<SEC-DOCUMENT>0001387131-22-002279.txt : 20220223
<SEC-HEADER>0001387131-22-002279.hdr.sgml : 20220223
<ACCEPTANCE-DATETIME>20220223124453
ACCESSION NUMBER:		0001387131-22-002279
CONFORMED SUBMISSION TYPE:	F-6EF
PUBLIC DOCUMENT COUNT:		8
REFERENCES 429:			333-177513
FILED AS OF DATE:		20220222
DATE AS OF CHANGE:		20220223
EFFECTIVENESS DATE:		20220222

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:		F-6EF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-262919
		FILM NUMBER:		22662152

	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:			JPMorgan Chase Bank, N.A. - ADR Depositary
		CENTRAL INDEX KEY:			0001474274
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6EF

	BUSINESS ADDRESS:	
		STREET 1:		383 MADISON AVENUE
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10179
		BUSINESS PHONE:		212-319-7600

	MAIL ADDRESS:	
		STREET 1:		383 MADISON AVENUE
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10179
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6EF
<SEQUENCE>1
<FILENAME>jpm-f6ef_021722.htm
<DESCRIPTION>AUTO EFFECTIVE REGISTRATION STATEMENT FOR AMERICAN DEPOSITARY RECEIPTS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the U.S. Securities and Exchange Commission on February 18, 2022</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration No. 333-</B></FONT></TD></TR>
</TABLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><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: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
F-6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 FOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEPOSITARY
SHARES EVIDENCED BY AMERICAN DEPOSITARY RECEIPTS</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>LATAM
AIRLINES GROUP S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
name of issuer of deposited securities as specified in its charter)</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Translation
of issuer&rsquo;s name into English)</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Jurisdiction
of incorporation or organization of issuer)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>JPMORGAN
CHASE BANK, N.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
name of depositary as specified in its charter)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>383
Madison Avenue, Floor 11, New York, New York 10179</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
+1-800- 990-1135</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address,
including zip code, and telephone number, including area code, of depositary&rsquo;s principal executive offices)</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C
T Corporation System</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28
Liberty Street</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
York, NY 10005</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
+1-855-336-7802</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address,
including zip code, and telephone number, including area code, of agent for service)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Copies
to:</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><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>JPMorgan
                                         Chase Bank, N.A.</B><BR>
                                         <B>383 Madison Avenue, Floor 11</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"><B>New
        York, New York 10179</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"><B>Telephone:
        +1-800-990-1135</B></FONT></P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scott
                                         R. Saks, Esq.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Norton
        Rose Fulbright US LLP</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1301
        Avenue of the Americas</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
        York, New York 10019-6022</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
        +1-212-318-3151</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is proposed that this filing become effective under Rule 466</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately
upon filing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
(Date) at (Time)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a separate registration statement has been filed to register the deposited shares, check the following box. &#9745;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALCULATION
OF REGISTRATION FEE</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
                                         of Each Class of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
        to be Registered</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>to
        be Registered</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; layout-grid-mode: line; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
    Maximum Aggregate Price Per Unit <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
                                         Maximum</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate
        Offering Price<SUP>(2)</SUP></B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt double; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
        Fee</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
    Depositary Shares evidenced by American Depositary Receipts, each American Depositary Share representing one (1) ordinary
    share of LATAM Airlines Group S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000,000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American
        Depositary Shares</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,000,000</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.95pt; padding-left: 3.95pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$927.00</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         unit represents one American Depositary Share.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
                                         solely for the purpose of calculating the registration fee. Pursuant to Rule&nbsp;457(k),
                                         such estimate is computed on the basis of the maximum aggregate fees or charges to be
                                         imposed in connection with the issuance of American Depositary Receipts evidencing American
                                         Depositary Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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"><B>Pursuant
to Rule 429, the Prospectus contained herein also relates to the American Depositary Shares registered under Form F-6 Registration
Statement No. 333-177513. This Registration Statement also constitutes Post-Effective Amendment No. 3 to Registration Statement
No. 333-177513.</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"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
REQUIRED IN PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prospectus consists of the proposed form of American Depositary Receipt (&ldquo;ADR&rdquo; or &ldquo;American Depositary Receipt&rdquo;)
included as Exhibit A to Amendment No. 1 to the Deposit Agreement filed as Exhibit (a)(1) to this Registration Statement on Form
F-6, which is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 0.5in"><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 0.5in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1. DESCRIPTION OF SECURITIES TO BE REGISTERED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 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 0.5in 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CROSS
REFERENCE SHEET</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
                                         Number and Caption</FONT></P></TD>
    <TD STYLE="width: 4%; padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Location
in Form of American Depositary</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">Receipt
        Filed Herewith as Prospectus</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 22.5pt; layout-grid-mode: line; text-indent: -22.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&#9;&nbsp;&nbsp;&nbsp;Name
    and address of Depositary</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introductory
    paragraph and bottom of face of American Depositary Receipt</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 22.1pt; layout-grid-mode: line; text-indent: -22.1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#9;&nbsp;&nbsp;&nbsp;Title
    of American Depositary Receipts and identity of deposited securities</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Face
    of American Depositary Receipt, top center</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 22.1pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
    of Deposit:</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount
    of deposited securities represented by one unit of American Depositary Shares</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Face
    of American Depositary Receipt, upper right corner</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedure
    for voting, if any, the deposited securities</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (6), (11) and (12)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collection
    and distribution of dividends</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (4), (5), (7), (10), (11), (13) and (20)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission
    of notices, reports and proxy soliciting material</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (3), (8), (11) and (12)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale
    or exercise of rights</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (4), (5), (7) and (10)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit
    or sale of securities resulting from dividends, splits or plans of reorganization</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (3), (4), (5), (7), (10), (11), (13) and (20)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment,
    extension or termination of the Deposit Agreement</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (15), (16) and (17)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;Rights
    of holders of ADRs to inspect the transfer books of the Depositary and the list of Holders of ADRs</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph
    (3)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions
    upon the right to deposit or withdraw the underlying securities</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (1), (2), (4), (5) and (6)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2.4pt; padding-left: 53.6pt; layout-grid-mode: line; text-indent: -31.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Limitation
    upon the liability of the Depositary</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; padding-bottom: 2.4pt; padding-left: 4.9pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraphs
    (14) and (17)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&#9;&nbsp;&nbsp;&nbsp;Fees
    and Charges</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph
    (7)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
2. AVAILABLE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 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 STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
Number and Caption</FONT></P></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Location
    in Form of American Depositary&nbsp;&nbsp;<BR>
Receipt Filed Herewith as Prospectus&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LATAM
    Airlines Group S.A. is subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended,
    and accordingly files certain reports with the Securities and Exchange Commission.&nbsp; These reports can be inspected and
    retrieved by holders of American Depositary Receipts through the EDGAR system on the Securities and Exchange Commission&rsquo;s
    Internet Website, currently located at <U>www.sec.gov</U>, and can be inspected and copied at public reference facilities
    maintained by the Securities and Exchange Commission, currently located at 100 F Street, N.E., Washington, D.C. 20549.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph
    (8)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center"><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 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
3. EXHIBITS</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-a1.htm">(a)(1)</A></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deposit
                                         Agreement</B>. Third Amended and Restated Deposit Agreement, dated as of September 21,
                                         2017 among LATAM Airlines Group S.A. (the &ldquo;Company&rdquo;), JPMorgan Chase Bank,
                                         N.A., as depositary (the &ldquo;Depositary&rdquo;), and all Holders from time to time of
                                         American Depositary Receipts (&ldquo;ADRs&rdquo;) issued thereunder. Filed herewith as
                                         Exhibit (a)(1).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-a2.htm">(a)(2)</A></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
                                         No. 1 to the Deposit Agreement</B>. Amendment No. 1, dated as of March 12, 2021, to the
                                         Deposit Agreement, among the Company, the Depositary and all Holders from time to time
                                         of ADRs issued thereunder, including the Form of ADR attached as Exhibit A thereto. Filed
                                         herewith as Exhibit (a)(2).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Any
                                         other agreement to which the Depositary is a party relating to the issuance of the American
                                         Depositary Shares registered hereby or the custody of the deposited securities represented
                                         thereby</B>. Not Applicable.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Every
                                         material contract relating to the deposited securities between the Depositary and the
                                         issuer of the deposited securities in effect at any time within the last three years</B>.
                                         Not Applicable.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-d.htm">(d)</A></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Opinion
                                         of Norton Rose Fulbright US LLP, counsel to the Depositary, as to the legality of the
                                         securities being registered</B>. Filed herewith as Exhibit (d).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-e.htm">(e)</A></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certification
                                         under Rule 466.</B> Filed herewith as Exhibit (e).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Power
                                         of Attorney of certain officers and directors of the Company.</B> Set forth on the signature
                                         pages hereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; 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 0.5in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
4. UNDERTAKINGS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Depositary hereby undertakes to make available at the principal office of the Depositary
                                         in the United States, for inspection by holders of the American Depositary Receipts,
                                         any reports and communications received from the issuer of the deposited securities which
                                         are both (1)&nbsp;received by the Depositary as the holder of the deposited securities,
                                         and (2)&nbsp;made generally available to the holders of the underlying securities by
                                         the issuer.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes
                                         to prepare a separate document stating the amount of any fee charged and describing the
                                         service for which it is charged and to deliver promptly a copy of such fee schedule without
                                         charge to anyone upon request. The Depositary undertakes to notify each registered holder
                                         of an American Depositary Receipt thirty days before any change in the fee schedule.</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.25in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.25in; text-align: center"><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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, JPMorgan Chase Bank, N.A., acting solely on behalf of the legal
entity created by the Deposit Agreement among LATAM Airlines Group S.A., JPMorgan Chase Bank, N.A., as depositary, and all Holders
from time to time of American Depositary Receipts (&ldquo;ADRs&rdquo;) issued thereunder, certifies that it has reasonable grounds
to believe that all the requirements for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to
be signed on its behalf by the undersigned, thereunto duly authorized, in The City of New York, State of New York, on February 18,
2022.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal
entity created by the Deposit Agreement for the issuance of ADRs evidencing American Depositary Shares</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD COLSPAN="2" STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JPMORGAN
                                         CHASE BANK, N.A., as Depositary</FONT></TD></TR>                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
                                                                                                                                <TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif; width: 42%; border-bottom: Black 1pt solid">/s/ Lisa M. Hayes</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.5in">&nbsp;</TD>
                                                                                                                                <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Lisa M. Hayes</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.5in">&nbsp;</TD>
                                                                                                                                <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Vice President</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27pt 0pt 2.5in; text-align: justify; text-indent: 0.5in">&#9;</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 0.5in 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: center"><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; margin: 0pt 0.5in 0pt 0; text-align: center"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, LATAM Airlines Group S.A. certifies that it has reasonable grounds
to believe that all the requirements for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6
to be signed on its behalf by the undersigned, thereunto duly authorized, in Santiago, Chile, on February 16, 2022.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LATAM Airlines Group S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&#9;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Roberto Alvo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
Roberto Alvo</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:
Chief Executive Officer</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POWERS
OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: center"><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-indent: 24.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Roberto Alvo and Ramiro
Alfonsin, and each of them, his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments
(including post-effective amendments) to this Registration Statement and any and all related registration statements pursuant
to Rule 462(b) of the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any
of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; 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-indent: 24.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the requirements of the Securities Act, as amended, this Registration Statement on Form F-6 has been signed by the following persons
on February 16, 2022, in the capacities indicated.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Signature</U></B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Title</U></B></FONT></P></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ignacio
                                         Cueto Plaza</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
                                         of the Board of Directors</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ignacio
                                         Cueto Plaza</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Roberto
                                         Alvo</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
                                         Executive Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Roberto
                                         Alvo</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(principal
        executive officer)</FONT></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; width: 49%">/s/
    Ramiro
                                         Alfonsin&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
                                         Financial Officer<BR> </FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ramiro
                                         Alfonsin</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal financial and accounting officer)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Henri
                                         Philippe Reichstul</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Henri
                                         Philippe Reichstul</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Enrique
                                         Cueto Plaza</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enrique
                                         Cueto Plaza</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Patrick
                                         Horn</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrick
                                         Horn</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Enrique
                                         Ostal&eacute; Cambiaso</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director<BR></FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enrique
                                         Ostal&eacute; Cambiaso</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Eduardo
                                         Novoa Castellon</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eduardo
                                         Novoa Castellon</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nicol&aacute;s
                                         Eblen Hirmas</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nicol&aacute;s
                                         Eblen Hirmas</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sonia
                                         Villalobos</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sonia
                                         Villalobos</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alexander
                                         Wilcox</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alexander
                                         Wilcox</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE
OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United
States of LATAM Airlines Group S.A., has signed this Registration Statement on Form F-6 in Miami, La Florida, United States of
America, on February 16, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized U.S. Representative</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&#9;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Helen Warner</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
</FONT></TD>
    <TD>Helen Warner</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEX
TO EXHIBITS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-a1.htm">(a)(1)</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
    Amended and Restated Deposit Agreement, dated as of September 21, 2017 among LATAM Airlines Group S.A. (the &ldquo;Company&rdquo;),
    JPMorgan Chase Bank, N.A., as depositary (the &ldquo;Depositary&rdquo;), and all Holders from time to time of American Depositary
    Receipts (&ldquo;ADRs&rdquo;) issued thereunder.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-a2.htm">(a)(2)</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    No. 1, dated as of March 12, 2021, to the Deposit Agreement, among the Company, the Depositary and all Holders from time to
    time of ADRs issued thereunder, including the Form of ADR attached as Exhibit A thereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-d.htm">(d)</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Norton Rose Fulbright US LLP, counsel to the Depositary, as to the legality of the securities being registered.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify"><A HREF="ex99-e.htm">(e)</A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: justify">Rule 466 Certification.</TD></TR>
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<TYPE>EX-99.(A)(1)
<SEQUENCE>2
<FILENAME>ex99-a1.htm
<DESCRIPTION>DEPOSIT AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><a href="jpm-f6ef_021722.htm">JPMORGAN CHASE BANK, N.A. F-6EF</a></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit (a)(1)</B></P>

