<SEC-DOCUMENT>0001104659-25-079357.txt : 20250815
<SEC-HEADER>0001104659-25-079357.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250815194518
ACCESSION NUMBER:		0001104659-25-079357
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250815
DATE AS OF CHANGE:		20250815

SUBJECT COMPANY:	

	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:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50478
		FILM NUMBER:		251226050

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILEAN AIRLINE SA  LANCHILE
		DATE OF NAME CHANGE:	19971010

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Strategic Value Partners, LLC
		CENTRAL INDEX KEY:			0001301912
		ORGANIZATION NAME:           	
		EIN:				030455248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST PUTNAM AVENUE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		(203) 618-3500

	MAIL ADDRESS:	
		STREET 1:		100 WEST PUTNAM AVENUE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001104659-22-118707</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Strategic Value Partners, LLC -->
          <cik>0001301912</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>6</amendmentNo>
      <securitiesClassTitle>American Depositary Shares, each representing 2,000 shares of Common Stock without par value</securitiesClassTitle>
      <dateOfEvent>08/13/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001047716</issuerCIK>
        <issuerCUSIP>51817R205</issuerCUSIP>
        <issuerName>LATAM Airlines Group S.A.</issuerName>
        <address>
          <com:street1>PRESIDENTE RIESCO 5711 20TH FLOOR</com:street1>
          <com:street2>LAS CONDES</com:street2>
          <com:city>SANTIAGO</com:city>
          <com:stateOrCountry>F3</com:stateOrCountry>
          <com:zipCode>999999999</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Gabe Brecher</personName>
          <personPhoneNum>(203) 618-3500</personPhoneNum>
          <personAddress>
            <com:street1>Strategic Value Partners, LLC</com:street1>
            <com:street2>100 West Putnam Avenue</com:street2>
            <com:city>Greenwich</com:city>
            <com:stateOrCountry>CT</com:stateOrCountry>
            <com:zipCode>06830</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Louis E. Rambo, Esq.</personName>
          <personPhoneNum>(212) 969-3000</personPhoneNum>
          <personAddress>
            <com:street1>Proskauer Rose LLP</com:street1>
            <com:street2>Eleven Times Square</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10036</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001301912</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Strategic Value Partners, LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>41007576002.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>41007576002.00</sharedDispositivePower>
        <aggregateAmountOwned>41007576002.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>6.8</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Ashton Gate S.a.r.l.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>N4</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>17018345375.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>17018345375.00</sharedDispositivePower>
        <aggregateAmountOwned>17018345375.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>2.8</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001919793</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>SVP Special Situations V LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>17018345375.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>17018345375.00</sharedDispositivePower>
        <aggregateAmountOwned>17018345375.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>2.8</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Wild Heath S.a.r.l.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>N4</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2387909900.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2387909900.00</sharedDispositivePower>
        <aggregateAmountOwned>2387909900.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.4</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001614275</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>SVP Special Situations III-A LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2387909900.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2387909900.00</sharedDispositivePower>
        <aggregateAmountOwned>2387909900.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.4</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Grouse Moor S.a.r.l.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>N4</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>9814189823.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>9814189823.00</sharedDispositivePower>
        <aggregateAmountOwned>9814189823.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.6</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001726861</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>SVP Special Situations IV LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>9814189823.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>9814189823.00</sharedDispositivePower>
        <aggregateAmountOwned>9814189823.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.6</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Meadow Garden s.a.r.l.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>N4</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>573.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>573.00</sharedDispositivePower>
        <aggregateAmountOwned>573.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.0</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Green Pasture S.a.r.l.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>N4</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>8970723789.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>8970723789.00</sharedDispositivePower>
        <aggregateAmountOwned>8970723789.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.5</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>SVP Capital Solutions LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>8970723789.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>8970723789.00</sharedDispositivePower>
        <aggregateAmountOwned>8970723789.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.5</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Strategic Value New Rising Fund, L.P.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2816406542.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2816406542.00</sharedDispositivePower>
        <aggregateAmountOwned>2816406542.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.5</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>SVP New Rising Management LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2816406542.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2816406542.00</sharedDispositivePower>
        <aggregateAmountOwned>2816406542.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.5</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001473996</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Victor Khosla</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>41007576002.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>41007576002.00</sharedDispositivePower>
        <aggregateAmountOwned>41007576002.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>6.8</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>American Depositary Shares, each representing 2,000 shares of Common Stock without par value</securityTitle>
        <issuerName>LATAM Airlines Group S.A.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>PRESIDENTE RIESCO 5711 20TH FLOOR</com:street1>
          <com:street2>LAS CONDES</com:street2>
          <com:city>SANTIAGO</com:city>
          <com:stateOrCountry>F3</com:stateOrCountry>
          <com:zipCode>999999999</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item4>
        <transactionPurpose>Item 4 of the Schedule 13D is amended and supplemented as follows:

