Exhibit 8.1



LATAM
AIRLINES GROUP S.A. AND COMPANIES

SUBSIDIARIES,
AFFILIATES AND CONSTITUENTS













Subsidiaries and Affiliates Information



LATAM AIRLINES GROUP S.A

Name: LATAM Airlines Group S.A., R.U.T. 89,862,200-2



Constitution:It was incorporated as a limited
liability company, by public deed on December 30, 1983, granted in the Notary of Eduardo Avello Arellano, whose excerpt was registered
in the Registry of Commerce of Santiago in page 20,341, number 11,248 of 1983 and published in the Official Journal on December
31, 1983.



Constituted by public deed issued on August
20, 1985, granted in the Notary Miguel Garay Figueroa, the company became a publicly traded company, under the name Línea
Aérea Nacional Chile S.A. (today LATAM Airlines Group S.A.), which by express provision of the Law N°18,400 is the legal
continuation of the public state-owned company funded in 1929 under the name Línea Aérea Nacional de Chile, related
to aviation and radio communications concessions, traffic rights and other administrative concessions.



The Extraordinary Board of Directors of
Lan Chile S.A. held on July 23, 2004 agreed to change the name of the company to “Lan Airlines S.A.” An extract of
the public deed that summarizes the Act of the aforementioned Board Meeting was registered in the Register of Commerce of the Property
Register 25,128 number 18,764 of 2004 and published in the Official Journal on August 21, 2004. The effective date of the name
change was September 8, 2004.



The Extraordinary Board of Directors of
Lan Airlines S.A. held on December 21, 2011 agreed to change the name of the company to “LATAM Airlines Group S.A.”
An extract of the public deed that summarizes the Act of the aforementioned Board Meeting was registered in the Register of Commerce
of the Property Register pages 4,238 number 2,921 of 2012 and published in the Official Journal on January 14, 2012. The effective
date of the name change was June 22, 2012.



LATAM Airlines Group S.A. is governed by
the regulations applicable for publicly traded companies, and is registered under No 0306, as of May 22, 1987, in the Securities
Registry of the Superintendence of Securities and Insurance.



Note: The Financial Statements of
the subsidiaries are included in the form of summary in this report. The complete information is available for the public in our
offices and in the Superintendence of Securities and Insurance.











TAM S.A. AND SUBSIDIARIES



Constitution: Publicly held company formed in Brazil
in May1997.



Purpose:Participate as shareholder
in other companies, especially in companies that operate domestic and international air transport service in a regular basis and
other related activities, related or supplementary to the regular air transport.



Subscribed and paid- in capital:MUS$ 2,304,021

Net Income: MUS$ (146,198)

Stake:100.00%

Change YoY: 0.00%

% of consolidated assets: 2.75%



Chairman of the Board:

Claudia Sender Ramirez



Directors:

Ruy Antonio Mendes Amparo

Federico Herman Germani



Subsidiaries of TAM S.A.



| | - | TAM Linhas Aereas S.A. and subsidiaries
| | - | ---------------------------------------



Type of Entity:Publicly held company formed in Brazil.



Purpose:(a) Operation of scheduled
air transport services of passengers, cargo and mail bags in accordance with current legislation; (b) Exploration of complementary
activities of air transport services for passengers freight, cargo and mail; (c) Provision of maintenance services, aircraft repair,
own or third parties, engines, parts and pieces; (d) hangar services Provision of aircraft; (e) Provision of yard care services
and track flight attendant supply and cleaning of aircraft; (f) Provision of engineering services, technical assistance and other
activities related to the aviation industry; (g) the performance of education and training, related to aeronautical activities;
(h) Analysis and development of systems and programs; (i) buying and selling parts, accessories and appliances; (j) Development
and implementation of other related activities, related or complementary to air transport. Besides the above listed specifically;
(k) Import and export of finished lubricating oil; and (i) Exploration of correspondent banking service.



Subscribed and paid- in capital:MUS$
1,289,676

Stake: 100.00%

Change YoY: 0.00%

% of consolidated assets: 2.54497%



Chairman of the Board:

Claudia Sender Ramirez



Directors:

Ruy Antonio Mendes Amparo

Daniel Levy



| | - | ABSA: Aerolinhas Brasileiras S.A. y filial
| | - | ------------------------------------------



Type of Entity:Publicly held company formed in Brazil.











Purpose:(a) the operation of scheduled
air transport services of passengers, cargo and mail bags, domestic or international, in accordance with current legislation; (b)
the operation of air transport auxiliary activities, such as care, cleaning and towing aircraft, monitoring of cargo, operational
dispatch flight, check in and check out and other services provided for in legislation; (c) Commercial and Operational leasing
and chartering of aircraft; (d) Operation of maintenance services and marketing parts, aircraft parts and equipment; and (e) Development
and implementation of other related, similar or complementary activities to air transport in addition to those expressly listed.



Subscribed and paid- in capital:MUS$ 3,314

Stake: 100.00%

Change YoY: 0.00%

% of consolidated assets: 0.21801%



Chairman of the Board:

Luis Quintiliano



Directors:

Dario Matsuguma

Daniel Levy



| | - | Multiplus S.A.
| | - | --------------



Type of Entity:Publicly held company formed in Brazil.



Purpose:i. the development and
management of customer loyalty program because of consumer goods and services offered by the Company's partners; ii. the sale of
reward redemption rights under customer loyalty program; iii. creating database of individuals and legal entities; iv. obtaining
and processing transactional information related to consumption habits; v. the representation of other companies, Brazilian or
foreign; and vi. providing ancillary services to the trade of goods and products, including, but not limited to, the import and
export, in addition to the purchase of items and products, directly and indirectly, the achievement of the above activities



Subscribed and paid- in capital:MUS$31,616

Stake:72.40%

Change YoY: 0.00%

% of consolidated assets: 0.99075%



Chairman of the Board:

Roberto José Maris DE Medeiros



Directors:

Ronald Domingues

Ricardo Gazetta

Ricardo Birtel Mendes de Freitas



| | - | Transportes Aereos del Mercosur S.A.
| | - | ------------------------------------



Type of Entity:Publicly held company formed in Paraguay.



Purpose:This entity has a broad
company purpose including aviation activities, commercial, tourism, services, financial, representations, and investments, thus
emphasizing aeronautical activities of regular and non-regular transport, domestic and international transport of individuals,
e international de personas, objects and/ or mail, among others, commercials and maintenance service delivery and technical assistance
of all kind of aircrafts, equipment, parts and materials for aviation, among others.











Subscribed and paid- in capital:MUS$ 17,219

Stake: 94.98%

Change YoY: 0.00%

% of consolidated assets: 0,11039%



Chairman of the Board:

Gustavo Lopegui



Directors:

Enrique Alcaide Hidalgo

Darío Maciel Martínez

Hernán Pablo Morosuk (Suplente)



Senior Management:

Enrique Alcaide Hidalgo

Esteban Burt Artaza

Hernan Pablo Morosuk

Gabriela Terrazas Domaniczky

Maria Emiliana Duarte León



CEO:

Rosario Altgelt



| | - | Corsair Participações Ltda
| | - | --------------------------



Type of Entity:Publicly held company formed in Brazil.



Purpose: (I) participation in other civil or commercial
companies as a shareholder or partner; and (ii) the management of own assets.



Subscribed and Paid Capital:MUS$49

Participation2015: 100.00%

Variation y/y: 0.00%

% of consolidated assets: -0.00238%



Chairman of the Board:

Ruy Antonio Mendes Amparo



Directors:

Euzébio Angelotti Neto



| | - | TP Franchising Limited
| | - | ----------------------



Type of Entity:Limited liability company formed in Brazil.



Purpose: (a) franchising (b) temporary, free or onerous
assignment, to its franchisees, of using trademarks rights, systems, knowledge, methods, patents, performance technology and any
other rights, interests or property, movable or immovable, tangible or intangible, that the Company is or may be the owner or licensee
related to the development, implementation, operation or management of franchises that may be granted;(c) the development of any
activities necessary to ensure as far as possible, the maintenance and continuous improvement of standards of performance of its
franchise network;(d) the development of deployment models, operation and management of the franchise network and its transmission
to franchisees; and (e) the distribution, sale and marketing of air tickets and related products, as well as any related business
or accessories to its main purpose, and may also participate in other companies as partner or shareholder, in Brazil or abroad,
or in consortia as well as undertake their own projects, or join the third-party projects, including for purposes of tax incentives,
according to the legislation.











Subscribed and paid- in capital:MUS$8

Stake: 100.00%

Change YoY: 0.00%

% of consolidated
assets: 0.00447%



Senior Management:

Cláudia Sender Ramirez

Marcelo Eduardo Guzzi Dezem

Daniel Levy



| | - | TAM Capital Inc
| | - | ---------------



Type of Entity:Publicly held company formed in Brazil.



Purpose: The Company is enabled to perform any activity
not forbidden by law.



Subscribed and paid- in capital:MUS$ 111,123

Stake: 100.00%

Change YoY: 0.00%

% of consolidated
assets: 0.08937%



Directors:

José Zaidan Maluf.

Bruno Macarenco Aléssio

Euzébio Angelotti Neto



| | - | TAM Capital 2 Inc.
| | - | ------------------



Type of Entity:Publicly held company formed in Brazil.



Purpose: The Company is enabled to perform any activity
not forbidden by law.



Subscribed and paid- in capital:MUS$ 78,969

Stake: 100.00%

Change YoY: 0.00%

% of consolidated
assets: 0.10581%



Directors:

José Zaidan Maluf.

Bruno Macarenco Aléssio

Euzébio Angelotti Neto



| | - | TAM Capital 3 Inc.
| | - | ------------------



Type of Entity:Publicly held company formed in Brazil.



Purpose: The Company is enabled to perform any activity
not forbidden by law.



Subscribed and paid- in capital:MUS$ 178,391

Stake: 100.00%

Change YoY: 0.00%

% of consolidated
assets: 1.02135%



Directors:

José Zaidan Maluf.

Bruno Macarenco Aléssio

Euzébio Angelotti Neto











LAN CARGO S.A AND SUBSIDIARIES



Constitution:It was incorporated
as a limited liability company by public deed onMay 22, 1970, granted in the Notary Sergio Rodríguez Garcés,
incorporation that was materialized with the contribution of assets and liabilities of the company Línea Aérea del
Cobre Limitada (Ladeco Limitada), incorporated on September 3, 1958 in the Notary Jaime García Palazuelos. The Company has
experienced a series of reforms, being the last one registered by public deed as of November 20, 1998, whose excerpt was registered
in pages 30,091 number 24,117 in the Registry of Commerce of Santiago 1983 and published in the Official Journal on December 3,
1998, whereby Ladeco S.A. merged with the incorporation of Lan Chile S.A. subsidiary Fast Air Carrier S.A.



By public deed of October 22, 2001, as
of the same date the Act of the Extraordinary Shareholders Meeting of Ladeco S.A., the company name was modified to “Lan
Chile Cargo S.A.” An excerpt of that public deed was registered in the Registry of Commerce of the Registry of Property of
Santiago pages 27,746 number 22,624 of 2001 and published in the Official Journal on November 5, 2001. The name change was effective
starting from December 10, 2001.



