<SEC-DOCUMENT>0001213900-25-077932.txt : 20250818
<SEC-HEADER>0001213900-25-077932.hdr.sgml : 20250818
<ACCEPTANCE-DATETIME>20250818161502
ACCESSION NUMBER:		0001213900-25-077932
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250818
FILED AS OF DATE:		20250818
DATE AS OF CHANGE:		20250818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LATAM AIRLINES GROUP S.A.
		CENTRAL INDEX KEY:			0001047716
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14728
		FILM NUMBER:		251228071

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILEAN AIRLINE SA  LANCHILE
		DATE OF NAME CHANGE:	19971010
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0253487-6k_latam.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of August 2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File No. 1-14728</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Office) </B></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</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">Form 20-F <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form 40-F <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</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"></P>

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<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: 0pt 0; text-align: center"><B>LATAM AIRLINES GROUP S.A.</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: justify">This current report and the exhibits hereto are
incorporated by reference in our registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1047716/000121390024062330/ea0209561-f3asr_latamair.htm">Form F-3ASR</A>
filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on July 18, 2024 (File No. 333-280866), and shall be deemed
to be a part thereof from the date on which this current report is furnished to the SEC, to the extent not superseded by documents or
reports subsequently filed or furnished.</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">The following exhibits are attached:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: black 1.5pt solid; width: 9%"><B>EXHIBIT&nbsp;NO.</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; width: 90%"><B>DESCRIPTION</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>1.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea025348701ex1-1_latam.htm">Underwriting Agreement, dated as of August 13, 2025, by and among LATAM Airlines Group S.A., J.P. Morgan Securities LLC as underwriter and the several shareholders listed in Schedule II thereto.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>5.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea025348701ex5-1_latam.htm">Opinion of Claro &amp; Cia. as to matters of Chilean law relating to the common shares.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>23.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea025348701ex5-1_latam.htm">Consent of Claro &amp; Cia. (included in Exhibit 5.1).</A></TD></TR>
  </TABLE>
<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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<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: center"><B>SIGNATURES</B></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 the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&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">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">LATAM Airlines Group S.A.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Ricardo Bottas Dourado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp; </TD>
    <TD>Ricardo Bottas Dourado</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date: August 18, 2025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ea025348701ex1-1_latam.htm
<DESCRIPTION>UNDERWRITING AGREEMENT, DATED AS OF AUGUST 13, 2025, BY AND AMONG LATAM AIRLINES GROUP S.A., J.P. MORGAN SECURITIES LLC AS UNDERWRITER AND THE SEVERAL SHAREHOLDERS LISTED IN SCHEDULE II THERETO
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

