<SEC-DOCUMENT>0001213900-19-019348.txt : 20191001
<SEC-HEADER>0001213900-19-019348.hdr.sgml : 20191001
<ACCEPTANCE-DATETIME>20190930180230
ACCESSION NUMBER:		0001213900-19-019348
CONFORMED SUBMISSION TYPE:	SC14D9C
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191001
DATE AS OF CHANGE:		20190930

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:		191127083

	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>FORM 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; text-align: left">&nbsp;</P>

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

<P STYLE="font: 11pt 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: 11pt 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: 11pt 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: 11pt 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">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; text-align: left">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On September 27,
2019, Chilean newspaper &ldquo;La Tercera&rdquo; published an interview with LATAM&rsquo;s chairman, Ignacio Cueto. The interview
relates to LATAM&rsquo;s strategic alliance with Delta Air Lines, Inc. (&ldquo;<U>Delta</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; 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 of LATAM or
the shares represented by American Depositary Shares (collectively, the &ldquo;<U>Shares</U>&rdquo;). If and to the extent required
by applicable law and solely following the commencement of the tender offer by Delta, 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: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><I>Cautionary Statement
Regarding Forward-Looking Statements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">This Statement may
contain forward-looking statements concerning Delta, LATAM and the proposed transaction, which describe or are based on current
expectations.&nbsp; Actual results may differ materially from these expectations.&nbsp; Any statements that are not historical
fact (including statements containing the words &ldquo;believes,&rdquo; &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;might,&rdquo;
&ldquo;possible,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;potential,&rdquo; &ldquo;outlook&rdquo;, &ldquo;continue,&rdquo; &ldquo;will,&rdquo; &ldquo;should&rdquo; and similar expressions)
should also be considered to be forward-looking statements.&nbsp; Such forward-looking statements include the ability of Delta
to complete the transaction.&nbsp; Actual results may differ materially from current expectations because of risks associated with
uncertainties as to the timing of the tender offer; the possibility that various conditions to the consummation of the tender offer
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 transaction on the respective businesses of Delta and LATAM and the fact that the
announcement and pendency of the transaction may make it more difficult to establish or maintain relationships with employees,
customers and other business partners; and other risks and uncertainties pertaining to the business of LATAM detailed in its filings
with the SEC from time to time.&nbsp; Forward-looking statements in this Statement should be evaluated together with the many uncertainties
that affect the respective businesses of Delta and LATAM, including those mentioned in the risk factors and other cautionary statements
in Delta&rsquo;s and LATAM&rsquo;s reports filed with the SEC.&nbsp; The reader is cautioned not to rely unduly on these forward-looking
statements.&nbsp; LATAM expressly disclaims any intent or obligation to publicly update any forward-looking statements, whether
as a result of new information, future events or otherwise, except as required by law.&nbsp; All forward-looking statements in
this Statement are qualified in their entirety by this cautionary statement.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 87%; border-bottom: black 1.5pt solid; text-align: justify"><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="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(a)(5)(i)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="sc14d9c0919exa5i_latam.htm">Interview to LATAM&rsquo;s chairman Ignacio Cueto published in the newspaper La Tercera on September 27, 2019.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">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: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM AIRLINES GROUP S.A.</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;September 30, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 35%; border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Juan Carlos Menci&oacute;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan Carlos Menci&oacute;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; text-align: left">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.A5I
<SEQUENCE>2
<FILENAME>sc14d9c0919exa5i_latam.htm
<DESCRIPTION>INTERVIEW TO LATAM'S CHAIRMAN IGNACIO CUETO PUBLISHED IN THE NEWSPAPER LA TERCERA ON SEPTEMBER 27, 2019.
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
(a)(5)(i)</B></FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Chairman
of the Board of LATAM: &ldquo;When the JBA with American was rejected, we set off the alarms and decided to look for options.&rdquo;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Friday
September 27, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Author:
C. Cabello / M. J. Tapia</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ignacio
Cueto reveals that conversations started three months ago and assures that authorization for the operation in the United States
will be requested today [September 27, 2019]. Following the departure from Oneworld, LATAM will not participate in other alliances
and Cueto assures that this will not affect customers. The commercial agreement with IAG remains active.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chairman of the board of LATAM Airlines, Ignacio Cueto, emphasized the alliance with Delta, which will acquire 20% of the national
airline for US$1.9 billion, as &quot;a very important recognition of what we have been doing for a long time, of our strategy
