Document:

Shareholders Agreement, dated as of _______, 2012

 Exhibit 4.5 
 FORM OF EXECUTION VERSION 
  

 
 SHAREHOLDERS AGREEMENT

 Among 
 COSTA VERDE AERONÁUTICA S.A., 
 INVERSIONES MINERAS DEL
CANTÁBRICO S.A. 
 and 
 TEP CHILE S.A. 
 Dated as of
                        , 2012 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	SCOPE OF AGREEMENT	  
			
	 SECTION 1.01
	  	 Scope of Agreement
	  	 	3	  
	 SECTION 1.02
	  	 Effectiveness
	  	 	3	  
	
	ARTICLE II	  
	
	GOVERNANCE	  
			
	 SECTION 2.01
	  	 Composition of the LATAM Board
	  	 	3	  
	 SECTION 2.02
	  	 Meetings of the LATAM Board
	  	 	4	  
	 SECTION 2.03
	  	 Shareholder Votes on Non-Supermajority Actions
	  	 	4	  
	 SECTION 2.04
	  	 Supermajority Matters
	  	 	5	  
	
	ARTICLE III	  
	
	TRANSFER RESTRICTIONS	  
			
	 SECTION 3.01
	  	 Restrictions on Transfers
	  	 	6	  
	 SECTION 3.02
	  	 TEP Permitted Transfers
	  	 	7	  
	 SECTION 3.03
	  	 LATAM Controlling Shareholders Permitted Transfers
	  	 	9	  
	 SECTION 3.04
	  	 Additional Permitted Transfers
	  	 	10	  
	 SECTION 3.05
	  	 Right of First Offer
	  	 	11	  
	 SECTION 3.06
	  	 Additional Requirements
	  	 	13	  
	 SECTION 3.07
	  	 Assignment of Rights
	  	 	13	  
	
	ARTICLE IV	  
	
	GENERAL PROVISIONS	  
			
	 SECTION 4.01
	  	 Term of Agreement
	  	 	13	  
	 SECTION 4.02
	  	 Fees and Expenses
	  	 	14	  
	 SECTION 4.03
	  	 Governing Law
	  	 	14	  
	 SECTION 4.04
	  	 Definitions
	  	 	14	  
	 SECTION 4.05
	  	 Severability
	  	 	17	  
	 SECTION 4.06
	  	 Amendment; Waiver
	  	 	17	  
	 SECTION 4.07
	  	 Assignment
	  	 	17	  

  
 i 

							
	 SECTION 4.08
	  	 Entire Agreement; No Third Party Beneficiaries
	  	 	17	  
	 SECTION 4.09
	  	 Notices
	  	 	18	  
	 SECTION 4.10
	  	 Specific Enforcement; Consent to Jurisdiction
	  	 	19	  
	 SECTION 4.11
	  	 WAIVER OF JURY TRIAL
	  	 	19	  
	 SECTION 4.12
	  	 Counterparts
	  	 	20	  
	 SECTION 4.13
	  	 Interpretation
	  	 	20	  
	 SECTION 4.14
	  	 Relationship of Shareholders
	  	 	21	  
	 SECTION 4.15
	  	 Filing Requirement
	  	 	21	  

					
			
	 Exhibit A –
	  	 Organizational Structure of the LATAM Group
	  	

  
 ii 

 INDEX OF DEFINED TERMS 

 

					
	 	  	Page	 
		
	 Acceptance Notice
	  	 	12	  
	 Adverse Effect
	  	 	8	  
	 Affiliate
	  	 	14	  
	 Affiliate Transfer
	  	 	10	  
	 Agreed Courts
	  	 	19	  
	 Agreed Issues
	  	 	19	  
	 Agreement
	  	 	1	  
	 Amaro Family
	  	 	1	  
	 beneficial ownership
	  	 	14	  
	 Block Sale
	  	 	7	  
	 Board Pre-Meeting
	  	 	4	  
	 business day
	  	 	14	  
	 By-laws
	  	 	14	  
	 Chilean Corporate Law
	  	 	4	  
	 Convertible Securities
	  	 	14	  
	 CVA
	  	 	1	  
	 Dividend Rights
	  	 	15	  
	 Effective Time
	  	 	3	  
	 Equity Securities
	  	 	15	  
	 Exchange Act
	  	 	15	  
	 Exchange Offer
	  	 	1	  
	 Exchange Offer Agreement
	  	 	1	  
	 Forced Vote Sale
	  	 	9	  
	 Forced Vote Sale Period
	  	 	9	  
	 Full Ownership Trigger Date
	  	 	8	  
	 Governmental Entity
	  	 	15	  
	 Holdco I
	  	 	1	  
	 Holdco I Non-Voting Stock
	  	 	15	  
	 Holdco I Shareholders Agreement
	  	 	2	  
	 Holdco I Voting Stock
	  	 	15	  
	 IMDC
	  	 	1	  
	 Implementation Agreement
	  	 	1	  
	 Institutional Lender
	  	 	15	  
	 LATAM
	  	 	1	  
	 LATAM Board
	  	 	3	  
	 LATAM Common Stock
	  	 	1	  
	 LATAM Controlling Shareholder Directed Action
	  	 	6	  