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

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

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The attached Underwriting Agreement is a contractual document that
establishes and governs the legal relations among the parties with respect to the transactions described therein. The Underwriting Agreement
is not intended to be a source for investors of factual, business, or operational information about the Company. The representations and
warranties, covenants and agreements contained in the Underwriting Agreement were made only for purposes of the Underwriting Agreement,
were solely for the benefit of the parties to the Underwriting Agreement, and in some cases are subject to limitations agreed among those
parties. Accordingly, investors and security holders should not rely on representations or warranties, covenants and agreements as characterizations
of the actual state of facts or condition of the Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Each Representing 2,000 Common Shares</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August 13, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>J.P. Morgan Securities LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10179</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10019</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">Ladies and Gentlemen:</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 shareholders named in
<U>Schedule II</U> hereto (the &ldquo;<U>Selling Shareholders</U>&rdquo;) of LATAM Airlines Group S.A. (the &ldquo;<U>Company</U>&rdquo;),
a publicly held stock corporation (<I>sociedad an&oacute;nima abierta</I>) duly organized under the laws of the Republic of Chile (&ldquo;<U>Chile</U>&rdquo;),
propose, subject to the terms and conditions stated in this agreement (this &ldquo;<U>Agreement</U>&rdquo;), to sell to the Underwriters
named in <U>Schedule&nbsp;I</U> hereto (the &ldquo;<U>Underwriters</U>&rdquo;) an aggregate of 18,000,000 American Depositary Shares (the
&ldquo;<U>Offered ADSs</U>&rdquo;), each representing 2,000 common shares (the &ldquo;<U>Common Stock</U>&rdquo;) of 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">The Offered ADSs purchased
by the Underwriters will be issued by JPMorgan Chase Bank, N.A. (the &ldquo;<U>Depositary</U>&rdquo;) and will be evidenced by American
Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;) pursuant to the Third Amended and Restated Deposit Agreement, dated as of September 21,
2017, as amended by the first amendment, dated as of March 12, 2021, and the second amendment, dated as of July 24, 2024 (the &ldquo;<U>Deposit
Agreement</U>&rdquo;), among the Company, the Depositary, and all holders from time to time of the ADRs issued thereunder evidencing American
Depositary Shares representing deposited common shares of the Company. The common shares of the Company represented by the Offered ADSs
are hereinafter referred to as the &ldquo;<U>Underlying Shares</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">1. (a) The Company represents
and warrants to, and agrees with, each of the Underwriters that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) An
&ldquo;automatic shelf registration statement&rdquo; as defined under Rule 405 under the U.S. Securities Act of 1933, as amended (the
&ldquo;<U>Securities Act</U>&rdquo;) on Form F-3 (File No.&nbsp;333-280866) in respect of the Offered ADSs has been filed with the U.S.
Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) not earlier than three years prior to the date hereof; such registration
statement, and any post-effective amendment thereto, became effective on filing; and no stop order suspending the effectiveness of such
registration statement or any part thereof has been issued and no proceeding for that purpose has been initiated or threatened by the
SEC, and no notice of objection of the SEC to the use of such registration statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the Securities Act has been received by the Company (the base prospectus filed as part of such registration statement,
in the form in which it has most recently been filed with the SEC on or prior to the date of this Agreement, is hereinafter called the
&ldquo;<U>Base Prospectus</U>&rdquo;); any preliminary prospectus (including any preliminary prospectus supplement) relating to the Offered
ADSs filed with the SEC pursuant to Rule&nbsp;424(b) under the Securities Act is hereinafter called a &ldquo;<U>Preliminary Prospectus</U>&rdquo;;
the various parts of such registration statement, including all exhibits thereto and including any prospectus supplement relating to the
Offered ADSs that is filed with the SEC and deemed by virtue of Rule 430B to be part of such registration statement, each as amended at
the time such part of the registration statement became effective, are hereinafter collectively called the &ldquo;<U>Registration Statement</U>&rdquo;;
the Base Prospectus, as amended and supplemented immediately prior to the Applicable Time (as defined in Section 1(c) hereof), is hereinafter
called the &ldquo;<U>Pricing Prospectus</U>&rdquo;; the form of the final prospectus relating to the Offered ADSs filed with the SEC pursuant
to Rule 424(b) under the Securities Act, in accordance with Section 5(a) hereof is hereinafter called the &ldquo;<U>Prospectus</U>&rdquo;;
any reference herein to the Base Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer
to and include the documents incorporated by reference therein pursuant to Item 6 of Form F-3 under the Securities Act, as of the date
of such prospectus; any reference to any amendment or supplement to the Base Prospectus, any Preliminary Prospectus or the Prospectus
shall be deemed to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating
to the Offered ADSs filed with the SEC pursuant to Rule 424(b) under the Securities Act and any documents filed under the U.S. Securities
Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), and incorporated therein, in each case after the date of the
Base Prospectus, such Preliminary Prospectus, or the Prospectus, as the case may be; any reference to any amendment to the Registration
Statement shall be deemed to refer to and include any annual report of the Company filed pursuant to Section 13(a) or 15(d) of the Exchange
Act after the effective date of the Registration Statement that is incorporated by reference in the Registration Statement; and any &ldquo;issuer
free writing prospectus&rdquo; as defined in Rule&nbsp;433 under the Securities Act relating to the Offered ADSs is hereinafter called
an &ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) (A)
No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the SEC;
and (B) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Securities
Act and the rules and regulations of the SEC thereunder, and did not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to any statements
or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 9(c) of this Agreement);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) For
the purposes of this Agreement, the &ldquo;<U>Applicable Time</U>&rdquo; is 6:50 p.m. (Eastern time) on the date of this Agreement. The
Pricing Prospectus, as supplemented by the information listed in <U>Schedule&nbsp;III(c)</U> hereto, taken together (collectively, the
&ldquo;<U>Pricing Disclosure Package</U>&rdquo;), as of the Applicable Time, did not, and as of the Time of Delivery (as defined in Section
4(a) of this Agreement) will not, include any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing
Prospectus does not materially conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus,
and each Issuer Free Writing Prospectus, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable
Time, did not, and as of the Time of Delivery, will not, include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
<I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to statements or omissions made in an Issuer Free
Writing Prospectus in reliance upon and in conformity with the Underwriter Information;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) The
documents incorporated by reference in the Pricing Prospectus and the Prospectus, when they became effective or were filed with the SEC,
as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and
the rules and regulations of the SEC thereunder, and none of such documents contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein not misleading; any further documents
so filed and incorporated by reference in the Pricing Prospectus and the Prospectus or any further amendment or supplement thereto, when
such documents become effective or are filed with the SEC, as the case may be, will conform in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the SEC thereunder and will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to any statements or omissions
made in reliance upon and in conformity with the Underwriter Information; and no such or any other documents were filed with the SEC since
the SEC&rsquo;s close of business on the business day immediately prior to the date of this Agreement and prior to the execution of this
Agreement, except as set forth in <U>Schedule III(b)</U> hereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) The
Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus
will conform, in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder and
do not and will not, as of the applicable effective date as to each part of the Registration Statement, as of the applicable filing date
as to the Prospectus and any amendment or supplement thereto, and as of the Time of Delivery, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; <I>provided</I>,
<I>however</I>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity
with the Underwriter Information; the ADS Registration Statement complied when it became effective with the requirements of the Securities
Act; and the ADS Registration Statement did not, as of the time it was declared effective by the SEC, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi) Since
the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, there has not been (x)
any change in the capital stock (other than as a result of (i) the exercise, if any, of stock options or the award, if any, of stock options
or restricted stock in the ordinary course of business pursuant to the Company&rsquo;s equity plans that are described in the Pricing
Prospectus and the Prospectus or (ii) the issuance, if any, of stock upon conversion of Company securities as described in the Pricing
Prospectus and the Prospectus) or long-term debt of the Company or any of its subsidiaries or (y) any Material Adverse Effect (as defined
below); as used in this Agreement, &ldquo;<U>Material Adverse Effect</U>&rdquo; shall mean any material adverse effect on the condition
(financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole or on the performance
by the Company of its obligations under this Agreement, the Deposit Agreement or the consummation of any of the transactions contemplated
in the Pricing Prospectus and the Prospectus, whether or not arising from transactions in the ordinary course of business;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii) The
Company and its subsidiaries have good and marketable title in fee simple to, or have valid and marketable leasehold interests in all
items of real and personal property and all other real and personal property that are necessary to conduct its operations as presently
conducted, in each case free and clear of all liens, charges, encumbrances, claims and defects and imperfections of title, except (i)
as would not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries and (ii)
such as would not, individually or in the aggregate, have a Material Adverse Effect. All permits, except those which would not reasonably
be expected to result in a Material Adverse Effect, required to have been issued or appropriate to enable the real property to be lawfully
occupied and used for all of the purposes for which it is currently occupied and used have been lawfully issued and are in full force
and effect. The assets and properties owned, leased or otherwise used by the Company are in good repair, working order and condition (reasonable
wear and tear excepted), except those which would not reasonably be expected to result in a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(viii) The
Company has been (i) duly organized as a publicly held stock corporation (<I>sociedad an&oacute;nima abierta</I>) under the laws of Chile
and is validly existing and in good standing under the laws of Chile, with full corporate power and authority to own or lease, as the
case may be, and to operate its properties and conduct its business as described in the Pricing Prospectus and the Prospectus, and (ii)
duly qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction other than Chile that
requires such qualification;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ix) Each of the
Company&rsquo;s subsidiaries has been (i) duly organized and is validly existing and in good standing under the laws of its jurisdiction
of organization, with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct
its business as described in the Pricing Prospectus and the Prospectus, and (ii) duly qualified to do business as a foreign corporation
and is in good standing under the laws of each jurisdiction that requires such qualification;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x) The
Company and its subsidiaries operate air carriers of passengers and property in scheduled air transportation and related businesses, are
registered, licensed or otherwise certificated or duly authorized by all the relevant authorities in each jurisdiction where they operate
to engage in such air transportation, and the Company and its subsidiaries, to the extent applicable, are duly qualified or otherwise
authorized to do business as air carriers in all jurisdictions in which they have air routes (except for jurisdictions where the failure
to so qualify or obtain authorization would not, in the aggregate, have a Material Adverse Effect);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xi) The
Company has an authorized capitalization as set forth in the Pricing Prospectus and the Prospectus and all of the issued shares of capital
stock of the Company, including the Underlying Shares represented by the Offered ADSs to be sold by the Selling Shareholders, have been
duly and validly authorized and issued and are fully paid and non-assessable and conform to the description of the Common Stock contained
in the Pricing Disclosure Package and the Prospectus; and all of the issued shares of capital stock of each subsidiary of the Company
have been duly and validly authorized and issued, are fully paid and non-assessable and (except, (i) those subsidiaries set forth in Schedule
V hereto, and (ii) in the case of any foreign subsidiary, for directors&rsquo; qualifying shares) are owned directly or indirectly by
the Company, free and clear of all liens, encumbrances, equities or claims, except for such liens or encumbrances described in the Pricing
Prospectus and the Prospectus (including, for the avoidance of doubt, such liens or encumbrances in connection with the Company&rsquo;s
7.875% Senior Secured Notes due 2030 and 7.625% Senior Secured Notes due 2031, and the Company&rsquo;s revolving credit facilities, as
amended and restated from time to time, each originally entered into on March 29, 2016 and October 12, 2022, respectively);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xii) This
Agreement has been duly authorized, executed and delivered by the Company and will constitute a legal, valid, binding instrument enforceable
against the Company in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting creditors&rsquo; rights generally from time to time in effect and to general principles
of equity). The compliance by the Company with this Agreement and the Deposit Agreement, and the consummation of the transactions contemplated
in this Agreement, the Deposit Agreement the Pricing Prospectus and the Prospectus will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, or result in the imposition of any lien, charge or encumbrance upon
any property or assets of the Company or any of its subsidiaries, under (A) any indenture, mortgage, deed of trust, loan agreement, lease
or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries
is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, except, in the case of this clause
(A) for such defaults, breaches, or violations that would not, individually or in the aggregate, have a Material Adverse Effect, (B) the
by-laws (<I>estatutos</I>), memorandum and articles of association or comparable constituting documents of the Company or any of its subsidiaries,
or (C) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the
Company or any of its subsidiaries or any of their properties; and no consent, approval, authorization, order, registration or qualification
of or with any such court or governmental agency or body is required for the sale of the Offered ADSs or the consummation by the Company
of the transactions contemplated by this Agreement, except such as have been obtained under the Securities Act and for such consents,
approvals, authorizations, orders, registrations or qualifications as may be required under state securities or Blue Sky laws in connection
with the purchase and distribution of the Offered ADSs by the Underwriters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiii) Neither
the Company nor any of its subsidiaries is in violation or default of (i) any provision of its by-laws (<I>estatutos</I>), memorandum
and articles of association or comparable constituting documents; (ii) the terms of any indenture, contract, lease, mortgage, deed of
trust, note agreement, loan agreement or other agreement, or instrument to which it is a party or bound or to which its property is subject;
or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any such subsidiaries of any court,
regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company, any such
subsidiaries or any of its properties, as applicable, except, in each case, for such violations or defaults the consequence of which would
not have, individually or in the aggregate, a Material Adverse Effect;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiv) No
consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the
transactions contemplated in this Agreement, the Deposit Agreement, the Pricing Prospectus and the Prospectus, except for (i) such consents,
approvals, authorizations, registrations, qualifications or notices as have been obtained or given under the laws of Chile, and the notices
and delivery of documents to the Commission of the Financial Market of Chile (&ldquo;<U>CMF</U>&rdquo;) as provided for in Section II
of Circular Letter No. 1,375 of the CMF, and the laws applicable to the Company&rsquo;s subsidiaries in their respective jurisdictions;
(ii) such consents, approvals, authorizations, orders and registrations or qualifications as may be required under state securities or
Blue Sky laws in connection with the purchase and distribution of the Offered ADSs by the Underwriters; and (iii) as shall have been obtained
or made prior to the Closing Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xv) The
Company and each of its subsidiaries has filed all applicable tax returns that are required to be filed or has requested extensions thereof
(except in any case in which the failure so to file would not have a Material Adverse Effect) and has paid all taxes required to be paid
by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except
for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xvi) No
labor problem or dispute with the employees of the Company or any of its subsidiaries exists or is threatened or imminent, and neither
the Company nor any such subsidiary is aware of any existing or imminent labor disturbance by the employees of any of its subsidiaries&rsquo;
principal suppliers, contractors or customers, except as would not have a Material Adverse Effect and except as set forth in the Pricing
Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xvii) None
of the subsidiaries of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such subsidiary&rsquo;s capital stock, from repaying any loans or advances to such subsidiary or from transferring
any of such subsidiary&rsquo;s property or assets, except as described in the Pricing Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xviii) The
Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in light of the risks faced by them in the conduct of their respective businesses; all policies
of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their respective businesses, assets, employees,
officers and directors are in full force and effect, except where the failure to maintain such insurance would not, individually or in
the aggregate, have a Material Adverse Effect; the Company and its subsidiaries are in compliance in all material respects with the terms
of such policies and instruments; there are no material claims by the Company or any of its subsidiaries under any such policy or instrument
as to which any insurance company is denying liability or defending under a reservation of rights clause; none of the Company or any of
its subsidiaries has been refused any insurance coverage sought or applied for, except when the Company or any of its subsidiaries were
seeking to obtain insurance coverage at more attractive rates; and none of the Company or any of its subsidiaries has any reason to believe
that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from
similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect, except as set forth
in the Pricing Prospectus and the Prospectus;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xix) The Company
and its subsidiaries possess all material licenses, certificates, permits and other authorizations issued by all applicable authorities
(including, without limitation, the United States Federal Aviation Administration, the Chilean <I>Direcci&oacute;n General de Aeron&aacute;utica
Civil</I>, the Argentine <I>Administraci&oacute;n Nacional de Aviaci&oacute;n Civil</I>, the Brazilian <I>Ag&ecirc;ncia Nacional de Avia&ccedil;&atilde;o
Civil</I>, the Ecuadorian <I>Direcci&oacute;n General de Aeron&aacute;utica Civil</I>, the Peruvian <I>Direcci&oacute;n General de Aeron&aacute;utica
Civil</I>, the Colombian <I>Unidad Administrativa Especial de Aeron&aacute;utica Civil</I>, the Mexican <I>Direcci&oacute;n General de
Aeron&aacute;utica Civil</I> and the Paraguayan <I>Direcci&oacute;n Nacional de Aeron&aacute;utica Civil</I>) that are necessary for the
ownership or lease of their respective properties or to conduct their respective businesses; and none of the Company or any of its subsidiaries
has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which,
individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect,
except as set forth in the Pricing Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xx) The
Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management&rsquo;s general or specific authorizations; (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with IFRS (as defined below) and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. The Company and its subsidiaries&rsquo; internal controls over financial reporting are effective and the Company and
its subsidiaries are not aware of any material weakness in their internal control over financial reporting. The Company and its subsidiaries
maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements
of the Exchange Act and that are designed to ensure that information required to be disclosed by the Company in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC&rsquo;s
rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company&rsquo;s
management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure; and such disclosure controls and procedures are effective;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxi) The
Company and its subsidiaries are (i) in compliance with any and all applicable laws and regulations relating to the protection of human
health and safety (to the extent related exposure to hazardous or toxic substances or wastes, pollutants or contaminants), the environment
or hazardous or toxic substances or wastes, pollutants or contaminants (&ldquo;<U>Environmental Laws</U>&rdquo;); (ii) have received and
are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) have not received notice of any actual or potential liability under any Environmental Law, except where
such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals under applicable Environmental
Laws, or liability would not, individually or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated
in the Pricing Prospectus and the Prospectus. Except as set forth in the Pricing Prospectus and the Prospectus, none of the Company or
any of its subsidiaries has been named as a &ldquo;potentially responsible party&rdquo; under the U.S. Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxii) In
the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and
properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including,
without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental
Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties);
on the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not, individually or
in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Pricing Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiii) All
payments to be made by the Company on or by virtue of the execution, delivery, performance or enforcement of this Agreement and the Deposit
Agreement, and all dividend or other payments under this Agreement and the Deposit Agreement, under the current laws and regulations of
Brazil, Chile, Colombia, Ecuador, Peru or the United States or any political subdivision or taxing authority thereof (collectively, the
&ldquo;<U>Taxing Jurisdictions</U>&rdquo;) will not be subject to withholding, duties, levies, deductions, charges or other taxes under
the current laws and regulations of the applicable Taxing Jurisdiction and are otherwise payable free and clear of any other withholding,
duty, levy, deduction, charge or other tax in the applicable Taxing Jurisdiction and without the necessity of obtaining any governmental
authorization in the applicable Taxing Jurisdiction; except (i) as described in the Pricing Prospectus and the Prospectus; and (ii) for
withholding taxes on payments to non-residents of Chile of fees, remunerations, or similar amounts that may be imposed by Chile at a rate
of up to 35%, <I>provided</I>, <I>however</I>, that: (x) if the payment is deemed a fee or commission for a commercial mandate (<I>comisi&oacute;n
mercantil</I>) pursuant to the Commercial Code of Chile and the interpretation of the Chilean Internal Revenue Service, in which case
such payment shall be exempt from withholding taxes or otherwise could be subject to a 19% value-added tax if the respective service is
rendered or used in Chile; (y) if the payment is made as consideration for the provision of professional or technical services provided
by an expert through advice, a report, or a plan, such payment will be subject to a 15% withholding tax, unless paid to a person or entity
that is incorporated, domiciled, or resident in a jurisdiction considered a preferential tax regime according to Article 41 H of the Chilean
Income Tax Law, in which case the withholding rate will be 20%; or (z) if the payment benefits from a reduced rate of withholding or an
exemption under a double taxation treaty to which Chile is a party (if exempted from withholding tax, such payment may be subject to at
19% value-added tax if the respective service is rendered or used in Chile).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiv) None
of the Company or any of its subsidiaries is subject to any suit in respect of its or their respective obligations under this Agreement,
the Deposit Agreement, and the Offered ADSs, and none of the Company or any of its subsidiaries or any of their respective properties,
assets or revenues is subject to any right or immunity under Brazilian, Chilean, Colombian, Ecuadorian, Peruvian, U.S. federal or New