and of our commitment to the region.&quot;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;They
do things very well there and we are leaders in this region of the world. That made our company interesting and valued by the
best company, for us, in the world. Having Qatar and Delta on the board is really a unique opportunity,&quot; he added.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How
long ago did the negotiations begin?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
months ago.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Who
approached who?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-I've
known Ed (Bastian, CEO of Delta Air Lines) for a long time. I have had many conversations with him, but it has been one bank or
another who facilitates the encounter. And on one of those occasions, I said 'there is solid ground to continue talking and to
look for opportunities', because Delta was very interested in entering this region, they didn't have an important presence in
South America, it was the only thing they lacked and I believe that with this they complement their network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Had
you ever been approached before?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-No.
We had had conversations as we have had with many people, but not specifically on this subject (...). When we lost 5 to 0 in the
Supreme Court (when the JBA was rejected with IAG and American), we set off the alarms and together with the board of directors
decided to look for real options. That is when this opportunity appeared.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Where
do alliances with American and IAG stand?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-We
stopped the processes we had with American. We will continue with IAG, and we hope to continue with our commercial partners, such
as British and Iberia. Also with Qantas, who are members of Oneworld. Delta is a member of SkyTeam, so when we leave Oneworld,
we are left without alliances and we are going to continue moving forward without alliances.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Will
customers be affected by your departure?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No,
because when you leave an alliance like this, there is a one-year deadline to continue operating. We believe that entering commercial
alliances with the most important airlines is even more valuable than being a part of Oneworld.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>What
are the expected times?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-First,
we have to ask for authorization in the United States, which will be done tomorrow (today [September 27, 2019]). When a U.S. company
informs the authority that it intends to make a considerable investment in another country, the authority has to do an analysis
on the political situations and the concentration. That takes about 45 days. Once that is approved, the tender offer is triggered
in two days. It's a pretty important premium and most of LATAM's shareholders are going to attend, I think.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Now
you will have to submit a new JBA application, this time with Delta. Are you confident that this time it will do well?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-In
other countries, we have been approved a JBA with American. This time it's going to be simpler, because it's a company that has
very little concentration. We are confident that the Chilean authority will accept our arguments to do this not only quickly,
but smoothly. Evaluating something like this is a lot easier than others that were more complicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How
many seats will Delta have in the directory?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-If
they buy 20%, they are entitled to two. How many will they put in? I don't know, I&rsquo;d imagine one for sure, or two too, maybe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Will
you give up a quota?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-Today
we have four with Costa Verde, surely we're going to end up with three.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Did
you ever consider doing something bigger, like a merger?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-No,
because they are not interested and neither are we. The Cueto family wants to continue participating, we are going to make this
space for Delta to enter and are going to sell our 20%, but we want to continue participating in the administration, or at least,
in the ownership of this company for many more years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Do
you calculate any effects from this operation?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-There
are substantial effects on our results, which could be around $250 million a year once everything we're talking about has been
implemented. And that has to do with the fact that there are a lot of technological synergies, commercial synergies, the JBA,
etc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Do
you have an estimate of when this might be implemented?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-Everything
is going to depend on the JBA in Chile. Either the authority resolves it in a year, or three years, as happened last time. You
can expect it to be a little easier, but I prefer not to speculate on that, because last time I speculated and it went badly.
But hopefully it will be as soon as possible. Although none of this is subject to the tender offer. If the JBA doesn't come out,
we're still partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How
is the relationship with American after this announcement?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-We
began talking to American a few minutes ago, they couldn't find out before. But the airlines have contracts that stipulate leaving.
So, it's part of life.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>And
when will the JBA be implemented with IAG?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-We're
going to have to discuss this situation with them as well, but with them we can start soon, outside Chile.</FONT></P>



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