On August 13, 2025, the Funds entered into an Underwriting Agreement with J.P. Morgan Securities LLC and Barclays Capital Inc. (the "Underwriters"), the Issuer and the other selling shareholders named therein. Pursuant to the Underwriting Agreement, the Funds sold to the Underwriters 14,250,000 ADSs, each representing 2,000 shares of Common Stock, at a price per ADS of $42.35 (the "Underwritten Offering").

The ADS purchased by the Underwriters were issued by JPMorgan Chase Bank, N.A. (the "Depositary") and are evidenced by American Depositary Receipts ("ADRs") pursuant to the 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 "Deposit Agreement"), among the Issuer, the Depositary, and all holders from time to time of the ADRs issued thereunder evidencing ADS representing deposited shares of Common Stock.

The Underwritten Offering was effected pursuant to an automatic shelf registration statement on Form F-3 (File No. 333-280866) filed by the Issuer on July 18, 2024. The Underwritten Offering is scheduled to close on August 18, 2025.

 In accordance with the Underwriting Agreement, the Funds entered into a lock-up agreement with the Underwriters agreeing that, subject to certain exceptions, they may not, during period beginning on August 16, 2025 and continuing to and including the date that is 30 days after the date of the final prospectus related to the Underwriting Agreement, (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 ADS, or any options or warrants to purchase any shares of Common Stock or ADS, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock or ADS (such shares of Common Stock, ADS, options, rights, warrants or other securities, collectively, the "Lock-Up Securities"), (ii) engage in any hedging or other transaction or arrangement which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition, 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 would be settled by delivery of Common Stock, ADS or other securities, in cash or otherwise, (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 foregoing description of the lock-up agreement does not purport to be complete and is qualified in its entirety by reference to the lock-up agreement filed as an exhibit hereto and which is incorporated herein by reference.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Item 5 of the Schedule 13D is amended and supplemented as follows: Items 7 through 11 and 13 of each of the cover pages of this Schedule 13D are incorporated herein by reference.