York state law, as the case may be, from any legal action, suit or proceeding, from the giving of any relief in any such legal action,
suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Brazilian, Chilean, Colombian, Ecuadorian, Peruvian, U.S.
federal or New York state court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment,
or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment,
in any such court with respect to their respective obligations, liabilities or any other matter under or arising out of or in connection
herewith; and, to the extent that the Company or any of its subsidiaries or any of their respective properties, assets or revenues may
have or may hereafter become entitled to any such right of immunity in any such court in which proceedings arising out of, or relating
to the transactions contemplated by this Agreement, the Deposit Agreement, the Pricing Prospectus and the Prospectus that may at any time
be commenced, each of the Company and its subsidiaries has, pursuant to Section 21 of this Agreement, waived, and it will waive, or will
cause its subsidiaries to waive, such right to the extent permitted by law;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxv) Any
final judgment for a fixed or determined sum of money rendered by any U.S. federal or New York state court located in the State of New
York having jurisdiction under its own laws in respect of any suit, action or proceeding against the Company based upon any of this Agreement,
the Deposit Agreement and the Offered ADSs would be recognized and enforced against the Company by the courts of Chile, as applicable,
without reconsideration or reexamination of the merits, review of the merits of the cause of action in respect of which the original judgment
was given or the litigation of the matters adjudicated upon or subject to payment of any stamp, registration or similar tax or duty; <I>provided</I>
that such judgment fulfills all enforceability requirements as described under the caption &ldquo;Enforceability of Civil Liabilities&rdquo;
in the Pricing Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvi) The
choice of laws of the State of New York as the governing law of this Agreement is a valid choice of law under the laws of Chile and will
be honored by the courts of Chile;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvii) The
Company has the power to submit, and pursuant to Section 19 of this Agreement and Section 18 of the Deposit Agreement has legally, validly,
effectively and irrevocably submitted, in the case of this Agreement to the exclusive and in the case of the Deposit Agreement to the
non-exclusive jurisdiction of any U.S. federal or New York state court located in The City of New York and County of New York; and has
the power to designate, appoint and empower, and pursuant to Section 19 of this Agreement and Section 18 of the Deposit Agreement, has
legally, validly and effectively designated, appointed and empowered an agent for service of process in any suit or proceeding based on
or arising under this Agreement or the Deposit Agreement, as applicable, in any U.S. federal or New York state court located in The City
of New York and County of New York;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxviii) The
indemnification provisions set forth in Section 9 of this Agreement do not contravene Chilean law or public policy;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxix) It is not
necessary under the laws of Chile that any holder of the Offered ADSs, or the Underwriters should be licensed, qualified or entitled to
carry on business in Chile (i) to enable any of them to enforce their respective rights under this Agreement, the Deposit Agreement and
the Offered ADSs or the consummation of the transactions contemplated hereby or thereby or any other document to be delivered in connection
herewith or therewith or (ii) solely by reason of the execution, delivery or performance of any such document;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxx) None
of the holders of the Offered ADSs or the Underwriters will be deemed resident, domiciled, carrying on business or subject to taxation
in Chile on an overall income basis solely by the execution, delivery, performance or enforcement of this Agreement, the Deposit Agreement
and the Offered ADSs or the distribution or sale of the Offered ADSs by the Underwriters or by virtue of the ownership, deposit or transfer
of the Underlying Shares or the Offered ADSs, as the case may be, or the receipt of payments under this Agreement, the Deposit Agreement
and the Offered ADSs;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxi) The
Company is a &ldquo;foreign private issuer&rdquo; as defined in Rule 405 under the Securities Act (&ldquo;<U>Foreign Private Issuer</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxii) The
Deposit Agreement has been duly authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors&rsquo;
rights and to general equity principles&#894;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxiii) Upon
the due and valid issuance by the Depositary of the ADRs evidencing the Offered ADSs against the deposit of common shares of the Company
in respect thereof in accordance with the Deposit Agreement, the Offered ADSs evidenced by such ADRs will be duly and validly issued and
the persons in whose names such Offered ADSs are registered will be entitled to the rights of registered holders of Offered ADSs specified
in the Deposit Agreement&#894; and, except as disclosed in the Pricing Prospectus and the Prospectus, there are no limitations on the
rights of holders of Offered ADSs or ADRs evidencing Offered ADSs to hold or vote or transfer their respective securities&#894;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxiv) Except
as disclosed in the Pricing Prospectus and the Prospectus and pursuant to Section 1(a)(xxiii) of this Agreement, no stamp, documentary,
or other issuance or transfer taxes or duties and no capital gains, income, withholding or other similar taxes are payable by or on behalf
of the Underwriters, in their capacity as Underwriters or otherwise in connection with their performance under this Agreement, in connection
with (x) the consummation of the offering and the other transactions contemplated in the Pricing Prospectus and the Prospectus, (y) the
payments of dividends, if any, and other amounts in respect of the Offered ADSs to holders of the Offered ADSs, or (z) the execution,
delivery, performance or enforcement of this Agreement and the Deposit Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxv) The
statements set forth in the Pricing Prospectus and the Prospectus under the caption &ldquo;Description of ADSs and Common Shares,&rdquo;
insofar as they purport to constitute a summary of the terms of the Common Stock, under the caption &ldquo;Taxation,&rdquo; and under
the caption &ldquo;Underwriting,&rdquo; insofar as they purport to describe the provisions of the laws and documents referred to therein,
fairly summarize the matters discussed therein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxvi) Other
than as set forth in the Pricing Prospectus and the Prospectus, no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator (&ldquo;<U>Actions</U>&rdquo;) involving the Company or any of its subsidiaries or its or their properties
is pending or, to the best knowledge of the Company, threatened that could reasonably be expected to have a Material Adverse Effect; there
are no current or pending Actions that are required under the Securities Act to be described in the Registration Statement or the Pricing
Prospectus that are not so described therein; and there are no statutes, regulations or contracts or other documents that are required
under the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement and the Pricing
Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement and the Pricing
Prospectus;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxvii) The
Company is not an &ldquo;investment company,&rdquo; as such term is defined in the U.S. Investment Company Act of 1940, as amended;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxviii) (A)
(i) At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying
with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant
to Section 13 or 15(d) of the Exchange Act or form of prospectus), and (iii) at the time the Company or any person acting on its behalf
(within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Offered ADSs in reliance
on the exemption of Rule 163 under the Securities Act, the Company was a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule 405
under the Securities Act; and (B) at the time of filing of the Registration Statement and any post-effective amendment thereto, at the
earliest time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under
the Securities Act) of the Offered ADSs, and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as
defined in Rule 405 under the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxix) PricewaterhouseCoopers
Consultores Auditores y Compa&ntilde;&iacute;a Limitada, who have certified certain financial statements of the Company and its subsidiaries,
and have audited the Company&rsquo;s internal control over financial reporting and management&rsquo;s assessment thereof, are independent
public accountants as required by the Securities Act, the rules and regulations of the SEC thereunder and as required by Chilean Law No.
18,045;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xl) Since
the date of the latest audited financial statements included or incorporated by reference in the Pricing Prospectus, there has been no
change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company&rsquo;s internal control over financial reporting;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xli) Based on its
financial statements and its expectations about the nature and amount of its income, assets, and activities, and the market value of its
equity, the Company believes that it was not a passive foreign investment company as defined in Section 1297 of the U.S. Internal Revenue
Code of 1986, as amended, for the taxable year 2024 and does not expect to be a passive foreign investment company in the current tax
year or in the foreseeable future;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xlii) In the
last five years, neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries
nor, to the knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company
or any of its subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful
expense (or taken any act in furtherance thereof); (ii) made, offered, promised or authorized any direct or indirect unlawful payment;
(iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations
thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or
regulation; or (iv) violated or is in violation of any provision of Chilean Law No. 21,121 (anti-corruption law) (collectively, &ldquo;<U>Anti-Corruption
Laws</U>&rdquo;); the Company and its subsidiaries have in the last five years conducted their businesses in compliance with Anti-Corruption
Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve
compliance with such laws and with the representations and warranties contained herein;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xliii) The operations
of the Company and its subsidiaries are and have been conducted at all times in compliance with the requirements of applicable anti-money
laundering laws, including, but not limited to, the U.S. Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the
rules and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and
its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulation or guidelines issued,
administered or enforced by any governmental agency, including Chilean Law No. 19,913 (the money laundering law of Chile) and the rules
and regulations promulgated thereunder (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. The Company and its subsidiaries have
in place a Crime Prevention Model that fully complies with the provisions of Chilean Law No. 20,393, as amended, which establishes the
criminal liability of legal entities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xliv) Neither
the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of
the Company, any employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries
is (i) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation,
those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<U>OFAC</U>&rdquo;), or the
U.S. Department of State, the European Union, the United Kingdom, His Majesty&rsquo;s Treasury, the United Nations Security Council, or
other applicable governmental authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;), (ii) located, organized, or resident in a country
or territory broadly prohibiting dealings with such country or territory (currently, the Crimea, the so-called Donetsk People&rsquo;s
Republic, and the so-called Luhansk People&rsquo;s Republic regions of Ukraine, Cuba, Iran, and North Korea) (each, a &ldquo;<U>Sanctioned
Jurisdiction</U>&rdquo;), except that employees of the Company&rsquo;s affiliate being located or resident in Cuba will not be considered
a violation of this representation; the Company and its subsidiaries have instituted, and maintain, policies and procedures designed to
promote and achieve continued compliance with Sanctions. For the past six years, the Company and its subsidiaries have not, in violation
of Sanctions, knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time
of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Jurisdiction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xlv) The financial
statements included in the Registration Statement, the Pricing Prospectus and the Prospectus, together with the related schedules and
notes, present fairly the financial position of the Company and its subsidiaries at the dates indicated and the results of operations
and cash flows of the Company and its subsidiaries for the periods specified; said financial statements have been prepared in conformity
with International Financial Reporting Standards (&ldquo;<U>IFRS</U>&rdquo;), as issued by the International Accounting Standards Board
and the rules on financial statements issued by the CMF, applied on a consistent basis throughout the periods involved. The selected financial
data and the summary financial information included in the Registration Statement, the Pricing Prospectus and the Prospectus present fairly
the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein.
All disclosures contained in the Registration Statement, the Pricing Prospectus and the Prospectus regarding &ldquo;non-IFRS financial
measures&rdquo; (as such term is defined by the rules and regulations of the SEC) comply with Regulation G of the Exchange Act and Item
10 of Regulation S-K of the Securities Act, to the extent applicable;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xlvi) Except
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and its subsidiaries
own or have the right to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service
mark registrations, domain names and other source indicators, copyrights and copyrightable works, know-how, trade secrets, systems, procedures,
proprietary or confidential information and all other worldwide intellectual property, industrial property and proprietary rights (collectively,
&ldquo;<U>Intellectual Property</U>&rdquo;) used in the conduct of their respective businesses; (ii) the Company and its subsidiaries&rsquo;
conduct of their respective businesses does not infringe, misappropriate or otherwise violate any Intellectual Property of any third party;
and (iii) to the knowledge of the Company, the Intellectual Property of the Company and its subsidiaries is not being infringed, misappropriated
or otherwise violated by any third party;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xlvii) (i) The Company
and its subsidiaries have not been notified of, and have no knowledge of (x) any security breach or other compromise of or relating to
any of the Company&rsquo;s or its subsidiaries&rsquo; information technology and computer systems, networks, hardware, software, data
(including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of
them), equipment or technology (collectively, &ldquo;<U>IT Systems and Data</U>&rdquo;) and (y) any event or condition that would reasonably
be expected to result in, any security breach or other compromise to their IT Systems and Data; (ii) the Company and its subsidiaries
are presently in compliance with applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator
or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems
and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification; (iii) the
Company and its subsidiaries have implemented and maintain controls, policies, procedures, safeguards, and backup and disaster recovery
technology consistent with industry standards and practices to maintain and protect their confidential information and the integrity,
continuous operation, redundancy and security of all IT Systems and Data; and (iv) the IT Systems and Data are (x) adequate for, and operate
and perform as required in connection with the operation of, the business of the Company and its subsidiaries as currently conducted,
and (y) free and clear of all bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants, except as would not, in
each case of clauses (i), (ii), (iii), and (iv), individually or in the aggregate, have a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xlviii) No forward-looking
statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included or incorporated by reference
in any of the Registration Statement, the Pricing Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis
or has been disclosed other than in good faith;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xlix) Nothing has
come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in each
of the Registration Statement, the Pricing Prospectus and the Prospectus is not based on or derived from sources that are reliable and
accurate in all material respects;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l) There is and
has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers, in their capacities as such, to comply
with any provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith, including
Section 402 related to loans and Sections 302 and 906 related to certifications;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(li) Neither the
Company nor any of its subsidiaries or affiliates has taken or will take, directly or indirectly, any action designed to or that could
reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company or any of its
subsidiaries in connection with the offering of the Offered ADSs; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(liii) A registration
statement on Form F-6 (File No. 333-280864) for the registration of the Offered ADSs under the Securities Act has been filed with the
SEC. The registration statement on Form F-6, as amended (including by the filing of any post-effective amendments thereto, if applicable),
has been declared effective by the SEC and is herein called the &ldquo;<U>ADS Registration Statement</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">(b) Each
of the Selling Shareholders, severally and not jointly, represents and warrants to, and agrees with, each of the Underwriters and the
Company that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) All
consents, approvals, authorizations and orders necessary for the execution and delivery by such Selling Shareholder of this Agreement,
and for the deposit of the Underlying Shares and delivery and sale of the Offered ADSs to be sold by such Selling Shareholder hereunder,
have been obtained except for the registration under the Act of the Underlying Shares and Offered ADSs and such consents, approvals, authorizations
and orders as may be required under state securities or Blue Sky laws, the rules and regulations of the Financial Industry Regulatory
Authority (&ldquo;<U>FINRA</U>&rdquo;) or the approval for listing on the Exchange or such consents, approvals, authorizations and orders
that have been obtained or, if not obtained, would not individually or in the aggregate, affect the validity of the Underlying Shares
and Offered ADSs to be sold by such Selling Shareholder or reasonably be expected to impair the ability of such Selling Shareholder to
consummate the transactions contemplated by this Agreement; and such Selling Shareholder has full right, power and authority to enter
into this Agreement, and to sell, assign, transfer and deliver the Offered ADSs to be sold by such Selling Shareholder hereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) The
deposit of the Underlying Shares and the sale of the Offered ADSs to be sold by such Selling Shareholder hereunder and the compliance
by such Selling Shareholder with this Agreement, and the consummation of the transactions herein and therein contemplated will not conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any statute, indenture, mortgage,
deed of trust, loan agreement, lease or other agreement or instrument to which such Selling Shareholder is a party or by which such Selling
Shareholder is bound or to which any of the property or assets of such Selling Shareholder is subject, nor will such action result in
any violation of the provisions of the applicable organizational documents of such Selling Shareholder or any statute or any judgment,
order, rule or regulation of any court or governmental agency or body having jurisdiction over such Selling Shareholder or any of its
subsidiaries or any property or assets of such Selling Shareholder; and no consent, approval, authorization, order, registration or qualification
of or with any such court or governmental body or agency is required for the performance by such Selling Shareholder of its obligations
under this Agreement, and the consummation by such Selling Shareholder of the transactions contemplated by this Agreement in connection
with the Offered ADSs to be sold by such Selling Shareholder hereunder;</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) Such
Selling Shareholder has been duly organized and is validly existing as a corporation, limited liability company, or a limited partnership,
as the case may be, in good standing (where applicable) in its jurisdiction of organization. Such Selling Shareholder has, and immediately
prior to the Time of Delivery (as defined in Section 4 hereof) such Selling Shareholder will have, good and valid title to the Offered
ADSs to be sold by such Selling Shareholder hereunder at the Time of Delivery, free and clear of all liens, encumbrances, equities or
claims; and, upon deposit of such Underlying Shares and delivery of such Offered ADSs and payment therefor pursuant hereto, good and valid
title to such Offered ADSs, and the right to redeem its Underlying Shares, free and clear of all liens, encumbrances, equities or claims,
will pass to the several Underwriters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) There are no
affiliations between any of the Underwriters and such Selling Shareholder except as set forth in the Registration Statement, the Pricing
Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) Except
as described in the Pricing Prospectus and the Prospectus, no stamp or other issuance or transfer taxes or duties or similar taxes are
payable in the United States or Chile by or on behalf of the Underwriters, the Company, or the purchasers of the Offered ADSs to any taxing
authority thereof or therein in connection with (i) the deposit of the Underlying Shares and the sale and delivery of the Offered ADSs
issued in connection therewith by such Selling Shareholder, in accordance with the terms of this Agreement and the Deposit Agreement and
as described in the Pricing Prospectus and the Prospectus; or (ii) the sale and delivery by the Underwriters of Offered ADSs to the initial
purchasers thereof in accordance with the terms of this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi) On
or prior to the date of the Pricing Prospectus, such Selling Shareholder has executed and delivered to the Underwriters an agreement substantially
in the form of <U>Annex&nbsp;III</U> hereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii) Such
Selling Shareholder has not taken and will not take, directly or indirectly, any action that is designed to or that has constituted or
might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Offered ADSs;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(viii) To
the extent that any statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Prospectus or any amendment
or supplement thereto are made in reliance upon and in conformity with written information furnished to the Company by such Selling Shareholder
expressly for use therein, it being understood and agreed that the only information furnished by such Selling Shareholder to the Company
consists of (i) the legal name of such Selling Shareholder, (ii) the number of Underlying Shares and Offered ADSs beneficially owned by
such Selling Shareholder before and after the offering, and (iii) the address and other information with respect to such Selling Shareholder
(excluding percentages) which appears in the Registration Statement and the Pricing Prospectus in the table under the caption &ldquo;Selling
Shareholders&rdquo; (with respect to such Selling Shareholder, the &ldquo;<U>Selling Shareholder Information</U>&rdquo;), such Registration
Statement and Preliminary Prospectus did, and the Prospectus and any further amendments or supplements to the Registration Statement and
the Prospectus will, when they become effective or are filed with the SEC, as the case may be, not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ix) The Offered
ADSs to be sold by such Selling Shareholder, when issued and delivered against payment therefor, will be freely transferable by such Selling
Shareholder to or for the account of the several Underwriters and (to the extent described in the Pricing Prospectus and the Prospectus)
the initial applicable purchasers thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x) In
order to document the Underwriters&rsquo; compliance with the reporting and withholding provisions of the U.S. Tax Equity and Fiscal Responsibility
Act of 1982 with respect to the transactions herein contemplated, such Selling Shareholder will deliver to you prior to or at the Time
of Delivery the appropriate properly completed and executed United States Treasury Department Form W-8 or W-9, as applicable (or other
applicable form or statement specified by U.S. Treasury Department regulations in lieu thereof);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xi) The
obligations of the Selling Shareholders hereunder shall not be terminated by operation of law, whether by the death or incapacity of any
individual Selling Shareholder or, in the case of an estate or trust, by the death or incapacity of any executor or trustee or the termination
of such estate or trust, or in the case of a partnership or corporation, by the dissolution of such partnership, limited liability company
or corporation, or by the occurrence of any other event; if any individual Selling Shareholder or any such executor or trustee should
die or become incapacitated, or if any such estate or trust should be terminated, or if any such partnership, limited liability company
or corporation should be dissolved, or if any other such event should occur, before the delivery of the Offered ADSs to be sold by such
Selling Shareholder hereunder, the Offered ADSs to be sold by such Selling Shareholder shall be delivered by or on behalf of such Selling
Shareholder in accordance with the terms and conditions of this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xii) Each Selling
Shareholder has deposited, or will cause the deposit of, the Underlying Shares with the Depositary against the issuance of the Offered
ADSs to be sold by it to the Underwriters and has instructed or will instruct the Depositary to deliver such Offered ADSs to the Underwriters
against payment by the Underwriters therefor at the Time of Delivery;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiii) Neither
such Selling Shareholder nor any of its subsidiaries, directors, officers or employees, nor, to the knowledge of such Selling Shareholder,