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


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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><FONT STYLE="font-size: 18pt">J.P.Morgan</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: right">&#9;<U>Page</U></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%">PARTIES</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>RECITALS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 1.</TD>
    <TD>Certain Definitions</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(a)</TD>
    <TD STYLE="text-indent: 30pt">ADR Register</TD>
    <TD STYLE="text-align: right">&nbsp;1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(b)</TD>
    <TD STYLE="text-indent: 30pt">ADRs; Direct Registration ADRs</TD>
    <TD STYLE="text-align: right">&nbsp;1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(c)</TD>
    <TD STYLE="text-indent: 30pt">ADS</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(d)</TD>
    <TD STYLE="text-indent: 30pt">Central Bank</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(e)</TD>
    <TD STYLE="text-indent: 30pt">Compendium</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(f)</TD>
    <TD STYLE="text-indent: 30pt">Custodian</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(g)</TD>
    <TD STYLE="text-indent: 30pt">DCV</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(h)</TD>
    <TD STYLE="text-indent: 30pt">Deliver, execute, issue et al.</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(i)</TD>
    <TD STYLE="text-indent: 30pt">Delivery Order</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(j)</TD>
    <TD STYLE="text-indent: 30pt">Deposited Securities</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(k)</TD>
    <TD STYLE="text-indent: 30pt">Direct Registration System</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(l)</TD>
    <TD STYLE="text-indent: 30pt">Foreign Investment Contract</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(m)</TD>
    <TD STYLE="text-indent: 30pt">Holder</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(n)</TD>
    <TD STYLE="text-indent: 30pt">Securities Act of 1933</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(o)</TD>
    <TD STYLE="text-indent: 30pt">Securities Exchange Act of 1934</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(p)</TD>
    <TD STYLE="text-indent: 30pt">Shares</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(q)</TD>
    <TD STYLE="text-indent: 30pt">SVS</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(r)</TD>
    <TD STYLE="text-indent: 30pt">Transfer Office</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(s)</TD>
    <TD STYLE="text-indent: 30pt">Withdrawal Order</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 2.</TD>
    <TD>ADRs</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 3.</TD>
    <TD>Deposit of Shares</TD>
    <TD STYLE="text-align: right">&nbsp;4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 4.</TD>
    <TD>Issue of ADRs</TD>
    <TD STYLE="text-align: right">&nbsp;4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 5.</TD>
    <TD>Distributions on Deposited Securities</TD>
    <TD STYLE="text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 6.</TD>
    <TD>Withdrawal of Deposited Securities</TD>
    <TD STYLE="text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 7.</TD>
    <TD>Substitution of ADRs</TD>
    <TD STYLE="text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 8.</TD>
    <TD>Cancellation and Destruction of ADRs; Maintenance of Records</TD>
    <TD STYLE="text-align: right">&nbsp;5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 9.</TD>
    <TD>The Custodian</TD>
    <TD STYLE="text-align: right">&nbsp;6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 10.</TD>
    <TD>Lists of Holders</TD>
    <TD STYLE="text-align: right">&nbsp;6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 11.</TD>
    <TD>Depositary's Agents</TD>
    <TD STYLE="text-align: right">&nbsp;6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 12.</TD>
    <TD>Successor Depositary</TD>
    <TD STYLE="text-align: right">&nbsp;7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 13.</TD>
    <TD>Reports</TD>
    <TD STYLE="text-align: right">&nbsp;7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 14.</TD>
    <TD>Additional Shares</TD>
    <TD STYLE="text-align: right">&nbsp;8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 15.</TD>
    <TD>Indemnification</TD>
    <TD STYLE="text-align: right">&nbsp;8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 16.</TD>
    <TD>Notices</TD>
    <TD STYLE="text-align: right">&nbsp;10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 17.</TD>
    <TD>Miscellaneous</TD>
    <TD STYLE="text-align: right">&nbsp;10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Section 18.</TD>
    <TD>Consent to Jurisdiction; Appointment of Agent for Service of Process</TD>
    <TD STYLE="text-align: right">&nbsp;11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Section 19.</TD>
    <TD>Amendment and Restatement of Old Deposit Agreement</TD>
    <TD STYLE="text-align: right">&nbsp;13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><B>TESTIMONIUM</B></TD>
    <TD STYLE="text-align: right">&nbsp;14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><B>SIGNATURES</B></TD>
    <TD STYLE="text-align: right">&nbsp;14</TD></TR>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>FORM OF FACE OF ADR</B></TD>
    <TD STYLE="text-align: right">&nbsp;A-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 30pt">Introductory Paragraph</TD>
    <TD STYLE="text-align: right">&nbsp;A-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">&nbsp;(1)</TD>
    <TD>Issuance and Pre-Release of ADSs</TD>
    <TD STYLE="text-align: right">&nbsp;A-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">&nbsp;(2)</TD>
    <TD>Withdrawal of Deposited Securities</TD>
    <TD STYLE="text-align: right">&nbsp;A-4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">&nbsp;(3)</TD>
    <TD>Transfers of ADRs</TD>
    <TD STYLE="text-align: right">&nbsp;A-5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">&nbsp;(4)</TD>
    <TD>Certain Limitations</TD>
    <TD STYLE="text-align: right">&nbsp;A-6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">&nbsp;(5)</TD>
    <TD>Taxes</TD>
    <TD STYLE="text-align: right">&nbsp;A-6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">&nbsp;(6)</TD>
    <TD>Disclosure of Interests; Compliance with Provisions of Chilean Law</TD>
    <TD STYLE="text-align: right">&nbsp;A-9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">&nbsp;(7)</TD>
    <TD>Charges of Depositary</TD>
    <TD STYLE="text-align: right">&nbsp;A-11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">&nbsp;(8)</TD>
    <TD>Available Information</TD>
    <TD STYLE="text-align: right">&nbsp;A-12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">&nbsp;(9)</TD>
    <TD>Execution</TD>
    <TD STYLE="text-align: right">&nbsp;A-13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 30pt">Signature of Depositary</TD>
    <TD STYLE="text-align: right">&nbsp;A-13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 30pt">Address of Depositary's Office</TD>
    <TD STYLE="text-align: right">&nbsp;A-13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2"><B>FORM OF REVERSE OF ADR</B></TD>
    <TD STYLE="text-align: right">&nbsp;A-14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(10)</TD>
    <TD>Distributions on Deposited Securities</TD>
    <TD STYLE="text-align: right">&nbsp;A-14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(11)</TD>
    <TD>Record Dates</TD>
    <TD STYLE="text-align: right">&nbsp;A-15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(12)</TD>
    <TD>Voting of Deposited Securities</TD>
    <TD STYLE="text-align: right">&nbsp;A-15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(13)</TD>
    <TD>Changes Affecting Deposited Securities</TD>
    <TD STYLE="text-align: right">&nbsp;A-17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(14)</TD>
    <TD>Exoneration</TD>
    <TD STYLE="text-align: right">&nbsp;A-18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(15)</TD>
    <TD>Resignation and Removal of Depositary; the Custodian</TD>
    <TD STYLE="text-align: right">&nbsp;A-20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(16)</TD>
    <TD>Amendment</TD>
    <TD STYLE="text-align: right">&nbsp;A-20</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(17)</TD>
    <TD>Termination</TD>
    <TD STYLE="text-align: right">&nbsp;A-21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(18)</TD>
    <TD>Appointment</TD>
    <TD STYLE="text-align: right">&nbsp;A-22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 30pt">(19)</TD>
    <TD>Waiver</TD>
    <TD STYLE="text-align: right">&nbsp;A-22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 30pt">(20)</TD>
    <TD>Elective Distributions in Cash or Shares</TD>
    <TD STYLE="text-align: right">A-22</TD></TR>
</TABLE>