By public deed of August 23, 2004, as stated
in the Act of the Extraordinary Shareholders Meeting of Lan Chile Cargo S.A. of August 17, 2004, the company name was modified
to “Lan Cargo S.A.” An excerpt of that public deed was registered in the Registry of Commerce of the Registry of Property
of Santiago pages 26,994 number 20,082 of 2004 and published in the Official Journal on august 30, 2004.



Purpose:Perform and develop, on
its own account or on behalf of third parties, the following: transport in general in any of its forms, and, in particular, air
transport of passengers, cargo and mail, in or outside the country; tourism, hotels and other supplementary activities, in any
of its forms, in or outside the country; the acquisition or sale, manufacturing, maintenance, leasing or any other way of use and
enjoyment, on its own account or on behalf of third parties, of aircrafts, parts and aeronautic equipment, and its operation; delivery
of every type of service and consultancy related to transport in general and, in particular, with air transport in any of its forms,
being ground support, maintenance, technical or any other type of advisory, in or outside the country, and every type of activities
and services related linked to tourism, hotels and other activities and aforementioned goods, in or outside the country. In order
to comply with the aforementioned objectives, the Company may make investments or participate as partner in other companies, either
acquiring stocks or rights or interests in any other type of partnership, being so for the existing ones and the ones to be created
in the future and, in general, to execute every act and conclude the contracts needed and relevant for the purposes specified.



Subscribed and paid- in capital:MUS$ 83,226

Net Income: MUS$ (61,332)

Stake: 99.898%

Change YoY: 0.00%

% of consolidated assets: 2.05%



Chairman of the Board:

José Cox Donoso



Directors:

Juan José Cueto Plaza (LATAM Director)

Ramón Eblen Kadis (LATAM Director)

Ignacio Cueto Plaza (LATAM Senior Management)

Enrique Cueto Plaza (LATAM Senior Management)

Andrés Osorio Hermansen (LATAM Senior Management)



CEO:

Alvaro Carril Muñoz











LAN CARGO S.A AND SUBSIDIARIES



| | - | Laser Cargo S.R.L.
| | - | ------------------



Type of Entity:Limited liability company formed inArgentina.



Purpose: On its own account or on
behalf of third parties the service delivery as air and ocean cargo services, operation of air and ocean containers, loading or
unloading cargo control of traditional aircrafts, freighters, traditional ships and container ships, consolidation and deconsolidation,
operations and contracts with transport companies, of distribution and promotion of air, ocean, river and ground cargo, and related
services, import and export: these operations will be performed in accordance with the applicable laws of the country, and the
regulations applicable to these occupations and activities, the legal and customs dispositions and regulations of the Argentine
Naval Prefecture, and also assign to third parties to perform the tasks assigned by current legislation for customs brokers; also
deposit and transport on its own account and/ or on behalf of third parties of fruits, products, raw materials, goods in general
and all kinds of documentation: packaging of goods, on its own account or on behalf of third parties. In the performance of these
tasks the company may register as air or shipping agent, importer and exporter, ocean and air contractor and supplier before the
competent authorities. At the same time, will develop mail activities intended to the admission, classification, transport, classification,
mail, packages of up to 50 kilos, made in the Republic of Argentina from and to the exterior. This activity includes the one developed
by the couriers, or courier companies and every other activity and every other activity assimilated according to Art. 4 of Decree
1187/93. The company is also enabled to develop the logistic process consistent with the transport, storage, assembly, fractioning,
packaging, refurbishment of merchandise in general for its transport an distribution to the final customer together with the management
of the relevant information to comply with this objective, meaning: the logistic process of taking the raw material from the supplier
to the delivery of the finished to the customer and the regulation related to the information that ensures the efficiency of the
activity.



Subscribed and paid- in capital:MUS$68

Stake: 99.99%

Change YoY: 0.00%

% of consolidated assets: -0.00007%



Directors:

Esteban Bojanich



Senior Management:

Esteban Bojanich.

Rosario Altgelt

María Marta Forcada.

Facundo Rocha

Gonzalo Perez Corral

Nicolás Obejero

Norberto Díaz



| | - | Aircraft Internacional Leasing Limited
| | - | --------------------------------------



Type of Entity:Limited liability company formed inBahamas.



Purpose: Acquisition and financing of aircrafts.



Subscribed and paid- in capital:MUS$5

Stake: 99.98%

Change YoY: 0.00%

% of consolidated assets: -0.00002%











Directors:

Richard Evans

Carlton Mortimer

Charlene Y. Wells

Geoffrey D. Andrews



| | - | Fast Air Almacenes de Carga S.A.
| | - | --------------------------------



Type of Entity:Publicly held company formed in Chile.



Purpose: Perform and develop the
operation and management of warehouses or venues of customs storage, places where its possible to store any good or merchandise
until its withdrawal, for import, export or any other customs destination, according to the terms contained in the Customs Ordinance,
its regulation and applicable rules.



Subscribed and paid- in capital:MUS$6,741

Stake: 99.89%

Change YoY: 0.00%

% of consolidated assets: 0.02400%



Directors:

Juan José Cueto Plaza (LATAM Director)

Alvaro Carril Muñoz (LATAM Senior Management)

Andrés Osorio Hermansen (LATAM Senior Management)

Andrés del Valle Eitel (LATAM Senior Management)

Enrique Elsaca Hirmas (LATAM Senior Management)



CEO:

Javier Cáceres Celia



| | - | Prime Airport Services Inc. y filial
| | - | ------------------------------------



Type of Entity:Corporation formed in the United States.



Purpose: Perform and develop the
operation and management of warehouses or venues of customs storage, places where it’s possible to store any good or merchandise
until its withdrawal, for import, export or any other customs destination, according to the terms contained in the Customs Ordinance,
its regulation and applicable rules.



Subscribed and paid- in capital:MUS$2

Stake: 100.00%

Change YoY: 0,00%

% of consolidated assets: -0.02484%



Directors:

Carlos Larraín



CEO:

Rene Pascua



| | - | Lan Cargo Overseas Limited and subsidiaries
| | - | -------------------------------------------



Type of Entity:Limited liability company formed inBahamas.











Purpose: Participate in any act or activity not forbidden
by any existing law in Bahamas.



Subscribed and paid- in capital:MUS$1,183

Stake: 100.00%

Change YoY: 0,00%

% of consolidated assets: 0.08598%



Directors:

Andres del Valle Eitel (LATAM Senior Management)

Cristian Toro (LATAM Senior Management)

Pilar Duarte



Senior Management:

Andres del Valle Eitel (LATAM Senior Management)

Cristian Toro (LATAM Senior Management)



| | - | Transporte Aéreo S.A.
| | - | ---------------------



Type of Entity:Publicly held company formed in Chile.



Purpose: Participate in any act or activity not forbidden
by any existing law in Bahamas.



Subscribed and paid- in capital:MUS$11,800

Stake: 99.99%

Change YoY: 0.00%

% of consolidated assets: 1.15157%



Directors:

Andrés Osorio Hermansen

Roberto Alvo Milosawlewitsch

Enrique Elsaca Hirmas



Senior Management:

Andrés Osorio Hermansen

Roberto Alvo Milosawlewitsch

Enrique Elsaca Hirmas



CEO:

Enrique Elsaca Hirmas



| | - | Consorcio Fast Air Almacenes de Carga S.A. - Laser Cargo S.R.L.
| | - | ---------------------------------------------------------------



Type of Entity:Transitory consortium of Companies constituted
in Argentina.



Purpose: Submission to a National
and International Public Tender N° 11/2000 for granting the Permit for the Use of the Installation and Operation of a Fiscal
Deposit in the International Airport of Rosario.



Subscribed and paid- in capital:MUS$132

Stake: 100.00%

Change YoY: 0.00%

% of consolidated assets: 0.00039%



Directors:

Esteban Bojanich











Senior Management:

Esteban Bojanich



| | - | Lan Cargo Inversiones S.A and subsidiary
| | - | ----------------------------------------



Type of Entity:Publicly held company formed in Chile.



Purpose: a) Trading of air transport
in any of its forms, of passengers, mail and/ or cargo, and every activity related directly or indirectly with such activity, in
or outside the country, on its own account or on behalf of third parties; b) the service delivery related to maintenance and repair
of aircrafts, of its own property or belonging to third parties; c) trade and development of activities related with travel, tourism
and hotels; d) Development and/ or participation in every type of investments, in Chile and abroad, in matters related directly
or indirectly with aeronautic matters and/ or other corporate objectives; and e) Development and operation of every activity derived
from the company purpose and/ or linked or complementary.



Subscribed and paid- in capital:MUS$125

Stake: 100.00%

Change YoY: 0.00%

% of consolidated assets: -0.07309%



Directors:

Ignacio Cueto Plaza (LATAM Senior Management)

Andrés Osorio Hermansen (LATAM Senior Management)

Roberto Alvo Milosawlewitsch (LATAM Senior Management)



| | - | Connecta Corporation
| | - | --------------------



Type of Entity:Corporation constituted in the United
States.



Purpose: Ownership, operating leasing and sub-leasing
of aircrafts.



Subscribed and paid- in capital:MUS$1

Stake: 100.00%

Change YoY: 0.00%

% of consolidated assets: -0.00678%



CEO:

Ernesto Ramirez



| | - | Línea Aérea Carguera de Colombia (Subsidiary of LAN Cargo Inversiones)
| | - | ----------------------------------------------------------------------



Type of Entity:Publicly held company formed in Colombia.



Purpose: Delivery of public air
commercial cargo and mail transport service within the Republic of Colombia, and from and to Colombia. Its corporate secondary
purpose the company is enabled to delivery maintenance services to itself or to third parties; operate its operations school and
delivery services of theory and practical training, and training to aeronautical professionals of its own or to third parties on
its different modalities and specialties; import for itself or for third parties parts, components and pieces related to the aviation
industry; delivery port services to third parties; represent or act as an agency for air domestic or foreign companies, passenger
or cargo, and in general to companies that delivery services from the aeronautic sector.



Subscribed and paid- in capital:MUS$774



Stake: 90.00%











Change YoY: 0.00%

% of consolidated assets: 0.03929%



Directors:

Alberto Davila Suarez

Pablo Canales

Jaime Antonio Gongora Esguerra

Fernando García Poitevin (Substitute)

Jorge Nicolas Cortazar Cardoso (Substitute)



Senior Management:

Jaime Antonio Gongora Esguerra

Erika Zarante Bahamon (Suplemente)



| | - | Mas Investment Limited (Subsidiary of LAN Overseas Limited)
| | - | -----------------------------------------------------------



Type of Entity: Limited Liability Company formed inBahamas.



Purpose: Perform any activity not forbidden by existing
law in Bahamas and specifically to have ownership in other subsidiaries of LAN.



Subscribed and paid- in capital:MUS$1,446

Stake: 100.000

Change YoY: 0.00%

% of consolidated assets: 0.03261%



Directors:

J. Richard Evans

Carlton Mortimer

Charlene Y. Wels

Geoffrey D. Andrews.



| | - | Promotora Aérea Latinoamérica S.A and subsidiaries (Subsidiary of Mas Investmet Limited)
| | - | ----------------------------------------------------------------------------------------



Type of Entity:Publicly held company of Variable Capital
formed inMexico.



