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

FILED BY:		

	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:		SC14D9C

	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>
<DOCUMENT>
<TYPE>SC14D9C
<SEQUENCE>1
<FILENAME>sc14d9c0919_latamairlines.htm
<DESCRIPTION>SC14D9C
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>SCHEDULE
14D-9<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">(RULE 14d-101)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SOLICITATION/RECOMMENDATION STATEMENT<BR>
UNDER SECTION 14(D)(4) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>LATAM
AIRLINES GROUP S.A.<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Name of Subject Company)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>LATAM
AIRLINES GROUP S.A.<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Statement)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>American Depositary Shares (as evidenced
by American<BR>
Depositary Receipts), each representing one share of Common<BR>
Stock, without par value<BR>
</B>(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>501723100<BR>
</B>(CUSIP Number of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center"><B>Andr&eacute;s del Valle<BR>
Presidente Riesco 5711, 20th floor, Las Condes, Santiago, Chile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Telephone: (+56 2) 2565 8765</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jos&eacute; Mar&iacute;a Eyzaguirre Baeza</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Claro &amp; C&iacute;a.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Av. Apoquindo 3721, 13th floor, Las Condes,
Santiago, Chile</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (+56 2) 2367 3000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Name, Address and Telephone Number of
Person Authorized to Receive Notices and<BR>
Communications on Behalf of the Person(s) Filing Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>With copies to:</I></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Jeffrey S. Lewis, Esq.<BR>
Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP<BR>
One Liberty Plaza<BR>
New York, NY 10006<BR>
Telephone:&nbsp;&nbsp;(212) 225 2056</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Chantal E. Kordula, Esq.<BR>
Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP<BR>
One Liberty Plaza<BR>
New York, NY 10006<BR>
Telephone:&nbsp;&nbsp;(212) 225 2724</B></FONT></TD>
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Adam J. Brenneman, Esq.<BR>
Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP<BR>
One Liberty Plaza<BR>
New York, NY 10006<BR>
Telephone:&nbsp;&nbsp;(212) 225 2704</B></FONT></TD></TR>
</TABLE>


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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9746; <FONT STYLE="font-size: 10pt">Check the box if the filing relates
solely to preliminary communications made before the commencement of a tender offer.&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INTRODUCTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">LATAM Airlines Group
S.A. (&ldquo;<U>LATAM</U>&rdquo;) is filing this Solicitation/Recommendation Statement relating to pre-commencement communications
on Schedule&nbsp;14D-9 (together with any exhibits and annexes attached hereto, this &ldquo;<U>Statement</U>&rdquo;) in connection
with the framework agreement dated as of September 26, 2019 (the &ldquo;<U>Framework Agreement</U>&rdquo;) between LATAM and Delta
Air Lines, Inc. (&ldquo;<U>Delta</U>&rdquo;), a corporation organized under the laws of Delaware. On the terms and subject to the
conditions set forth in the Framework Agreement, Delta has agreed to launch a tender offer for 20% (and not more than 20%) of the
issued and outstanding shares of LATAM, including shares represented by American Depositary Shares (collectively, the &ldquo;<U>Shares</U>&rdquo;).
The tender offer is subject to certain conditions described in the Framework Agreement. The Framework Agreement sets forth the
terms and conditions of a proposed strategic alliance between LATAM and Delta.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Delta has filed
a Schedule TO relating to pre-commencement communications with the Securities and Exchange Commission on September 26, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Statement is not a recommendation
or a solicitation to sell any securities. Delta has not yet commenced a tender offer for the Shares. If and to the extent required
by applicable law and solely following the commencement of the tender offer by Delta (in connection with which Delta will file
with the U.S. Securities and Exchange Commission a Tender Offer Statement and related materials on Schedule TO), LATAM intends
to file with the U.S. Securities and Exchange Commission a Solicitation/Recommendation Statement and related materials on Schedule
14D-9. Holders of the Shares are encouraged to read carefully such documents when they become available, and as they may be amended
from time to time, before any decision is made with respect to the potential offer, because they will contain important information.