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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>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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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; text-align: justify; text-indent: 0.5in">THIRD AMENDED AND RESTATED
DEPOSIT AGREEMENT dated as of September 21, 2017 (the &quot;Deposit Agreement&quot;) among LATAM AIRLINES GROUP S.A. and its successors
(the &quot;Company&quot;), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the &quot;Depositary&quot;), and all holders from
time to time of American Depositary Receipts issued hereunder (&quot;ADRs&quot;) evidencing American Depositary Shares (&quot;ADSs&quot;)
representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities
and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized
terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and the Depositary entered into a Second Amended and Restated Deposit Agreement dated as of October 28, 2011 (the &quot;Old Deposit
Agreement&quot;) for the purposes set forth therein, for the creation of American depositary shares representing the Shares so
deposited and for the execution and delivery of American depositary receipts (&quot;Old Receipts&quot;) evidencing the American
depositary shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
the terms of the Old Deposit Agreement, the Company and the Depositary wish to amend and restate the Old Deposit Agreement and
the Old Receipts;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the premises, subject to Section 19 hereof, the parties hereto hereby amend and restate the Old Deposit Agreement and the Old
Receipts in their entirety as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. <U>Certain Definitions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>ADR
Register</U>&quot; is defined in paragraph (3) of the form of ADR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>ADRs</U>&quot;
mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct
Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct
Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the &quot;<U>form of ADR</U>&quot;). The term
&quot;<U>Direct Registration ADR</U>&quot; means an ADR, the ownership of which is recorded on the Direct Registration System.
References to &quot;ADRs&quot; shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires.
The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the
parties hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to paragraph (13) of the form of ADR, each &quot;<U>ADS</U>&quot; evidenced by an ADR represents the right to receive one Share
and a pro rata share in any other Deposited Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Central
Bank</U>&quot; shall mean Banco Central de Chile and its successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Compendium</U>&quot;
shall mean the Compendium of Foreign Exchange Regulations approved by the Central Bank in 2002, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#9;&quot;<U>Custodian</U>&quot;
means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute
Custodian appointed pursuant to Section 9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>DCV</U>&quot;
shall mean DCV Registros S.A., which provides the book-entry settlement system for the Company&rsquo;s equity securities, or any
successor entity thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms &quot;<U>deliver</U>&quot;, &quot;<U>execute</U>&quot;, &quot;<U>issue</U>&quot;, &quot;<U>register</U>&quot;, &quot;<U>surrender</U>&quot;,
&quot;<U>transfer</U>&quot; or &quot;<U>cancel</U>&quot;, when used with respect to Direct Registration ADRs, shall refer to an
entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs
in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or
cancellation of certificates representing the ADRs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Delivery
Order</U>&quot; is defined in Section 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Deposited
Securities</U>&quot; as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other
Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited
Shares and other Shares, securities, property and cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Direct
Registration System</U>&quot; means the system for the uncertificated registration of ownership of securities established by The
Depository Trust Company (&quot;<U>DTC</U>&quot;) and utilized by the Depositary pursuant to which the Depositary may record the
ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the
Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile
Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Foreign
Investment Contract</U>&quot; shall mean the &quot;Chapter XXVI Agreement&quot; among the Central Bank, JPMorgan Chase Bank, N.A.
and the Company, to be entered into under the Constitutional Organic Law of the Central Bank and former Chapter XXVI of the Compendium,
as the same may be amended or supplemented from time to time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Holder</U>&quot;
means the person or persons in whose name an ADR is registered on the ADR Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Securities
Act of 1933</U>&quot; means the United States Securities Act of 1933, as from time to time amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Securities
Exchange Act of 1934</U>&quot; means the United States Securities Exchange Act of 1934, as from time to time amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Shares</U>&quot;
mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the form
of ADR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>SVS</U>&quot;
shall mean the Superintendencia de Valores y Seguros of Chile and its successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Transfer
Office</U>&quot; is defined in paragraph (3) of the form of ADR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;<U>Withdrawal
Order</U>&quot; is defined in Section 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. <U>ADRs</U>. (a)
ADRs in physical certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance with
its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied
on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required
by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate
any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number
of ADSs. ADRs in physical certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly
authorized officer of the Depositary. ADRs in physical certificated form bearing the facsimile signature of anyone who was at the
time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has
ceased to hold such office prior to the delivery of such ADRs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Direct Registration
ADRs</U>. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be evidenced by
Direct Registration ADRs, unless physical certificated ADRs are specifically requested by the Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Holders shall be
bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether their ADRs are Direct
Registration ADRs or physical certificated ADRs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. <U>Deposit of Shares</U>.
In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a form satisfactory
to it: (a) a written order directing the Depositary to issue to, or upon the written order of, the person or persons designated
in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a &quot;Delivery
Order&quot;); (b) proper endorsements or duly executed instruments of transfer in respect of such deposited Shares; (c) instruments
assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or
indemnity therefor; and (d) proxies entitling the Custodian to vote such deposited Shares. As soon as practicable after the Custodian
receives Deposited Securities pursuant to any such deposit or pursuant to paragraph (10) or (13) of the form of ADR, the Custodian
shall present such Deposited Securities for registration of transfer into the name of the Depositary, the Custodian or a nominee
of either, to the extent such registration is practicable, at the cost and expense of the person making such deposit (or for whose
benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration. No Share of the Company shall
be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that the deposit has been authorized by the
Central Bank (unless and until the Company provides the Depositary with evidence satisfactory to it that such authorization is
no longer necessary), and that any conditions for such authorization, as set forth in the Foreign Investment Contract to the extent
in effect, have been satisfied. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary
for the benefit of Holders of ADRs (to the extent not prohibited by law) at such place or places and in such manner as the Depositary
shall determine. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated
in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor
impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept,
including, without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the
Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, or in an account maintained in the
book-entry settlement system of DCV, together with delivery of the documents, payments and Delivery Order referred to herein to
the Custodian or the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. <U>Issue of ADRs</U>.
After any such deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in
any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making
the deposit, by SWIFT, cable, telex, facsimile transmission or electronic mail. After receiving such notice from the Custodian,
the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person
named in such notice, an ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. <U>Distributions
on Deposited Securities</U>. To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph
(10) of the form of ADR is not practicable with respect to any Holder, the Depositary may, after consultation with the Company
if practicable, make such distribution as it so deems practicable, including the distribution of foreign currency, securities or
property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention thereof
as Deposited Securities with respect to such Holder's ADRs (without liability for interest thereon or the investment thereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6. <U>Withdrawal of
Deposited Securities</U>. In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by
the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed instruments of
transfer thereof in blank) and the Holder's written order directing the Depositary to cause the Deposited Securities represented
by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such
order (a &quot;Withdrawal Order&quot;). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be
given by letter, first class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT, cable, telex,
facsimile transmission or electronic email. Delivery of Deposited Securities may be made by the delivery of certificates (which,
if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates
may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other
means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account
designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a
registrar for the Deposited Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7. <U>Substitution
of ADRs</U>. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated
certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR,
unless the Depositary has actually received notice that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof
filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable
requirements imposed by the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8. <U>Cancellation
and Destruction of ADRs; Maintenance of Records</U>. All ADRs surrendered to the Depositary shall be cancelled by the Depositary.
The Depositary is authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary agrees
to maintain or cause its agents to maintain records of all ADRs surrendered and Deposited Securities withdrawn under Section 6
hereof and paragraph (2) of the form of ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under
this Section 8, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States or as
required by the laws or regulations governing the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9. <U>The Custodian</U>.
Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The
Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of any such action,
which will be advance notice if practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Custodian may resign
from its duties hereunder by providing at least 30 days prior written notice to the Depositary. The Depositary may discharge any
Custodian at any time upon notice to the Custodian being discharged. Any Custodian ceasing to act hereunder as Custodian shall
deliver, upon the instruction of the Depositary, all Deposited Securities held by it to a Custodian continuing to act. Notwithstanding
anything to the contrary contained in this Deposit Agreement (including the ADRs) and subject to the penultimate sentence of paragraph
(14) of the form of ADR, the Depositary shall not be responsible for, and shall incur no liability in connection with or arising
from, any act or omission to act on the part of the Custodian except to the extent that (A) the Custodian has been determined by
a final non-appealable judgment of a court of competent jurisdiction to have (i) committed fraud or willful misconduct in the provision
of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary
as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located and (B) the Company
or the Holders have incurred direct damages as a result of such act or omission to act on the part of the Custodian.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10. <U>Lists of Holders</U>.
The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies
thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request.
The Depositary or its agent shall furnish to the Company promptly upon the written request of the Company, a list of the names,
addresses and holdings of ADSs by all Holders as of a date within seven days of the Depositary's receipt of such request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11. <U>Depositary's
Agents</U>. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by it, provided
that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations
as if no agent were appointed, subject to paragraph (14) of the form of ADR.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12. <U>Successor Depositary</U>.
The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company,
such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter
provided. The Depositary may at any time be removed by the Company by providing no less than 60 days prior written notice of such
removal to the Depositary, such removal to take effect the later of (i) the 60<SUP>th</SUP> day after such notice of removal is
first provided and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.
Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within
the applicable 45-day period (in the case of resignation) or 60-day period (in the case of removal) as specified in paragraph (17)
of the form of ADR, then the Depositary may elect to terminate this Deposit Agreement and the ADR and the provisions of said paragraph
(17) shall thereafter govern the Depositary's obligations hereunder. In case at any time the Depositary acting hereunder shall
resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver
to its predecessor and to the Company an instrument in writing accepting its appointment hereunder and shall execute, jointly with
the Central Bank, the Company and the Depositary an assignment of the Foreign Investment Contract, which assignment shall be previously
approved by the Central Bank, and thereupon such successor depositary, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all sums
due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor
all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of which shall
survive any such removal and/or resignation), (ii)&nbsp;duly assign, transfer and deliver all right, title and interest to the
Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any
such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with
which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary
receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13. <U>Reports</U>.
On or before the first date on which the Company makes any communication available to holders of Deposited Securities or any securities
regulatory authority or stock exchange, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities,
or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or the
offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in English
but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company will arrange for
the translation into English, if not already in English, to the extent required pursuant to any regulations of the U.S. Securities
and Exchange Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any
other reports and communications which are made generally available by the Company to holders of its Shares. If requested in writing
by the Company, the Depositary will arrange for the mailing, at the Company&rsquo;s expense, of copies of such notices, reports
and communications to all Holders. The Company will timely provide the Depositary with the quantity of such notices, reports, and
communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has delivered
to the Depositary a copy (in English or with an English translation) of all provisions of or governing the Shares and any other
Deposited Securities. Promptly upon any change in such provisions, the Company shall deliver promptly to the Depositary a copy
(in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company's
delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall
have no liability for the accuracy or completeness of any thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14. <U>Additional Shares</U>.
The Company agrees with the Depositary that neither the Company nor any company controlling, controlled by or under common control
with the Company shall issue additional Shares, rights to subscribe for Shares, securities convertible into or exchangeable for
Shares or rights to subscribe for any such securities or shall deposit any Shares under this Deposit Agreement, except under circumstances
complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary,
the Company will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary,
dealing with such issues requested by the Depositary. The Depositary will use reasonable efforts to comply with written instructions
of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances
as may reasonably be specified in such instructions in order to facilitate the Company's compliance with securities laws in the
United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15. <U>Indemnification</U>.
The Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and their respective directors, officers,
employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses of counsel) which
may arise out of acts performed or omitted, in connection with the provisions of this Deposit Agreement and of the ADRs, as the
same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian
or their respective directors, officers, employees, agents and affiliates, except for any liability or expense directly arising
out of the negligence or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities
as such hereunder, or (ii) by the Company or any of its directors, officers, employees, agents and affiliates.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indemnities set
forth in the preceding paragraph shall also apply to any liability or expense which may arise out of any misstatement or alleged
misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum),
or preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of ADSs, except to the extent any
such liability or expense arises out of (i) information relating to the Depositary or its agents (other than the Company), as applicable,
furnished in writing by the Depositary and not changed or altered by the Company expressly for use in any of the foregoing documents
or (ii) if such information is provided, the failure to state a material fact necessary to make the information provided not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided
in the next succeeding paragraph, the Depositary shall indemnify, defend and save harmless the Company against any direct loss,
liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit Agreement
to the extent such loss, liability or expense is due to the negligence or willful misconduct of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any
other provision of this Deposit Agreement or the ADRs to the contrary, neither the Company nor the Depositary, nor any of their
agents shall be liable to the other for any indirect, special, punitive or consequential damages (excluding reasonable fees and
expenses of counsel) or lost profits (collectively &quot;Special Damages&quot;) of any form incurred by any of them or any other
person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought; provided,
however, that to the extent Special Damages arise from or out of a claim brought by a third party or Holder(s) against the Depositary
or any of its agents acting under the Deposit Agreement, the Depositary and its agents shall be entitled to full indemnification
from the Company for all such Special Damages, unless such Special Damages are found to have been a direct result of the gross
negligence or willful misconduct of the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any person seeking
indemnification hereunder (an &quot;Indemnified Person&quot;) shall notify the person from whom it is seeking indemnification (the
&quot;Indemnifying Person&quot;) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person
becomes aware of such commencement (provided that the failure to make such notification shall not affect such Indemnified Person's
rights to indemnification except and only to the limited extent the Indemnifying Person is materially prejudiced by such failure)
and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such action or claim that may
give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise
or settle any indemnifiable action without the prior written consent of the Indemnifying Person (which consent shall not unreasonably
(from the point of view of the person seeking indemnification) be withheld or delayed) unless (i) there is no finding or admission
of any violation of law and no effect on any other claims that may be made against such Indemnifying Person and (ii) the sole relief
provided is monetary damages that are paid in full by the Indemnified Person (without indemnification hereunder by the Indemnifying
Person) seeking such compromise or settlement. The obligations set forth in this Section 15 shall survive the termination of this
Deposit Agreement and the succession or substitution of any indemnified person.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16. <U>Notices</U>.
Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such Holder on the
ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect
the sufficiency of notification to other Holders or to the beneficial owners of ADSs held by such other Holders. Notice to the
Depositary or the Company shall be deemed given when first received by it at the address or facsimile transmission number set forth
in (a) or (b), respectively, or at such other address or facsimile transmission number as either may specify to the other by written
notice:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 1.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>JPMorgan Chase Bank, N.A.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">4 New York Plaza, Floor 12<BR>
New York, New York, 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attention: Depositary Receipts Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Fax: (212) 552-1950</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">&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: 1.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>LATAM Airlines Group S.A.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Av. Presidente Riesco 5711, Piso 20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Las Condes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Santiago, Chile</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attention: Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Fax: 56-2-5658764</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17. <U>Miscellaneous</U>.
This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Holders, and their respective successors
hereunder, and, except to the extent specifically set forth in Section 15 of this Deposit Agreement, shall not give any legal or
equitable right, remedy or claim whatsoever to any other person. The Holders and owners of ADRs from time to time shall be parties
to this Deposit Agreement and shall be bound by all of the provisions hereof. If any such provision is invalid, illegal or unenforceable
in any respect, the remaining provisions shall in no way be affected thereby. This Deposit Agreement may be executed in any number
of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. Delivery of an executed
signature page of this Deposit Agreement by facsimile or other electronic transmission (including &ldquo;.pdf&rdquo;, &ldquo;.tif&rdquo;
or similar format) shall be effective as delivery of a manually executed counterpart hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18. <U>Consent to Jurisdiction;
Appointment of Agent for Service of Process</U>. The Company irrevocably agrees that any legal suit, action or proceeding against
the Company brought by the Depositary or any Holder, arising out of or based upon this Deposit Agreement or the transactions contemplated
hereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection which it may
now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction
of such courts in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action or proceeding
against the Depositary brought by the Company, arising out of or based upon this Deposit Agreement or the transactions contemplated
hereby, may only be instituted in a state or federal court in New York, New York. The Company has appointed Kaplan, Massamillo
&amp; Andrews, LLC, 70 East 55th Street, 25th Floor, , New York, New York, 10022, as its authorized agent (the &quot;Authorized
Agent&quot;) upon which process may be served in any such action arising out of or based on this Deposit Agreement or the transactions
contemplated hereby which may be instituted in any state or federal court in New York, New York by the Depositary or any Holder,
and waives any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants
that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any and all action,
including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force
and effect as aforesaid. The Company further hereby irrevocably consents and agrees to the service of any and all legal process,
summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon
the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason prove to be ineffective or such
Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified
air mail, postage prepaid, to its address provided in Section 16(b) hereof. The Company agrees that the failure of the Authorized
Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment
rendered in any action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor shall
no longer serve as agent of the Company to receive service of process in New York, the Company shall promptly appoint a successor
acceptable to the Depositary, so as to serve and will promptly advise the Depositary thereof. In the event the Company fails to
continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon
it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed
to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days
after the same shall have been so mailed. Notwithstanding the foregoing, any action based on this Deposit Agreement may be instituted
by the Depositary in any competent court in the Republic of Chile and/or the United States.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By holding an ADS or
an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or involving