					
	 	  	Page	 
		
	 LATAM Controlling Shareholder Directors
	  	 	3	  
	 LATAM Controlling Shareholders
	  	 	1	  
	 LATAM-TEP Shareholders Agreement
	  	 	2	  
	 Law
	  	 	15	  
	 Limited Voting Rights
	  	 	15	  
	 Mediation Period
	  	 	5	  
	 Mergers
	  	 	1	  
	 Non-Selling Shareholder
	  	 	11	  
	 Offer Notice
	  	 	11	  
	 Offer Period
	  	 	12	  
	 Order
	  	 	16	  
	 Ownership Control Sale
	  	 	8	  
	 Partial Sale
	  	 	7	  
	 Person
	  	 	16	  
	 Prohibited Transfer
	  	 	13	  
	 Proposed Purchase Price
	  	 	12	  
	 Purchaser
	  	 	12	  
	 Release Event
	  	 	9	  
	 Restricted Common Stock
	  	 	16	  
	 Restricted Shares
	  	 	16	  
	 ROFO Right
	  	 	12	  
	 Sale Period
	  	 	12	  
	 Second Meeting Date
	  	 	9	  
	 Selling Shareholder
	  	 	11	  
	 Shareholder Pre-Meeting
	  	 	4	  
	 Shareholders
	  	 	1	  
	 Shareholders
	  	 	16	  
	 Shareholders Agreements
	  	 	2	  
	 Subject Securities
	  	 	12	  
	 Subject Shares
	  	 	3	  
	 Subsidiary
	  	 	16	  
	 Supermajority Action
	  	 	4	  
	 TAM
	  	 	1	  
	 TAM Shareholders Agreement
	  	 	2	  
	 Tenth Anniversary
	  	 	7	  
	 TEP
	  	 	1	  
	 TEP Directors
	  	 	3	  

 

  
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	 Third Anniversary
	  	 	7	  
	 Transfer
	  	 	6	  

					
	 Voting Securities
	  	 	16	  
	 Whole Block Sale
	  	 	11	  

 
 

  
 iv 

 SHAREHOLDERS AGREEMENT, dated as of
                    , 2012 (this “Agreement”), among COSTA VERDE AERONÁUTICA S.A., a company organized under the Law
of Chile (“CVA”), INVERSIONES MINERAS DEL CANTÁBRICO S.A., a company organized under the Law of Chile (“IMDC,” and together with CVA, the “LATAM Controlling
Shareholders”), and TEP CHILE S.A., a company organized under the Law of Chile (“TEP,” and together with the LATAM Controlling Shareholders, the “Shareholders”). 

W I T N E S S E T H 

WHEREAS, as of the date of this Agreement Maria Cláudia Oliveira Amaro, Maurício Rolim Amaro, Noemy Almeida Oliveira Amaro
and João Francisco Amaro (the “Amaro Family”) collectively own 100% of the outstanding shares of TEP; 
 WHEREAS, the LATAM Controlling Shareholders are the controlling shareholders of LATAM Airlines S.A., a company organized under the Law of Chile (“LATAM”), and currently
collectively own 115,399,502 shares of the common stock, no par value (the “LATAM Common Stock”), of LATAM; 
 WHEREAS, as of the date of this Agreement the Amaro Family are the controlling shareholders of TAM S.A., a company organized under the Law of Brazil (“TAM”), and currently own
ordinary shares and preferred shares of TAM representing 85.3736% of the total voting power of the capital stock of TAM currently issued and outstanding; 
 WHEREAS, LATAM, TAM, the LATAM Controlling Shareholders, TAM Empreendimentos e Participações S.A., a company organized under the Law of Brazil, and the Amaro Family have entered into an
Implementation Agreement, dated as of January 18, 2011, as amended (the “Implementation Agreement”), and an Exchange Offer Agreement, dated as of January 18, 2011, as amended (the “Exchange Offer
Agreement”), pursuant to which the outstanding shares of capital stock of TAM will be acquired by LATAM and Holdco I S.A., a newly formed company to be organized under the Law of Chile (“Holdco I”), pursuant to
the contribution transaction, the delisting exchange offer (the “Exchange Offer”) and the mergers described therein (the “Mergers”) in exchange for shares of LATAM Common Stock; 