Purpose: Promote, constitute, organize,
operate and participate in equity and capital, of all kind of mercantile or civil companies, associations or industrial companies,
service or of any other kind, domestic or international, and also to participate in its management or winding up. *The acquisition,
sale and in general the negotiation of every type of equity, social stakes and other permitted by law...*The delivery or contracting
of technical services, advisory, as well as entering into contracts or agreements to accomplish these objectives.



Subscribed and paid- in capital:MUS$2,216

Stake: 49.00%

Change YoY: 0.00%

% of consolidated assets: 0.02302%



Senior Management:

Luis Ignacio Sierra Arriola



| | - | Inversiones Áreas S.A (Subsidiary of Mas Investmet Limited)
| | - | -----------------------------------------------------------



Type of Entity:Publicly held company formed in Peru.











Purpose: Promote, constitute, organize,
operate and participate in equity and capital, of all kind of mercantile or civil companies, associations or industrial companies,
service or of any other kind, domestic or international, and also to participate in its management or winding up. *The acquisition,
sale and in general the negotiation of every type of equity, social stakes and other permitted by law...*The delivery or contracting
of technical services, advisory, as well as entering into contracts or agreements to accomplish these objectives.



Subscribed and paid- in capital:MUS$428

Stake: 100.00%

Change YoY: 0.00%

% of consolidated assets: 0.02444%



Directors:

Andrés Enrique del Valle Eitel

Andrés Osorio Hermansen

Cristian Eduardo Toro Cañas



CEO:

Carlos Schacht Rotter



| | - | Americonsul S.A de C.V. (Subsidiary of Promotora Aérea Latinoamérica S.A and
subsidiaries)
| | - | ------------------------------------------------------------------------------------------



Type of Entity:Publicly held company
of Variable Capital formed inMéxico.



Purpose: Provide and receive every
type of technical services, administration and advisory to industrial companies, commercial and services providers; Promote, organize,
manage, supervise, convey and manage training courses to the employees; Perform every type of training to the staff; Perform every
type of studies, plans, projects, research work; Hire the required professional and technical staff.



Subscribed and paid- in capital:MUS$5

Stake: 49.00%

Change YoY: 0.00%

% of consolidated assets: 0.00000%



Senior Management:

Luis Ignacio Sierra Arriola



| | - | Americonsult de Guatemala S.A. (Subsidiary of Americonsul S.A de C.V)
| | - | ---------------------------------------------------------------------



Type of Entity:Publicly held company formed in Guatemala.



Purpose: Powers to represent, intermediate,
negotiate and commercialize; develop every type of commercial and industrial activities; every type of commerce in General. The
purpose is broad and allows every kind of operations in the country.



Subscribed and paid- in capital: MUS$76

Stake:99.00%

Change YoY: 0.00%

% of consolidated assets: 0.00238%



Presidente Directorio:

Luis Ignacio Sierra Arriola











Directors:

Carlos Fernando Pellecer Valenzuela



Senior Management:

Carlos Fernando Pellecer Valenzuela



| | - | Americonsult de Costa Rica S.A. (Subsidiary of Americonsul S.A de C.V)
| | - | ----------------------------------------------------------------------



Type of Entity:Publicly held company formed in Costa
Rica.



Purpose: Commerce in general: industry,
agriculture and cattle.



Subscribed and paid- in capital: MUS$ 20

Stake:99.00%

Change YoY: 0.00%

% of consolidated assets: 0.00353%



Senior Management:

Luis Ignacio Sierra Arriola

Tesorero: Alejandro Fernández Espinoza

Luis Miguel Renguel López

Tomás Nassar Pérez

Marjorie Hernández Valverde.



LAN PERÚ S.A



Constitution:Publicly held company
formed in Peru on February 14, 1997.



Purpose:Service delivery of air,
cargo and mail passengers transport, domestic and international, in accordance with the civil aeronautic regulation.



Subscribed and paid- in capital: MUS$4,341

Net Income: MUS$5,068

Stake:70.00%

Change YoY:0.00%

% of consolidated assets: 0.08%



Chairman of the Board:

Emilio Rodríguez Larraín Salinas



Directors:

César Emilio Rodríguez Larraín Salinas

Ignacio Cueto Plaza (LATAM Senior Management)

Enrique Cueto Plaza (LATAM Senior Management)

Jorge Harten Costa

Alejandro García Vargas

Emilio Rodríguez Larraín Miró Quesada

Armando Valdivieso Montes (LATAM Senior Management)



CEO:

Félix Antelo











INVERSIONES LAN S.A AND
SUBSIDIARIES



Constitution:It was incorporated as a limited
liability company, by public deed on January 23, 1990, granted in the Notary Humberto Quezada M., registered in the Registry of
Commerce of Santiago in page 3,462 N°1,833 of 1990, and published in the Official Journal on February 2, 1990.



Purpose: Make investments of every
kind of goods, which might be movable or immovable, tangible or intangible. Besides, the Company might enter into other type of
companies, of any kind; acquire rights in already formed companies, manage, modify or wind up them.



Subscribed and paid- in capital: MUS$458

Net Income: MUS$2,798

Stake: 100.00%

Change YoY:0.29%

% of consolidated assets: 0.01%



Directors;

Enrique Cueto Plaza (LATAM Senior Management)

Ignacio Cueto Plaza (LATAM Senior Management)

Andrés Osorio Hermansen (LATAM Senior Management)

Roberto Alvo Milosawlewitsch (LATAM Senior Management)

Enrique Elsaca Hirmas (LATAM Senior Management)



CEO:

Juan Pablo Arias (LATAM Senior Management)



Subsidiaries of Inversiones
Lan S.A. and holdings



| | - | Andes Airport Services S.A.
| | - | ---------------------------



Type of Entity:Publicly held company
formed in Chile.



Purpose: Comprehensive advisory
for companies and service delivery to third parties, such as cargo ground handling, staffing and every other service required.
To this end, the company will perform its activities through staff specially hired of its own account or third parties. In general,
the company would develop every activity directly or indirectly related to its particular goal of advisory and service delivery
to third parties.



Subscribed and paid- in capital:MUS$2

Stake: 98.00%

Change YoY: 0.00%

% of consolidated assets: 0.00197%



Directors:

Enrique Cueto Plaza (LATAM Senior Management)

Ignacio Cueto Plaza (LATAM Senior Management)

Andrés Osorio Hermansen (LATAM Senior
Management)

Roberto Alvo Milosawlewitsch (LATAM Senior
Management)

Enrique Elsaca Hirmas (LATAM Senior Management)











INMOBILIARIA AERONAUTICA
S.A



Constitution:It was incorporated as a limited
liability company, by public deed on August 1st, 1995, granted in the Notary of Gonzalo de la Cuadra Fabres, and registered
in the Registry of Commerce of Santiago in page 21,690 numbers 17,549 of 1995 and published in the Official Journal on September
14, 1995.



Purpose:Perform acquisitionsand sale of real estate and its rights; the development, planning, sale and construction of real properties and real estate
projects; leasing, administration, and any form of real estate development, on its own account or by third parties.



Subscribed and paid- in capital: MUS$1,147

Net Income: MUS$1,404

Stake: 100.00%

Change YoY:0.0%

% of consolidated assets: 0.14%



Chairman of the
Board:

Presidente: Enrique Cueto Plaza (LATAM Senior Management)



Directors:

Andrés Osorio Hermansen (LATAM Senior Management)

Armando Valdivieso Montes (LATAM Senior Management)



LANTOURS DIVISION SERVICIOS
TERRESTRES S.A



Constitution:It was incorporated as a limited
liability company, by public deed on June 22, 1987, granted in the Notary of Raúl Undurraga Laso, in Santiago, and registered
in the Registry of Commerce of Santiago in page 13,139 N°8495 of 1987 and published in the Official Journal on July 2, 1987.
The company has experienced different profiles, the last one is registered by public deed of August 24, 1999 granted in the Notary
don Eduardo Pinto Peralta in Santiago and registered in the Registry of Commerce of Santiago in page 21,042 N°16,759 of 1999
and published in the Official Journal on September 8, 1999.



Purpose:Operation, administration
and representation of companies, domestic or international companies or businesses focused on hotels related activities, shipping,
airlines and tourism; operation on its own account or by third parties, car leasing; import, export, production, commercialization
and distribution on its own account or by third parties, in domestic or international markets any kind or merchandise, being raw
materials, inputs or finished products.



Subscribed and paid- in capital: MUS$235

Net Income: MUS$2,341

Stake: 100.00%

Change YoY:0.0%

% of consolidated assets: 0.00%



Directores:

Andrés del Valle Eitel (LATAM Senior
Management)

Armando Valdivieso Montes (LATAM Senior
Management)

Andrés Osorio Hermansen (LATAM Senior
Management)



CEO:

Sandra Espinoza Gerard



Subsidiary of Lantours
División Servicios Terrestres S.A. and holdings



| | - | Lantours División Servicios Terrestres II S.A.
| | - | ----------------------------------------------



Type of Entity:Publicly held company
formed in Chile.











Purpose:Operation, administration
and representation of companies, domestic or international companies or businesses focused on hotels related activities, shipping,
airlines and tourism in general; the intermediation of tourist services such as: (a) seats reservations and tickets sales of all
kinds of domestic means of transport, (b) reservation, acquisition and sale of accommodation and tourist services, tickets to every
kind of shows, museums, monuments and protected areas in the country, (c) organization, promotion and sale of tourism packages,
this being understood as a set of tourist services (maintenance, transport, accommodation, etc.), adjusted or projected in relation
to customers’ needs, at a preset price, to be operated within the national territory, (d) air tourist, ground, maritime and
river transport within the national territory; (e) leasing and charter of aircrafts, ships, buses, trains and other means of transport
for the delivery of tourist services; (f) every other issue related directly or indirectly to the delivery of the aforementioned
services.



Subscribed and paid- in capital: MUS$235

Stake:99.99%

Change YoY: 0.00%

% of consolidated assets: 0.00050%



Directores:

Armando Valdivieso Montes (LATAM Senior Management)

Andrés del Valle Eitel (LATAM Senior Management)

Damián Scokin (LATAM Senior Management)



CEO:

Sandra Espinoza Gerard



LAN PAX GROUP S.A



Constitution:It was incorporated as a limited
liability company, by public deed on September 27, Se 2001, granted in the Notary of don Patricio Zaldívar Mackenna in Santiago,
and registered in the Registry of Commerce of Santiago in page 25,636 N° 20,794 of October 04, 2001 and published in the Official
Journal on October 6, 2001.



Purpose: Make investments of every
kind of goods, which might be movable or immovable, tangible or intangible. Besides, the Company might enter into other type of
companies, of any kind; acquire rights in already formed companies, manage, modify or wind up them. In general, the entity may
acquire and sale every kind of goods and operate them, on its own account or third parties, and also to perform every kind of acts
and enter into any type of contracts related to its purpose. Exercise the development and operation of every activity related to
its corporate purpose and/ or those related, liked or supplementary to it.