the Company or the Depositary, arising out of or based upon this Deposit Agreement, the ADSs or the transactions contemplated herein,
therein or hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest
therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
the Company or any of its properties, assets or revenues may have or may hereafter be entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may
at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection
with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EACH PARTY TO THIS
DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION
OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER
DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH
HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19. <U>Amendment and
Restatement of Old Deposit Agreement</U>. The Deposit Agreement amends and restates the Old Deposit Agreement in its entirety to
consist exclusively of the Deposit Agreement, and each Old Receipt is hereby deemed amended and restated to substantially conform
to the form of ADR set forth in Exhibit A annexed hereto, except that, to the extent any portion of such amendment and restatement
would prejudice any substantial existing right of Holders of Old Receipts, such portion shall not become effective as to such Holders
with respect to such Old Receipts until 30 days after such Holders shall have received notice thereof, such notice to be conclusively
deemed given upon the mailing to such Holders of notice of such amendment and restatement which notice contains a provision whereby
such Holders can receive a copy of the form of ADR.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, LATAM
AIRLINES GROUP S.A. and JPMORGAN CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day and year first above
set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance with the terms
hereof.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">LATAM AIRLINES GROUP S.A.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Name:&#9;Ramiro
Alfons&iacute;n</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Title: Chief Financial Officer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">JPMORGAN CHASE BANK, N.A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">By:<U>&nbsp;&nbsp;/s/ Gregory A. Levendis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Name:&#9;Gregory A. Levendis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Title: Executive Director</P>
</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">ANNEXED TO AND
INCORPORATED IN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><U>DEPOSIT AGREEMENT</U></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-top: 0pt; margin-bottom: 0pt; text-align: center">[FORM OF FACE OF ADR]</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">____</TD>
    <TD STYLE="width: 40%">No. of ADSs:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Number</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Each ADS represents</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>One Share</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>CUSIP:</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Holder of this ADR is advised that
the rights to convert into US dollars the Chilean pesos received in connection with the Deposited Securities and remit abroad dividends
and other payments are contingent upon the satisfaction of the terms and conditions set forth in the Foreign Investment Contract
referred to herein. Shares withdrawn from the facility may only be redeposited into the facility subject to the satisfaction of
certain conditions. Further, access to the formal currency market may not be automatic and may require the approval of the Central
Bank of Chile (the &quot;Central Bank&quot;). In addition, while under current Chilean law the Foreign Investment Contract cannot
be amended unilaterally by the Chilean Government, additional restrictions on the benefits of the Foreign Investment Contract could
be imposed by the Chilean Government and the Central Bank may revoke approval of access to the formal currency market if conditions
set forth in the Foreign Investment Contract are not met.&nbsp;&nbsp;Transferees of withdrawn shares are not entitled to the rights
set forth in the Foreign Investment Contract.</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="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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;AMERICAN DEPOSITARY RECEIPT</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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;evidencing</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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;AMERICAN DEPOSITARY SHARES</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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;representing</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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;ORDINARY SHARES</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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;of</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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;LATAM AIRLINES GROUP S.A.</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-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;(Incorporated under the laws of the Republic of Chile)</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; text-indent: 1in">JPMORGAN CHASE BANK,
N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder (the &quot;Depositary&quot;),
hereby certifies that is the registered owner (a &quot;Holder&quot;) of American Depositary Shares (&quot;ADSs&quot;), each (subject
to paragraph (13)) representing one ordinary share (including the rights to receive Shares described in paragraph (1), &quot;Shares&quot;
and, together with any other securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited
Shares, the &quot;Deposited Securities&quot;), of LATAM Airlines Group S.A., a corporation organized under the laws of the Republic
of Chile (the &quot;Company&quot;), deposited under the Third Amended and Restated Deposit Agreement dated as of September 21, 2017
(as amended from time to time, the &quot;Deposit Agreement&quot;) among the Company, the Depositary and all Holders from time to
time of American Depositary Receipts issued thereunder (&quot;ADRs&quot;), each of whom by accepting an ADR becomes a party thereto.
The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed
in accordance with the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) <U>Issuance and
Pre-Release of ADSs</U>. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof,
the Depositary may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (a) Shares
in a form satisfactory to the Custodian; (b) rights to receive Shares from the Company or any registrar, transfer agent, clearing
agent or other entity recording Share ownership or transactions; or (c) in accordance with the next paragraph hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In its capacity as
Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs prior to the
receipt of Shares and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities, including ADSs which
were issued under (i) above but for which Shares may not have been received (each such transaction a &quot;Pre-Release&quot;).
The Depositary may receive ADSs in lieu of Shares under (i) above (which ADSs will promptly be canceled by the Depositary upon
receipt by the Depositary) and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release will be subject to a written
agreement whereby the person or entity (the &quot;Applicant&quot;) to whom ADSs or Shares are to be delivered (a) represents that
at the time of the Pre-Release the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant
under such Pre-Release, (b) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares
or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (c) unconditionally
guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (d) agrees to any additional
restrictions or requirements that the Depositary deems appropriate. Each such Pre-Release will be at all times fully collateralized
with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, terminable by the Depositary
on not more than five (5) business days' notice and subject to such further indemnities and credit regulations as the Depositary
deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release at any one time
to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however,
that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary
may also set limits with respect to the number of ADSs and Shares involved in Pre-Release with any one person on a case-by-case
basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with
the foregoing. Collateral provided in connection with Pre-Release transactions, but not the earnings thereon, shall be held for
the benefit of the Holders (other than the Applicant).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every person depositing
Shares under the Deposit Agreement represents and warrants that (a) such Shares and the certificates therefor are duly authorized,
validly issued and outstanding, fully paid, nonassessable and legally obtained by such person (b) all pre-emptive and comparable
rights, if any, with respect to such Shares have been validly waived or exercised, (c) the person making such deposit is duly authorized
so to do, (d) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage
or adverse claim and (e) such Shares (A) are not &quot;restricted securities&quot; as such term is defined in Rule 144 under the
Securities Act of 1933 (&quot;Restricted Securities&quot;) unless at the time of deposit the requirements of paragraphs (c), (e),
(f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely
in the United States or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Shares is
an &quot;affiliate&quot; of the Company as such term is defined in Rule 144, the person also represents and warrants that upon
the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs) will be
fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof,
Restricted Securities. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance
and cancellation of ADSs in respect thereof and the transfer of such ADSs. The Depositary will not knowingly accept for deposit
under the Deposit Agreement any Shares required to be registered under the Securities Act of 1933 and not so registered; the Depositary
may refuse to accept for such deposit any Shares identified by the Company in order to facilitate the Company's compliance with
the requirements of the Securities Act of 1933 or the Rules made thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) <U>Withdrawal of
Deposited Securities</U>. Subject to paragraphs (4) and (5), upon surrender of (i) a certificated ADR in a form satisfactory to
the Depositary at the Transfer Office or (ii) proper instructions and documentation in the case of a Direct Registration ADR, the
Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian's office of the Deposited
Securities at the time represented by the ADSs evidenced by this ADR, provided that the Depositary may deliver Shares prior to
the receipt of ADSs for withdrawal of Deposited Securities, including ADSs which were issued under (1) above but for which Shares
may not have been received (until such ADSs are actually deposited, &quot;Pre-released Shares&quot;) only if all the conditions
in (1) above related to such Pre-Release are satisfied). At the request, risk and expense of the Holder hereof, the Depositary
may deliver such Deposited Securities at such other place as may have been requested by the Holder. Notwithstanding any other provision
of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in
General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Simultaneously with
the delivery of Deposited Securities to the Holder or its designee, to the extent applicable, the Custodian, pursuant to the Foreign
Investment Contract so long as the same is in effect, will issue or cause to be issued to the Holder or such designee a certificate
which states that the Deposited Securities have been transferred to the Holder or its designee by the Depositary and that the Depositary
waives in favor of the Holder or its designee the right of access to the formal foreign exchange market relating to such withdrawn
Deposited Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of tax
rulings dated January 29, 1990 and October 1, 1999 issued by the Chilean <I>Servicio de Impuestos Internos</I> regarding certain
tax matters relating to American depositary shares and American depositary receipts, the acquisition value of any Share or other
Deposited Security upon its withdrawal by a Holder upon surrender of the corresponding ADSs shall be the highest reported sales
price of such Share or other Deposited Security on the <I>Bolsa de Comercio de Santiago, Bolsa de Valores </I>(the &ldquo;Santiago
Stock Exchange&rdquo;) on the day on which the transfer of such Share or other Deposited Security from the Depositary to such Holder
is recorded on the books of the Company's share registrar. &nbsp;In the event that the Shares or other Deposited Securities are
not then traded on the Santiago Stock Exchange, such value shall be the highest reported sales price on the principal stock exchange
or other organized securities market in Chile on which such Shares or other Deposited Securities are then traded.&nbsp;&nbsp;In
the event that no such sales price is reported on the day on which such transfer is recorded on the books of the Company's share
registrar, such value shall be deemed to be the highest sales price reported on the last day on which such sales price was reported;
<U>provided</U>, <U>however</U>, that if such day is more than 30 days prior to the date of such transfer, such price shall be
increased (or decreased) by the percentage increase (or decrease) over the corresponding period in the Chilean consumer price index
as reported by the pertinent governmental authority of Chile.&nbsp;&nbsp;Notwithstanding the foregoing, in the event that the exchanged
Shares are sold by the Holder on a Chilean stock exchange on the same day on which the transfer is recorded on the books of the
Company's share registrar or within two Chilean business days prior to the date on which the sale is recorded on those books, the
acquisition price of such exchanged Shares shall be the price registered in the invoice issued by the stockbroker that participated
in the sale transaction.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) <U>Transfers of
ADRs</U>. The Depositary or its agent will keep, at a designated transfer office (the &quot;Transfer Office&quot;), (a) a register
(the &quot;ADR Register&quot;) for the registration, registration of transfer, combination and split-up of ADRs, and, in the case
of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection
by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter
relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct
Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly
endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable
by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; <U>provided</U>
that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the
ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation
or be subject to any liability under the Deposit Agreement to any holder of an ADR, unless such holder is the Holder thereof. Subject
to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other
ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by
duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated
form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law;
<U>provided</U> that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it or,
with respect to the issuance book portion of the ADR Register, when reasonably requested by the Company solely in order to enable
the Company to comply with applicable law. At the request of a Holder, the Depositary shall, for the purpose of substituting a
certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration
ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced
by the certificated ADR or Direct Registration ADR, as the case may be, substituted.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4) <U>Certain Limitations</U>.
Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution
in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from time
to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require: (a) payment
with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration
fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii)
any applicable charges as provided in paragraph (7) of this ADR; (b) the production of proof satisfactory to it of (i) the identity
of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as
to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations,
provisions of or governing Deposited Securities, or any applicable laws and the rules of the DCV and the terms of the Deposit Agreement
and this ADR, as it may deem necessary or proper; and (c) compliance with such regulations as the Depositary may establish consistent
with the Deposit Agreement. The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer,
split-up or combination of ADRs or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be
suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when
any such action is deemed advisable by the Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5) <U>Taxes</U>. (a)
If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the
Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any
distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding
or having held an ADR the Holder and all prior Holders hereof, jointly and severally, agree to indemnify, defend and save harmless
each of the Depositary and its agents in respect thereof. The Depositary may refuse to effect any registration, registration of
transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities
until such payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or
may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting
by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale
in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the
number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company
will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority
or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all
amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian. The Depositary
will forward to the Company such information from the ADR Register maintained by it in its capacity as depositary hereunder as
the Company may reasonably request to enable the Company to file any necessary reports with governmental authorities or agencies
that are required in order to enable Holders to benefit from any applicable tax withholding treaties. If the Depositary determines
that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that
the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such
amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and
the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes
to the Holders entitled thereto. Each Holder of an ADR or an interest therein agrees to indemnify the Depositary, the Company,
the Custodian and any of their respective officers, directors, employees, agents and affiliates against, and hold each of them
harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising
out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the definitive amount of any taxes or other governmental charges that may be payable in respect of the Deposited Securities
is known by the Company at the time any distribution is made in respect of such Deposited Securities, the Company shall (i) withhold,
and pay over to the appropriate governmental authority, such definitive amount, or (ii) instruct the Depositary (with a copy to
the Custodian) as to such withholding, including such known definitive amount, and the Depositary shall cause the Custodian to
withhold, and pay over to such governmental authority, such definitive amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the definitive amount of any taxes or other governmental charges that may be payable in respect of the Deposited Securities
is not known by the Company at the time any distribution is made in respect of such Deposited Securities (e.g., in the event of
a provisional withholding tax), the Company shall (i) calculate (A) the maximum amount of taxes or other governmental charges that
may be payable in respect of such distribution (the &ldquo;<U>Maximum Tax Amount</U>&rdquo;), and (B) the amount of the tax or
other governmental charge that is then known and required to be paid in respect of such distribution (the &ldquo;<U>Provisional
Tax Amount</U>&rdquo;), and (ii) either (A) withhold from such distribution the Maximum Tax Amount, or (ii) instruct the Depositary
(with a copy to the Custodian) as to such withholding, including the calculated Maximum Tax Amount and Provisional Tax Amount,
and the Depositary shall cause the Custodian to withhold from such distribution the Maximum Tax Amount.&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, if the Company fails to specify the Maximum Tax Amount in its instruction to the Depositary pursuant
to the preceding sentence, the Depositary may calculate the Maximum Tax Amount in consultation with Chilean counsel and cause the
Custodian to withhold the Maximum Tax Amount so calculated.&nbsp;&nbsp;After withholding the Maximum Tax Amount, the Company or
the Custodian (at the instruction of the Depositary), as applicable, shall (x) pay over to the appropriate governmental authority
the Provisional Tax Amount and (y) hold in escrow in a non-interest bearing account the remaining portion of the Maximum Tax Amount
not paid over to the governmental authorities (the &ldquo;<U>Escrow Amount</U>&rdquo;) pending final determination by the Company
of the definitive amount of the taxes or other governmental charges that are payable in respect of that distribution (the &ldquo;<U>Final
Tax Amount</U>&rdquo;).</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon the final determination by the Company of the Final Tax Amount in respect of a distribution, additional taxes or governmental
charges are payable (including, without limitation, any interest and penalties that may be levied) in respect of such distribution
in excess of the Provisional Tax Payment (such excess, the &ldquo;<U>Additional Tax Amount</U>&rdquo;), the Company shall, as applicable,
(i) remit from the Escrow Amount (A) to the applicable tax authorities the Additional Tax Amount, and (B) to the Custodian, for
distribution to the Holders as of the applicable ADS record date for that distribution, the balance of the Escrow Amount, if any,
or (ii) inform the Depositary (with a copy to the Custodian) of the Additional Tax Amount and the Depositary shall cause the Custodian
to remit from the Escrow Amount (A) to the applicable tax authorities, the Additional Tax Amount, and (B) to the Holders as of
the applicable ADS record date for that distribution, the balance of the Escrow Amount, if any.&nbsp;&nbsp;Any distribution of
the Escrow Amount to Holders pursuant to the preceding sentence shall be made in accordance with the terms, and subject to the
conditions, of the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon the final determination by the Company of the Final Tax Amount in respect of a distribution, the Provisional Tax Amount exceeds
the Final Tax Amount, the Company or the Custodian (at the instruction of the Depositary), as applicable, shall (i) use reasonable
efforts to reclaim from the applicable tax authorities the excess of the Provisional Tax Payment over the Final Tax Amount, and
(ii) remit the amount of such excess and the balance of the Escrow Amount (if any) to (A) the Depositary for distribution the Holders
as of the applicable ADS record date for that distribution (if the Escrow Amount is being held by the Custodian), or (B) the Custodian
for remittance to the Depositary for distribution to such ADS Holders as of the applicable ADS record date (if the Escrow Amount
is being held by the Company), in each case, in accordance with the terms, and subject to the conditions, of the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon the final determination of the Final Tax Amount in respect of a distribution, the Final Tax Amount exceeds the Maximum Tax
Amount, the amount of such tax deficiency shall be payable by the Holders and beneficial owners of ADSs (as of the applicable ADS
record date for that distribution) to the Depositary for payment of the applicable tax deficiency.&nbsp;&nbsp;The Depositary may
refuse to effect any transfer of ADSs, or split-up or combination of any ADR(s) or any withdrawal of Deposited Securities represented
by ADSs until such payment is made, and may withhold any dividends or other distributions, and may sell for the account of the
Holders and beneficial owners of ADSs any part or all of the Deposited Securities represented by ADSs, and may apply such dividends
or other distributions and the proceeds of any such sale in payment of the balance of such tax or other governmental charge that
is due, the Holders and beneficial owners of ADSs remaining liable for any deficiency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall cause the Custodian to take all actions required or necessary in order for the Depositary to fulfill its obligations
under this paragraph (5).&nbsp;&nbsp;No interest shall be payable in respect of any amounts held by the Company, the Depositary
or the Custodian under the terms of this paragraph (5).&nbsp;&nbsp;None of the Company, the Depositary or the Custodian shall incur
any liability in respect of any funds payable, held or remitted pursuant to this paragraph (5) for losses that may be incurred
as a result of currency fluctuations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will notify the Depositary as soon as a change in any applicable tax law or regulation applicable to Shares, Share ownership,
or Deposited Securities is in place in the Republic of Chile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(6) <U>Disclosure of
Interests; Compliance with Provisions of Chilean Law</U>. To the extent that the provisions of or governing any Deposited Securities
may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities
and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and all persons holding
ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company
instructions in respect thereof. The Depositary agrees to forward, upon the request and at the expenses of the Company, such reasonable
Company instructions to the Holders, and at the Company's expense, to promptly forward to the Company any responses thereto received
by the Depositary. The Company reserves the right to instruct Holders to deliver their ADSs for cancellation and withdrawal of
the Deposited Securities so as to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders
agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of
the Company's exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without
risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such
rights with respect to any Holder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Circular
Letter N&deg; 1.375 of the SVS dated February 12, 1998, as amended, Holders are deemed, for certain purposes of Chilean law, to
be treated as holders of Deposited Securities. Accordingly, Holders shall, as a matter of Chilean law, be obligated to comply with
the requirements of Articles 12 and 54 and Title XV of Law 18,045 of Chile and applicable SVS regulations. Article 12 requires,
among other things, that Holders and beneficial owners of ADSs who directly or indirectly own 10% or more of the total share capital
of the Company (or who may attain such percentage ownership through an acquisition of shares), or the directors, liquidators, principal
executives or managers of such Holders or beneficial owners of ADSs, must report to the SVS and the stock exchanges in Chile on
which the Shares are listed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
direct or indirect acquisition or sale of ADRs; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
direct or indirect acquisition or sale of any contract or security whose price or results depend on or are conditioned in whole
or in part on the price of the Company&rsquo;s shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information must
be provided not later than the day following the effectiveness of the acquisition or sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Article 54 requires,