WHEREAS, after the Mergers, TEP will own at least 80% of the Holdco I Voting Stock and LATAM will own 100% of the Holdco I
Non-Voting Stock, no more than 20% of the Holdco I Voting Stock and 100% of the preferred shares of TAM; 
 WHEREAS,
immediately following the consummation of the transactions contemplated by the Implementation Agreement and the Exchange Offer Agreement and assuming (only for purposes of calculating the ownership percentages set forth therein)
(i)

 
none of the holders of the outstanding shares of LATAM Common Stock exercise their appraisal rights (derecho a retiro) under the Law of Chile in respect of the Mergers, (ii) all TAM
shareholders other than TEP fully participate in the Exchange Offer and (iii) the only shares of LATAM Common Stock and shares of TAM that will be outstanding after such consummation are the shares issued in Mergers and the shares which are
subscribed and fully paid for as of the date of the Implementation Agreement (which excludes any shares issuable upon future exercises of stock options) and, the ownership structure of LATAM, Holdco I, TAM and their Subsidiaries will be as set
forth in Exhibit A hereto; 
 WHEREAS, the LATAM Controlling Shareholders, as the continuing controlling shareholders of
LATAM under the Law of Chile, desire to make the concessions to TEP and the Amaro Family provided herein, and the LATAM Controlling Shareholders and TEP desire to enter into this Agreement to set forth their agreements with respect to the governance
of LATAM, the voting of their shares of LATAM Common Stock, the sale and transfer of their Restricted Shares and certain other matters; 
 WHEREAS, concurrently with the execution and delivery of this Agreement, LATAM, TEP, TAM and Holdco I are entering into a shareholders agreement, dated the date hereof (the “TAM
Shareholders Agreement”), to set forth their agreement with respect to the governance, management and operation of TAM and its Subsidiaries; 
 WHEREAS, concurrently with the execution and delivery of this Agreement, LATAM, TEP and Holdco I are entering into a shareholders agreement, dated the date hereof (the “Holdco I
Shareholders Agreement”), to set forth their agreement with respect to the governance, management and operation of Holdco I; 
 WHEREAS, concurrently with the execution and delivery of this Agreement, LATAM and TEP are entering into a shareholders agreement, dated the date hereof (the “LATAM-TEP Shareholders
Agreement,” and together with this Agreement, the TAM Shareholders Agreement and the Holdco I Shareholders Agreement, the “Shareholders Agreements”), to set forth their agreement with respect to the
governance, management and operation of, and the relationship among, LATAM, Holdco I, TAM and their respective Subsidiaries; and 
 WHEREAS, the execution and delivery of this Agreement and the other Shareholders Agreements are conditions to the commencement of the Exchange Offer and consummation of the Mergers. 

  
 2 

 NOW, THEREFORE, in consideration of the representations and warranties, covenants and
agreements contained herein and in the Implementation Agreement and the Exchange Offer Agreement and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Shareholders hereby agree as follows: 

ARTICLE I 

SCOPE OF AGREEMENT 
 SECTION 1.01 Scope of Agreement. The Shareholders desire to set forth in this Agreement certain terms and conditions upon which they have agreed to hold their Restricted Shares and their
agreements with respect to the governance, control and operation of LATAM, Holdco I, TAM and their respective Subsidiaries. All actions required to be taken or performed under this Agreement shall be taken or performed in accordance with
applicable Law. The Shareholders agree that the specific provisions of this Agreement shall not be limited by any inconsistent or conflicting provisions of the By-laws and accordingly, as between parties, such specific provisions shall prevail over
such provisions of the By-laws. 
 SECTION 1.02 Effectiveness. This Agreement shall become effective only if, and at
that time at which, Holdco I becomes a holder of at least 80% of the outstanding ordinary shares of TAM (the “Effective Time”). 
 ARTICLE II 
 GOVERNANCE 

SECTION 2.01 Composition of the LATAM Board. (a) The LATAM Controlling Shareholders and TEP each agree to exercise or
cause to be exercised all voting rights in respect of all shares of LATAM Common Stock beneficially owned by it (as to each Shareholder at any time, its “Subject Shares”), and to use its commercially reasonable efforts to
cause the LATAM Controlling Shareholder Directors (in the case of the LATAM Controlling Shareholders) or the TEP Directors (in the case of TEP) to take all actions within their power that are necessary or appropriate to: 

(i) in the case of TEP, assist in the removal and replacement of the directors elected to the board of directors of LATAM (the
“LATAM Board”) by the LATAM Controlling Shareholders through the vote of their Subject Shares (the “LATAM Controlling Shareholder Directors”); 

(ii) in the case of the LATAM Controlling Shareholders, assist in the removal and replacement of the director(s) elected to the LATAM
Board by TEP through the vote of its Subject Shares and, if applicable, the director elected to the LATAM Board by the vote of the LATAM Controlling Shareholders pursuant to Section 2.01(b) (the “TEP Directors”);

 (iii) maintain the size of the LATAM Board at a total of nine directors; and 

(iv) maintain the quorum required for action by the LATAM Board at a majority of the total number of directors of the LATAM Board.