If and when filed, such documents will be available free of charge at the website of the U.S. Securities and Exchange Commission
&ndash; www.sec.gov. In addition, if and when filed, LATAM will provide copies of its Solicitation/Recommendation Statement free
of charge to holders of the Shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item&nbsp;9.&nbsp;&nbsp;Exhibits</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 9%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 90%; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)(i)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="sc14d9c0919ex99-5ai_latam.htm" STYLE="-sec-extract: exhibit">Delta and LATAM joint press release dated as of September 26, 2019.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)(ii)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="sc14d9c0919ex99-5aii_latam.htm" STYLE="-sec-extract: exhibit">LATAM&rsquo;s Material Fact Report dated as of September 26, 2019.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">After due inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this Statement is true, complete and correct.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom">September 26, 2019</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>LATAM AIRLINES GROUP S.A.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Juan Carlos Menci&oacute;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Juan Carlos Menci&oacute;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">VP Legal VP of Legal Affairs of LATAM Airlines Group S.A.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.5AI
<SEQUENCE>2
<FILENAME>sc14d9c0919ex99-5ai_latam.htm
<DESCRIPTION>PRESS RELEASE
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5(a)(i)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Delta and LATAM Airlines to form the leading airline partnership
throughout the Americas</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>- Partnership brings together the leading airlines in North America
and Latin America, connecting the Americas to the world as never before</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>- Together, Delta and LATAM will hold the leading position in
five of the top six Latin American markets from the U.S.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>- Together, the partners will serve 435 destinations worldwide
and carry more passengers between North America and Latin America than any other partnership</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>- Customers will benefit from significantly expanded travel choices
across the Americas and an industry leading customer experience</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ATLANTA and SANTIAGO, Chile, Sept. 26, 2019 /PRNewswire/ -- Delta
(NYSE: DAL) and LATAM Airlines Group S.A. (NYSE: LTM; IPSA: LTM) (&quot;LATAM&quot;) today announced that they have entered into
a strategic partnership that for the first time combines the strengths of the leading airlines in North and Latin America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&quot;This transformative partnership with LATAM will bring together
our leading global brands, enabling us to provide the very best service and reliability for travelers to, from and throughout the
Americas,&quot; said Ed Bastian, Delta's chief executive officer. &quot;Our people, customers, owners and communities will all
benefit from this exciting platform for future growth.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&quot;This alliance with Delta strengthens our company and enhances
our leadership in Latin America by providing the best connectivity through our highly complementary route networks,&quot; said
Enrique Cueto Plaza, chief executive officer of LATAM. &quot;We look forward to working alongside one of the world's best airlines
to enhance the travel experience for our passengers.&quot;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The strategic partnership will unlock new growth opportunities,
building upon Delta's and LATAM's global footprint and joint ventures worldwide, including Delta's existing partnership with Aerom&eacute;xico.
With their complementary networks, Delta, LATAM and their partners will be able to offer access to a greatly expanded array of
worldwide destinations. Together, the partnership will provide greater customer convenience, a more seamless travel experience
and better connect customers with the rest of the world.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Additional details of the partnership include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Delta will invest&nbsp;$1.9 billion&nbsp;for a 20 percent stake in LATAM through a public tender offer at&nbsp;$16&nbsp;per
share, to be funded principally with newly issued debt and available cash.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Delta will also invest&nbsp;$350 million&nbsp;to support the establishment of the strategic partnership.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Delta will acquire four A350 aircraft from LATAM and has agreed to assume LATAM's commitment to purchase 10 additional A350
aircraft to be delivered beginning in 2020 through 2025, supporting Delta's ongoing fleet transformation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Delta will be represented on LATAM's Board of Directors, further strengthening the relationship.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The tender offer and the strategic partnership are subject to customary closing conditions and all required governmental and
regulatory approvals, including anti-trust immunity.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Delta expects that the transaction will be accretive to EPS over
the next two years. In addition, the transaction will not impact the company's existing financial commitments to shareholders,
including free cash flow and shareholder returns. Delta also expects to remain within targeted leverage ratios.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For LATAM, the transaction will improve free cash flow generation,
reduce forecasted debt by over $2 billion by 2025 and improve LATAM's capital structure, enhancing its ability to execute its long-term
strategy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Delta will hold a live conference call and webcast to discuss the
agreement on Friday, September 27, 2019 at 8:30 a.m. ET. A live webcast of this event will be available at ir.delta.com. An online
replay will be available at the same site shortly after the webcast is complete.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LATAM will hold a live conference call and webcast to discuss the
agreement on Friday, September 27, 2019 at 10:00 a.m. ET. A live webcast of this event will be available at www.latamairlinesgroup.net/investor-overview.&nbsp;
An online replay will be available at the same site shortly after the webcast is complete. A replay of this call will be available
until 12:00 (ET) on October 4, 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The tender offer described in the exhibit to this Form 8-K has not
yet commenced, and this communication is neither an offer to purchase nor a solicitation of an offer to sell any of the common
shares (the &quot;Shares&quot;) of LATAM Airlines Group S.A. (&quot;LATAM&quot;) and American Depository Receipts representing
the Shares or any other securities. If required by applicable law and solely upon the satisfaction of the conditions precedent
to the tender offer outlined herein, Delta intends to file with the U.S. Securities and Exchange Commission a Tender Offer Statement
and related materials on Schedule TO, and to the extent required, LATAM would file a Solicitation Recommendation on Schedule 14D-9.