among other things, that any Holder or beneficial owner of ADSs intending to acquire control, directly or indirectly (as defined
in Title XV of Law 18,045) of the Company (a) send a written notice of such intention to the Company, to the Company&rsquo;s controllers,
to companies controlled by the Company, to the SVS and to the stock exchanges in Chile on which the Shares are listed, and, (b)
publish a notice of such intention in two newspapers in Chile and on the Company&rsquo;s website. Such written communications and
publications must be made at least ten business days prior to the date of intended acquisition of control or as soon as negotiations
pursuing control have been formalized or confidential documentation of the Company has been provided. Within two business days
following the acquisition of control, the Holder must publish a notice in the same newspapers in which the intention of control
was published and send written communications to the same entities listed in clause (a) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(7) <U>Charges of Depositary</U>.
The Depositary may charge, and collect from, (i) each person to whom ADSs are issued,&nbsp;including, without limitation, issuances&nbsp;against
deposits of Shares,&nbsp;issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined
in paragraph (10)),&nbsp;issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to
a merger,&nbsp;exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and&nbsp;(ii)
each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason,
U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled&nbsp;or surrendered (as the case may be).
The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions,
Rights and Other Distributions prior to such deposit to pay such charge. The following additional charges shall be incurred by
the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including,
without limitation, issuances pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding
the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10)), whichever is applicable (i) a fee of
U.S.$0.05 or less per ADS for any Cash distribution made pursuant to the Deposit Agreement, (ii) a fee of U.S.$1.50 per ADR or
ADRs for transfers made pursuant to paragraph (3) hereof, (iii) a fee for the distribution or sale of securities pursuant to paragraph
(10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would
have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities
as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary
to Holders entitled thereto, (iv) an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services
performed by the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and
shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall
be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends
or other cash distributions), and (v) a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary
and/or any of the Depositary's agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders
in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment)
in connection with the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation,
Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary's or its Custodian's
compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders
as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing such
Holders or by deducting such charge from one or more cash dividends or other cash distributions). The Company will pay all other
charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time
to time between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental charges (which
are payable by Holders or persons depositing Shares), (ii) SWIFT, cable, telex and facsimile transmission and delivery charges
incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by
such persons or Holders), (iii) transfer or registration fees for the registration or transfer of Deposited Securities on any applicable
register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or
Holders withdrawing Deposited Securities; there are no such fees in respect of the Shares as of the date of the Deposit Agreement),
and (iv) in connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase Bank, N.A. (&ldquo;JPMorgan&rdquo;)
shall deduct out of such foreign currency the fees, expenses and other charges charged by it and/or its agent (which may be a division,
branch or affiliate) so appointed in connection with such conversion. JPMorgan and/or its agent may act as principal for such conversion
of foreign currency. Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.
For further details see https://www.adr.com.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary anticipates
reimbursing the Company for certain expenses incurred by the Company that are related to the establishment and maintenance of the
ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make
available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR program or otherwise upon
such terms and conditions as the Company and the Depositary may agree from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The right of the Depositary
to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to
any Depositary, upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses
incurred prior to the effectiveness of such resignation or removal.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(8) <U>Available Information</U>.
The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which
are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders
of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian and at the
Transfer Office. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to
Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange
Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission (the &quot;Commission&quot;).
Such reports and other information may be inspected and copied through the Commission&rsquo;s EDGAR system or at public reference
facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(9) <U>Execution</U>.
This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized
officer of the Depositary.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Dated:</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">JPMORGAN CHASE BANK, N.A., as Depositary</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Authorized Officer</P>
</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary's office is located at 4
New York Plaza, Floor 12, New York, New York, 10004.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF ADR]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(10) <U>Distributions
on Deposited Securities</U>. Subject to paragraphs (4) and (5), to the extent practicable, the Depositary will distribute to each
Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in
proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by
the Custodian) represented by ADSs evidenced by such Holder's ADRs: (a) <U>Cash</U>. Any U.S. dollars available to the Depositary
resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof
authorized in this paragraph (10) (&quot;Cash&quot;), on an averaged or other practicable basis, subject to (i) appropriate adjustments
for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain Holders, and (iii) deduction
of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such
other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable
basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to
the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any
governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable
time and (4) making any sale by public or private means in any commercially reasonable manner. (b) <U>Shares</U>. (i) Additional
ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on
Deposited Securities consisting of Shares (a &quot;Share Distribution&quot;) and (ii) U.S. dollars available to it resulting from
the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional
ADRs were issued therefor, as in the case of Cash. (c) <U>Rights</U>. (i) Warrants or other instruments in the discretion of the
Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights
of any nature available to the Depositary as a result of a distribution on Deposited Securities (&quot;Rights&quot;), to the extent
that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute
the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such
evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights
as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably
be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise,
nothing (and any Rights may lapse). (d) <U>Other Distributions</U>. (i) Securities or property available to the Depositary resulting
from any distribution on Deposited Securities other than Cash, Share Distributions and Rights (&quot;Other Distributions&quot;),
by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of
such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds
of sales of Other Distributions as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate
of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities hereunder. Such division,
branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the
Depositary contemplated above and/or under paragraph (7) hereof. Any U.S. dollars available will be distributed by checks drawn
on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with
by the Depositary in accordance with its then current practices. All purchases and sales of securities will be handled by the Depositary
in accordance with its then current policies, which are currently set forth in the &quot;Depositary Receipt Sale and Purchase of
Security&quot; section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the Depositary shall
be solely responsible for.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(11) <U>Record Dates</U>.
The Depositary may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall
be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be
responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph
(7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of
Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of
other matters and only such Holders shall be so entitled or obligated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(12) <U>Voting of Deposited
Securities</U>. Subject to the next sentence, as soon as practicable after receipt from the Company of notice of any meeting at
which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited
Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above in respect of such meeting or
solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary
having no obligation to take any further action if the request shall not have been received by the Depositary at least 30 days
prior to the date of such vote or meeting) and at the Company's expense and provided no legal prohibitions exist, distribute to
Holders a notice stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder
on the record date set by the Depositary therefor will, subject to any applicable provisions of Chilean law or regulations, the
Estatutos and the provisions of or governing Deposited Securities (which provisions, if any, shall have been summarized in pertinent
part by the Company), be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the
amount of Shares or other Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and (c) the manner in which
such instructions may be given, including an express indication that, such instructions may be given or, if applicable, deemed
given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary
proxy to a person designated by the Board of Directors of the Company. Upon actual receipt by the ADR department of the Depositary
of instructions of a Holder on such record date in the manner and on or before the time established by the Depositary for such
purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities
to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs in accordance with
such instructions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent the Depositary
has been provided with at least 45 days' notice of the proposed meeting, if such instructions are not so timely received by the
Depositary from any Holder, such Holder shall be deemed, and the Depositary is instructed to deem such Holder, to have instructed
the Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities represented
by the American Depositary Shares evidenced by such Holder's Receipts as to which such instructions are so given, provided that
no such instruction shall be deemed given and no discretionary proxy shall be given (a) if the Company informs the Depositary in
writing (and the Company agrees to provide the Depositary with such information promptly in writing) that (i) it does not wish
such proxy to be given, (ii) substantial opposition exists with respect to any agenda item for which the proxy would be given or
(iii) the agenda item in question, if approved, would materially or adversely affect the rights of holders of Shares and (b) unless,
with respect to such meeting, the Depositary has been provided with an opinion of counsel to the Company, in form and substance
satisfactory to the Depositary, to the effect that (a) the granting of such discretionary proxy does not subject the Depositary
to any reporting obligations in the Republic of Chile, (b) the granting of such proxy will not result in a violation of Chilean
law, rule, regulation or permit, (c) the voting arrangement and deemed instruction as contemplated herein will be given effect
under Chilean law, rules and regulations, and (d) the granting of such discretionary proxy will not under any circumstances result
in the Shares represented by the ADSs being treated as assets of the Depositary under Chilean law, rules or regulations. If after
the date such opinion is delivered to the Depositary and prior to the meeting date the Company is advised by counsel that there
has occurred a change in Chilean law such that the foregoing opinion could no longer be rendered favorably in whole or in part,
the Company shall promptly notify the Depositary of such change and the Holders shall thereafter not be deemed to have given any
such instruction. The Company agrees to direct its counsel to inform it of any such changes in Chilean law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent Holders
are deemed to have instructed the Depositary to give a discretionary proxy to a person designated by the Board of Directors of
the Company with respect to any Deposited Securities and the Depositary give such discretionary proxy to a person designated by
the Board of Directors of the Company, the Company shall report the existence thereof at the relevant shareholder meeting.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary will
not itself exercise any voting discretion in respect of any Deposited Securities. There is no guarantee that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting
instructions to the Depositary in a timely manner. Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs
are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation
of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or
otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (<I>i.e.</I>,
by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders
are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received
until such time as the ADR department responsible for proxies and voting has received such instructions notwithstanding that such
instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(13) <U>Changes Affecting
Deposited Securities</U>. Subject to paragraphs (4) and (5), the Depositary may, in its discretion, and shall if reasonably requested
by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash,
securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation,
cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to
Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary
is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities
are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any
property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy
or sale of all or substantially all the assets of the Company, and to the extent the Depositary does not so amend this ADR or make
a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results
from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent
its pro rata interest in the Deposited Securities as then constituted. Promptly upon the occurrence of any of the aforementioned
changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable
after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company's expense, to
Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders
in accordance with the terms thereof, as soon as reasonably practicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(14) <U>Exoneration</U>.
The Depositary, the Company, their agents and each of them shall: (a) incur no liability to Holders or beneficial owners of ADSs
(i) if any present or future law, rule, regulation, fiat, order or decree of the United States, the Republic of Chile or any other
country or jurisdiction, or of any governmental or regulatory authority (including any action by the Central Bank under the Foreign
Investment Contract or otherwise) or any securities exchange or market or automated quotation system, the provisions of or governing
any Deposited Securities, any present or future provision of the Company's charter, any act of God, war, terrorism, nationalization,
expropriation, currency restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure
or circumstance beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any
civil or criminal penalty in connection with, any act which the Deposit Agreement or this ADR provides shall be done or performed
by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure
to exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine
that any distribution or action may be lawful or reasonably practicable); (b) assume no liability to Holders or beneficial owners
of ADSs except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without
gross negligence or willful misconduct; (c) in the case of the Depositary and its agents, be under no obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d) in the case of
the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may
be required; or (e) not be liable to Holders or beneficial owners of ADSs for any action or inaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person
believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions
made by, or the insolvency of, any securities depository, clearing agency or settlement system. The Depositary shall not be responsible
for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate
of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with any sale of
securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed
sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the penultimate
sentence of this paragraph (14), the Depositary shall not be responsible for, and shall incur no liability in connection with or
arising from, any act or omission to act on the part of the Custodian except to the extent that (A) the Custodian has been determined
by a final non-appealable judgment of a court of competent jurisdiction to have (i) committed fraud or willful misconduct in the
provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services
to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located
and (B) the Company or the Holders have incurred direct damages as a result of such act or omission to act on the part of the Custodian.
The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction,
instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties.
The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements
of Chilean law, rules or regulations or any changes therein or thereto. Any summary of Chilean laws and regulations and of the
terms of the Company&rsquo;s Estatutos set forth in the Deposit Agreement (including the ADRs) have been provided by the Company
solely for the convenience of Holders. The Depositary and its agents will not be responsible for any failure to carry out any instructions
to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote. The
Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency
conversion, transfer or distribution. The Depositary and its agents may own and deal in any class of securities of the Company
and its affiliates and in ADRs. Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary
and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection
with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information
is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative
or judicial process, banking, securities or other regulators. None of the Depositary, the Custodian or the Company shall be liable
for the failure by any Holder or beneficial owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such
Holder's or beneficial owner's income tax liability. The Depositary and the Company shall not incur any liability for any tax consequences
that may be incurred by Holders and beneficial owners on account of their ownership of the ADRs or ADSs. The Depositary shall not
incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders
or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited
Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any
rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company Notwithstanding
anything herein or in the Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third party delivery services
and providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other
services in connection herewith and the Deposit Agreement, and use local agents to provide extraordinary services such as attendance
at annual meetings of issuers of securities. Although the Depositary and the Custodian will use reasonable care (and cause their
agents to use reasonable care) in the selection and retention of such third party providers and local agents, they will not be
responsible for any errors or omissions made by them in providing the relevant information or services. The Depositary shall not
be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary. By holding an ADS
or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or
involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions contemplated
herein, therein or hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an
interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has agreed
to indemnify the Depositary and its agents under certain circumstances. Neither the Depositary nor any of its agents shall be liable
to Holders or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages (including, without
limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not
foreseeable and regardless of the type of action in which such a claim may be brought. No disclaimer of liability under the Securities
Act of 1933 is intended by any provision hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(15) <U>Resignation
and Removal of Depositary; the Custodian</U>. The Depositary may resign as Depositary by written notice of its election so to do
delivered to the Company, such resignation to take effect&nbsp;upon the appointment of a successor depositary and its acceptance
of such appointment as provided in the Deposit Agreement. &nbsp;The Depositary may at any time be removed by the Company by no
less than 60 days prior written notice of such removal, to become effective upon the later of (i) the 60th day after delivery of
the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided
in the Deposit Agreement. The Depositary may appoint substitute or additional Custodians and the term &quot;<U>Custodian</U>&quot;
refers to each Custodian or all Custodians as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(16) <U>Amendment</U>.
Subject to the last sentence of paragraph (2), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary,
<U>provided</U> that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and
other governmental charges, transfer or registration fees, SWIFT, cable, telex or facsimile transmission costs, delivery costs
or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30
days after notice of such amendment shall have been given to the Holders. Every Holder of an ADR at the time any amendment to the
Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of
any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to
be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be
borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental
body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit
Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit
Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the
Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders
or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs
shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments
in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders
identifies a means for Holders to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the
Depositary's or the Company's website or upon request from the Depositary).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(17) <U>Termination</U>.
The Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing
notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided,
however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary shall
not be provided to Holders unless a successor depositary shall not be operating hereunder within 45 days of the date of such resignation,
or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless
a successor depositary shall not be operating hereunder on the 60<SUP>th</SUP> day after the Company's notice of removal was first
provided to the Depositary. After the date so fixed for termination, the Depositary and its agents will perform no further acts
under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver
Deposited Securities being withdrawn. As soon as practicable after the expiration of six months from the date so fixed for termination,
the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in a segregated
account the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability
for interest, in trust for the <U>pro rata</U> benefit of the Holders of ADRs not theretofore surrendered. After making such sale,
the Depositary shall be discharged from all obligations in respect of the Deposit Agreement and this ADR, except to account for
such net proceeds and other cash. After the date so fixed for termination, the Company shall be discharged from all obligations
under the Deposit Agreement except for its obligations to the Depositary and its agents.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(18) <U>Appointment</U>.
Each Holder and each person holding an interest in ADSs, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms
of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate,
to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion
may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such
actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(19) <U>Waiver</U>.
EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS
IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR
THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;(20) <U>Elective Distributions in Cash
or Shares</U>. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or
in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution
stating whether or not it wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating
that the Company wishes such elective distribution to be made available to Holders, the Depositary shall consult with the Company
to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable
to make such elective distribution available to the Holders. The Depositary shall make such elective distribution available to
Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the Depositary
shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory
documentation within the terms of Section 14 of the Deposit Agreement including, without limitation, any legal opinions of counsel
in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company. If
the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the
basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (x)
cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied, the Depositary shall establish
a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional
ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Nothing herein shall obligate
the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be
no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions
on the same terms and conditions as the holders of Shares.&#9;&#9;</P>