Subscribed and paid- in capital: MUS$424

Net Income: MUS$(35,181)

Stake: 100.00%

Change YoY:0.00%

% of consolidated assets: 0.00%



Chairman of the Board:

Ignacio Cueto Plaza (LATAM Senior Management)



Directors:

Andrés del Valle (LATAM Senior Management)

Enrique Elsaca Hirmas (LATAM Senior Management)



CEO:

Andrés del Valle Eitel (LATAM Senior Management)











Subsidiaries of Lan Pax
Group S.A. and holdings



| | - | Inversora Cordillera S.A. y filiales
| | - | ------------------------------------



Type of Entity:Publicly held company
formed in Argentina.



Purpose: Make investments on its
own account or by third parties, in other joint-stock companies, for whatever purpose, constituted or to be constituted, within
or outside the territory of the Republic of Argentina, through the acquisition, constitution or sale of shares, stocks, quotas,
bonds, options, negotiable obligations, convertibles or non-convertible, other transferable securities or other forms of investments
allowed, according to the current regulations, whether the objective is to hold them in portfolio or to sell all or part of them.
To that end, the company might perform every operation not forbidden by law to achieve its business purpose and holds full legal
capacity to acquire rights, contract obligations and to exercise the acts not forbidden by law or its bylaws.



Subscribed and paid- in capital: MUS$78,066

Stake:95.78%

Change YoY: 0.00%

% of consolidated assets: 0.13504%



Directors:

Manuel Maria Benites

Jorge Luis Perez Alati

Ignacio Cueto Plaza



Senior Management:

Manuel María Benites

Jorge Luis Perez Alati

Rosario Altgelt

María Marta Forcada

Facundo Rocha Gonzalo Perez Corral

Nicolás Obejero

Norberto Díaz



| | - | Lantours S.A.
| | - | -------------



Type of Entity:Publicly held company
formed in Argentina.



Purpose: Perform on its own account
or by third parties and/ or partnered with third parties, in the country and/ or abroad, the following activities and operations:
A) COMMERCIALS: Perform, intervene, develop or design every kind of operations and activities that involve the sale of flight,
ground, river or ocean tickets, at both domestic and international markets, or any other service related with the tourism
industry in general. The aforementioned services might be performed on its own account or by third parties, by mandate, commission,
using systems or methods useful for that end, who might be hand-operated, mechanic, electronic, by phone, or Internet, or any other
adequate technology. The Company might perform concurring or related activities to the aforementioned purpose, such as the purchase-sale,
import, export and re-export, franchising and representation of every type of goods, services, “know-how” and technology,
directly or indirectly linked with the purpose described above; commercialize by any way or title the technology it requires; develop,
distribute, promote and commercialize any type of contents for media outlets of any kind. B) TOURISM: In the performance of every
kind of activities related to the tourism and hotels industry, as a responsible operator or operator of service provider to third
parties or as travel agent. Planning exchange programs, tourism, field trips and tours; intermediation and reservation of services
by any means of transport in the country or abroad and ticket sales; intermediation in contracting accommodation services in the
country or abroad; the booking of hotels, motels, touristic flats and other touristic services; trips organization for individuals
or groups, field trips or similar in the country or abroad; reception and assistance of tourists during their trips and in—country
stay, delivery of tourist guide services and baggage handling; representation of other travel agencies and tourism, companies,
or tourism institutions both national and international, to deliver any of these services on its account. C) CLIENT: By means of
the acceptance, performance and granting of representations, concessions, commissions agencies and mandates in general. D) CONSULTANCY:
Performance of consultancy services, advisory and administration of every service related to the organization, installation, attention,
development, support and promotion to companies related with the aero-commercial activity, in these fields: administration, industrial,
commercial, technical, advertising, service to be delivered by professionals qualified according to the regulations in place and
the provision of organization and administration systems, monitoring, maintenance and surveillance of the adequate staff and specially
trained to perform such duties. E) FINANCIAL: Through participation in other companies formed or to be formed in the future, through
the stock acquisition in companies already constituted or through the incorporation of companies, through the granting of credits,
loans, cash advances with or without collaterals, granting of guarantees or sureties in favor or third parties; the placement of
funds in foreign currency, gold or foreign exchange, or in bank deposits of any kind. The company holds full legal capacity to
act in every way not forbidden by law or bylaws, and even to contract debt either public or publicly though the issuance of debentures
and negotiable obligations and the performance of any kind of financial operations with the exception of the ones included in the
Law 21,526 and any other required by public deed.











Subscribed and paid- in capital: MUS$2,042

Stake:100.00%

Change YoY: 0.00%

% of consolidated assets: -0.00519%



Directors:

Nicolas Obejero

Diego Alejandro Martínez



Senior Management:

Rosario Altgelt

María Marta Forcada

Facundo Rocha

Gonzalo Perez Corral

Nicolás Obejero

Norberto Díaz



| | - | Atlantic Aviation Investments LLC
| | - | ---------------------------------



Type of Entity:Limited Liability
Company formed in the United States



Purpose: Every lawful business that
the company can undertake.



Subscribed and paid- in capital: MUS$1

Stake:99.00%

Change YoY: 0.00%

% of consolidated assets: 0.00362%



Directores:

Andrés del Valle Eitel

Andrés Osorio Hermansen



Senior Management

Andrés del Valle (LATAM Senior Management)

Andrés Osorio (LATAM Senior Management)

Pilar Duarte











| | - | Akemi Holdings S.A.
| | - | -------------------



Type of Entity:Publicly held company
formed in Panamá.



Purpose: The corporate purposes
of the company are to establish, process and to carry out the businesses of an investment company in any place worldwide, buy,
sale and negotiate any kind of consumer products, capital stocks, bonds and securities of all kinds, buy, sale, lease or any other
way to acquire or dispose movable or immovable assets, invest in any industrial or commercial business, both controlling or just
shareholders, receive and bring money as a loan, with or without collateral, pact, celebrate, comply with and celebrate all kind
of contracts, become guarantor or guarantee the compliance and observance of any contract, carry out any lawful business not forbidden
to a publicly held company, and perform any of the things that precede as fundamental, agents or any other representative aspect.



Subscribed and paid- in capital: MUS$0

Stake:100.00%

Change YoY: 0.00%

% of consolidated assets: 0.00000%



Directors:

Edith O. de Bocanegra

Barbara de Rodriguez

Luis Alberto Rodriguez



Senior Management:

Luis Alberto Rodriguez

Barbara de Rodríguez



| | - | Saipan Holdings S.A.
| | - | --------------------



Type of Entity:Publicly held company
formed in Panama.



Purpose: The corporate purposes
of the company are to establish, process and to carry out the businesses of an investment company in any place worldwide, buy,
sale and negotiate any kind of consumer products, capital stocks, bonds and securities of all kinds, buy, sale, lease or any other
way to acquire or dispose movable or immovable assets, invest in any industrial or commercial business, both controlling or just
shareholders, receive and bring money as a loan, with or without collateral, pact, celebrate, comply with and celebrate all kind
of contracts, become guarantor or guarantee the compliance and observance of any contract, carry out any lawful business not forbidden
to a publicly held company, and perform any of the things that precede as fundamental, agents or any other representative aspect.



Subscribed and paid- in capital: MUS$0

Stake:100.00%

Change YoY: 0.00%

% of consolidated assets: 0.00000%



Directors:

Edith O. de Bocanegra

Barbara de Rodriguez

Luis Alberto Rodriguez



Senior Management:

Luis Alberto Rodriguez

Barbara de Rodríguez











| | - | Aerolane, Líneas Aéreas
                                         Nacionales del Ecuador S.A.
| | - | --------------------------------------------------------------------------------------------



Type of Entity:Publicly held company
formed in Ecuador.



Purpose: Air passenger, cargo and
mail transport on a combined basis.



Subscribed and paid- in capital: MUS$1,000

Stake:55.00%

Change YoY: 0.00%

% of consolidated assets: 0.05440%



Directors:

Antonio Stagg

Manuel Van Oordt

Mariana Villagómez



Senior Management:

Maximiliano Naranjo

Javier Macías



CEO:

Maximiliano Naranjo



| | - | Rampas Andes Airport Services S.A. and subsidiaries
| | - | ---------------------------------------------------



Type of Entity:Publicly held company
formed in Ecuador.



Purpose: Air passenger, cargo and
mail transport on a combined basis.



Subscribed and paid- in capital: MUS$6,001

Stake:99.875%

Change YoY: 0.00%

% of consolidated assets:0.04270%



Senior Management:

Ricardo Cadena



| | - | Hodco Ecuador S.A
| | - | -----------------



Type of Entity:Publicly held company
formed in Chile.



Purpose: Perform any kind of investments
with the purpose to obtain an income, in tangible or intangible assets, movable or immovable, being in Chile or abroad.



Subscribed and paid- in capital: MUS$507

Stake:99.999%

Change YoY: 0.0%

% of consolidated assets: 0.00000%



Directors:

Antonio Stagg

Manuel Van Oordt

Mariana Villagómez











CEO:

Cristián Toro Cañas (LATAM Senior Management)



| | - | Aerovias de Integración Regional, Aires SA.
| | - | -------------------------------------------



Type of Entity:Publicly held company
formed in Colombia.



Objeto: The corporate purpose of
the company is the operation of air commercial transport services, national and international, in any of their forms, and therefore,
enter into and execute passenger transport contracts, also goods and baggage, mail and cargo in general, according to the operation
permissions issued by the Unidad Administrativa Especial de la Aeronáutica Civil(Special Administrative Unit of
Civil Aeronautics), or the responsible entity in the future, thus agreeing with the regulations contained in the Código
de Comercio (Code of Commerce), los Reglamentos Aeronáuticos de Colombia (Aeronautic Regulations of Colombia)
and any other rule related to the subject. Likewise, the delivery of maintenance service and adequacy of the equipment related
to the operation of air transport services, in or outside the country. To fulfill this objective, the company will be authorized
to invest in other companies, national or foreign, company with the same, similar or supplementary purpose.



To fulfill its corporate purpose, the company
may, among others: (a) carry out the revision, inspection, maintenance and/ or repair of its own or third party aircrafts, and
also their parts and accessories, through the Aeronautic Repair Workshops of the Company, thus performing the necessary training;
(b) organize, constitute and invest in commercial transport companies in Colombia or abroad, to operate industrial or commercially
the economic activity of its purpose, therefore the company is enabled to acquire under any legal title the aircrafts, parts and
accessories of any kind, required for air and public transport and sell them, and to build and operate workshops for the maintenance
and repair f aircrafts; (c) enter into leasing, charter, share codes, location and other related to aircrafts contracts to carry
our its corporate purpose; (d) operate regular airlines of passengers, cargo, mail and securities, and also the vehicle that allows
to coordinate de development of the social management; (e) integrate with companies alike, similar or supplementary to operate
its activity; (f) accept national or international representations of services from the same industry or supplementary industries;
(g) acquire movable or immovable goods for the development of its social objectives, build these facilities or constructions, such
as warehouses, offices, etc., dispose or tax them; (h) make the import and export activities, and every other foreign trade operations
required; (i) perform time deposits and grant real personal and bank collaterals, for its own and for third parties; (j) celebrate
any type of operations with securities, such as the purchase and sale of third party obligations when they provide an economic
or patrimonial benefit of the company, and contract debt through bonds or debt securities; (k) engage with third parties the administration
and operation of the businesses meant for accomplish its corporate purpose; (l) enter into contracts and buy shares or participations
in the operating companies, national or abroad; make contributions to one and others, (m) merge with other companies and associate
with entities alike in order to promote de development or air transport or with other purposes related with trade associations;
(n) promote, provide technical assistance, finance or manage companies or entities related with the corporate purpose; (ñ)
cerebrate or execute all type of civil, industrial, financial or commercial related with the corporate purpose; (o) cerebrate businesses
and carry out activities that bring customers, y obtain from the relevant authorities the authorizations and licenses required
to deliver the service; (p) develop and operate other activities resulting from the social objective and/ or linked, connected
or supplementary to the latter, including the delivery of tourist services under any form allowed by law such as travel agencies;
(q) attend every business or lawful activity, being related to commerce or not, only if its related to its social objective or
if it allows the more rational operation of public service; and (r) perform investment of any kind to use funds and reserves in
compliance with the law or the bylaws.