any agent, affiliate or other person associated with or acting on behalf of such Selling Shareholder or any of its subsidiaries is currently
the subject or the target of any Sanctions, nor is such Selling Shareholder, any of its subsidiaries located, organized or resident in
a Sanctioned Jurisdiction. Such Selling Shareholder will not directly or indirectly use the proceeds of the offering of the Offered ADSs
hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity,
(i) to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding,
is the subject or the target of Sanctions, or in any other manner that will result in a violation by any person (including any person
participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions, or (ii) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of
any Money Laundering Laws or any Anti-Corruption Laws. For the past ten years, such Selling Shareholder and its subsidiaries have not
knowingly engaged in, are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or
transaction is or was the subject or the target of Sanctions or with any Sanctioned Jurisdiction;</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiv) Such
Selling Shareholder is not prompted by any material information concerning the Company or any of its subsidiaries that is not disclosed
in the Pricing Prospectus to sell its Offered ADSs pursuant to this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xv) Such
Selling Shareholder is not subject to any suit in respect of its obligations under this Agreement and the Offered ADSs, and neither such
Selling Shareholder nor any of its properties, assets or revenues is subject to any right or immunity under the laws of its jurisdiction
of formation or organization and Chilean, U.S. federal or New York state law, as the case may be, from any legal action, suit or proceeding,
from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of its
formation or organization and any Chilean, U.S. federal or New York state court, from service of process, attachment upon or prior to
judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the
giving of any relief or for the enforcement of a judgment, in any such court with respect to its obligations, liabilities or any other
matter under or arising out of or in connection herewith; and, to the extent that such Selling Shareholder and its properties, assets
or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings arising out
of, or relating to the transactions contemplated by this Agreement, the Pricing Prospectus and the Prospectus that may at any time be
commenced, such Selling Shareholder has, pursuant to Section 21 of this Agreement, waived, and it will waive, such right to the extent
permitted by law; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xvi) Such
Selling Shareholder has the power to submit, and pursuant to Section 19 of this Agreement has legally, validly, effectively and irrevocably
submitted to the exclusive jurisdiction of any U.S. federal or New York state court located in The City of New York and County of New
York; and has the power to designate, appoint and empower, and pursuant to Section 19 of this Agreement has legally, validly and effectively
designated, appointed and empowered an agent for service of process in any suit or proceeding based on or arising under this Agreement
or the Deposit Agreement, as applicable, in any U.S. federal or New York state court located in The City of New York and County of New
York.</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. Subject
to the terms and conditions herein set forth, each of the Selling Shareholders agrees, severally and not jointly, to sell to each of the
Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from each of the Selling Shareholders, at a
purchase price per ADS of US$42.35, the number of Offered ADSs (to be adjusted by you so as to eliminate fractional securities) determined
by multiplying the aggregate number of Offered ADSs to be sold by each of the Selling Shareholders as set forth opposite their respective
names in <U>Schedule&nbsp;II</U> hereto by a fraction, the numerator of which is the aggregate number of Offered ADSs to be purchased
by such Underwriter as set forth opposite the name of such Underwriter in <U>Schedule&nbsp;I</U> hereto and the denominator of which is
the aggregate number of Offered ADSs to be purchased by all of the Underwriters from all of the Selling Shareholders hereunder.</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">3. Upon
the authorization by you of the release of the Offered ADSs, the several Underwriters propose to offer the Offered ADSs for sale upon
the terms and conditions set forth in the Pricing Disclosure Package and the Prospectus.</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">4. (a)
The Offered ADSs to be purchased by each Underwriter hereunder, in definitive or book-entry form, and in such authorized denominations
and registered in such names as the Underwriters may request upon at least twenty-four hours&rsquo; prior notice to the Selling Shareholders
shall be delivered by or on behalf of the Selling Shareholders to the Underwriters, through the facilities of the Depository Trust Company
(&ldquo;<U>DTC</U>&rdquo;), for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price
therefor by wire transfer of Federal (same-day) funds to the accounts specified by each Selling Shareholder to the Underwriters at least
forty-eight hours in advance. The Selling Shareholders will cause the Offered ADSs to be made available for checking and packaging at
least twenty-four hours prior to the Time of Delivery (as defined below) with respect thereto at the office of DTC or its designated custodian
(the &ldquo;<U>Designated Office</U>&rdquo;). The time and date of such delivery and payment shall be, with respect to the Offered ADSs,
9:30 a.m., New York time, on August 18, 2025 or such other time and date as the Underwriters and the Selling Shareholders may agree upon
in writing. Such time and date for delivery of the Offered ADSs is herein called the &ldquo;<U>Time of Delivery</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">(b) The
documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant to Section&nbsp;8 hereof, including the
cross receipt for the Offered ADSs and any additional documents requested by the Underwriters pursuant to Section&nbsp;8(l) hereof will
be delivered at the offices of Simpson Thacher &amp; Bartlett LLP, at 425 Lexington Avenue, New York, New York 10017 (the &ldquo;<U>Closing
Location</U>&rdquo;), and the Offered ADSs will be delivered at the Designated Office, all at the Time of Delivery. A meeting will be
held at the Closing Location at 4:00 p.m., New York City time, on the New York Business Day next preceding the Time of Delivery, at which
meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties
hereto. For the purposes of this Section&nbsp;4, &ldquo;<U>New York Business Day</U>&rdquo; shall mean each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in New York are generally authorized or obligated by law or executive
order to close.</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. The
Company agrees with each of the Underwriters:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) To
prepare the Prospectus in a form approved by you and to file such Prospectus pursuant to Rule 424(b) under the Securities Act prior to
the earlier of the Time of Delivery and the SEC&rsquo;s close of business on the first business day following the execution and delivery
of this Agreement; to make no further amendment or any supplement to the Registration Statement, the Base Prospectus or the Prospectus
prior to the Time of Delivery which shall be disapproved by you promptly after reasonable notice thereof; to advise you, promptly after
it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any amendment
or supplement to the Prospectus has been filed and to furnish you with copies thereof; to file promptly all other material required to
be filed by the Company with the SEC pursuant to Rule 433(d) under the Securities Act; to file promptly all reports and any definitive
proxy or information statements required to be filed by the Company with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the
Exchange Act subsequent to the date of the Prospectus and for so long as the delivery of a prospectus (or in lieu thereof, the notice
referred to in Rule 173(a) under the Securities Act) is required in connection with the offering or sale of the Offered ADSs; to advise
you, promptly after it receives notice thereof, of the issuance by the SEC of any stop order or of any order preventing or suspending
the use of any Preliminary Prospectus or other prospectus in respect of the Offered ADSs, of any notice of objection of the SEC to the
use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, of the
suspension of the qualification of the Offered ADSs for offering or sale in any jurisdiction, of the initiation or threatening of any
proceeding for any such purpose, or of any request by the SEC for the amending or supplementing of the Registration Statement or the Prospectus
or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of
any Preliminary Prospectus or other prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal
of such order; and in the event of any such issuance of a notice of objection, promptly to take such steps including, without limitation,
amending the Registration Statement or filing a new registration statement, at its own expense, as may be necessary to permit offers and
sales of the Offered ADSs by the Underwriters (references herein to the Registration Statement shall include any such amendment or new
registration statement);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) If
required by Rule 430B(h) under the Securities Act, to prepare a form of prospectus in a form approved by you and to file such form of
prospectus pursuant to Rule 424(b) under the Securities Act not later than may be required by Rule 424(b) under the Securities Act; and
to make no further amendment or supplement to such form of prospectus which shall be disapproved by you promptly after reasonable notice
thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) If
by the third anniversary (the &ldquo;<U>Renewal Deadline</U>&rdquo;) of the initial effective date of the Registration Statement, any
of the Offered ADSs remain unsold by the Underwriters, the Company will file, if it has not already done so and is eligible to do so,
a new automatic shelf registration statement relating to the Offered ADSs, in a form reasonably satisfactory to you. If at the Renewal
Deadline the Company is no longer eligible to file an automatic shelf registration statement, the Company will, if it has not already
done so, file a new shelf registration statement relating to the Offered ADSs, in a form satisfactory to you and will use its best efforts
to cause such registration statement to be declared effective within 180 days after the Renewal Deadline. The Company will take all other
action necessary or appropriate to permit the offering and sale of the Offered ADSs to continue as contemplated in the expired registration
statement relating to the Offered ADSs. References herein to the Registration Statement shall include such new automatic shelf registration
statement or such new shelf registration statement, as the case may be;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) Promptly
from time to time to take such action as you may reasonably request to qualify (or obtain an exemption from qualification for) the Offered
ADSs for offering and sale under the securities laws of such jurisdictions as you may request and to comply with such laws so as to permit
the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the
Offered ADSs, <I>provided</I> that in connection therewith the Company shall not be required to qualify as a foreign corporation or to
file a general consent to service of process in any jurisdiction or subject itself to taxation in any such jurisdiction if it is not otherwise
so subject;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) Prior
to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement and from time to time, to furnish
the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as you may reasonably request,
and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required
at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of
the Offered ADSs and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented
would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule
173(a) under the Securities Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period
to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in order
to comply with the Securities Act or the Exchange Act, to notify you and upon your request to file such document and to prepare and furnish
without charge to each Underwriter and to any dealer in securities as many written and electronic copies as you may from time to time
reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect
such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a)
under the Securities Act) in connection with sales of any of the Offered ADSs at any time nine months or more after the time of issue
of the Prospectus, upon your request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written
and electronic copies as you may request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Securities Act;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) To
make generally available to its security holders as soon as practicable, but in any event not later than sixteen months after the effective
date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), an earnings statement of the Company and its
subsidiaries (which need not be audited) complying with Section 11(a) of the Securities Act and the rules and regulations of the SEC thereunder
(including, at the option of the Company, Rule 158);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) To
pay the required SEC filing fees relating to the Offered ADSs within the time required by Rule 456(b)(1) under the Securities Act without
regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) under the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) To
use its best efforts in cooperation with the Underwriters to permit the ADRs evidencing the Offered ADSs to be eligible for clearance
and settlement through DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) To
use its best efforts to list for trading the Offered ADSs on the New York Stock Exchange (the &ldquo;<U>Exchange</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) To
promptly notify the Underwriters if the Company ceases to be a Foreign Private Issuer at any time prior to the completion of the distribution
of the Offered ADSs within the meaning of the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) To
maintain a transfer agent, a shareholder registry (<I>registro de accionistas</I>) for the Common Shares as required under the laws of
Chile, which is currently maintained by <I>DCV Registros S.A.</I>, and a Depositary for the ADRs evidencing the Offered ADSs; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) Upon
request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company&rsquo;s trademarks,
service marks and corporate logo for use on the website, if any, operated by such Underwriter for the purpose of facilitating the on-line
offering of the Offered ADSs (the &ldquo;<U>License</U>&rdquo;); <I>provided</I>, that the License shall be used solely for the purpose
described above, is granted without any fee and may not be assigned or transferred;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 6. (a) The Company
represents and agrees that, without the prior consent of the Underwriters, it has not made and will not make any offer relating to the
Underlying Shares and Offered ADSs that would constitute a &ldquo;free writing prospectus&rdquo; as defined in Rule 405 under the Securities
Act; each Selling Shareholder represents and agrees that, without the prior consent of the Company and the Underwriters, it has not made
and will not make any offer relating to the Underlying Shares and Offered ADSs that would constitute a free writing prospectus; and each
Underwriter represents and agrees that, without the prior consent of the Company and the Underwriters, it has not made and will not make
any offer relating to the Underlying Shares and Offered ADSs that would constitute a free writing prospectus required to be filed with
the SEC; any such free writing prospectus the use of which has been consented to by the Company and the Underwriters is listed in <U>Schedule
III(a)</U> hereto;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) The
Company has complied and will comply with (i) the requirements of Rule 433 under the Securities Act applicable to any Issuer Free Writing
Prospectus, including timely filing with the SEC or retention where required and legending, (ii) the requirements of Section II of Circular
Letter No. 1,375 of the CMF, and (iii) the requirements of Section 6 of Chapter XIV of the Compendium of Foreign Exchange Regulations
of the Central Bank of Chile; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)  The
Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of
which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Prospectus or
the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to
the Underwriters and, if requested by the Underwriters, will prepare and furnish without charge to each Underwriter an Issuer Free Writing
Prospectus or other document which will correct such conflict, statement or omission; <I>provided</I>, that this representation and warranty
shall not apply to any statements or omissions in an Issuer Free Writing Prospectus made in reliance upon and in conformity with the Underwriter
Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7. The
Company and each of the Selling Shareholders covenant and agree, severally and not jointly, with one another and with the several Underwriters
that (a) the Company will pay or cause to be paid: (i) the fees, disbursements and expenses of the Company&rsquo;s counsel and accountants
in connection with the registration of the Offered ADSs under the Securities Act and all other expenses in connection with the preparation,
printing, reproduction and filing of the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus and the
Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii)
the cost of printing or producing any agreement among Underwriters, this Agreement, the Blue Sky Memorandum, closing documents (including
any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Offered ADSs; (iii)
all expenses in connection with the qualification of the Offered ADSs for offering and sale under state securities laws as provided in
Section 5(b) hereof, including the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification
and in connection with the Blue Sky survey, which shall not exceed $10,000; (iv) all fees and expenses in connection with listing the
Offered ADSs on the Exchange; (v) the filing fees incident to, and the fees and disbursements of counsel for the Underwriters in connection
with, any required review by FINRA of the terms of the sale of the ADSs, which shall not exceed $25,000, (vi) all registration, qualification
and filing fees and expenses of the SEC, NYSE and the CMF and all filing fees incident to, and the fees and disbursements of counsel for
the Underwriters in connection with, any required review by the SEC, NYSE and the CMF of the terms of the sale of the Offered ADSs; (vii)
the cost and charges of any transfer agent, registrar, the Company&rsquo;s agent for service of process or depositary; (viii) all other
costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this
Section; (ix) all expenses of the Company incurred in connection with any &ldquo;road show&rdquo; presentation to potential investors;
and (x) the reasonable and documented fees and disbursements of counsels representing the Selling Shareholders; and (b) such Selling Shareholder
will pay or cause to be paid all costs and expenses incident to the performance of such Selling Shareholder&rsquo;s obligations hereunder
which are not otherwise specifically provided for in this Section, including all expenses and taxes incident to the deposit of the Underlying
Shares with the Depositary and the sale and delivery of the Offered ADSs to be sold by such Selling Shareholder to the Underwriters hereunder.
It is understood, however, that the Company shall bear, and the Selling Shareholders shall not be required to pay or to reimburse the
Company for, the cost of any other matters not directly relating to the sale and purchase of the Offered ADSs pursuant to this Agreement,
and that, except as provided in this Section, and Sections 9 and 12 hereof, the Underwriters will pay all of their own costs and expenses,
including the fees of their counsel, stock transfer taxes on resale of any of the Offered ADSs by them, and any advertising expenses connected
with any offers they may make.</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">8. The
obligations of the Underwriters hereunder, as to the Offered ADSs to be delivered at the Time of Delivery, shall be subject, in their
discretion, to the condition that all representations and warranties and other statements of the Company and the Selling Shareholders
herein are, at and as of the Applicable Time and the Time of Delivery, true and correct, the condition that the Company and the Selling
Shareholders shall have performed all of its and their obligations hereunder theretofore to be performed, and the following additional
conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The
Prospectus shall have been filed with the SEC pursuant to Rule&nbsp;424(b) under the Securities Act within the applicable time period
prescribed for such filing by the rules and regulations under the Securities Act and in accordance with Section 5(a) hereof; all material
required to be filed by the Company pursuant to Rule 433(d) under the Securities Act shall have been filed with the SEC within the applicable
time period prescribed for such filing by Rule 433; no stop order suspending the effectiveness of the Registration Statement or any part
thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Securities Act shall have been initiated
or threatened by the SEC and no notice of objection of the SEC to the use of the Registration Statement or any post-effective amendment
thereto pursuant to Rule 401(g)(2) under the Securities Act shall have been received; no stop order suspending or preventing the use of
the Preliminary Prospectus, Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the SEC; and all
requests for additional information on the part of the SEC shall have been complied with to your reasonable satisfaction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Simpson
Thacher &amp; Bartlett LLP, as U.S. counsel for the Underwriters, Morales &amp; Besa Ltda., as Chilean counsel for the Underwriters, and
Demarest Advogados, as Brazilian counsel for the Underwriters, shall have furnished to you such written opinion or opinions, dated as
of the Time of Delivery, in form and substance satisfactory to you, and such counsel shall have received such papers and information as
they may reasonably request to enable them to pass upon such matters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Cleary
Gottlieb Steen &amp; Hamilton LLP, as U.S. counsel for the Company, Claro &amp; Cia., as Chilean counsel for the Company, and Machado
Meyer Sendacz e &Oacute;pice Advogados, as Brazilian counsel for the Company shall have furnished to you their written opinion (a form
of each such opinion is attached as <U>Annex I(a)</U>, <U>(b)</U> and <U>(c)</U> hereto, respectively), dated as of the Time of Delivery,
in form and substance satisfactory to you;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) Herbert
Smith Freehills Kramer (US) LLP, as U.S. counsel for certain of the Selling Shareholders listed in <U>Schedule II</U> hereto, and Coeymans,
Edwards, Poblete &amp; Dittborn, as Chilean counsel for certain of the Selling Shareholders listed in <U>Schedule II</U> hereto, shall
have furnished to you their written opinion (a form of each such opinion is attached as <U>Annex&nbsp;I(d)</U> and <U>(e)</U> hereto,
respectively) dated as of the Time of Delivery, in form and substance satisfactory to you, and the other counsel for certain of the Selling
Shareholders listed in <U>Schedule II</U> hereto shall have furnished to you their written opinion dated as of the Time of Delivery, in
form and substance satisfactory to you;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) On
the date of the Prospectus, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the
date of this Agreement and also at the Time of Delivery, PricewaterhouseCoopers Consultores Auditores y Compa&ntilde;&iacute;a Limitada
shall have furnished to you a comfort letter or comfort letters, dated the respective dates of delivery thereof, in form and substance
satisfactory to you;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) (i)
Since the date of the latest audited financial statements included or incorporated by reference in the Pricing Prospectus, there has been
no material adverse change in the condition (financial or otherwise), earnings, business or properties of the Company or any of its subsidiaries,
taken as a whole, whether or not arising from transactions in the ordinary course of business, otherwise than as set forth in or contemplated
by the Pricing Prospectus and the Prospectus, the effect of which is in your judgment so material and adverse as to make it impracticable
or inadvisable to proceed with the offering or the delivery of the Underlying Shares and Offered ADSs being delivered at the Time of Delivery
on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) On
or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the Company&rsquo;s debt securities by any
&ldquo;nationally recognized statistical rating organization,&rdquo; as defined in Section 3(a)(62) of the Exchange Act, and (ii) no such
organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of
any of the Company&rsquo;s debt securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) On
or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in
securities generally on the New York Stock Exchange or the Nasdaq Global Select Market, on the Santiago Stock Exchange (<I>Bolsa de Comercio
de Santiago, Bolsa de Valores</I>) or the Chilean Electronic Stock Exchange (<I>Bolsa Electr&oacute;nica de Chile, Bolsa de Valores</I>);
(ii) a suspension or material limitation in trading in the Company&rsquo;s securities on the Exchange or the exchanges listed in clause
(i) above; (iii) a general moratorium on commercial banking activities declared by either Federal or New York State or Chilean authorities
or a material disruption in commercial banking or securities settlement or clearance services in the United States and Chile; (iv) the
outbreak or escalation of hostilities involving the United States or Chile or the declaration by the United States or Chile of a national
emergency or war; or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in
the United States or Chile or elsewhere, if the effect of any such event specified in clause (iv) or (v) in your judgment makes it impracticable
or inadvisable to proceed with the offering or the delivery of the Offered ADSs being delivered at the Time of Delivery on the terms and
in the manner contemplated in the Pricing Prospectus and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) The
Offered ADSs to be sold at the Time of Delivery shall have been duly listed on the Exchange;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) The
Company shall have obtained and delivered to the Underwriters executed copies of an agreement from each shareholder of the Company listed
in <U>Schedule IV</U> hereto, substantially to the effect set forth in <U>Annex III</U> hereto in form and substance satisfactory to you;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) The
Offered ADSs shall have been made eligible for clearance and settlement through DTC;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) The
Company shall have appointed Squire Patton Boggs (US) LLP as its authorized service of process agent as set forth in Section 19 hereof;