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<DOCUMENT>
<TYPE>EX-99.(A)(2)
<SEQUENCE>3
<FILENAME>ex99-a2.htm
<DESCRIPTION>AMENDMENT NO. 1 TO THE DEPOSIT AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><a href="jpm-f6ef_021722.htm">JPMORGAN CHASE BANK, N.A. F-6EF</a></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit (a)(2)</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 18pt">J.P.Morgan</P></DIV>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>AMENDMENT NO. 1 </B>dated as of March 12, 2021
(the &quot;Amendment&quot;), to the Third Amended and Restated Deposit Agreement dated as of September 21, 2017 (as previously
amended from time to time, the &quot;Deposit Agreement&quot;), among LATAM Airlines Group S.A., incorporated under the laws of
the Republic of Chile (the &quot;Company&quot;), JPMorgan Chase Bank, N.A., as depositary (the &quot;Depositary&quot;), and all
holders from time to time of American depositary receipts (&quot;ADRs&quot;) issued thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>W I T N E S S E T H</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and the Depositary
executed the Deposit Agreement for the purposes set forth therein; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, pursuant to paragraph (16) of the
ADRs, the form of which is contained as Exhibit A of the Deposit Agreement, the Company and the Depositary desire to amend the
terms of the Deposit Agreement and ADRs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE, </B>for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree to amend
the Deposit Agreement as follows:</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 1.01.&#9;<U>Definitions</U></B>.
Unless otherwise defined in this Amendment, all capitalized terms used, but not otherwise defined, herein shall have the meaning
given to such terms in the Deposit Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDMENTS TO DEPOSIT AGREEMENT AND
AMERICAN DEPOSITARY RECEIPTS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 2.01. &#9;</B>All references
in the Deposit Agreement to the term &quot;Deposit Agreement&quot; shall, as of the date hereof, refer to the Deposit Agreement
as further amended by this Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 2.02.</B>&#9;The address of the
Depositary set forth in Section 16(a) of the Deposit Agreement is amended to read as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan
Chase Bank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 Madison Avenue, Floor 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York, 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Depositary Receipts Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax: (302) 220-4591</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.03</B>.&#9;Paragraph (1) and
the first paragraph of Paragraph (2), in each case, of the form of ADR, and all outstanding ADRs, are replaced with the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>(1) Issuance of ADSs</B>. This ADR
is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs
for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (a) Shares in a form satisfactory to the
Custodian; or (b) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording
Share ownership or transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in">Every person depositing Shares under
the Deposit Agreement represents and warrants that (a) such Shares and the certificates therefor are duly authorized, validly issued
and outstanding, fully paid, nonassessable and legally obtained by such person (b) all pre-emptive and comparable rights, if any,
with respect to such Shares have been validly waived or exercised, (c) the person making such deposit is duly authorized so to
do, (d) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim and (e) such Shares (A) are not &quot;restricted securities&quot; as such term is defined in Rule 144 under the Securities
Act of 1933 (&quot;Restricted Securities&quot;) unless at the time of deposit the requirements of paragraphs (c), (e), (f) and
(h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United
States or (B) have been registered under the Securities Act of 1933. To the extent the person depositing Shares is an &quot;affiliate&quot;
of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of the ADSs, all
of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs) will be fully complied with and,
as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted Securities. Such
representations and warranties shall survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs. The Depositary will not knowingly accept for deposit under the Deposit Agreement
any Shares required to be registered under the Securities Act of 1933 and not so registered; the Depositary may refuse to accept
for such deposit any Shares identified by the Company in order to facilitate the Company&rsquo;s compliance with such Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in"><B>(2) Withdrawal of Deposited Securities</B>.
Subject to paragraphs (4) and (5), upon surrender of (i) a certificated ADR in a form satisfactory to the Depositary at the Transfer
Office or (ii) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to
delivery at, or to the extent in dematerialized form from, the Custodian's office of the Deposited Securities at the time represented
by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited
Securities at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement
or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1)
of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 2.04.</B>&#9;The first sentence
of paragraph (5)(a) of the form of ADR, and all outstanding ADRs, is amended to read as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">If any tax or other governmental charges (including any
penalties and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any
Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge
shall be paid by the Holder hereof to the Depositary and by holding or having held this ADR or any ADSs evidenced hereby, the Holder
and all beneficial owners hereof and thereof, and all prior Holders and beneficial owners hereof and thereof, jointly and severally,
agree to indemnify, defend and save harmless each of the Depositary and its agents in respect of such tax or other governmental
charge. Each Holder of this ADR and beneficial owner of the ADSs evidenced hereby, and each prior Holder and beneficial owner hereof
and thereof (collectively, the &ldquo;Tax Indemnitors&rdquo;), by holding or having held an ADR or an interest in ADSs, acknowledges
and agrees that the Depositary shall have the right to seek payment of amounts owing with respect to this ADR under this paragraph
(5) from any one or more Tax Indemnitor(s) as determined by the Depositary in its sole discretion, without any obligation to seek
payment from any other Tax Indemnitor(s).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 2.05.</B>&#9;The fourth sentence
of paragraph (7) of the form of ADR, and all outstanding ADRs, is amended by deleting the text of subsection (iv) thereof and inserting
&quot;and&quot; immediately prior to subsection (iii) thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 2.06.</B>&#9;The fifth and seventh
sentences of paragraph (7) of the form of ADR, and all outstanding ADRs, are deleted and the remaining ultimate sentence of said
paragraph (7) is amended by replacing &ldquo;Such charges&rdquo; with &ldquo;The above-referenced charges&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 2.07.</B>&#9;Paragraph (7) of
the form of ADR, and all outstanding ADRs, is further amended by inserting the following immediately after the first paragraph
thereof:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in">To facilitate the administration of
various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions,
the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the &ldquo;Bank&rdquo;) and/or its affiliates
in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars (&ldquo;FX Transactions&rdquo;).
For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal
capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other
third party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in">The foreign exchange rate applied to
an FX Transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider,
in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any,
apply to such currency on the &ldquo;Disclosure&rdquo; page (or successor page) of www.adr.com (as updated by the Depositary from
time to time, &ldquo;ADR.com&rdquo;). Such applicable foreign exchange rate and spread may (and neither the Depositary, the Bank
nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable
transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any
of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the FX Transaction. Additionally,
the timing of execution of an FX Transaction varies according to local market dynamics, which may include regulatory requirements,
market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage
the associated risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities
on the Company, the Depositary, Holders or beneficial owners of ADSs. The spread applied does not reflect any gains or losses that
may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related activity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in">Notwithstanding the foregoing, to the
extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction
as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: 0.5in">Further details relating to the applicable
foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary on ADR.com.
The Company, Holders and beneficial owners of ADSs each acknowledge and agree that the terms applicable to FX Transactions disclosed
from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 2.08.</B>&#9;The form of ADR,
reflecting the amendments set forth in this Article II and a clarification change, and all outstanding ADRs, are amended and restated
to read as set forth in Exhibit A hereto.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>SECTION 3.01.&#9;<U>Representations and
Warranties</U></B>. The Company represents and warrants to, and agrees with, the Depositary, that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) This Amendment, when executed and delivered
by the Company, will be duly and validly authorized, executed and delivered by the Company, and it and the Deposit Agreement as
amended hereby constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, moratorium and similar laws of general applicability
relating to or affecting creditors&rsquo; rights and to general equity principles; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) In order to ensure the legality, validity,
enforceability or admissibility into evidence of this Amendment or the Deposit Agreement as amended hereby, neither of such agreements
need to be filed or recorded with any court or other authority in the Republic of Chile, nor does any stamp or similar tax or governmental
charge need to be paid in the Republic of Chile on or in respect of such agreements.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than as set forth herein, nothing
in this Amendment shall affect any of the respective rights and obligations of any of the parties hereto under the Deposit Agreement.
By executing this Amendment, the parties hereto ratify and confirm the terms of the Deposit Agreement, as modified by the terms
of this Amendment. The parties hereto shall be entitled to the benefits of the indemnification provisions of Section 15 of the
Deposit Agreement in connection with any and all liability it or they may incur as a result of the terms of this Amendment and
the transactions contemplated herein. This Amendment may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original and all of which shall constitute the same instrument. If there shall be any conflict in the terms
and conditions of the Deposit Agreement and the terms and conditions of this Amendment, the terms and conditions of this Amendment
shall control and be binding. This Amendment will be construed, regulated and administered under the laws of the United States
or State of New York, as applicable, without regard to New York&rsquo;s principles regarding conflict of laws, except that the
foregoing shall not reduce any statutory right to choose New York law or forum. The provisions of Section 20 of the Deposit Agreement
are incorporated herein by reference and deemed to be a part hereof applicable hereto.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 18pt">J.P.Morgan</FONT></P><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any court of competent jurisdiction holds
any provision of this Amendment invalid or unenforceable, the other provisions of the Deposit Agreement as amended hereby will
remain in full force and effect. Any provision of this Amendment held invalid or unenforceable only in part or degree will remain
in full force and effect to the extent not held invalid or unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Amendment, together with the Deposit
Agreement as amended hereby, contains the entire agreement of the parties with respect to its subject matter and supersedes all
existing and all other communications (oral, written or in any other form) between the parties hereto concerning this subject matter.
Delivery of an executed signature page of this Amendment by facsimile or other electronic transmission (including &ldquo;.pdf&rdquo;,
&ldquo;.tif&rdquo; or similar format) shall be effective as delivery of a manually executed counterpart hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, LATAM AIRLINES GROUP S.A.
and JPMORGAN CHASE BANK, N.A. have duly executed this Amendment No. 1 to the Third Amended and Restated Deposit Agreement as of
the day and year first above set forth and all holders of American Depositary Receipts shall become parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">LATAM AIRLINES GROUP S.A.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:<U>&nbsp;&nbsp;/s/ Ramiro Alfonsin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name: Ramiro Alfonsin</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</Font></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:<U>&nbsp;&nbsp;/s/ Andr&eacute;s del Valle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name: Andr&eacute;s del Valle</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title: Corporate Finance Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">JPMORGAN CHASE BANK, N.A.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:<U>&nbsp;&nbsp;/s/ James A. Kelly&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name: James A. Kelly III</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title: Executive Director</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;ANNEXED TO AND
INCORPORATED IN</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;AMENDMENT NO. 1 TO DEPOSIT AGREEMENT</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="width: 35%; font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">No. of ADSs:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number</FONT></TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each ADS represents</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">One Share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Courier">&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">CUSIP:</FONT></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 Holder of this ADR is advised that
the rights to convert into US dollars the Chilean pesos received in connection with the Deposited Securities and remit abroad dividends
and other payments are contingent upon the satisfaction of the terms and conditions set forth in the Foreign Investment Contract
referred to herein. Shares withdrawn from the facility may only be redeposited into the facility subject to the satisfaction of
certain conditions. Further, access to the formal currency market may not be automatic and may require the approval of the Central
Bank of Chile (the &quot;Central Bank&quot;). In addition, while under current Chilean law the Foreign Investment Contract cannot
be amended unilaterally by the Chilean Government, additional restrictions on the benefits of the Foreign Investment Contract could
be imposed by the Chilean Government and the Central Bank may revoke approval of access to the formal currency market if conditions
set forth in the Foreign Investment Contract are not met.&nbsp;&nbsp;Transferees of withdrawn shares are not entitled to the rights
set forth in the Foreign Investment Contract.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;AMERICAN DEPOSITARY RECEIPT</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;evidencing</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;AMERICAN DEPOSITARY SHARES</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;representing</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;ORDINARY SHARES</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;of</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;LATAM AIRLINES GROUP S.A.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9;(Incorporated under the laws of the Republic of Chile)</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; text-indent: 1in">JPMORGAN CHASE
BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder
(the &quot;Depositary&quot;), hereby certifies that ____________ is the registered owner (a &quot;Holder&quot;) of
_______________ American Depositary Shares (&quot;ADSs&quot;), each (subject to paragraph (13)) representing one ordinary
share (including the rights to receive Shares described in paragraph (1), &quot;Shares&quot; and, together with any other
securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the
&quot;Deposited Securities&quot;), of LATAM Airlines Group S.A., a corporation organized under the laws of the Republic of
Chile (the &quot;Company&quot;), deposited under the Third Amended and Restated Deposit Agreement dated as of September 21,
2017 (as amended from time to time, the &quot;Deposit Agreement&quot;) among the Company, the Depositary and all Holders from
time to time of American Depositary Receipts issued thereunder (&quot;ADRs&quot;), each of whom by accepting an ADR becomes a
party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be
governed by and construed in accordance with the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) <U>Issuance of
ADSs</U>. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary
may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (a) Shares in a form satisfactory
to the Custodian; or (b) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity
recording Share ownership or transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every person depositing
Shares under the Deposit Agreement represents and warrants that (a) each of such Shares and the certificates therefor are duly
authorized, validly issued and outstanding, fully paid, nonassessable and legally obtained by such person (b) all pre-emptive and
comparable rights, if any, with respect to such Shares have been validly waived or exercised, (c) the person making such deposit
is duly authorized so to do, (d) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest,
charge, mortgage or adverse claim and (e) such Shares (A) are not &quot;restricted securities&quot; as such term is defined in
Rule 144 under the Securities Act of 1933 (&quot;Restricted Securities&quot;) unless at the time of deposit the requirements of
paragraphs (c), (e), (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered
and sold freely in the United States or (B) have been registered under the Securities Act of 1933. To the extent the person depositing
Shares is an &quot;affiliate&quot; of the Company as such term is defined in Rule 144, the person also represents and warrants
that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs)
will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale
thereof, Restricted Securities. Such representations and warranties shall survive the deposit and withdrawal of Shares and the
issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. The Depositary will not knowingly accept for
deposit under the Deposit Agreement any Shares required to be registered under the Securities Act of 1933 and not so registered;
the Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate the Company&rsquo;s
compliance with the requirements of the Securities Act of 1933 or the Rules made thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) <U>Withdrawal of
Deposited Securities</U>. Subject to paragraphs (4) and (5), upon surrender of (i) a certificated ADR in a form satisfactory to
the Depositary at the Transfer Office or (ii) proper instructions and documentation in the case of a Direct Registration ADR, the
Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian's office of the Deposited
Securities at the time represented by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the
Depositary may deliver such Deposited Securities at such other place as may have been requested by the Holder. Notwithstanding
any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the
reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the
Securities Act of 1933</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Simultaneously with
the delivery of Deposited Securities to the Holder or its designee, to the extent applicable, the Custodian, pursuant to the Foreign
Investment Contract so long as the same is in effect, will issue or cause to be issued to the Holder or such designee a certificate
which states that the Deposited Securities have been transferred to the Holder or its designee by the Depositary and that the Depositary
waives in favor of the Holder or its designee the right of access to the formal foreign exchange market relating to such withdrawn
Deposited Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of tax
rulings dated January 29, 1990 and October 1, 1999 issued by the Chilean <I>Servicio de Impuestos Internos</I> regarding certain
tax matters relating to American depositary shares and American depositary receipts, the acquisition value of any Share or other
Deposited Security upon its withdrawal by a Holder upon surrender of the corresponding ADSs shall be the highest reported sales
price of such Share or other Deposited Security on the <I>Bolsa de Comercio de Santiago, Bolsa de Valores </I>(the &ldquo;Santiago
Stock Exchange&rdquo;) on the day on which the transfer of such Share or other Deposited Security from the Depositary to such Holder
is recorded on the books of the Company's share registrar. &nbsp;In the event that the Shares or other Deposited Securities are
not then traded on the Santiago Stock Exchange, such value shall be the highest reported sales price on the principal stock exchange
or other organized securities market in Chile on which such Shares or other Deposited Securities are then traded.&nbsp;&nbsp;In
the event that no such sales price is reported on the day on which such transfer is recorded on the books of the Company's share
registrar, such value shall be deemed to be the highest sales price reported on the last day on which such sales price was reported;
<U>provided</U>, <U>however</U>, that if such day is more than 30 days prior to the date of such transfer, such price shall be
increased (or decreased) by the percentage increase (or decrease) over the corresponding period in the Chilean consumer price index
as reported by the pertinent governmental authority of Chile.&nbsp;&nbsp;Notwithstanding the foregoing, in the event that the exchanged
Shares are sold by the Holder on a Chilean stock exchange on the same day on which the transfer is recorded on the books of the
Company's share registrar or within two Chilean business days prior to the date on which the sale is recorded on those books, the
acquisition price of such exchanged Shares shall be the price registered in the invoice issued by the stockbroker that participated
in the sale transaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) <U>Transfers of
ADRs</U>. The Depositary or its agent will keep, at a designated transfer office (the &quot;Transfer Office&quot;), (a) a register
(the &quot;ADR Register&quot;) for the registration, registration of transfer, combination and split-up of ADRs, and, in the case
of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection
by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter
relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct
Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly
endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable
by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; <U>provided</U>
that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the
ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation
or be subject to any liability under the Deposit Agreement to any holder of an ADR, unless such holder is the Holder thereof. Subject
to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other
ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by
duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated
form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law;
<U>provided</U> that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it or,
with respect to the issuance book portion of the ADR Register, when reasonably requested by the Company solely in order to enable
the Company to comply with applicable law. At the request of a Holder, the Depositary shall, for the purpose of substituting a
certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration
ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced
by the certificated ADR or Direct Registration ADR, as the case may be, substituted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4) <U>Certain Limitations</U>.
Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution
in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from time
to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require: (a) payment
with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration
fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii)
any applicable charges as provided in paragraph (7) of this ADR; (b) the production of proof satisfactory to it of (i) the identity
of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as
to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations,
provisions of or governing Deposited Securities, or any applicable laws and the rules of the DCV and the terms of the Deposit Agreement
and this ADR, as it may deem necessary or proper; and (c) compliance with such regulations as the Depositary may establish consistent
with the Deposit Agreement. The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer,
split-up or combination of ADRs or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be
suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when
any such action is deemed advisable by the Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5) <U>Taxes</U>. (a)
If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the
Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any
distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding
or having held this ADR or any ADSs evidenced hereby, the Holder and all beneficial owners hereof and thereof, and all prior Holders
and beneficial owners hereof and thereof, jointly and severally, agree to indemnify, defend and save harmless each of the Depositary
and its agents in respect of such tax or other governmental charge. Each Holder of this ADR and beneficial owner of the ADSs evidenced
hereby, and each prior Holder and beneficial owner hereof and thereof (collectively, the &ldquo;Tax Indemnitors&rdquo;), by holding
or having held an ADR or an interest in ADSs, acknowledges and agrees that the Depositary shall have the right to seek payment
of amounts owing with respect to this ADR under this paragraph (5) from any one or more Tax Indemnitor(s) as determined by the
Depositary in its sole discretion, without any obligation to seek payment from any other Tax Indemnitor(s). The Depositary may
refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of
paragraph (2), any withdrawal of such Deposited Securities until such payment is made. The Depositary may also deduct from any
distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof
any part or all of such Deposited Securities (after attempting by reasonable means to notify the Holder hereof prior to such sale),
and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof
remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares.
In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all
amounts (if any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian
will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority
or agency by the Depositary or the Custodian. The Depositary will forward to the Company such information from the ADR Register
maintained by it in its capacity as depositary hereunder as the Company may reasonably request to enable the Company to file any
necessary reports with governmental authorities or agencies that are required in order to enable Holders to benefit from any applicable
tax withholding treaties. If the Depositary determines that any distribution in property other than cash (including Shares or rights)
on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may
dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable
to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance
of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder of an ADR or an interest therein
agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents
and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the definitive amount of any taxes or other governmental charges that may be payable in respect of the Deposited Securities
is known by the Company at the time any distribution is made in respect of such Deposited Securities, the Company shall (i) withhold,
and pay over to the appropriate governmental authority, such definitive amount, or (ii) instruct the Depositary (with a copy to
the Custodian) as to such withholding, including such known definitive amount, and the Depositary shall cause the Custodian to
withhold, and pay over to such governmental authority, such definitive amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the definitive amount of any taxes or other governmental charges that may be payable in respect of the Deposited Securities
is not known by the Company at the time any distribution is made in respect of such Deposited Securities (e.g., in the event of
a provisional withholding tax), the Company shall (i) calculate (A) the maximum amount of taxes or other governmental charges that
may be payable in respect of such distribution (the &ldquo;<U>Maximum Tax Amount</U>&rdquo;), and (B) the amount of the tax or
other governmental charge that is then known and required to be paid in respect of such distribution (the &ldquo;<U>Provisional
Tax Amount</U>&rdquo;), and (ii) either (A) withhold from such distribution the Maximum Tax Amount, or (ii) instruct the Depositary
(with a copy to the Custodian) as to such withholding, including the calculated Maximum Tax Amount and Provisional Tax Amount,
and the Depositary shall cause the Custodian to withhold from such distribution the Maximum Tax Amount.&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, if the Company fails to specify the Maximum Tax Amount in its instruction to the Depositary pursuant
to the preceding sentence, the Depositary may calculate the Maximum Tax Amount in consultation with Chilean counsel and cause the
Custodian to withhold the Maximum Tax Amount so calculated.&nbsp;&nbsp;After withholding the Maximum Tax Amount, the Company or
the Custodian (at the instruction of the Depositary), as applicable, shall (x) pay over to the appropriate governmental authority
the Provisional Tax Amount and (y) hold in escrow in a non-interest bearing account the remaining portion of the Maximum Tax Amount
not paid over to the governmental authorities (the &ldquo;<U>Escrow Amount</U>&rdquo;) pending final determination by the Company
of the definitive amount of the taxes or other governmental charges that are payable in respect of that distribution (the &ldquo;<U>Final
Tax Amount</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon the final determination by the Company of the Final Tax Amount in respect of a distribution, additional taxes or governmental
charges are payable (including, without limitation, any interest and penalties that may be levied) in respect of such distribution
in excess of the Provisional Tax Payment (such excess, the &ldquo;<U>Additional Tax Amount</U>&rdquo;), the Company shall, as applicable,
(i) remit from the Escrow Amount (A) to the applicable tax authorities the Additional Tax Amount, and (B) to the Custodian, for
distribution to the Holders as of the applicable ADS record date for that distribution, the balance of the Escrow Amount, if any,
or (ii) inform the Depositary (with a copy to the Custodian) of the Additional Tax Amount and the Depositary shall cause the Custodian
to remit from the Escrow Amount (A) to the applicable tax authorities, the Additional Tax Amount, and (B) to the Holders as of
the applicable ADS record date for that distribution, the balance of the Escrow Amount, if any.&nbsp;&nbsp;Any distribution of
the Escrow Amount to Holders pursuant to the preceding sentence shall be made in accordance with the terms, and subject to the
conditions, of the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon the final determination by the Company of the Final Tax Amount in respect of a distribution, the Provisional Tax Amount exceeds
the Final Tax Amount, the Company or the Custodian (at the instruction of the Depositary), as applicable, shall (i) use reasonable
efforts to reclaim from the applicable tax authorities the excess of the Provisional Tax Payment over the Final Tax Amount, and
(ii) remit the amount of such excess and the balance of the Escrow Amount (if any) to (A) the Depositary for distribution the Holders
as of the applicable ADS record date for that distribution (if the Escrow Amount is being held by the Custodian), or (B) the Custodian
for remittance to the Depositary for distribution to such ADS Holders as of the applicable ADS record date (if the Escrow Amount
is being held by the Company), in each case, in accordance with the terms, and subject to the conditions, of the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon the final determination of the Final Tax Amount in respect of a distribution, the Final Tax Amount exceeds the Maximum Tax