Holders of the Shares and American Depository Receipts representing the Shares are encouraged to read carefully such documents
if and when they become available, and as they may be amended from time to time, before any decision is made with respect to the
potential offer, because they will contain important information. If and when filed, such documents will be available free of charge
at the website of the U.S. Securities and Exchange Commission &ndash; www.sec.gov. In addition, if and when filed, Delta will provide
copies of such documents free of charge to holders of the Shares and American Depository Receipts representing the Shares.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Delta Air Lines (NYSE: DAL) is the U.S. global airline leader in
products, services, innovation, reliability and customer experience. Powered by its 80,000 people around the world, Delta continues
to invest billions in its people, delivering a world-class travel experience and generating industry-leading shareholder returns.
With its constant drive to invest, innovate and expand, Delta today is the world's No. 1 airline by total revenues.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Delta serves nearly 200 million people every year, taking customers
across its industry-leading global network to more than 300 destinations in over 50 countries.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Headquartered in&nbsp;Atlanta, Delta offers more than 5,000 daily departures and as many as 15,000 affiliated departures including
the premier SkyTeam alliance, of which Delta is a founding member.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Through its innovative alliances with Aerom&eacute;xico, Air France-KLM, Alitalia,&nbsp;China Eastern, Korean Air, Virgin Atlantic,
Virgin Australia and WestJet, Delta is bringing more choice and competition to customers worldwide.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Delta operates significant hubs and key markets at airports in&nbsp;Amsterdam,&nbsp;Atlanta,&nbsp;Boston,&nbsp;Detroit,&nbsp;London-Heathrow,&nbsp;Los
Angeles,&nbsp;Mexico City,&nbsp;Minneapolis/St. Paul, New York-JFK and LaGuardia,&nbsp;Paris-&nbsp;Charles de Gaulle,&nbsp;Salt
Lake City, S&atilde;o Paulo,&nbsp;Seattle, Seoul-Incheon and&nbsp;Tokyo.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Delta has been recognized as a Fortune's top 50 Most Admired Companies in addition to being named the most admired airline
for the eighth time in nine years. Additionally, Delta has ranked No.1 in the Business Travel News Annual Airline survey for an
unprecedented eight consecutive years and named one of Fast Company's Most Innovative Companies Worldwide for two consecutive years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>As an employer, Delta has been regularly awarded top honors from organizations like Glassdoor and recognized as a top workplace
for women and members of the military. Delta CEO&nbsp;Ed Bastian&nbsp;was named among the &quot;World's Greatest Leaders&quot;
by Fortune magazine in 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Delta believes that its social responsibility lies at the intersection of its core values and core competencies, making a difference
where Delta people live, work and fly by giving time, talents and one percent of the company's annual profits.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Diversity and Inclusion is core to Delta's culture and Delta believes it should be reflected in its people, the companies with
which it does business, the way it treats customers and the manner in which it serves the world.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>More about Delta can be found on the Delta News Hub as well as delta.com, via @DeltaNewsHub on Twitter and Facebook.com/delta.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LATAM Airlines Group is Latin America's leading airline group with
one of the largest route networks in the world, offering services to 143 destinations in 25 countries, including six domestic markets
in Latin America &ndash; Argentina, Brazil, Chile, Colombia, Ecuador and Peru &ndash; in addition to international operations in
Latin America, Europe, the United States, the Caribbean, Oceania, Africa and Asia.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The airline group employs over 41,000 people worldwide, operating
approximately 1,300 flights per day and transporting 71 million passengers per year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LATAM Airlines Group has 322 aircraft in its fleet, which features
the latest and most modern models including the Boeing 787, Airbus A350, A321 and A320neo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LATAM Airlines Group is the only airline group in the Americas and
one of three worldwide to be part of the Dow Jones Sustainability 'World' Index. In 2019, it was recognized by the index for sustainable
practices, based on economic, social and environmental criteria, for the sixth consecutive year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">LATAM Airlines Group shares are traded on the Santiago Stock Exchange
and the New York Stock Exchange in the form of ADRs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For any commercial or brand related query, visit www.latam.com.