Subscribed and paid- in capital: MUS$3,388

Stake:99.017%

Change YoY: 0.00%

% of consolidated assets: 0.33637%











Directors:

Jorge Nicolas Cortazar Cardoso

Jaime Antonio Gongora Esguerra

Fernando García Poitevin. Suplente

Jorgue Enrique Cortazar Garcia

Alberto Davila Suarez

Pablo Canales



Senior Management:

Jorge Nicolas Cortazar

Erika Zarante Bahamon

Jaime Antonio Gongora Esguer



| | - | Lan Argentina S.A (Subsidiary of Inversora Cordillera S.A)
| | - | ----------------------------------------------------------



Type of Entity:Publicly held company
formed in Argentina.



Purpose: Perform any kind of investments
with the purpose to obtain an income, in tangible or intangible assets, movable or immovable, being in Argentina or abroad.



Subscribed and paid- in capital: MUS$74,339

Stake:99.00%

Change YoY: 0.00%

% of consolidated assets: 0.15685%



Directores:

Manuel Maria Benites

Jorge Luis Perez Alati

Ignacio Cueto Plaza (Ejecutivo LATAM)



Senior Management:

Manuel María Benites

Jorge Luis Perez Alati

Rosario Altgelt

María Marta Forcada

Facundo Rocha

Gonzalo Perez Corral

Nicolás Obejero

Norberto Díaz



TECHNICAL TRAINING LATAM
S.A.



Constitution:It was incorporated as
publicly held company by public deed on December 23, 1997 in Santiago, Chile, and registered in the Registry of Commerce of Santiago
in page 878 numbers 675 of 1998.



Purpose:Its company purposeis to deliver services such as technical training and other type of services related to the latter.



Subscribed and paid- in capital: MUS$753

Net Income: MUS$(72)

Participación: 100.00%

Change YoY: 0.00%

% of consolidated assets: 0.01%



Chairman of the Board:

Enrique Elsaca (LATAM Senior Management)



Directors:

Sebastián Acuto

Fernando Andrade



CEO:

Alejandra Jara Hernández











Financial Statemens Subdidiaries



TAM S.A.












|                                                                                                                                               |  | As of 31 |           |  | As of 31 | 
|---------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | --------- |  | -------- | 
|                                                                                                                                               |  | December |           |  | December | 
|                                                                                                                                               |  | 2015     |           |  | 2014     | 
|Consolidated Classified Statement of Financial Position                                                                                        |  | MUS$     |           |  | MUS$     | 
|                                                                                                                                               |  |          |           |  |          | 
|ASSETS                                                                                                                                         |  |          |           |  |          | 
|                                                                                                                                               |  |          |           |  |          | 
|Total current assets different from assets or groups of assets for disposal classified as held for sale or held for distribution to owners     |  |          | 1,335,337 |  |          | 
|Total non-current assets different from assets or groups of assets for disposal classified as held for sale or held for distribution to owners |  |          | 277       |  |          | 
|Total current assets                                                                                                                           |  |          | 1,335,614 |  |          | 
|Total non-current assets                                                                                                                       |  |          | 3,360,939 |  |          | 
|TOTAL ASSETS                                                                                                                                   |  |          | 4,696,553 |  |          | 
|                                                                                                                                               |  |          |           |  |          | 
|LIABILITIES AND EQUITY                                                                                                                         |  |          |           |  |          | 
|                                                                                                                                               |  |          |           |  |          | 
|LIABILITIES                                                                                                                                    |  |          |           |  |          | 
|                                                                                                                                               |  |          |           |  |          | 
|Total current liabilities                                                                                                                      |  |          | 1,963,400 |  |          | 
|Total non-current liabilities                                                                                                                  |  |          | 2,235,823 |  |          | 
|Total liabilities                                                                                                                              |  |          | 4,199,223 |  |          | 
|                                                                                                                                               |  |          |           |  |          | 
|EQUITY                                                                                                                                         |  |          |           |  |          | 
|                                                                                                                                               |  |          |           |  |          | 
|Equity attributable to controller ́s owners                                                                                                     |  |          | 423,190   |  |          | 
|Non- controlling interest                                                                                                                      |  |          | 74,140    |  |          | 
|Total equity                                                                                                                                   |  |          | 497,330   |  |          | 
|TOTAL LIABILITIES AND EQUITY                                                                                                                   |  |          | 4,696,553 |  |          | 



|                                             |  | For the 12 months period ended as of |          
|-------------------------------------------- |  | ------------------------------------ | ---------
|                                             |  | 2015                                 |          
|Consolidated Statement of Income by Function |  | MUS$                                 |          
|Revenues from ordinary activities            |  |                                      | 4,597,612
|Gross Income                                 |  |                                      | 599,784  
|                                             |  |                                      |          
|Profit (loss) before tax                     |  |                                      | (272,206 
|Income tax expenses                          |  |                                      | 126,008  
|PROFIT (LOSS) OF THE PERIOD                  |  |                                      | (146,198 
|Profit (loss) of the period attributable to: |  |                                      |          
|Controller’s owners                          |  |                                      | (183,912 
|Non-controlling interest                     |  |                                      | 37,714   
|Profit (loss) of the period                  |  |                                      | (146,198 











|                                                |  | For the 12 months period ended as of |         
|----------------------------------------------- |  | ------------------------------------ | --------
|                                                |  | 2015                                 |         
|Consolidated Statements of Comprehensive Income |  | MUS$                                 |         
|                                                |  |                                      |         
|PROFIT (LOSS) OF THE PERIOD                     |  |                                      | (146,198
|Other Comprehensive income                      |  |                                      | (347,490
|Total comprehensive income                      |  |                                      | (493,688
|                                                |  |                                      |         
|Total comprehensive income attributable to:     |  |                                      |         
|Controller’s owners                             |  |                                      | (472,217
|Non-controlling interest                        |  |                                      | (21,471 
|TOTAL COMPREHENSIVE INCOME                      |  |                                      | (493,688





|                                     |  | Equity attributable    |          |   | Non- controlling |  |         | Total  | 
|------------------------------------ |  | ---------------------- | -------- | - | ---------------- |  | ------- | ------ | 
|                                     |  | to controller’s owners |          |   | interest         |  |         | Equity | 
|Statement of Changes in Equity       |  | MUS$                   |          |   | MUS$             |  |         | MUS$   | 
|                                     |  |                        |          |   |                  |  |         |        | 
|Equity as of 1 January 2014          |  |                        | 617,039  |   |                  |  | 94,748  |        | 
|Total comprehensive income           |  |                        | 5,764    |   |                  |  | 38,374  |        | 
|Issue of Equity                      |  |                        | 250,000  |   |                  |  | -       |        | 
|Dividends                            |  |                        | -        |   |                  |  | (34,962 | )      | 
|Oher increases (decreases) in equity |  |                        | 39,836   |   |                  |  | (2,630  | )      | 
|Closing balance at 31 December 2014  |  |                        | 912,639  |   |                  |  | 95,530  |        | 
|                                     |  |                        |          |   |                  |  |         |        | 
|Equity as of 1 January 2015          |  |                        | 912,639  |   |                  |  | 95,530  |        | 
|Total comprehensive income           |  |                        | (528,218 | ) |                  |  | 16,243  |        | 
|Dividends                            |  |                        | -        |   |                  |  | (34,623 | )      | 
|Oher increases (decreases) in equity |  |                        | 38,769   |   |                  |  | (3,010  | )      | 
|Closing balance at 31 December 2015  |  |                        | 423,190  |   |                  |  | 74,140  |        | 



|                                                                                                    |  | For the 12 months period ended as of |         
|--------------------------------------------------------------------------------------------------- |  | ------------------------------------ | --------
|                                                                                                    |  | 2015                                 |         
|Consolidated Statement of Cash Flow - Direct Method                                                 |  | MUS$                                 |         
|                                                                                                    |  |                                      |         
|Net cash flows from (used in) operating activities                                                  |  |                                      | 713,435 
|Net cash flows from (used in) investment activities                                                 |  |                                      | (244,750
|Net cash flows from (used in) financing activities                                                  |  |                                      | (335,088
|Net increase (decrease) in cash and cash equivalents before effect of
    exchange rates variations |  |                                      | 133,597 
|Effect of exchange rates variations on cash and cash equivalents                                    |  |                                      | (49,381 
|Cash and equivalents at the end of period                                                           |  |                                      | 220,021 











LAN CARGO S.A.

(Closed joint stock company)










|                                                                                                                                               |  | As of 31 |         |  | As of 31 | 
|---------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | ------- |  | -------- | 
|                                                                                                                                               |  | December |         |  | December | 
|                                                                                                                                               |  | 2015     |         |  | 2014     | 
|Consolidated Classified Statement of Financial Position                                                                                        |  | MUS$     |         |  | MUS$     | 
|                                                                                                                                               |  |          |         |  |          | 
|ASSETS                                                                                                                                         |  |          |         |  |          | 
|                                                                                                                                               |  |          |         |  |          | 
|Total current assets different from assets or groups of assets for disposal classified as held for sale or held for distribution to owners     |  |          | 164,412 |  |          | 
|Total non-current assets different from assets or groups of assets for disposal classified as held for sale or held for distribution to owners |  |          | 85      |  |          | 
|Total current assets                                                                                                                           |  |          | 164,497 |  |          | 
|Total non-current assets                                                                                                                       |  |          | 546,687 |  |          | 
|TOTAL ASSETS                                                                                                                                   |  |          | 711,184 |  |          | 
|                                                                                                                                               |  |          |         |  |          | 
|LIABILITIES AND EQUITY                                                                                                                         |  |          |         |  |          | 
|                                                                                                                                               |  |          |         |  |          | 
|LIABILITIES                                                                                                                                    |  |          |         |  |          | 
|                                                                                                                                               |  |          |         |  |          | 
|Total current liabilities                                                                                                                      |  |          | 185,162 |  |          | 
|Total non-current liabilities                                                                                                                  |  |          | 152,958 |  |          | 
|Total liabilities                                                                                                                              |  |          | 338,120 |  |          | 
|                                                                                                                                               |  |          |         |  |          | 
|EQUITY                                                                                                                                         |  |          |         |  |          | 
|                                                                                                                                               |  |          |         |  |          | 
|Equity attributable to controller ́s owners                                                                                                     |  |          | 371,236 |  |          | 
|Non-controlling interest                                                                                                                       |  |          | 1,828   |  |          | 
|EQUITY                                                                                                                                         |  |          |         |  |          | 
|                                                                                                                                               |  |          | 373,064 |  |          | 
|TOTAL LIABILITIES AND EQUITY                                                                                                                   |  |          | 711,184 |  |          | 