Amount, the amount of such tax deficiency shall be payable by the Holders and beneficial owners of ADSs (as of the applicable ADS
record date for that distribution) to the Depositary for payment of the applicable tax deficiency.&nbsp;&nbsp;The Depositary may
refuse to effect any transfer of ADSs, or split-up or combination of any ADR(s) or any withdrawal of Deposited Securities represented
by ADSs until such payment is made, and may withhold any dividends or other distributions, and may sell for the account of the
Holders and beneficial owners of ADSs any part or all of the Deposited Securities represented by ADSs, and may apply such dividends
or other distributions and the proceeds of any such sale in payment of the balance of such tax or other governmental charge that
is due, the Holders and beneficial owners of ADSs remaining liable for any deficiency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall cause the Custodian to take all actions required or necessary in order for the Depositary to fulfill its obligations
under this paragraph (5).&nbsp;&nbsp;No interest shall be payable in respect of any amounts held by the Company, the Depositary
or the Custodian under the terms of this paragraph (5).&nbsp;&nbsp;None of the Company, the Depositary or the Custodian shall incur
any liability in respect of any funds payable, held or remitted pursuant to this paragraph (5) for losses that may be incurred
as a result of currency fluctuations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will notify the Depositary as soon as a change in any applicable tax law or regulation applicable to Shares, Share ownership,
or Deposited Securities is in place in the Republic of Chile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(6) <U>Disclosure of
Interests; Compliance with Provisions of Chilean Law</U>. To the extent that the provisions of or governing any Deposited Securities
may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities
and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and all persons holding
ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company
instructions in respect thereof. The Depositary agrees to forward, upon the request and at the expenses of the Company, such reasonable
Company instructions to the Holders, and at the Company's expense, to promptly forward to the Company any responses thereto received
by the Depositary. The Company reserves the right to instruct Holders to deliver their ADSs for cancellation and withdrawal of
the Deposited Securities so as to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders
agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of
the Company's exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without
risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such
rights with respect to any Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Circular
Letter N&deg; 1.375 of the former SVS (CMF) dated February 12, 1998, as amended, Holders are deemed, for certain purposes of Chilean
law, to be treated as holders of Deposited Securities. Accordingly, Holders shall, as a matter of Chilean law, be obligated to
comply with the requirements of Articles 12 and 54 and Title XV of Law 18,045 of Chile and applicable CMF regulations. Article
12 requires, among other things, that Holders and beneficial owners of ADSs who directly or indirectly own 10% or more of the total
share capital of the Company (or who may attain such percentage ownership through an acquisition of shares), or the directors,
liquidators, principal executives or managers of such Holders or beneficial owners of ADSs, must report to the CMF and the stock
exchanges in Chile on which the Shares are listed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
direct or indirect acquisition or sale of ADRs; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
direct or indirect acquisition or sale of any contract or security whose price or results depend on or are conditioned in whole
or in part on the price of the Company&rsquo;s shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information must
be provided not later than the day following the effectiveness of the acquisition or sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Article 54 requires,
among other things, that any Holder or beneficial owner of ADSs intending to acquire control, directly or indirectly (as defined
in Title XV of Law 18,045) of the Company (a) send a written notice of such intention to the Company, to the Company&rsquo;s controllers,
to companies controlled by the Company, to the CMF and to the stock exchanges in Chile on which the Shares are listed, and, (b)
publish a notice of such intention in two newspapers in Chile and on the Company&rsquo;s website. Such written communications and
publications must be made at least ten business days prior to the date of intended acquisition of control or as soon as negotiations
pursuing control have been formalized or confidential documentation of the Company has been provided. Within two business days
following the acquisition of control, the Holder must publish a notice in the same newspapers in which the intention of control
was published and send written communications to the same entities listed in clause (a) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(7) <U>Charges of Depositary</U>.
The Depositary may charge, and collect from, (i) each person to whom ADSs are issued,&nbsp;including, without limitation, issuances&nbsp;against
deposits of Shares,&nbsp;issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined
in paragraph (10)),&nbsp;issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to
a merger,&nbsp;exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and&nbsp;(ii)
each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason,
U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled&nbsp;or surrendered (as the case may be).
The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions,
Rights and Other Distributions prior to such deposit to pay such charge. The following additional charges shall be incurred by
the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including,
without limitation, issuances pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding
the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10)), whichever is applicable (i) a fee of
U.S.$0.05 or less per ADS for any Cash distribution made pursuant to the Deposit Agreement, (ii) a fee of U.S.$1.50 per ADR or
ADRs for transfers made pursuant to paragraph (3) hereof, (iii) a fee for the distribution or sale of securities pursuant to paragraph
(10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would
have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities
as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary
to Holders entitled thereto, (iv) an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services
performed by the Depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and
shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall
be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends
or other cash distributions), and (v) a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary
and/or any of the Depositary's agents (including, without limitation, the Custodian and expenses incurred on behalf of Holders
in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment)
in connection with the servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation,
Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary's or its Custodian's
compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders
as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary by billing such
Holders or by deducting such charge from one or more cash dividends or other cash distributions). The Company will pay all other
charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time
to time between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental charges (which
are payable by Holders or persons depositing Shares), (ii) SWIFT, cable, telex and facsimile transmission and delivery charges
incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by
such persons or Holders), and (iii) transfer or registration fees for the registration or transfer of Deposited Securities on any
applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing
Shares or Holders withdrawing Deposited Securities; there are no such fees in respect of the Shares as of the date of the Deposit
Agreement. The above-referenced charges may at any time and from time to time be changed by agreement between the Company and the
Depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To facilitate the administration
of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate
actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the &ldquo;Bank&rdquo;) and/or its
affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars (&ldquo;FX Transactions&rdquo;).
For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal
capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other
third party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foreign exchange
rate applied to an FX Transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local
liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate
and spread, if any, apply to such currency on the &ldquo;Disclosure&rdquo; page (or successor page) of www.adr.com (as updated
by the Depositary from time to time, &ldquo;ADR.com&rdquo;). Such applicable foreign exchange rate and spread may (and neither
the Depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates
and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads
at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date
of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local market dynamics, which
may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the
Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without
regard to the impact of such activities on the Company, the Depositary, Holders or beneficial owners of ADSs. The spread applied
does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management
or other hedging related activity.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, to the extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute
an FX Transaction as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further details relating
to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary
on ADR.com. The Company, Holders and beneficial owners of ADSs each acknowledge and agree that the terms applicable to FX Transactions
disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary anticipates
reimbursing the Company for certain expenses incurred by the Company that are related to the establishment and maintenance of the
ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make
available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR program or otherwise upon
such terms and conditions as the Company and the Depositary may agree from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The right of the Depositary
to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to
any Depositary, upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses
incurred prior to the effectiveness of such resignation or removal.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(8) <U>Available Information</U>.
The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which
are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders
of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian and at the
Transfer Office. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to
Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange
Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission (the &quot;Commission&quot;).
Such reports and other information may be inspected and copied through the Commission&rsquo;s EDGAR system or at public reference
facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(9) <U>Execution</U>.
This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized
officer of the Depositary.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">JPMORGAN CHASE BANK, N.A., as Depositary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">By .................................................. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Courier"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary's office is located at 383
Madison Avenue, Floor 11, New York, New York 10179.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF ADR]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(10) <U>Distributions
on Deposited Securities</U>. Subject to paragraphs (4) and (5), to the extent practicable, the Depositary will distribute to each
Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in
proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by
the Custodian) represented by ADSs evidenced by such Holder's ADRs: (a) <U>Cash</U>. Any U.S. dollars available to the Depositary
resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof
authorized in this paragraph (10) (&quot;Cash&quot;), on an averaged or other practicable basis, subject to (i) appropriate adjustments
for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain Holders, and (iii) deduction
of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in such
other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable
basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to
the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any
governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable
time and (4) making any sale by public or private means in any commercially reasonable manner. (b) <U>Shares</U>. (i) Additional
ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on
Deposited Securities consisting of Shares (a &quot;Share Distribution&quot;) and (ii) U.S. dollars available to it resulting from
the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional
ADRs were issued therefor, as in the case of Cash. (c) <U>Rights</U>. (i) Warrants or other instruments in the discretion of the
Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights
of any nature available to the Depositary as a result of a distribution on Deposited Securities (&quot;Rights&quot;), to the extent
that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute
the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such
evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights
as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably
be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise,
nothing (and any Rights may lapse). (d) <U>Other Distributions</U>. (i) Securities or property available to the Depositary resulting
from any distribution on Deposited Securities other than Cash, Share Distributions and Rights (&quot;Other Distributions&quot;),
by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of
such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds
of sales of Other Distributions as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate
of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities hereunder. Such division,
branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the
Depositary contemplated above and/or under paragraph (7) hereof. Any U.S. dollars available will be distributed by checks drawn
on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with
by the Depositary in accordance with its then current practices. All purchases and sales of securities will be handled by the Depositary
in accordance with its then current policies, which are currently set forth in the &quot;Depositary Receipt Sale and Purchase of
Security&quot; section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the Depositary shall
be solely responsible for.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(11) <U>Record Dates</U>.
The Depositary may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall
be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be
responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph
(7) hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of
Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of
other matters and only such Holders shall be so entitled or obligated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(12) <U>Voting of Deposited
Securities</U>. Subject to the next sentence, as soon as practicable after receipt from the Company of notice of any meeting at
which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited
Securities, the Depositary shall fix the ADS record date in accordance with paragraph (11) above in respect of such meeting or
solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary
having no obligation to take any further action if the request shall not have been received by the Depositary at least 30 days
prior to the date of such vote or meeting) and at the Company's expense and provided no legal prohibitions exist, distribute to
Holders a notice stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder
on the record date set by the Depositary therefor will, subject to any applicable provisions of Chilean law or regulations, the
Estatutos and the provisions of or governing Deposited Securities (which provisions, if any, shall have been summarized in pertinent
part by the Company), be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the
amount of Shares or other Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and (c) the manner in which
such instructions may be given, including an express indication that, such instructions may be given or, if applicable, deemed
given in accordance with the last sentence of this paragraph if no instruction is received, to the Depositary to give a discretionary
proxy to a person designated by the Board of Directors of the Company. Upon actual receipt by the ADR department of the Depositary
of instructions of a Holder on such record date in the manner and on or before the time established by the Depositary for such
purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities
to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs in accordance with
such instructions. &nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent the Depositary
has been provided with at least 45 days' notice of the proposed meeting, if such instructions are not so timely received by the
Depositary from any Holder, such Holder shall be deemed, and the Depositary is instructed to deem such Holder, to have instructed
the Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities represented
by the American Depositary Shares evidenced by such Holder's Receipts as to which such instructions are so given, provided that
no such instruction shall be deemed given and no discretionary proxy shall be given (a) if the Company informs the Depositary in
writing (and the Company agrees to provide the Depositary with such information promptly in writing) that (i) it does not wish
such proxy to be given, (ii) substantial opposition exists with respect to any agenda item for which the proxy would be given or
(iii) the agenda item in question, if approved, would materially or adversely affect the rights of holders of Shares and (b) unless,
with respect to such meeting, the Depositary has been provided with an opinion of counsel to the Company, in form and substance
satisfactory to the Depositary, to the effect that (a) the granting of such discretionary proxy does not subject the Depositary
to any reporting obligations in the Republic of Chile, (b) the granting of such proxy will not result in a violation of Chilean
law, rule, regulation or permit, (c) the voting arrangement and deemed instruction as contemplated herein will be given effect
under Chilean law, rules and regulations, and (d) the granting of such discretionary proxy will not under any circumstances result
in the Shares represented by the ADSs being treated as assets of the Depositary under Chilean law, rules or regulations. If after
the date such opinion is delivered to the Depositary and prior to the meeting date the Company is advised by counsel that there
has occurred a change in Chilean law such that the foregoing opinion could no longer be rendered favorably in whole or in part,
the Company shall promptly notify the Depositary of such change and the Holders shall thereafter not be deemed to have given any
such instruction. The Company agrees to direct its counsel to inform it of any such changes in Chilean law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary will
not itself exercise any voting discretion in respect of any Deposited Securities. There is no guarantee that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting
instructions to the Depositary in a timely manner. Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs
are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation
of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or
otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (<I>i.e.</I>,
by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders
are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received
until such time as the ADR department responsible for proxies and voting has received such instructions notwithstanding that such
instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(13) <U>Changes Affecting
Deposited Securities</U>. Subject to paragraphs (4) and (5), the Depositary may, in its discretion, and shall if reasonably requested
by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash,
securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation,
cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to
Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary
is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities
are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any
property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy
or sale of all or substantially all the assets of the Company, and to the extent the Depositary does not so amend this ADR or make
a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results
from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent
its pro rata interest in the Deposited Securities as then constituted. Promptly upon the occurrence of any of the aforementioned
changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable
after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company's expense, to
Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders
in accordance with the terms thereof, as soon as reasonably practicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(14) <U>Exoneration</U>.
The Depositary, the Company, their agents and each of them shall: (a) incur no liability to Holders or beneficial owners of ADSs
(i) if any present or future law, rule, regulation, fiat, order or decree of the United States, the Republic of Chile or any other
country or jurisdiction, or of any governmental or regulatory authority (including any action by the Central Bank under the Foreign
Investment Contract or otherwise) or any securities exchange or market or automated quotation system, the provisions of or governing
any Deposited Securities, any present or future provision of the Company's charter, any act of God, war, terrorism, nationalization,
expropriation, currency restrictions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure
or circumstance beyond its direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any
civil or criminal penalty in connection with, any act which the Deposit Agreement or this ADR provides shall be done or performed
by it or them (including, without limitation, voting pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure
to exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine
that any distribution or action may be lawful or reasonably practicable); (b) assume no liability to Holders or beneficial owners
of ADSs except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without
gross negligence or willful misconduct; (c) in the case of the Depositary and its agents, be under no obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d) in the case of
the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may
be required; or (e) not be liable to Holders or beneficial owners of ADSs for any action or inaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person
believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions
made by, or the insolvency of, any securities depository, clearing agency or settlement system. The Depositary shall not be responsible
for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate
of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with any sale of
securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in
action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed
sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the penultimate
sentence of this paragraph (14), the Depositary shall not be responsible for, and shall incur no liability in connection with or
arising from, any act or omission to act on the part of the Custodian except to the extent that (A) the Custodian has been determined
by a final non-appealable judgment of a court of competent jurisdiction to have (i) committed fraud or willful misconduct in the
provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services
to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located
and (B) the Company or the Holders have incurred direct damages as a result of such act or omission to act on the part of the Custodian.
The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction,
instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party or parties.
The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements
of Chilean law, rules or regulations or any changes therein or thereto. Any summary of Chilean laws and regulations and of the
terms of the Company&rsquo;s Estatutos set forth in the Deposit Agreement (including the ADRs) have been provided by the Company
solely for the convenience of Holders. The Depositary and its agents will not be responsible for any failure to carry out any instructions
to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote. The
Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency
conversion, transfer or distribution. The Depositary and its agents may own and deal in any class of securities of the Company
and its affiliates and in ADRs. Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary
and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection
with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information
is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative
or judicial process, banking, securities or other regulators. None of the Depositary, the Custodian or the Company shall be liable
for the failure by any Holder or beneficial owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such
Holder's or beneficial owner's income tax liability. The Depositary and the Company shall not incur any liability for any tax consequences
that may be incurred by Holders and beneficial owners on account of their ownership of the ADRs or ADSs. The Depositary shall not
incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders
or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited
Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any
rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company Notwithstanding
anything herein or in the Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third party delivery services
and providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other
services in connection herewith and the Deposit Agreement, and use local agents to provide extraordinary services such as attendance
at annual meetings of issuers of securities. Although the Depositary and the Custodian will use reasonable care (and cause their
agents to use reasonable care) in the selection and retention of such third party providers and local agents, they will not be
responsible for any errors or omissions made by them in providing the relevant information or services. The Depositary shall not
be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary. By holding an ADS
or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding against or
involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions contemplated
herein, therein or hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an
interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has agreed
to indemnify the Depositary and its agents under certain circumstances. Neither the Depositary nor any of its agents shall be liable
to Holders or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages (including, without
limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not
foreseeable and regardless of the type of action in which such a claim may be brought. No disclaimer of liability under the Securities
Act of 1933 is intended by any provision hereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(15) <U>Resignation
and Removal of Depositary; the Custodian</U>. The Depositary may resign as Depositary by written notice of its election so to do
delivered to the Company, such resignation to take effect&nbsp;upon the appointment of a successor depositary and its acceptance
of such appointment as provided in the Deposit Agreement. &nbsp;The Depositary may at any time be removed by the Company by no
less than 60 days prior written notice of such removal, to become effective upon the later of (i) the 60th day after delivery of
the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided
in the Deposit Agreement. The Depositary may appoint substitute or additional Custodians and the term &quot;<U>Custodian</U>&quot;
refers to each Custodian or all Custodians as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(16) <U>Amendment</U>.
Subject to the last sentence of paragraph (2), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary,
<U>provided</U> that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and
other governmental charges, transfer or registration fees, SWIFT, cable, telex or facsimile transmission costs, delivery costs
or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30
days after notice of such amendment shall have been given to the Holders. Every Holder of an ADR at the time any amendment to the
Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of
any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to
be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be
borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental
body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit
Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit
Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the
Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders
or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs
shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments
in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders
identifies a means for Holders to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the
Depositary's or the Company's website or upon request from the Depositary).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(17) <U>Termination</U>.
The Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing
notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided,
however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary shall
not be provided to Holders unless a successor depositary shall not be operating hereunder within 45 days of the date of such resignation,
or (ii) been removed as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless
a successor depositary shall not be operating hereunder on the 60<SUP>th</SUP> day after the Company's notice of removal was first
provided to the Depositary. After the date so fixed for termination, the Depositary and its agents will perform no further acts
under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver
Deposited Securities being withdrawn. As soon as practicable after the expiration of six months from the date so fixed for termination,
the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in a segregated
account the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability
for interest, in trust for the <U>pro rata</U> benefit of the Holders of ADRs not theretofore surrendered. After making such sale,
the Depositary shall be discharged from all obligations in respect of the Deposit Agreement and this ADR, except to account for
such net proceeds and other cash. After the date so fixed for termination, the Company shall be discharged from all obligations
under the Deposit Agreement except for its obligations to the Depositary and its agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(18) <U>Appointment</U>.
Each Holder and each person holding an interest in ADSs, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms
of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate,
to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion
may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such
actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(19) <U>Waiver</U>.
EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS
IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR
THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(20) <U>Elective Distributions in Cash
or Shares</U>. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or
in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution
stating whether or not it wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating
that the Company wishes such elective distribution to be made available to Holders, the Depositary shall consult with the Company
to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable
to make such elective distribution available to the Holders. The Depositary shall make such elective distribution available to
Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the Depositary
shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory
documentation within the terms of Section 14 of the Deposit Agreement including, without limitation, any legal opinions of counsel
in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company. If
the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the
basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (x)
cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied, the Depositary shall establish
a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional
ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Nothing herein shall obligate
the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be
no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions
on the same terms and conditions as the holders of Shares.&#9;&#9;</P>