Further financial information is available via http://www.latamairlinesgroup.net.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Delta Forward Looking Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Statements in this press release with respect to Delta that are
not historical facts, including statements regarding estimates, expectations, beliefs, intentions, projections or strategies for
the future, may be &quot;forward-looking statements&quot; as defined in the Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from
the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements.&nbsp;
These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the availability of aircraft fuel; the
impact of fuel hedging activity including rebalancing Delta's hedge portfolio, recording mark-to-market adjustments or posting
collateral in connection with fuel hedge contracts; the performance of significant investments in airlines in other parts of the
world; the possible effects of accidents involving Delta's aircraft; breaches or security lapses in Delta's information technology
systems; disruptions in Delta's information technology infrastructure; dependence on technology in operations; the restrictions
that financial covenants in financing agreements could have on financial and business operations; labor issues; the effects of
weather, natural disasters and seasonality on business; the effects of an extended disruption in services provided by third parties;
failure or inability of insurance to cover a significant liability at Monroe's Trainer refinery; the impact of environmental regulation
on the Trainer refinery, including costs related to renewable fuel standard regulations; ability to retain senior management and
key employees; damage to reputation and brand if Delta is exposed to significant adverse publicity through social media; the effects
of terrorist attacks or geopolitical conflict; competitive conditions in the airline industry; interruptions or disruptions in
service at major airports at which Delta operates; the effects of extensive government regulation on business; the sensitivity
of the airline industry to prolonged periods of stagnant or weak economic conditions; uncertainty in economic conditions and regulatory
environment in the United Kingdom related to the exit of the United Kingdom from the European Union; and the effects of the rapid
spread of contagious illnesses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Additional information concerning risks and uncertainties that could
cause differences between Delta's actual results and forward-looking statements is contained in Delta's Securities and Exchange
Commission filings, including Delta's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2018.&nbsp; Caution should
be taken not to place undue reliance on Delta's forward-looking statements, which represent its views only as of September 26,
2019, and which Delta has no current intention to update.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>LATAM Forward Looking Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This press release contains forward-looking statements. Such statements
may include words such as &quot;may&quot; &quot;will,&quot; &quot;expect,&quot; &quot;intend,&quot; &quot;anticipate,&quot; &quot;estimate,&quot;
&quot;project,&quot; &quot;believe&quot; 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'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'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 risks associated with uncertainties as to the timing of the implementation
of the strategic partnership; the possibility that various conditions to the consummation of the strategic partnership may not
be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval;
the effects of disruption from the strategic partnership on the respective businesses of Delta and LATAM and those additional risks
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.</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.5AII
<SEQUENCE>3
<FILENAME>sc14d9c0919ex99-5aii_latam.htm
<DESCRIPTION>MATERIAL FACT REPORT
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>&nbsp;Exhibit 5(a)(ii)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES REGISTRY N&deg; 306</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Santiago, September 26, 2019</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Commission for the Financial Market</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">In accordance with the
provisions of Article 9 and 10 of the Securities Market Law and General Rule Nbr. 30, duly authorized by the Board in the session
held today, I inform as a Material Fact of LATAM Airlines Group S.A. (&ldquo;LATAM Airlines&rdquo;, &ldquo;LTM&rdquo; or the &ldquo;Company&rdquo;),
Securities Registration No. 306, that LTM has signed a framework agreement with Delta Air Lines, Inc. (&ldquo;DAL&rdquo;), whose
main terms and conditions are summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Public Offer of Acquisition of Shares</U>. DAL to make a public offer to acquire 20% of the
shares of LTM (the &quot;Tender Offer&quot;). The Tender Offer will be for the price of US$16 per share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">DAL's obligation to launch the Tender
Offer is subject to compliance with customary conditions for these type of transactions, including obtaining the corresponding antitrust
authorization in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Tender Offer will be subject
to the condition of success consisting in allowing DAL to acquire shares of the Company that represent at least 15% of the Company&rsquo;s
capital stock. In addition, it will contemplate usual objective grounds for expiration for operations of this nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Strategic Alliance</U>. Independently of the Tender Offer and whatever its outcome, LTM and
DAL agreed to form a strategic alliance (the &ldquo;Strategic Alliance&rdquo;) on the non-stop routes between the United States
of America and Canada, and the countries of South America with agreements of open skies, and in the connections of these routes.