|                                             |  | For the 12 months period ended as of |        
|-------------------------------------------- |  | ------------------------------------ | -------
|                                             |  | 2015                                 |        
|Consolidated Statement of Income by Function |  | MUS$                                 |        
|                                             |  |                                      |        
|Revenues from ordinary activities            |  |                                      | 788,019
|Gross Income                                 |  |                                      | (90,201
|                                             |  |                                      |        
|Profit (loss) before tax                     |  |                                      | (88,244
|Income tax expenses                          |  |                                      | 26,912 
|PROFIT (LOSS) OF THE PERIOD                  |  |                                      | (61,332
|                                             |  |                                      |        
|Profit (loss) of the period attributable to: |  |                                      |        
|Controller’s owners                          |  |                                      | (62,701
|Non-controlling interest                     |  |                                      | 1,369  
|Profit (loss) of the period                  |  |                                      | (61,332











|                                                |  | For the 12 months period ended as of |        
|----------------------------------------------- |  | ------------------------------------ | -------
|                                                |  | 2015                                 |        
|Consolidated Statements of Comprehensive Income |  | MUS$                                 |        
|                                                |  |                                      |        
|PROFIT (LOSS) OF THE PERIOD                     |  |                                      | (61,332
|Other Comprehensive income                      |  |                                      | (2,936 
|Total comprehensive income                      |  |                                      | (64,268
|                                                |  |                                      |        
|Total comprehensive income attributable to:     |  |                                      |        
|Controller’s owners                             |  |                                      | (65,634
|Non-controlling interest                        |  |                                      | 1,366  
|TOTAL COMPREHENSIVE INCOME                      |  |                                      | (64,268



|                                     |  | Equity attributable    |          |   | Non- controlling |  |        | Total  | 
|------------------------------------ |  | ---------------------- | -------- | - | ---------------- |  | ------ | ------ | 
|                                     |  | to controller’s owners |          |   | interest         |  |        | Equity | 
|Statement of Changes in Equity       |  | MUS$                   |          |   | MUS$             |  |        | MUS$   | 
|                                     |  |                        |          |   |                  |  |        |        | 
|Equity as of 1 January 2014          |  |                        | 577,948  |   |                  |  | 1,892  |        | 
|Total comprehensive income           |  |                        | (105,017 | ) |                  |  | (302   | )      | 
|Oher increases (decreases) in equity |  |                        | (17,231  | ) |                  |  | (1,147 | )      | 
|Closing balance at 31 December 2014  |  |                        | 455,700  |   |                  |  | 443    |        | 
|                                     |  |                        |          |   |                  |  |        |        | 
|Equity as of 1 January 2015          |  |                        | 455,700  |   |                  |  | 443    |        | 
|Total comprehensive income           |  |                        | (65,634  | ) |                  |  | 1,366  |        | 
|Oher increases (decreases) in equity |  |                        | (18,830  | ) |                  |  | 19     |        | 
|Closing balance at 31 December 2015  |  |                        | 371,236  |   |                  |  | 1,828  |        | 



|                                                                                                |  | For the 12 months period ended as of |        
|----------------------------------------------------------------------------------------------- |  | ------------------------------------ | -------
|                                                                                                |  | 2015                                 |        
|Consolidated Statement of Cash Flow - Direct Method                                             |  | MUS$                                 |        
|                                                                                                |  |                                      |        
|Net cash flows from (used in) operating activities                                              |  |                                      | 99,073 
|Net cash flows from (used in) investment activities                                             |  |                                      | (50,264
|Net cash flows from (used in) financing activities                                              |  |                                      | (51,021
|Net increase (decrease) in cash and cash equivalents before effect of exchange rates variations |  |                                      | (2,212 
|Effect of exchange rates variations on cash and cash equivalents                                |  |                                      | (4     
|Cash and equivalents at the end of period                                                       |  |                                      | 17,646 











LAN PERU S.A.

(Closed joint stock company)










|                                                        |  | As of 31 |         |  | As of 31 | 
|------------------------------------------------------- |  | -------- | ------- |  | -------- | 
|                                                        |  | December |         |  | December | 
|                                                        |  | 2015     |         |  | 2014     | 
|Consolidated Classified Statement of Financial Position |  | MUS$     |         |  | MUS$     | 
|                                                        |  |          |         |  |          | 
|ASSETS                                                  |  |          |         |  |          | 
|                                                        |  |          |         |  |          | 
|Total current assets                                    |  |          | 232,547 |  |          | 
|Total non-current assets                                |  |          | 23,144  |  |          | 
|TOTAL ASSETS                                            |  |          | 255,691 |  |          | 
|                                                        |  |          |         |  |          | 
|LIABILITIES AND EQUITY                                  |  |          |         |  |          | 
|                                                        |  |          |         |  |          | 
|LIABILITIES                                             |  |          |         |  |          | 
|                                                        |  |          |         |  |          | 
|Total current liabilities                               |  |          | 239,521 |  |          | 
|Total non-current liabilities                           |  |          | 1,417   |  |          | 
|Total liabilities                                       |  |          | 240,938 |  |          | 
|                                                        |  |          |         |  |          | 
|EQUITY                                                  |  |          |         |  |          | 
|                                                        |  |          |         |  |          | 
|Equity attributable to controller ́s owners              |  |          | 14,753  |  |          | 
|Non-controlling interest                                |  |          | -       |  |          | 
|Total equity                                            |  |          | 14,753  |  |          | 
|TOTAL LIABILITIES AND EQUITY                            |  |          | 255,691 |  |          | 



|                                             |  | For the 12 months period ended as of |          
|-------------------------------------------- |  | ------------------------------------ | ---------
|                                             |  | 2015                                 |          
|Consolidated Statement of Income by Function |  | MUS$                                 |          
|                                             |  |                                      |          
|Revenues from ordinary activities            |  |                                      | 1,078,992
|Gross Income                                 |  |                                      | 180,829  
|                                             |  |                                      |          
|Profit (loss) before tax                     |  |                                      | 7,237    
|Income tax expenses                          |  |                                      | (2,169   
|PROFIT (LOSS) OF THE PERIOD                  |  |                                      | 5,068    











|                                    |  | Equity |       |  | Legal   |  |     | Retained |  |  | Total  |  
|----------------------------------- |  | ------ | ----- |  | ------- |  | --- | -------- |  |  | ------ | -
|                                    |  | Issued |       |  | Reserve |  |     | earnings |  |  | equity |  
|Statement of Changes in Equity      |  | MUS$   |       |  | MUS$    |  |     | MUS$     |  |  | MUS$   |  
|                                    |  |        |       |  |         |  |     |          |  |  |        |  
|Equity as of 1 January 2014         |  |        | 4,341 |  |         |  | 868 |          |  |  | 6,198  |  
|Total comprehensive income          |  |        | -     |  |         |  | -   |          |  |  | 1,058  |  
|Dividends                           |  |        | -     |  |         |  | -   |          |  |  | (1,390 | )
|Closing balance at 31 December 2014 |  |        | 4,341 |  |         |  | 868 |          |  |  | 5,866  |  
|                                    |  |        |       |  |         |  |     |          |  |  |        |  
|Equity as of 1 January 2015         |  |        | 4,341 |  |         |  | 868 |          |  |  | 5,866  |  
|Total comprehensive income          |  |        | -     |  |         |  | -   |          |  |  | 5,068  |  
|Dividends                           |  |        | -     |  |         |  | -   |          |  |  | (1,390 | )
|Closing balance at 31 December 2015 |  |        | 4,341 |  |         |  | 868 |          |  |  | 9,544  |  



|                                                                                                |  | For the 12 months period ended as of |        
|----------------------------------------------------------------------------------------------- |  | ------------------------------------ | -------
|                                                                                                |  | 2015                                 |        
|Consolidated Statement of Cash Flow - Direct Method                                             |  | MUS$                                 |        
|                                                                                                |  |                                      |        
|Net cash flows from (used in) operating activities                                              |  |                                      | (7,044 
|Net cash flows from (used in) investment activities                                             |  |                                      | (1,164 
|Net cash flows from (used in) financing activities                                              |  |                                      | 9,099  
|Net increase (decrease) in cash and cash equivalents before effect of exchange rates variations |  |                                      | 891    
|Cash and equivalents at the end of period                                                       |  |                                      | 118,377











INVERSIONES LAN S.A.

(Closed joint stock company)










|                                                                                                                                               |  | As of 31 |        |  | As of 31 | 
|---------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | ------ |  | -------- | 
|                                                                                                                                               |  | December |        |  | December | 
|                                                                                                                                               |  | 2015     |        |  | 2014     | 
|Consolidated Classified Statement of Financial Position                                                                                        |  | MUS$     |        |  | MUS      | 
|                                                                                                                                               |  |          |        |  |          | 
|ASSETS                                                                                                                                         |  |          |        |  |          | 
|                                                                                                                                               |  |          |        |  |          | 
|Total current assets different from assets or groups of assets for disposal classified as held for sale or held for distribution to owners     |  |          | 6,292  |  |          | 
|Total non-current assets different from assets or groups of assets for disposal classified as held for sale or held for distribution to owners |  |          | 572    |  |          | 
|Total current assets                                                                                                                           |  |          | 6,864  |  |          | 
|Total non-current assets                                                                                                                       |  |          | 9,648  |  |          | 
|TOTAL ASSETS                                                                                                                                   |  |          | 16,512 |  |          | 
|                                                                                                                                               |  |          |        |  |          | 
|LIABILITIES AND EQUITY                                                                                                                         |  |          |        |  |          | 
|                                                                                                                                               |  |          |        |  |          | 
|LIABILITIES                                                                                                                                    |  |          |        |  |          | 
|                                                                                                                                               |  |          |        |  |          | 
|                                                                                                                                               |  |          |        |  |          | 
|Total current liabilities                                                                                                                      |  |          | 13,380 |  |          | 
|Total non-current liabilities                                                                                                                  |  |          | 1,296  |  |          | 
|Total liabilities                                                                                                                              |  |          | 14,676 |  |          | 
|                                                                                                                                               |  |          |        |  |          | 
|EQUITY                                                                                                                                         |  |          |        |  |          | 
|                                                                                                                                               |  |          |        |  |          | 
|Equity attributable to controller ́s owners                                                                                                     |  |          | 1,828  |  |          | 
|Non-controlling interest                                                                                                                       |  |          | 8      |  |          | 
|EQUITY                                                                                                                                         |  |          |        |  |          | 
|TOTAL LIABILITIES AND EQUITY                                                                                                                   |  |          | 16,512 |  |          | 