The ownership percentage appearing on such cover pages has been calculated based on 604,441,789,335 shares of Common Stock outstanding as of August 13, 2025, as reported in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(7) with the Securities and Exchange Commission on August 14, 2025.</percentageOfClassSecurities>
        <numberOfShares>Items 7 through 10 of the cover pages to this Schedule 13D are incorporated herein by reference.</numberOfShares>
        <transactionDesc>The disclosure in Item 4 of this Amendment No. 6 to Schedule 13D is incorporated by reference herein. Except for the information incorporated by reference herein, none of the Reporting Persons has effected any transaction related to the Common Stock during the past 60 days.</transactionDesc>
      </item5>
      <item6>
        <contractDescription>The disclosure set forth above in Item 4 of this Amendment No. 6 to Schedule 13D is incorporated by reference into this Item 6.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 99.6 Lock-Up Agreement, dated August 13, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Strategic Value Partners, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Chief Financial Officer</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Ashton Gate S.a.r.l.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Manager</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SVP Special Situations V LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Chief Financial Officer</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Wild Heath S.a.r.l.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Manager</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SVP Special Situations III-A LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Chief Financial Officer</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Grouse Moor S.a.r.l.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Manager</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SVP Special Situations IV LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Chief Financial Officer</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Meadow Garden s.a.r.l.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Manager</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Green Pasture S.a.r.l.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Manager</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SVP Capital Solutions LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Chief Financial Officer</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Strategic Value New Rising Fund, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>By: SVP NEW RISING GP LTD., its general partner; By: Lewis Schwartz, Chief Financial Officer</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SVP New Rising Management LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lewis Schwartz</signature>
          <title>Lewis Schwartz, Chief Financial Officer</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Victor Khosla</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Victor Khlosa</signature>
          <title>Victor Khlosa</title>
          <date>08/15/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>2
<FILENAME>tm2522357d2_ex99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.6</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>LOCK-UP AGREEMENT</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"><B>LATAM Airlines Group S.A.</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"><B>Lock-Up Agreement</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"><B>August&nbsp;13, 2025</B></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"><B>J.P. Morgan Securities LLC</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10179</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"><B>Barclays Capital Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10019</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 0pt 0.5in">Re:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>LATAM Airlines Group S.A.
&ndash; Lock-Up Agreement</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 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</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">&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&nbsp;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">&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)&nbsp;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)&nbsp;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)&nbsp;make
any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv)&nbsp;otherwise publicly announce
any intention to engage in or cause any action, activity, transaction or arrangement described in clauses (i), (ii)&nbsp;or (iii)&nbsp;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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding the foregoing, the undersigned may:</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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> (a) transfer the undersigned&rsquo;s Lock-Up Securities</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 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">&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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iv)&nbsp;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">&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">&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)&nbsp;through (v)&nbsp;above,</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 0pt 1in; text-align: justify"> (vii) if the undersigned is a corporation, partnership, limited liability company or other business entity, (A)&nbsp;to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule&nbsp;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)&nbsp;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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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">&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">&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">&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)&nbsp;from the Underwriters in the Offering or (B)&nbsp;in open market transactions after the closing date of the Offering,</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 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">&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)&nbsp;in the case of clauses (a)(i), (ii), (iii), (iv), (v)&nbsp;and (vi)&nbsp;above,
such transfer or distribution shall not involve a disposition for value, (B)&nbsp;in the case of clauses (a)(i), (ii), (iii), (iv),
(v), (vi)&nbsp;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)&nbsp;in the
case of clauses (a)(i), (ii), (iii), (iv), (v)&nbsp;and (vi)&nbsp;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)&nbsp;in the case of clauses (a)(vii), (viii),
(ix)&nbsp;and (x)&nbsp;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)&nbsp;the circumstances of such transfer or distribution and
(B)&nbsp;in the case of a transfer or distribution pursuant to clause (a)(vii)&nbsp;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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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">&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">(b)</TD><TD STYLE="text-align: justify">enter into a written plan meeting the requirements of Rule&nbsp;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)&nbsp;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)&nbsp;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">&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">(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">&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">(d)</TD><TD STYLE="text-align: justify">take any actions that are necessary or appropriate (i)&nbsp;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;Financing Transaction&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">&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&nbsp;13(d)(3)&nbsp;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)&nbsp;an investment company registered under the Investment Company Act of 1940, as amended, (ii)&nbsp;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)&nbsp;their respective affiliates.</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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">&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">&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)&nbsp;and (c)&nbsp;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">&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&nbsp;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">&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)&nbsp;the
date on which the Registration Statement filed with the SEC with respect to the Offering is withdrawn, (ii)&nbsp;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)&nbsp;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)&nbsp;August&nbsp;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">&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">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