and each Selling Shareholder located outside the United States shall have appointed Cogency Global Inc. as its authorized service of process
agent as set forth in Section 19 hereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m) The
Company shall have furnished or caused to be furnished to you on the date hereof and at the Time of Delivery a certificate of the Chief
Financial Officer of the Company substantially in the form of <U>Annex&nbsp;II</U> hereto duly executed by the Chief Financial Officer
of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n) The
Company shall have complied with the provisions of Section 5(e) hereof with respect to the furnishing of prospectuses on the New York
Business Day next succeeding the date of this Agreement; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o) The
Company and the Selling Shareholders shall have furnished or caused to be furnished to you at the Time of Delivery certificates of officers
of the Company and of the Selling Shareholders, respectively, satisfactory to you as to the accuracy of the representations and warranties
of the Company and the Selling Shareholders, respectively, herein at and as of the Time of Delivery, as to the performance by the Company
and the Selling Shareholders of all of their respective obligations hereunder to be performed at or prior to the Time of Delivery, as
to such other matters as you may reasonably request, and the Company shall have furnished or caused to be furnished certificates as to
the matters set forth in subsections (a) and (f) of this Section 8.</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. (a)
The Company will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to
which such Underwriter may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement, the ADS Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus
or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any &ldquo;roadshow&rdquo; as defined in
Rule 433(h) under the Securities Act (a &ldquo;roadshow&rdquo;), any &ldquo;issuer information&rdquo; filed or required to be filed pursuant
to Rule 433(d) under the Securities Act, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter for
any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim
as such expenses are incurred; <I>provided</I>, that the Company shall not be liable in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission
made in the Registration Statement, the ADS Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus
or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with
the Underwriter Information. Nothing herein shall be construed that the Selling Shareholders may be held jointly and severally liable
with the Company for its obligations pursuant to this Section 9(a).</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) Each of the Selling Shareholders,
severally and not jointly, will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities to which
such Underwriter may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment
or supplement thereto, any Issuer Free Writing Prospectus or any roadshow, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in
each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission
was made in the Registration Statement, the ADS Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing
Prospectus or the Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus or any roadshow, in reliance
upon and in conformity with the Selling Shareholder Information; and will reimburse each Underwriter for any legal or other expenses
reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred;
<I>provided</I>, that such Selling Shareholder shall not be liable in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the
Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus or any amendment or
supplement thereto or any Issuer Free Writing Prospectus in reliance upon and in conformity with the Underwriter Information; and <I>provided</I>,
further, that the aggregate liability of a Selling Shareholder pursuant to this subsection (b) and (e) shall not exceed the product of
the number of ADSs sold by such Selling Shareholder and the price per ADS as set forth in the Prospectus (net of any underwriting discounts
and commissions but before deducting expenses) (the &ldquo;<U>Selling Shareholder Proceeds</U>&rdquo;). Nothing herein shall be construed
that the Company may be held jointly and severally liable with the Selling Shareholders for their obligations pursuant to this Section
9(b).</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) Each Underwriter, severally
and not jointly, will indemnify and hold harmless the Company and each Selling Shareholder against any losses, claims, damages or liabilities
to which the Company or such Selling Shareholder may become subject, under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, the ADS Registration Statement, the Base Prospectus, any Preliminary Prospectus,
the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus or any roadshow,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in the Registration Statement, the ADS Registration Statement, the Base Prospectus,
any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free
Writing Prospectus or any roadshow, in reliance upon and in conformity with the Underwriter Information; and will reimburse the Company
and each Selling Shareholder for any legal or other expenses reasonably incurred by the Company or such Selling Shareholder in connection
with investigating or defending any such action or claim as such expenses are incurred. As used in this Agreement with respect to an Underwriter
and an applicable document, &ldquo;<U>Underwriter Information</U>&rdquo; shall mean the written information furnished to the Company by
such Underwriter expressly for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter
consists of the following information in the Prospectus furnished on behalf of each Underwriter: the concession and reallowance figures
appearing in the third paragraph under the caption &ldquo;Underwriting,&rdquo; and the information contained in the eighth paragraph under
the caption &ldquo;Underwriting.&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">(d)<B> </B>Promptly
after receipt by an indemnified party under subsection (a), (b), or (c) of this Section&nbsp;9 of notice of the commencement of any action,
such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify
the indemnifying party in writing of the commencement thereof; <I>provided</I> that the failure to notify the indemnifying party shall
not relieve it from any liability that it may have under the preceding paragraphs of this Section 9 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <I>provided further</I> that the
failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than
under the preceding paragraphs of this Section 9. In case any such action shall be brought against any indemnified party and it shall
notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the
extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory
to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and,
after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying
party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses,
in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.
No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent
to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or
claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified
party.</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">(e) If the indemnification
provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a), (b) or (c)
above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities
(or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company and the
Selling Shareholders on the one hand and the Underwriters on the other from the offering of the Offered ADSs, it being understood that
the Company will not receive any proceeds from the Offering and the sale of the Offered ADSs by the Selling Shareholders. If, however,
the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute
to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the Company and the Selling Shareholders on the one hand and the Underwriters on the other in connection
with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well
as any other relevant equitable considerations. The relative benefits received by the Company and the Selling Shareholders on the one
hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before
deducting expenses) received by the Company and the Selling Shareholders bear to the total underwriting discounts and commissions received
by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus, it being understood that the Company
will not receive any proceeds from the Offering and the sale of the Offered ADSs by the Selling Shareholders. The relative fault shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company or the Selling Shareholders on the one hand or
the Underwriters on the other and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Company, each of the Selling Shareholders and the Underwriters agree that it would not be just and equitable
if contribution pursuant to this subsection (e) were determined by <I>pro rata</I> allocation (even if the Underwriters were treated as
one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred
to above in this subsection (e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities
(or actions in respect thereof) referred to above in this subsection (e) shall be deemed to include any reasonable and documented legal
or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this subsection (e), (i) no Underwriter shall be required to contribute any amount in excess of the
amount by which the total price at which the Offered ADSs underwritten by it and distributed to the public were offered to the public
exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission and (ii) the contribution by each Selling Shareholder pursuant to this subsection (e) shall
not exceed its Selling Shareholder Proceeds (reduced by any amounts such Selling Shareholder is obligated to pay under subsection (b)
above). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations in this subsection
(e) to contribute are several in proportion to their respective underwriting obligations and not joint and the Selling Shareholders&rsquo;
obligations in this subsection (e) to contribute are several in proportion to their Selling Shareholder Proceeds and not joint.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<B> </B>The
obligations of the Company and the Selling Shareholders under this Section 9 shall be in addition to any liability which the Company and
the Selling Shareholders may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director
of each Underwriter and each person, if any, who controls any Underwriter within the meaning of the Securities Act and each broker-dealer
or other affiliate of any Underwriter; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability
which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director
of the Company (including any person who, with his or her consent, is named in the Registration Statement as about to become a director
of the Company) and to each person, if any, who controls the Company or any Selling Shareholder within the meaning of the Securities 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">10. (a) If any Underwriter
shall default in its obligation to purchase the Offered ADSs that it has agreed to purchase hereunder at the Time of Delivery, you may
in your discretion arrange for you or another party or other parties to purchase such Offered ADSs on the terms contained herein. If within
thirty-six hours after such default by any Underwriter you do not arrange for the purchase of such Offered ADSs, then the Selling Shareholders
shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to you to
purchase such Offered ADSs on such terms. In the event that, within the respective prescribed periods, you notify the Selling Shareholders
that you have so arranged for the purchase of such Offered ADSs, or a Selling Shareholder notifies you that it has so arranged for the
purchase of such Offered ADSs, you or the Selling Shareholders shall have the right to postpone the Time of Delivery for a period of not
more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus,
or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement
or the Prospectus which in your opinion may thereby be made necessary. The term &ldquo;<U>Underwriter</U>&rdquo; or &ldquo;<U>Underwriters</U>&rdquo;
as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been
a party to this Agreement with respect to such Underlying Shares and Offered ADSs.</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) If,
after giving effect to any arrangements for the purchase of the Offered ADSs of a defaulting Underwriter or Underwriters by you and the
Selling Shareholders as provided in subsection (a) above, the aggregate number of such Offered ADSs which remains unpurchased does not
exceed one-eleventh of the aggregate number of all the Offered ADSs to be purchased at the Time of Delivery, then the Selling Shareholders
shall have the right to require each non-defaulting Underwriter to purchase the number of Offered ADSs which such Underwriter agreed to
purchase hereunder at the Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its <I>pro rata</I>
share (based on the number of Offered ADSs which such Underwriter agreed to purchase hereunder) of the Offered ADSs of such defaulting
Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter
from liability for its default.</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) If,
after giving effect to any arrangements for the purchase of the Offered ADSs of a defaulting Underwriter or Underwriters by you, the Selling
Shareholders as provided in subsection (a) above, the aggregate number of such Offered ADSs which remains unpurchased exceeds one-eleventh
of the aggregate number of all of the Offered ADSs to be purchased at the Time of Delivery, or if the Selling Shareholders shall not exercise
the right described in subsection (b) above to require non-defaulting Underwriters to purchase Offered ADSs of a defaulting Underwriter
or Underwriters, then this Agreement shall thereupon terminate, without liability on the part of any non-defaulting Underwriter, the Company
or the Selling Shareholders, except for the expenses to be borne by the Company, the Selling Shareholders and the Underwriters as provided
in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter
from liability for its default.</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. The
respective indemnities, rights of contribution, agreements, representations, warranties and other statements of the Company, the Selling
Shareholders and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this
Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by
or on behalf of any Underwriter or any director, officer, employee, affiliate or controlling person of any Underwriter, or the Company,
or any of the Selling Shareholders, or any officer or director or controlling person of the Company, or any controlling person of any
Selling Shareholder, and shall survive delivery of and payment for the Offered ADSs.</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. If
this Agreement shall be terminated pursuant to Section 10 hereof, neither the Company nor the Selling Shareholders shall then be under
any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason any Offered ADSs are not
delivered by or on behalf of the Selling Shareholders as provided herein, or the Underwriters decline to purchase the Offered ADSs for
any reason permitted under this Agreement, the Company will reimburse the Underwriters for all out-of-pocket expenses approved in writing
by you, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase,
sale and delivery of the Offered ADSs not so delivered solely to the extent provided in Section 7, but the Company and the Selling Shareholders
shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 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">13. In
all dealings hereunder, the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf
of any Underwriter made or given by you jointly as the Underwriters; and in all dealings with any Selling Shareholder hereunder, you and
the Company shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of such Selling Shareholder made
or given by such Selling Shareholder.</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">All statements, requests,
notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile
transmission to J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, New York 10179, Fax: (212) 622-8358, Attention: Equity Syndicate
Desk, and to Barclays Capital Inc., at 745 Seventh Avenue, New York, New York 10019, Attention: Syndicate Registration; if to any Selling
Shareholder shall be delivered or sent by mail, telex or facsimile transmission to counsel for such Selling Shareholder at its address
set forth in <U>Schedule II</U> hereto; if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address
of the Company set forth on the cover of the Registration Statement, Attention: Secretary; and if to any shareholder that has delivered
a lock-up letter described in Section 8(j) hereof shall be delivered or sent by mail to his or her respective address provided in <U>Schedule&nbsp;IV</U>
hereto or such other address as such shareholder provides in writing to the Company; <I>provided</I>, <I>however</I>, that any notice
to an Underwriter pursuant to Section 9(d) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter
at its address set forth in its Underwriters&rsquo; Questionnaire or telex constituting such Questionnaire, which address will be supplied
to the Company or the Selling Shareholders by you on request. Any such statements, requests, notices or agreements shall take effect upon
receipt 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"></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 accordance with the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify
and record information that identifies their respective clients, including the Company and the Selling Shareholders, which information
may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly
identify their respective clients.</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. This
Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and the Selling Shareholders and, to
the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company, any
Selling Shareholder or any Underwriter, or any director, officer, employee, or affiliate of any Underwriter, and their respective heirs,
executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement.
No purchaser of any of the Offered ADSs from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.</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. Time
shall be of the essence of this Agreement. As used herein, the term &ldquo;business day&rdquo; shall mean any day when the SEC&rsquo;s
office in Washington, D.C. is open for business.</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. The
Company and the Selling Shareholders acknowledge and agree, severally and not jointly, that (i) the purchase and sale of the Offered ADSs
pursuant to this Agreement is an arm&rsquo;s-length commercial transaction between the Company and the Selling Shareholders, on the one
hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter
is acting solely as a principal and not the agent or fiduciary of the Company or any Selling Shareholder, (iii) no Underwriter has assumed
an advisory or fiduciary responsibility in favor of the Company or any Selling Shareholder with respect to the offering contemplated hereby
or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or any Selling
Shareholder on other matters) or any other obligation to the Company or any Selling Shareholder except the obligations expressly set forth
in this Agreement, (iv) the Company and each Selling Shareholder has consulted its own legal and financial advisors to the extent it deemed
appropriate, and (v) none of the Securities Activities of the Underwriters in connection with the transactions contemplated herein constitutes
a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The
Company and each Selling Shareholder agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services
of any nature or respect, or owes a fiduciary or similar duty to the Company or any Selling Shareholder, in connection with such transaction
or the process leading 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">17. This
Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company, the Selling Shareholders and
the Underwriters, or any of them, with respect to the subject matter hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>18. This
Agreement and any transaction contemplated by this Agreement and any claim, controversy or dispute arising under or related thereto shall
be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that
would result in the application of any other law than the laws of the State of New York. The Company and each Selling Shareholder agree
that any suit or proceeding arising in respect of this Agreement or any transaction contemplated by this Agreement will be tried exclusively
in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state
court located in The City and County of New York and the Company and each Selling Shareholder agree to submit to the jurisdiction of,
and to venue in, such courts.</B></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. The
Company and each Selling Shareholder hereby submit to the non-exclusive jurisdiction of the U.S. federal and state courts in the Borough
of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby or thereby. The Company hereby irrevocably appoints Squire Patton Boggs (US) LLP at 1120 Avenue of the Americas, 13<SUP>th</SUP>
Floor, New York, New York 10036, as its authorized agent in the Borough of Manhattan, The City of New York, upon which process may be
served in any such suit or proceeding and agrees that service of process upon such agent, and written notice of said service to the Company
by the person serving the same to the address provided in Section 19 hereof, shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding; the Company further agrees to take any and all action as may be reasonably necessary
to maintain such designation and appointment of such agent in full force and effect for so long as this Agreement remains in force and
for a period of seven years thereafter; each Selling Shareholder located outside the United States hereby irrevocably appoints Cogency
Global Inc. at 122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP> floor, New York, New York 10168, as its authorized agent in the Borough
of Manhattan, The City of New York, upon which process may be served in any such suit or proceeding and agrees that service of process
upon such agent, and written notice of said service to such Selling Shareholder by the person serving the same to the address provided
in Section 19 hereof, shall be deemed in every respect effective service of process upon such Selling Shareholder in any such suit or
proceeding; each Selling Shareholder further agrees to take any and all action as may be reasonably necessary to maintain such designation
and appointment of such agent in full force and effect for so long as this Agreement remains in force and for a period of seven years
thereafter;</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">20. The
Company and each Selling Shareholder agree, severally and not jointly, to indemnify each Underwriter against any loss incurred by such
Underwriter as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed
and paid in a currency (the &ldquo;<U>Judgment Currency</U>&rdquo;) other than U.S. dollars and as a result of any variation as between
(i) the rate of exchange at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order,
and (ii) the rate of exchange at which such Underwriter is able to purchase U.S. dollars with the amount of the Judgment Currency actually
received by the Underwriter. The foregoing indemnity shall constitute a separate and independent obligation of the Company and each Selling
Shareholder, and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term &ldquo;rate
of exchange&rdquo; shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the
relevant currency. The Company and each Selling Shareholder hereby irrevocably and unconditionally waive, to the fullest extent permitted
by law, the ability of the Company and each such Selling Shareholder to satisfy its payment obligations hereunder in Chilean currency,
pursuant to any applicable regulations or general principles under 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"></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">21. The
Company and each Selling Shareholder irrevocably and unconditionally and to the fullest extent permitted by law waive, and agree not to
plead or claim, any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior
to judgment, attachment in aid of execution, execution or otherwise) for itself of any of its property, assets or revenues wherever located
with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement and any
document delivered pursuant hereto or hereunder, in each case for the benefit of each successor or assignee, it being intended that, to
the extent permitted by law, the foregoing waiver and agreement will be effective, irrevocable and not subject to withdrawal in any and
all jurisdictions, and, without limiting the generality of the foregoing, agrees that the waivers set forth in this Section 21 shall have
the fullest scope permitted under the U.S. Foreign Sovereign Immunities Securities Act of 1976 and are intended to be irrevocable for
the purposes of such 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">22. Each
reference in this Agreement to U.S. dollars (the &ldquo;<U>Relevant Currency</U>&rdquo;), including by use of the term &ldquo;US$,&rdquo;
is of the essence. To the fullest extent permitted by law, the obligation of the Company and each Selling Shareholder in respect of any
amount due by each of them respectively under this Agreement will, notwithstanding any payment in any other currency (whether pursuant
to a judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive
such payment may, in accordance with its normal procedures, purchase with the sum paid in such other currency (after any premium and costs
of exchange) on the business day immediately following the day on which such party receives such payment. If the amount in the relevant
currency that may be so purchased for any reason falls short of the amount originally due, the Company or each such Selling Shareholder
will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligation of the
Company and each Selling Shareholder not discharged by such payment will, to the fullest extent permitted by applicable law, be due as
a separate and independent obligation and, until discharged as provided herein, will continue in full force and effect;</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">23. The
Company, each Selling Shareholder and each of the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.</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">24. This
Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be
an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act,
the Electronic Signatures and Records Act or other applicable law, e.g., <U>www.docusign.com</U>) or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</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">25. Notwithstanding
anything herein to the contrary, the Company and the Selling Shareholders are authorized to disclose to any persons the U.S. federal and
state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other
tax analyses) provided to the Company and the Selling Shareholders relating to that treatment and structure, without the Underwriters
imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential
(and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose,
&ldquo;tax structure&rdquo; is limited to any facts that may be relevant to that treatment.</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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    <!-- Field: /Page -->