|                                             |  | For the 12 months period ended as of |       
|-------------------------------------------- |  | ------------------------------------ | ------
|                                             |  | 2015                                 |       
|Consolidated Statement of Income by Function |  | MUS$                                 |       
|                                             |  |                                      |       
|Revenues from ordinary activities            |  |                                      | 32,366
|Gross Income                                 |  |                                      | 5,371 
|                                             |  |                                      |       
|Profit (loss) before tax                     |  |                                      | 3,200 
|Income tax expenses                          |  |                                      | (402  
|PROFIT (LOSS) OF THE PERIOD                  |  |                                      | 2,798 
|                                             |  |                                      |       
|Profit (loss) of the period attributable to: |  |                                      |       
|Controller’s owners                          |  |                                      | 2,772 
|Non-controlling interest                     |  |                                      | 26    
|Profit (loss) of the period                  |  |                                      | 2,798 











|                                                |  | For the 12 months period ended as of |      
|----------------------------------------------- |  | ------------------------------------ | -----
|                                                |  | 2015                                 |      
|Consolidated Statements of Comprehensive Income |  | MUS$                                 |      
|                                                |  |                                      |      
|PROFIT (LOSS) OF THE PERIOD                     |  |                                      | 2,798
|Other Comprehensive income                      |  |                                      | (201 
|Total comprehensive income                      |  |                                      | 2,597
|                                                |  |                                      |      
|Total comprehensive income attributable to:     |  |                                      |      
|Controller’s owners                             |  |                                      | 2,598
|Non-controlling interest                        |  |                                      | (1   
|TOTAL COMPREHENSIVE INCOME                      |  |                                      | 2,597



|                                     |  | Equity attributable    |        |   | Non- controlling |  |    | Total  | 
|------------------------------------ |  | ---------------------- | ------ | - | ---------------- |  | -- | ------ | 
|                                     |  | to controller’s owners |        |   | interest         |  |    | Equity | 
|Statement of Changes in Equity       |  | MUS$                   |        |   | MUS$             |  |    | MUS$   | 
|                                     |  |                        |        |   |                  |  |    |        | 
|Equity as of 1 January 2014          |  |                        | 6,421  |   |                  |  | 8  |        | 
|Total comprehensive income           |  |                        | (4,592 | ) |                  |  | 8  |        | 
|Dividends                            |  |                        | (627   | ) |                  |  | -  |        | 
|Oher increases (decreases) in equity |  |                        | 70     |   |                  |  | 1  |        | 
|Closing balance at 31 December 2014  |  |                        | 1,272  |   |                  |  | 17 |        | 
|                                     |  |                        |        |   |                  |  |    |        | 
|Equity as of 1 January 2015          |  |                        | 1,272  |   |                  |  | 17 |        | 
|Total comprehensive income           |  |                        | 2,598  |   |                  |  | (1 | )      | 
|Dividends                            |  |                        | (450   | ) |                  |  | -  |        | 
|Oher increases (decreases) in equity |  |                        | (1,592 | ) |                  |  | (8 | )      | 
|Closing balance at 31 December 2015  |  |                        | 1,828  |   |                  |  | 8  |        | 



|                                                                                                |  | For the 12 months period ended as of |      
|----------------------------------------------------------------------------------------------- |  | ------------------------------------ | -----
|                                                                                                |  | 2015                                 |      
|Consolidated Statement of Cash Flow - Direct Method                                             |  | MUS$                                 |      
|                                                                                                |  |                                      |      
|Net cash flows from (used in) operating activities                                              |  |                                      | 608  
|Net cash flows from (used in) investment activities                                             |  |                                      | (41  
|Net cash flows from (used in) financing activities                                              |  |                                      | 444  
|Net increase (decrease) in cash and cash equivalents before effect of exchange rates variations |  |                                      | 64   
|Cash and equivalents at the end of period                                                       |  |                                      | 1,601











INMOBILIARIA AERONAUTICA S.A.

(Closed joint stock company)










|                                                        |  | As of 31 |        |  | As of 31 | 
|------------------------------------------------------- |  | -------- | ------ |  | -------- | 
|                                                        |  | December |        |  | December | 
|                                                        |  | 2015     |        |  | 2014     | 
|Consolidated Classified Statement of Financial Position |  | MUS$     |        |  | MUS      | 
|                                                        |  |          |        |  |          | 
|ASSETS                                                  |  |          |        |  |          | 
|                                                        |  |          |        |  |          | 
|Total current assets                                    |  |          | 1,978  |  |          | 
|Total non-current assets                                |  |          | 37,324 |  |          | 
|TOTAL ASSETS                                            |  |          | 39,302 |  |          | 
|                                                        |  |          |        |  |          | 
|LIABILITIES AND EQUITY                                  |  |          |        |  |          | 
|                                                        |  |          |        |  |          | 
|LIABILITIES                                             |  |          |        |  |          | 
|                                                        |  |          |        |  |          | 
|Total current liabilities                               |  |          | 5,003  |  |          | 
|Total non-current liabilities                           |  |          | 9,829  |  |          | 
|Total liabilities                                       |  |          | 14,832 |  |          | 
|                                                        |  |          |        |  |          | 
|EQUITY                                                  |  |          |        |  |          | 
|                                                        |  |          |        |  |          | 
|Total equity                                            |  |          | 24,470 |  |          | 
|TOTAL LIABILITIES AND EQUITY                            |  |          | 39,302 |  |          | 



|                                             |  | For the 12 months period ended as of |      
|-------------------------------------------- |  | ------------------------------------ | -----
|                                             |  | 2015                                 |      
|Consolidated Statement of Income by Function |  | MUS$                                 |      
|                                             |  |                                      |      
|Revenues from ordinary activities            |  |                                      | 3,961
|Gross Income                                 |  |                                      | 2,071
|                                             |  |                                      |      
|Profit (loss) before tax                     |  |                                      | 1,146
|Income tax expenses                          |  |                                      | 258  
|PROFIT (LOSS) OF THE PERIOD                  |  |                                      | 1,404



|                                                |  | For the 12 months period ended as of |      
|----------------------------------------------- |  | ------------------------------------ | -----
|                                                |  | 2015                                 |      
|Consolidated Statements of Comprehensive Income |  | MUS$                                 |      
|                                                |  |                                      |      
|PROFIT (LOSS) OF THE PERIOD                     |  |                                      | 1,404
|Total comprehensive income                      |  |                                      | 1,404











|                                     |  | Equity |       |  | Retained |  |        | Total  | 
|------------------------------------ |  | ------ | ----- |  | -------- |  | ------ | ------ | 
|                                     |  | Issue  |       |  | earnings |  |        | equity | 
|Statement of Changes in Equity       |  | MUS$   |       |  | MUS$     |  |        | MUS$   | 
|                                     |  |        |       |  |          |  |        |        | 
|Equity as of 1 January 2014          |  |        | 1,147 |  |          |  | 25,282 |        | 
|Total comprehensive income           |  |        | -     |  |          |  | (740   | )      | 
|Oher increases (decreases) in equity |  |        | -     |  |          |  | (2,623 | )      | 
|Closing balance at 31 December 2014  |  |        | 1,147 |  |          |  | 21,919 |        | 
|                                     |  |        |       |  |          |  |        |        | 
|Equity as of 1 January 2015          |  |        | 1,147 |  |          |  | 21,919 |        | 
|Total comprehensive income           |  |        | -     |  |          |  | 1,404  |        | 
|Closing balance at 31 December 2015  |  |        | 1,147 |  |          |  | 23,323 |        | 



|                                                                                                |  | For the 12 months period ended as of |       
|----------------------------------------------------------------------------------------------- |  | ------------------------------------ | ------
|                                                                                                |  | 2015                                 |       
|Consolidated Statement of Cash Flow - Direct Method                                             |  | MUS$                                 |       
|                                                                                                |  |                                      |       
|Net cash flows from (used in) operating activities                                              |  |                                      | 3,596 
|Net cash flows from (used in) investment activities                                             |  |                                      | (41   
|Net cash flows from (used in) financing activities                                              |  |                                      | (2,586
|Net increase (decrease) in cash and cash equivalents before effect of exchange rates variations |  |                                      | 969   
|Effect of exchange rates variations on cash and cash equivalents                                |  |                                      | (20   
|Cash and equivalents at the end of period                                                       |  |                                      | 949   











LANTOURS DIVISION SERVICIOS TERRESTRES S.A.

(Closed joint stock company)










|                                                        |  | As of 31 |       |  | As of 31 | 
|------------------------------------------------------- |  | -------- | ----- |  | -------- | 
|                                                        |  | December |       |  | December | 
|                                                        |  | 2015     |       |  | 2014     | 
|Consolidated Classified Statement of Financial Position |  | MUS$     |       |  | MUS      | 
|                                                        |  |          |       |  |          | 
|ASSETS                                                  |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|Total current assets                                    |  |          | 5,489 |  |          | 
|Total non-current assets                                |  |          | 124   |  |          | 
|TOTAL ASSETS                                            |  |          | 5,613 |  |          | 
|                                                        |  |          |       |  |          | 
|LIABILITIES AND EQUITY                                  |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|LIABILITIES                                             |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|Total current liabilities                               |  |          | 5,516 |  |          | 
|Total non-current liabilities                           |  |          | 6     |  |          | 
|Total liabilities                                       |  |          | 5,522 |  |          | 
|                                                        |  |          |       |  |          | 
|EQUITY                                                  |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|Total equity                                            |  |          | 91    |  |          | 
|TOTAL LIABILITIES AND EQUITY                            |  |          | 5,613 |  |          | 



|                                             |  | For the 12 months period ended as of |       
|-------------------------------------------- |  | ------------------------------------ | ------
|                                             |  | 2015                                 |       
|Consolidated Statement of Income by Function |  | MUS$                                 |       
|                                             |  |                                      |       
|Revenues from ordinary activities            |  |                                      | 12,399
|Gross Income                                 |  |                                      | 7,714 
|                                             |  |                                      |       
|Profit (loss) before tax                     |  |                                      | 3,345 
|Income tax expenses                          |  |                                      | (1,004
|PROFIT (LOSS) OF THE PERIOD                  |  |                                      | 2,341 



|                                                |  | For the 12 months period ended as of |      
|----------------------------------------------- |  | ------------------------------------ | -----
|                                                |  | 2015                                 |      
|Consolidated Statements of Comprehensive Income |  | MUS$                                 |      
|                                                |  |                                      |      
|PROFIT (LOSS) OF THE PERIOD                     |  |                                      | 2,341
|Total comprehensive income                      |  |                                      | 2,341











|                                    |  | Equity |     |  | Retained |  |        | Total  | 
|----------------------------------- |  | ------ | --- |  | -------- |  | ------ | ------ | 
|                                    |  | Issue  |     |  | earnings |  |        | equity | 
|Statement of Changes in Equity      |  | MUS$   |     |  | MUS$     |  |        | MUS$   | 
|                                    |  |        |     |  |          |  |        |        | 
|Equity as of 1 January 2014         |  |        | 225 |  |          |  | 287    |        | 
|Total comprehensive income          |  |        | -   |  |          |  | 2,078  |        | 
|Dividends                           |  |        | -   |  |          |  | (1,650 | )      | 
|Closing balance at 31 December 2014 |  |        | 225 |  |          |  | 715    |        | 
|                                    |  |        |     |  |          |  |        |        | 
|Equity as of 1 January 2015         |  |        | 225 |  |          |  | 715    |        | 
|Total comprehensive income          |  |        | 10  |  |          |  | 3,056  |        | 
|Dividens                            |  |        | -   |  |          |  | (3,200 | )      | 
|Closing balance at 31 December 2015 |  |        | 225 |  |          |  | (144   | )      | 



|                                                     |  | For the 12 months period ended as of |       
|---------------------------------------------------- |  | ------------------------------------ | ------
|                                                     |  | 2015                                 |       
|Consolidated Statement of Cash Flow - Direct Method  |  | MUS$                                 |       
|                                                     |  |                                      |       
|Net cash flows from (used in) operating activities   |  |                                      | 3,207 
|Net cash flows from (used in) investment activities  |  |                                      | 3,190 
|Net cash flows from (used in) financing activities   |  |                                      | (3,190
|Net increase (decrease) in cash and cash equivalents |  |                                      | 3,207 
|Cash and equivalents at the end of period            |  |                                      | 3,579 











LAN PAX GROUP S.A.