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<TYPE>EX-99.(D)
<SEQUENCE>4
<FILENAME>ex99-d.htm
<DESCRIPTION>OPINION OF NORTON ROSE FULBRIGHT US LLP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><a href="jpm-f6ef_021722.htm">JPMORGAN CHASE BANK, N.A. F-6EF</a></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Arial, Helvetica, Sans-Serif; width: 100%">
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  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right"><B>Exhibit (d)</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><IMG SRC="ex99-d_001.jpg" ALT=""></TD></TR>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0.1in">February 18, 2022</P>



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  <TD STYLE="vertical-align: middle; width: 50%; text-align: left">
	<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">JPMorgan Chase Bank, N.A., as Depositary</P>
	<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">383 Madison Avenue, Floor 11</P>
	<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">New York, NY 10179</P>
</TD>
  <TD STYLE="width: 50%"><P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">Norton Rose Fulbright US LLP</P>

<P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">1301 Avenue of the Americas<BR>
New York, New York 10019-6022<BR>
United States</P>

<P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Direct line +1 212 318 3151<BR>
scott.saks@nortonrosefulbright.com</P>

<P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Tel +1 212 318 3000<BR>
Fax +1 212 318 3400<BR>
nortonrosefulbright.com</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Registration Statement on Form F-6 &#8211; American Depositary Shares evidenced by American Depositary Receipts for deposited common
shares of LATAM Airlines Group S.A.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">We have acted as counsel to JPMorgan Chase Bank, N.A.,
as depositary (the &#8220;Depositary&#8221;), in connection with the Registration Statement on Form F-6 (the &#8220;Registration Statement&#8221;)
to be filed on the date hereof with the Securities and Exchange Commission (the &#8220;Commission&#8221;) pursuant to the Securities Act
of 1933, as amended (the &#8220;Securities Act&#8221;), by the Depositary, acting solely on behalf of the legal entity created by the
Deposit Agreement (as defined below) and LATAM Airlines Group S.A., a corporation organized under the laws of Chile (the &#8220;Company&#8221;),
relating to up to 200,000,000 American Depositary Shares (&#8220;ADSs&#8221;), to be evidenced by American Depositary Receipts (&#8220;ADRs&#8221;),
each ADS to initially represent, subject to the terms and conditions of the Deposit Agreement and the ADRs, the right to receive one (1)
ordinary share of the Company (the &#8220;Shares&#8221;). The ADSs will be issued pursuant to the Third Amended and Restated Deposit Agreement,
dated as of September 21, 2017, as may be amended from time to time, including by Amendment No. 1 (as defined below) (as so amended, the
&#8220;Deposit Agreement&#8221;), among the Company and its successors, the Depositary and all Holders from time to time of ADRs issued
thereunder. The Deposit Agreement is being filed as Exhibit (a)(1) to the Registration Statement and a copy of Amendment No. 1 thereto,
dated as of March 12, 2021 (&#8220;Amendment No. 1&#8221;), is being filed as Exhibit (a)(2) to the Registration Statement. Capitalized
terms used herein that are not herein defined shall have the meanings assigned to them in the Deposit Agreement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">In connection with this opinion, we have examined originals
or copies, certified or otherwise identified to our satisfaction, of such documents as we considered necessary or appropriate to enable
us to render this opinion, including but not limited to the Registration Statement, the Deposit Agreement and the Form of ADR included
as Exhibit A to Amendment No. 1 to the Deposit Agreement, as well as such other corporate records, certificates and instruments as we
have deemed necessary or appropriate for purposes of rendering the opinions set forth herein.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">In rendering this opinion, we have assumed the genuineness
and authenticity of all signatures, including electronic signatures, on original documents; the legal capacity, competency and authority
of all individuals; the authenticity of all documents submitted to us; the conformity to originals of all documents submitted to us as
certified, electronic, facsimile, conformed, photostatic or other copies; the accuracy and completeness of all documents and records</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 7pt/8pt Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Norton Rose Fulbright US LLP is a limited liability partnership registered under the laws of Texas.</P><P STYLE="font: 7pt/8pt Arial, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Norton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton Rose Fulbright South Africa Inc are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal services to clients. Details of each entity, with certain regulatory information, are available at nortonrosefulbright.com.</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">
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    <TD STYLE="text-align: Left; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">JPMorgan Chase Bank, N.A., as Depositary<BR>February 18, 2022<BR> Page 2</FONT></TD>
    <TD Style="text-align: right; vertical-align: top; width: 50%"><IMG SRC="ex99-d_001.jpg" ALT="" STYLE="height: 17pt; width: 152pt">&nbsp;<TD>
    </TD></TR>
    </TABLE>
    </DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">reviewed by us; the accuracy, completeness and authenticity of certificates
issued by any governmental official, office or agency and the absence of change in the information contained therein from the effective
date of any such certificate; and that the relevant Deposited Securities will have been legally issued and duly deposited with a Custodian
under and in accordance with all applicable laws and regulations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">Subject to the limitations set forth below, we have made
such examination of laws and regulations as we have deemed necessary or appropriate for the purposes of expressing the opinions set forth
in this letter. We express no opinion with regard to the applicability or effect of the law of any jurisdiction other than, as in effect
on the date of this letter, (i) the internal laws of the State of New York and (ii) the federal laws of the United States of America.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">Based upon and subject to the foregoing, and assuming
that, at the time of their issuance, the Registration Statement will have been declared effective by the Commission and Amendment No.
1 to the Deposit Agreement will have been duly authorized, executed and delivered by the parties thereto, we are of the opinion that the
ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement and the Registration Statement,
will be legally issued and will entitle the registered holders thereof to the rights specified in the Deposit Agreement and the ADRs.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">This opinion letter deals only with the specified legal
issues expressly addressed herein, and you should not infer any opinion that is not explicitly addressed herein from any matter stated
in this letter.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">We hereby consent to the use of this opinion as Exhibit
(d) to the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of persons whose consent
is required under Section 7 of the Securities Act and the rules and regulations thereunder. This opinion is rendered to you as of the
date hereof and we assume no obligation to advise you or any other person hereafter with regard to any change after the date hereof in
the circumstances or the law that may bear on the matters set forth herein even though the change may affect the legal analysis or a legal
conclusion or other matters in this opinion letter.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="padding-left: 10pt; width: 48%">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Very truly yours,</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">/s/ Norton Rose Fulbright US LLP</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Norton Rose Fulbright US LLP</P></TD>
    <TD STYLE="width: 52%; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.(E)
<SEQUENCE>5
<FILENAME>ex99-e.htm
<DESCRIPTION>CERFICATION UNDER RULE 466
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><a href="jpm-f6ef_021722.htm">JPMORGAN CHASE BANK, N.A. F-6EF</a></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit (e)</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: 4.9pt 0 8pt; text-align: center">Rule 466 Certification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">The depositary, JPMorgan Chase Bank, N.A., represents and certifies
the following:<BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">i.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">That it previously had filed a registration statement on Form F-6 (File No. 333-177513), which the U.S. Securities and Exchange Commission declared effective, with terms of deposit identical to the terms of deposit of this Form F-6 Registration Statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">That its ability to designate the date and time of effectiveness under Rule 466 has not been suspended.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">JPMORGAN CHASE BANK, N.A.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Lisa M. Hayes</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 27%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Lisa M. Hayes</FONT></TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

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


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