<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">26. Recognition of the U.S.
Special Resolution Regimes.</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) In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of 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">(b) In the event that any
Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws
of the United States or a state of 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">(c) As used in this section:</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">&ldquo;<U>BHC Act Affiliate</U>&rdquo;
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</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">&ldquo;<U>Covered Entity</U>&rdquo;
means any of the following:</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">(i) a &ldquo;covered entity&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</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">(ii) a &ldquo;covered bank&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</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">(iii) a &ldquo;covered FSI&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</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">&ldquo;<U>Default Right</U>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as
applicable.</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">&ldquo;<U>U.S. Special Resolution
Regime</U>&rdquo; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of
the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated 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">If the foregoing is in accordance
with your understanding, please sign and return to us counterparts hereof, and upon the acceptance hereof by you, this letter and such
acceptance hereof shall constitute a binding agreement among each of the Underwriters, the Company and each of the Selling Shareholders.
It is understood that your acceptance of this letter is the form of which shall be submitted to the Company and the Selling Shareholders
for examination, upon request, but without warranty on your part as to the authority of the signers thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">LATAM Airlines Group S.A.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Roberto Alvo Milosawlewitsch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&nbsp;</TD>
    <TD STYLE="width: 31%">Roberto Alvo Milosawlewitsch</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"> /s/ Ricardo Bottas</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ricardo Bottas</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Lauca Investments, LLC</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"> /s/ Sandra Rutova</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Sandra Rutova</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Vice President</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Strategic Value New Rising Fund LP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 31%"> Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Green Pasture S.&agrave; r.l.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD> Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager A</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"> /s/ Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager B</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Grouse Moor S.&agrave; r.l.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD> Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager A</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager B</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Wild Heath S.&agrave; r.l.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"> /s/ Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD> Manager A</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD> Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager B</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Ashton Gate S.&agrave; r.l.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Lewis Schwartz</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager A</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Meike Wuebbenhorst</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager B</TD></TR>
  </TABLE>