The Strategic Alliance also includes the joint design of networks, cargo operations, and reciprocal codeshare agreements. For these
purposes, LTM and DAL have agreed to use their best reasonable efforts to sign the final agreements on this matter as soon as possible,
and in any case within 210 days of this date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">It is the intention of LTM and DAL
to implement the Strategic Alliance simultaneously with respect to all the countries of South America, the United States and Canada
in which a regulatory authorization is not required for its implementation and/or in which the pertinent regulatory authorizations
have been obtained. For this purpose, regulatory authorizations will be requested from the authorities in all jurisdictions in
which it is appropriate. Notwithstanding the foregoing, in the event that regulatory authorizations in the United States of America,
the Federative Republic of Brazil and the Republic of Peru - if necessary - have been obtained, LTM and DAL may agree to implement
the Strategic Alliance only in those countries in which the respective authorizations have been obtained and in those where they
are not required</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">If the Tender Offer is successful,
DAL is obligated to the following regarding it ownership stake in LTM:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></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">From the date on which the Tender
                                                                                                              Offer ends and until the date of implementation of the Strategic Alliance as indicated in the previous paragraph (the
                                                                                                              &ldquo;Date of Implementation&rdquo;), (i) DAL is obligated not to increase its participation in the Company over 20%;
                                                                                                              provided, however, that if an LTM shareholder (or group of shareholders with a common controller) that currently has less
                                                                                                              than a 20% interest in it, acquires shares of the Company in excess of 20%, DAL may acquire a larger share stake, but in no case
                                                                                                              in                                                                                                               excess of
                                                                                                              24.99% of the Company's shares; and (ii) DAL is obligated not to  decrease its participants below 20% or the percentage of
                                                                                                              shares of                                                                                                               the
                                                                                                              Company
                                                                                                              actually acquired in the Tender Offer above 15%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></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">After the expiration of the aforementioned
term and until the second anniversary counted from the Date of Implementation, DAL will be obligated not to increase its participation
in the Company over 24.99% or to decrease its holding below 15%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></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 no circumstances may DAL sell the
Company's shares to other airlines based in South America, Central America or the Caribbean, unless the transfer is made in the
context of an open market transaction, or has the consent of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In the event that as of
March 31, 2024, the Strategic Alliance has not entered into effect, DAL is obligated to decrease its ownership stake to less than
5%. Likewise, in the event that the Strategic Alliance terminates due to DAL&rsquo;s non-compliance, DAL is obligated not to transfer
its shares in the Company to other shareholders (or groups of shareholders with a common controller) that own 10% or
more of the LTM shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">DAL will compensate LTM for
the costs that it will incur during the transition period until the implementation of the Strategic Alliance, and is
consequently obligated to pay to the Company US$350 million, notwithstanding that in case the costs exceed that amount for
extraordinary reasons, LTM and DAL must negotiate in good faith the potential additional payments that may apply. The payment
of the US$350 million is not conditional on the success of the implementation of the Strategic Alliance, and must be made by
DAL according to the following timeline: (i) US$150 million within three business days following this date; and (ii) US$200
million, in eight quarterly installments of US$25 million each, payable as of March 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Aircraft Transfer</U>. Regardless
                                         of the operations referred to in the preceding paragraphs, LTM and DAL have agreed: (i)
                                         to sign an aircraft purchase agreement, under which, DAL will acquire certain aircraft
                                         that are part of the LTM fleet; and (ii) that DAL will assume the commitment of LTM to
                                         assign its contractual position under certain contracts for the sale of aircraft signed
                                         with Airbus SAS.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Finally, we note that
the Company will terminate its membership in the <B>one</B>world alliance and will not persevere in the agreement called Joint
Business Agreement signed with American Airlines as made public in the Material Facts dated January 14, 2016 and May 27, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">As of this date, the reservation
of the communication that was sent as a Reserved Material Fact on September 10, 2019, whose content is reinforced in this communication,
is lifted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">As of this date, it is
not possible to determine the financial effects that the matters reported may have on the assets, liabilities or results of the
Company. We anticipate that the antitrust authorizations on which the launch of the Tender Offer depends will be obtained within
the next 180 days, and that authorizations for the implementation of the Strategic Alliance will be obtained within the next 18
months. The Company will keep your Commission duly informed of any relevant development that occurs in relation to the facts it
reveals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Sincerely,<B></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 70%"></TD>
    <TD STYLE="vertical-align: top; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Juan Carlos Menci&oacute;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Vice President of Legal Affairs</B></P>

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

</TD></TR>
</TABLE>

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