(Closed joint stock company)










|                                                        |  | As of 31 |           |   | As of 31 | 
|------------------------------------------------------- |  | -------- | --------- | - | -------- | 
|                                                        |  | December |           |   | December | 
|                                                        |  | 2015     |           |   | 2014     | 
|Consolidated Classified Statement of Financial Position |  | MUS$     |           |   | MUS      | 
|                                                        |  |          |           |   |          | 
|ASSETS                                                  |  |          |           |   |          | 
|                                                        |  |          |           |   |          | 
|Total current assets                                    |  |          | 302,304   |   |          | 
|Total non-current assets                                |  |          | 217,359   |   |          | 
|TOTAL ASSETS                                            |  |          | 519,663   |   |          | 
|                                                        |  |          |           |   |          | 
|LIABILITIES AND EQUITY                                  |  |          |           |   |          | 
|                                                        |  |          |           |   |          | 
|LIABILITIES                                             |  |          |           |   |          | 
|                                                        |  |          |           |   |          | 
|Total current liabilities                               |  |          | 352,056   |   |          | 
|Total non-current liabilities                           |  |          | 697,176   |   |          | 
|Total liabilities                                       |  |          | 1,049,232 |   |          | 
|                                                        |  |          |           |   |          | 
|EQUITY                                                  |  |          |           |   |          | 
|                                                        |  |          |           |   |          | 
|Equity attributable to controller ́s owners              |  |          | (528,769  | ) |          | 
|Non-controlling interest                                |  |          | (800      | ) |          | 
|Total equity                                            |  |          | (529,569  | ) |          | 
|TOTAL LIABILITIES AND EQUITY                            |  |          | 519,663   |   |          | 



|                                             |  | For the 12 months period ended as of |        
|-------------------------------------------- |  | ------------------------------------ | -------
|                                             |  | 2015                                 |        
|Consolidated Statement of Income by Function |  | MUS$                                 |        
|                                             |  |                                      |        
|Revenues from ordinary activities            |  |                                      | 988,081
|Gross Income                                 |  |                                      | 168,193
|                                             |  |                                      |        
|Profit (loss) before tax                     |  |                                      | (45,960
|Income tax expenses                          |  |                                      | 10,779 
|PROFIT (LOSS) OF THE PERIOD                  |  |                                      | (35,181
|                                             |  |                                      |        
|Profit (loss) of the period attributable to: |  |                                      |        
|Controller’s owners                          |  |                                      | (35,187
|Non-controlling interest                     |  |                                      | 6      
|Profit (loss) of the period                  |  |                                      | (35,181











|                                                |  | For the 12 months period ended as of |         
|----------------------------------------------- |  | ------------------------------------ | --------
|                                                |  | 2015                                 |         
|Consolidated Statements of Comprehensive Income |  | MUS$                                 |         
|                                                |  |                                      |         
|PROFIT (LOSS) OF THE PERIOD                     |  |                                      | (35,181 
|Other Comprehensive income                      |  |                                      | (71,840 
|Total comprehensive income                      |  |                                      | (107,021
|                                                |  |                                      |         
|Total comprehensive income attributable to:     |  |                                      |         
|Controller’s owners                             |  |                                      | (104,941
|Non-controlling interest                        |  |                                      | (2,080  
|TOTAL COMPREHENSIVE INCOME                      |  |                                      | (107,021



|                                     |  | Equity attributable    |          |   | Non- controlling |  |         | Total  | 
|------------------------------------ |  | ---------------------- | -------- | - | ---------------- |  | ------- | ------ | 
|                                     |  | to controller’s owners |          |   | interest         |  |         | Equity | 
|Statement of Changes in Equity       |  | MUS$                   |          |   | MUS$             |  |         | MUS$   | 
|                                     |  |                        |          |   |                  |  |         |        | 
|Equity as of 1 January 2014          |  |                        | (246521  | ) |                  |  | (13,741 | )      | 
|Total comprehensive income           |  |                        | (157,315 | ) |                  |  | (6,722  | )      | 
|Oher increases (decreases) in equity |  |                        | (22,180  | ) |                  |  | 21,342  |        | 
|Closing balance at 31 December 2014  |  |                        | (426,016 | ) |                  |  | 879     |        | 
|                                     |  |                        |          |   |                  |  |         |        | 
|Equity as of 1 January 2015          |  |                        | (426,016 | ) |                  |  | 879     |        | 
|Total comprehensive income           |  |                        | (104,941 | ) |                  |  | (2,080  | )      | 
|Oher increases (decreases) in equity |  |                        | 2,188    |   |                  |  | 401     |        | 
|Closing balance at 31 December 2015  |  |                        | (528,769 | ) |                  |  | (800    | )      | 



|                                                                                                |  | For the 12 months period ended as of |         
|----------------------------------------------------------------------------------------------- |  | ------------------------------------ | --------
|                                                                                                |  | 2015                                 |         
|Consolidated Statement of Cash Flow - Direct Method                                             |  | MUS$                                 |         
|                                                                                                |  |                                      |         
|Net cash flows from (used in) operating activities                                              |  |                                      | 26,664  
|Net cash flows from (used in) investment activities                                             |  |                                      | (108,757
|Net cash flows from (used in) financing activities                                              |  |                                      | 81,527  
|Net increase (decrease) in cash and cash equivalents before effect of exchange rates variations |  |                                      | (566    
|Effect of exchange rates variations on cash and cash equivalents                                |  |                                      | 3,774   
|Cash and equivalents at the end of period                                                       |  |                                      | 89,736  











TECHNICAL TRAINING LATAM S.A.

(Limited liability Company)












|                                                        |  | As of 31 |       |  | As of 31 | 
|------------------------------------------------------- |  | -------- | ----- |  | -------- | 
|                                                        |  | December |       |  | December | 
|                                                        |  | 2015     |       |  | 2014     | 
|Consolidated Classified Statement of Financial Position |  | MUS$     |       |  | MUS      | 
|                                                        |  |          |       |  |          | 
|ASSETS                                                  |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|Total current assets                                    |  |          | 1,347 |  |          | 
|Total non-current assets                                |  |          | 180   |  |          | 
|TOTAL ASSETS                                            |  |          | 1,527 |  |          | 
|                                                        |  |          |       |  |          | 
|LIABILITIES AND EQUITY                                  |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|LIABILITIES                                             |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|Total current liabilities                               |  |          | 266   |  |          | 
|Total non-current liabilities                           |  |          | -     |  |          | 
|Total liabilities                                       |  |          | 266   |  |          | 
|                                                        |  |          |       |  |          | 
|EQUITY                                                  |  |          |       |  |          | 
|                                                        |  |          |       |  |          | 
|Equity attributable to controller ́s owners              |  |          | 1,261 |  |          | 
|Total equity                                            |  |          | 1,261 |  |          | 
|TOTAL LIABILITIES AND EQUITY                            |  |          | 1,527 |  |          | 



|                                             |  |                  |       |   | For the period    | 
|-------------------------------------------- |  | ---------------- | ----- | - | ----------------- | 
|                                             |  | Fort the period  |       |   | between November  | 
|                                             |  | Ended as of      |       |   | 26 to December 31 | 
|                                             |  | December 31 2015 |       |   | 2014              | 
|Consolidated Statement of Income by Function |  | MUS$             |       |   | MUS$              | 
|                                             |  |                  |       |   |                   | 
|Revenues from ordinary activities            |  |                  | 1,626 |   |                   | 
|Gross Income                                 |  |                  | 1,866 |   |                   | 
|                                             |  |                  |       |   |                   | 
|Profit (loss) before tax                     |  |                  | (22   | ) |                   | 
|Income tax expenses                          |  |                  | 50    |   |                   | 
|PROFIT (LOSS) OF THE PERIOD                  |  |                  | (72   | ) |                   | 
|                                             |  |                  |       |   |                   | 
|Profit (loss) of the period attributable to: |  |                  |       |   |                   | 
|Controller’s owners                          |  |                  | (72   | ) |                   | 
|Non-controlling interest                     |  |                  | -     |   |                   | 
|Profit (loss) of the period                  |  |                  | (72   | ) |                   | 











|                                    |  | Equity |     |  | Retained |  |     | Total  | 
|----------------------------------- |  | ------ | --- |  | -------- |  | --- | ------ | 
|                                    |  | Issue  |     |  | earnings |  |     | equity | 
|Statement of Changes in Equity      |  | MUS$   |     |  | MUS$     |  |     | MUS$   | 
|                                    |  |        |     |  |          |  |     |        | 
|Equity as of November 26  2014      |  |        | 881 |  |          |  | 564 |        | 
|Total comprehensive income          |  |        | -   |  |          |  | (68 | )      | 
|Closing balance at 31 December 2014 |  |        | 881 |  |          |  | 496 |        | 
|                                    |  |        |     |  |          |  |     |        | 
|Equity as of 1 January 2015         |  |        | 881 |  |          |  | 496 |        | 
|Total comprehensive income          |  |        | -   |  |          |  | (72 | )      | 
|Closing balance at 31 December 2015 |  |        | 881 |  |          |  | 424 |        | 



|                                                                                                |  |                  |     |  | For the period    | 
|----------------------------------------------------------------------------------------------- |  | ---------------- | --- |  | ----------------- | 
|                                                                                                |  | Fort the period  |     |  | between November  | 
|                                                                                                |  | Ended as of      |     |  | 26 to December 31 | 
|                                                                                                |  | December 31 2015 |     |  | 2014              | 
|Consolidated Statement of Cash Flow - Direct Method                                             |  | MUS$             |     |  | MUS$              | 
|                                                                                                |  |                  |     |  |                   | 
|Net cash flows from (used in) operating activities                                              |  |                  | 89  |  |                   | 
|Net cash flows from (used in) investment activities                                             |  |                  | -   |  |                   | 
|Net cash flows from (used in) financing activities                                              |  |                  | -   |  |                   | 
|Net increase (decrease) in cash and cash equivalents before effect of exchange rates variations |  |                  | 89  |  |                   | 
|Effect of exchange rates variations on cash and cash equivalents                                |  |                  | 6   |  |                   | 
|Cash and equivalents at the beginning of period                                                 |  |                  | 384 |  |                   | 
|Cash and equivalents at the end of period                                                       |  |                  | 479 |  |                   |