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

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

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<P STYLE="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">Accepted as of the date hereof<BR>
in New York, New York:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">J.P. Morgan Securities LLC</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Agustin Repetti</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&nbsp;</TD>
    <TD STYLE="width: 31%">Agustin Repetti</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Director</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">Barclays Capital Inc.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Robert Stowe</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Robert Stowe</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Total&nbsp;Number&nbsp;of</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Offered ADSs</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">to&nbsp;be&nbsp;Purchased</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">13,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Barclays Capital Inc.</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,500,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,000,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE II</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid"><B>The Selling Shareholders:</B></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Total&nbsp;Number&nbsp;of</B> <BR>
<B>Offered ADSs <BR>
to be Sold</B></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Sixth
    Street Partners entities</U>:<U STYLE="text-decoration: none"><SUP>(a)</SUP></U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; width: 88%; text-align: left">Lauca Investments, LLC</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">3,750,000</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Strategic Value Partners entities</U>:<SUP>(b)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: left">Strategic Value New Rising Fund LP</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">978,693</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: left">Green Pasture S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">3,117,298</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: left">Grouse Moor S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">3,410,399</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-align: left">Wild Heath S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">829,790</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; text-align: left">Ashton Gate S.&agrave; r.l.</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,913,820</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.375in; font-weight: bold; padding-bottom: 4pt">Total</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">18,000,000</TD>
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Opinions for this Selling Shareholder provided by Herbert Smith
Freehills Kramer (US) LLP (&ldquo;<U>HSFK</U>&rdquo;), at 1177 Avenue of the Americas, New York, New York 10036, and Coeymans, Edwards,
Poblete &amp; Dittborn (&ldquo;<U>CEPD</U>&rdquo;), at Nueva Costanera, 4040, Oficina 41, Vitacura, Santiago, Chile.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt 0pt 26.6pt; text-align: justify; text-indent: -22.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Opinions for this Selling Shareholder provided by HSFK, CEPD,
A&amp;O Sherman, at 5 avenue J.F. Kennedy, L-1855 Luxembourg and Mourant Ozannes (Cayman) LLP, at 94 Solaris Avenue, Camana Bay Grand
Cayman KY1 1108, Cayman Islands.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sch. II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0in">(a)  Issuer
Free Writing Prospectuses not included in the Pricing Disclosure Package</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in"> Electronic
Roadshow dated August 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0in">(b)  Additional
documents incorporated by reference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in"> None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify; text-indent: 0in">(c)  Information
other than the Pricing Prospectus that comprise the Pricing Disclosure Package</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in"> The public
offering price per Offered ADS is US$42.60.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in"> The number
of Offered ADSs purchased by the Underwriters is 18,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B></B></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sch. III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>List of Signatories
to the Lock-Up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: Black 1.5pt double">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp; Lauca
    Investments, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -17.1pt">&nbsp;</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: Black 1.5pt double">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Sixth Street Partners, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2100 McKinney Avenue, Suite 1500</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, TX 75201</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: Black 1.5pt double">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Value New Rising Fund LP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0.5in; text-align: justify; text-indent: 0in">Green Pasture
    S.&agrave; r.l.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0.5in; text-align: justify; text-indent: 0in">Grouse Moor S.&agrave;
    r.l.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0.5in; text-align: left; text-indent: 0in">Wild Heath S.&agrave;
    r.l.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Ashton Gate S.&agrave;
    r.l.</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-bottom: Black 1.5pt double">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Strategic Value Partners, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 West Putnam Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greenwich, CT 06830</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.5pt 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>SCHEDULE V</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: center; text-indent: 0in"><B>Subsidiaries</B></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: center">&nbsp;</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: 0pt 58.5pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF<BR>
U.S. COUNSEL FOR THE COMPANY</B></P>

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

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

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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annex I(a)-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /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; text-align: right"><B>ANNEX I(b)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF<BR>
CHILEAN COUNSEL FOR THE COMPANY</B></P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 43; Options: NewSection; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF<BR>
BRAZILIAN COUNSEL FOR THE COMPANY</B></P>

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF<BR>
U.S. COUNSEL FOR THE SELLING SHAREHOLDERS</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">&nbsp;</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">&nbsp;</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /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: right"><B>ANNEX I(e)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF OPINION OF<BR>
CHILEAN COUNSEL FOR THE SELLING SHAREHOLDERS</B></P>

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM OF CFO CERTIFICATE</B></P>

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

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF LOCK-UP AGREEMENT</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>August 13, 2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>J.P. Morgan Securities LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10179</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65in; text-align: justify; text-indent: -0.65in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>LATAM Airlines Group S.A. &ndash; Lock-Up Agreement</U></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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that you, as underwriters (the &ldquo;<U>Underwriters</U>&rdquo;), propose to enter into an underwriting agreement (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;) with LATAM Airlines Group S.A. (the &ldquo;<U>Company</U>&rdquo;), a publicly held stock corporation (<I>sociedad
an&oacute;nima abierta</I>) duly organized under the laws of the Republic of Chile, providing for an offering in the United States (the
&ldquo;<U>Offering</U>&rdquo;) by certain of the shareholders of the Company of American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;),
each representing 2,000 common shares of the Company (the &ldquo;<U>Common Stock</U>&rdquo;), pursuant to a Registration Statement on
Form F-3 (the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed with the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</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">In consideration of the agreement
by the Underwriters to offer and sell the ADSs, and of other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the undersigned agrees that, subject to the provisions herein, during the period beginning from the date of this
lock-up agreement (the &ldquo;<U>Lock-Up Agreement</U>&rdquo;) and continuing to and including the date 30 days after the date of the
final prospectus relating to the Offering (the &ldquo;<U>Prospectus</U>&rdquo;) (such period, the &ldquo;<U>Lock-Up Period</U>&rdquo;),
the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant any
option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of
Common Stock or ADSs, or any options or warrants to purchase any shares of Common Stock or ADSs, or any securities convertible into, exchangeable
for or that represent the right to receive shares of Common Stock or ADSs (such shares of Common Stock, ADSs, options, rights, warrants
or other securities, collectively, the &ldquo;<U>Lock-Up Securities</U>&rdquo;), including, without limitation, any such Lock-Up Securities
now owned or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without
limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or
any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected
to lead to or result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned),
or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities,
whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock, ADSs
or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a &ldquo;<U>Transfer</U>&rdquo;),
(iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly
announce any intention to engage in or cause any action, activity, transaction or arrangement described in clauses (i), (ii) or (iii)
above. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be
or become, currently a party to any agreement or arrangement that provides for, is designed to or reasonably could be expected to lead
to or result in any Transfer during the Lock-Up Period, except pursuant to the provisions below.</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="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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,
the undersigned may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">transfer the undersigned&rsquo;s Lock-Up Securities</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i) deposit Underlying Shares with the
Depositary against the issuance of ADS,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii) as one or more <I>bona fide</I> gifts
or charitable contributions, or for <I>bona fide</I> estate planning purposes,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii) upon death by will, testamentary
document or intestate succession,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iv) if the undersigned is a natural person,
to any member of the undersigned&rsquo;s immediate family (for purposes of this Lock-Up Agreement, &ldquo;immediate family&rdquo; shall
mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin) or to
any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned or, if the undersigned is a
trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(v) to a partnership, limited liability
company or other entity of which the undersigned and the immediate family of the undersigned are the legal and beneficial owner of all
of the outstanding equity securities or similar interests,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(vi) to a nominee or custodian of a person
or entity to whom a disposition or transfer would be permissible under clauses (a)(ii) through (v) above,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(vii) if the undersigned is a corporation,
partnership, limited liability company or other business entity, (A) to another corporation, partnership, limited liability company or
other business entity that is an affiliate (as defined in Rule 405 promulgated under the U.S. Securities Act of 1933, as amended) of the
undersigned, or to any investment fund or other entity which fund or entity is controlled or managed by the undersigned or affiliates
of the undersigned, or (B) as part of a distribution by the undersigned or a corporation, partnership, limited liability company or other
business entity affiliated with the undersigned to its direct or indirect shareholders, partners, members or other equityholders or to
the estate of any such shareholders, partners, members or other equityholders,</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(viii) by operation of law, such as pursuant
to a qualified domestic order, divorce settlement, divorce decree or separation agreement, or otherwise pursuant to an order of court
or regulatory agency (for purposes hereof, a &ldquo;court or regulatory agency&rdquo; means any domestic or foreign, federal, state or
local government, including any political subdivision thereof, any governmental or quasi-governmental authority, department, agency or
official, any court or administrative body, and any national securities exchange or similar self-regulatory body or organization, in each
case of competent jurisdiction),</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ix) to the Company from a current or
former director, officer or employee of the Company upon death, disability or termination of employment, in each case, of such employee,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(x) if the undersigned is not an officer
or director of the Company, in connection with a sale of the undersigned&rsquo;s shares of Common Stock or ADSs acquired (A) from the
Underwriters in the Offering or (B) in open market transactions after the closing date of the Offering,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(xi) to the Company in connection with
the vesting, settlement or exercise of restricted stock units, options, warrants or other rights to purchase shares of Common Stock or
ADSs (including, in each case, by way of &ldquo;net&rdquo; or &ldquo;cashless&rdquo; exercise) that are scheduled to expire or automatically
vest during the Lock-Up Period, including any transfer to the Company for the payment of tax withholdings or remittance payments due as
a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with
the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity
award plan, or pursuant to the terms of convertible securities, each as described in the Registration Statement, the preliminary prospectus
relating to the ADSs included in the Registration Statement immediately prior to the time the Underwriting Agreement is executed and the
Prospectus, <I>provided</I> that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the
terms of this Lock-Up Agreement, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(xii) with the prior written consent of
the Underwriters; <I>provided</I> that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, such transfer or distribution
shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be
a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver
a lock-up agreement in the form of this Lock-Up Agreement, (C) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, no
filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under
the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), or other public filing, report or announcement
reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made during the Lock-Up
Period in connection with such transfer or distribution (other than a required filing on Schedule 13D, Schedule 13D/A, Schedule 13G or
Schedule 13G/A of the Exchange Act that is required to be filed during the Lock-Up Period), and (D) in the case of clauses (a)(vii), (viii),
(ix) and (x) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if
any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall
clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or
distribution pursuant to clause (a)(vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up
agreement in the form of this Lock-Up Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">enter into a written plan meeting the requirements of Rule
10b5-1 under the Exchange Act relating to the transfer, sale or other disposition of the undersigned&rsquo;s Lock-Up Securities, if then
permitted by the Company, <I>provided</I> that (i) none of the securities subject to such plan may be transferred, sold or otherwise
disposed of until after the expiration of the Lock-Up Period and (ii) to the extent a public announcement or filing under the Exchange
Act, if any, is required or voluntarily made by or on behalf of the undersigned or the Company in connection with such trading plan,
such announcement or filing shall include a statement to the effect that no transfer of Lock-Up Securities may be made under such plan
during the Lock-Up Period;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">transfer the undersigned&rsquo;s Lock-Up Securities pursuant
to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors
of the Company and made to all holders of the Company&rsquo;s capital stock involving a Change of Control of the Company (for purposes
hereof, &ldquo;<U>Change of Control</U>&rdquo; shall mean the transfer (whether by tender offer, merger, consolidation or other similar
transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital
stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities
of the Company (or the surviving entity)); <I>provided</I> that in the event that such tender offer, merger, consolidation or other similar
transaction is not completed, the undersigned&rsquo;s Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">take any actions that are necessary or appropriate (i) for
the purposes of pledging, hypothecating, charging or granting any lien, mortgage or other security interest (the &ldquo;<U>Pledge</U>&rdquo;)
in respect of any of the Lock-Up Securities to or for the benefit of one or more lenders or finance counterparties (as well as any security
agent, securities intermediary and/or custodian) (collectively, the &ldquo;<U>Pledgees</U>&rdquo;) in connection with a <I>bona fide</I>
loan (including any margin loan), advance, extension of credit, or other financing transaction provided to a Selling Shareholder and/or
its affiliates (a &ldquo;<U>Financing Transaction</U>&rdquo;); or (ii) to permit the Pledgees to enforce their security interest under
a Financing Transaction by selling, transferring, appropriating or otherwise disposing of the Lock-Up Securities.</TD>
</TR></TABLE>

<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">If the undersigned is not
a natural person, the undersigned represents and warrants that no single natural person, entity or &ldquo;group&rdquo; (within the meaning
of Section 13(d)(3) of the Exchange Act), other than a natural person, entity or &ldquo;group&rdquo; (as described above) that has executed
a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of
the common equity interests, or 50% or more of the voting power, in the undersigned; <I>provided</I>, <I>however</I>, that this paragraph
shall not apply to (i) an investment company registered under the Investment Company Act of 1940, as amended, (ii) an institutional client
(or an entity directly or indirectly wholly owned by an institutional client) advised or sub-advised by an investment adviser registered
under the Investment Advisers Act of 1940, as amended, or (iii) their respective 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>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annex III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 the avoidance of doubt,
the restrictions described in this Lock-Up Agreement shall not apply to the sale of the undersigned&rsquo;s ADSs pursuant to the Underwriting
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 undersigned now has, and,
except as contemplated by clauses (a) and (c) of the third paragraph of this Lock-Up Agreement, for the duration of this Lock-Up Agreement
will have, good and marketable title to the undersigned&rsquo;s Lock-Up Securities, free and clear of all liens, encumbrances and claims
whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company&rsquo;s transfer agent
and registrar against the transfer of the undersigned&rsquo;s Lock-Up Securities except in compliance with the foregoing restrictions.</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; text-indent: 0.5in">The undersigned acknowledges
and agrees that neither the Underwriters nor the Company have made any recommendation or provided any investment or other advice to the
undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting,
financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned
has deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may have provided or hereafter
provide to the undersigned in connection with the Offering a Form CRS and/or certain other disclosures as contemplated by Regulation Best
Interest, the Underwriters have not made and are not making a recommendation to the undersigned to enter into this Lock-Up Agreement or
to transfer, sell or dispose of, or to refrain from transferring, selling or disposing of, any shares of Common Stock of ADSs, and nothing
set forth in such disclosures or herein is intended to suggest that any Underwriter is making such a recommendation.</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; text-indent: 0.5in">This Lock-Up Agreement shall
automatically terminate and the undersigned shall be released from all of his, her or its obligations hereunder upon the earlier of (i)
the date on which the Registration Statement filed with the SEC with respect to the Offering is withdrawn, (ii) the date on which for
any reason the Underwriting Agreement is terminated (other than the provisions thereof that survive termination) prior to payment for
and delivery of the Shares to be sold thereunder, (iii) the date on which the Selling Shareholders representing a majority of the ADSs
to be sold by all Selling Shareholders notify the Underwriters, in writing and prior to the execution of the Underwriting Agreement, that
they do not intend to proceed with the Offering and (iv) August 25, 2025 in the event that the Underwriting Agreement has not been executed
by such date.</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; text-indent: 0.5in">The undersigned understands
that the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Offering. The undersigned further
understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs, legal representatives,
successors and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into
this Lock-Up Agreement. This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York,
without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of New
York. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with
the U.S. federal ESIGN Act of 2000, e.g., <U>www.docusign.com</U>) or other transmission method, and any counterpart so delivered shall
be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of page intentionally blank. Signature
page follows.]</I></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>

<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annex III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD COLSPAN="2"><I>(please print complete name of entity)</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD COLSPAN="2"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><I>&nbsp;</I></TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><I>(duly authorized signature)</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp; &nbsp;</I></TD>
    <TD>Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><I>(please print full name)</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><I>&nbsp;</I></TD>
    <TD></TD>
    <TD STYLE="text-align: center"><I>(please print full title)</I></TD></TR>
  </TABLE>

<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: center"><I>[Signature Page to Lock-Up Agreement]</I></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: Page; Sequence: 54; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annex III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ea025348701ex5-1_latam.htm
<DESCRIPTION>OPINION OF CLARO & CIA. AS TO MATTERS OF CHILEAN LAW RELATING TO THE COMMON SHARES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin: 0"><IMG SRC="ex5-1_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Santiago (Chile), August 18, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Presidente Riesco 5711,
20th Floor</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Ladies and Gentlemen,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as special Chilean counsel for LATAM
Airlines Group S.A., a publicly held stock corporation (<I>sociedad an&oacute;nima abierta</I>) organized under the laws of the Republic
of Chile (the &ldquo;<U>Company</U>&rdquo;), in connection with the Company&rsquo;s filing on July 18, 2024 of a registration statement
on Form F-3 (the &ldquo;<U>Registration Statement</U>&rdquo;) and the accompanying prospectus supplement referred to in the Registration
Statement (the &ldquo;<U>Prospectus Supplement</U>&rdquo;) dated August 13, 2025 and filed on August 14, 2025 with the Securities and
Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;),
relating to the registration for the issuance by the Company of 18,000,000 American Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;),
representing ordinary shares of Company, evidenced by American Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;) to be issued pursuant to
the Third Amended and Restated Deposit Agreement, dated as of September 21, 2017, as amended by the first amendment, dated as of March
12, 2021, and the second amendment, dated as of July 24, 2024, by and among the Company, JPMorgan Chase Bank N.A., as depositary, and
the registered holders and beneficial owners from time to time of ADSs, as may further amended from time to time (the &ldquo;<U>Deposit
Agreement</U>&rdquo;), in connection with the sale by the selling shareholders named in the Prospectus Supplement (the &ldquo;<U>Selling
Shareholders</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In rendering the opinions expressed below, we
have examined originals or copies, certified or otherwise identified to our satisfaction, of such corporate records, documents, agreements
and certificates and other instruments, and examined such questions of law, as we have considered necessary or appropriate for the purposes
of this opinion letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the opinions expressed below,
we have assumed the genuineness of all signatures and the authenticity of all documents submitted to us as originals and the conformity
to the originals of all documents submitted to us as copies.</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">Based upon the foregoing, and subject to the further
assumptions and qualifications set forth below, we advise you that, in our opinion:</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">(1) The Company is a publicly held stock corporation
(<I>sociedad an&oacute;nima abierta</I>), duly organized and validly existing 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">(2) All ordinary shares of the Company held by
the Selling Shareholders and to be represented by ADSs pursuant to the terms of the Prospectus Supplement, have been duly authorized and
validly issued, fully paid and&nbsp;non-assessable.</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: right"><IMG SRC="ex5-1_002.jpg" ALT=""></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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex5-1_001.jpg" ALT=""></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">(3) In connection with any future issuance, offer
and sale of the Company, when (i) all applicable governmental approvals are obtained and all necessary filings, publications and registrations
with any governmental authority, agency or body are effective, (ii) all necessary legal, regulatory, corporate and shareholder actions
are taken by the Company and its shareholders, including actions taken by a shareholders&rsquo; meeting and the board of directors of
the Company in order to effect the capital increase and issue new shares of stock, the registration if such shares of stock in the Securities
Registry (<I>Registro de Valores</I>) kept by the CMF and the offering thereof preemptively to the shareholders of the Company in accordance
with Chilean Corporate law, (iii) a definitive underwriting, subscription, purchase or similar agreement relating to the issuance, offer
and sale of future ordinary shares of the Company is duly authorized, executed and delivered by all parties thereto, including the Company,
and (iv) such ordinary shares of the Company are sold and delivered to, and fully paid for by, the purchasers at a price specified in,
and in accordance with the terms of, such definitive underwriting, subscription, purchase or similar agreement and registered in the name
of the purchaser in the Company&rsquo;s shareholders&rsquo; registry, then such ordinary shares of the Company, would have been duly authorized,
validly issued, fully paid and non-assessable.</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; background-color: white">We are lawyers admitted
to practice in the Republic of Chile and the foregoing opinion is limited to the laws of the Republic of Chile as in effect on the date
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This opinion letter is
being furnished to the Company in accordance with the requirements of Item&nbsp;601(b)(5) of Regulation&nbsp;S-K&nbsp;of the Securities
Act, and no opinion is expressed herein as to any matter other than as to the legality of the Common Shares. This opinion letter is for
your benefit in connection with the Registration Statement and the Prospectus Supplement and may be relied upon by you and by persons
entitled to rely upon it pursuant to the applicable provisions of the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as an exhibit to the Company&rsquo;s Current Report on Form 6-K, dated August 18, 2025, and to the reference to our name under the caption
&ldquo;Legal Matters&rdquo; in the Prospectus Supplement. In giving this consent, we do not admit that we are in the category of persons
whose consent is required under Section&nbsp;7 of the Securities Act.</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">Sincerely,</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">/s/ Jos&eacute; Mar&iacute;a Eyzaguirre B.</P>

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>ex5-1_001.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