  
 3 

 (b) Until such time as TEP consummates any Partial Sale, unless TEP beneficially owns enough
shares of LATAM Common Stock to elect two directors to the LATAM Board by voting such shares, the LATAM Controlling Shareholders agree to vote their Subject Shares for the election to the LATAM Board of any individual designated by TEP in a written
notice delivered to the LATAM Controlling Shareholders no later than thirty days prior to the relevant election date. 
 (c)
Until the Full Ownership Trigger Date, TEP will take all necessary action to ensure that at all times when any individual is a TEP Director, such individual will also be a member of the board of directors of each of Holdco I and TAM.

 SECTION 2.02 Meetings of the LATAM Board. Prior to each meeting of the LATAM Board, the LATAM Controlling
Shareholders and TEP shall convene a meeting (each, a “Board Pre-Meeting”) to consult with each other and use their good faith efforts to reach agreement on all matters to come before the LATAM Board at such meeting
(including the matters set forth in Article 56 of the Chilean Corporations Act (the “Chilean Corporate Law”) No. 18.046) other than any action that would require the approval of two-thirds of the shareholders of LATAM under
Article 67 of the Chilean Corporate Law (each, a “Supermajority Action”) and shall record their agreement, if any, on each such matter in the minutes of such Board Pre-Meeting. Unless otherwise agreed between the LATAM
Controlling Shareholders and TEP, each Board Pre-Meeting shall be held on the third business day prior to any regular meeting of the LATAM Board and on the business day prior to any special meeting of the LATAM Board. If the LATAM Controlling
Shareholders and TEP cannot reach agreement on any such matter prior to such meeting of the LATAM Board, then such matter shall be resolved by the LATAM Board at such meeting. Nothing in this Section 2.02 shall be construed to prevent the LATAM
Controlling Shareholder Directors or the TEP Directors from participating in any meeting of the LATAM Board or voting or participating in any such meeting. 
 SECTION 2.03 Shareholder Votes on Non-Supermajority Actions. Prior to each meeting of the shareholders of LATAM, the LATAM Controlling Shareholders and TEP shall convene a meeting (each, a
“Shareholder Pre-Meeting”) to discuss and agree upon all matters to be submitted to a vote of the shareholders of LATAM other than any Supermajority Action and shall record their agreement, if any, on any such matter in the
minutes of such Shareholder Pre-Meeting. At each meeting of the shareholders of LATAM, each of the LATAM Controlling Shareholders and TEP shall vote or cause to be voted all of their Subject Shares in the same manner as a block on all matters
submitted to a vote of the shareholders of LATAM other than a Supermajority Action and in favor of any such matter that has been approved by the LATAM Controlling Shareholder Directors and the TEP Directors (if any) or, in the absence of such
approval, in accordance with the proposal of the LATAM Board to the shareholders of LATAM (without regard to the views or positions of the LATAM Controlling Shareholder Directors or any TEP Directors). Unless otherwise agreed between the
Shareholders, each Shareholder Pre-Meeting shall be held on the third business day prior to any regular meeting of the shareholders of LATAM and on the business day prior to any special meeting of the shareholders of LATAM. If any 

  
 4 

 
shareholder of LATAM other than any Shareholder requests that any matter other than a Supermajority Action be submitted to a vote of the shareholders of LATAM at any meeting of the shareholders
of LATAM, then the LATAM Controlling Shareholders shall cause the LATAM Controlling Shareholder Directors, and TEP shall cause the TEP Directors, to request that the LATAM Board consider such matter and make a proposal to the shareholders of LATAM
with respect to such matter prior to such shareholder meeting. 
 SECTION 2.04 Supermajority Matters. The LATAM
Controlling Shareholders and TEP shall not vote on or take any action, and shall instruct the LATAM Controlling Shareholder Directors, in the case of the LATAM Controlling Shareholders, and the TEP Directors, in the case of TEP, not to vote on or
take any action, in respect of any Supermajority Action except in compliance with this Section 2.04. With respect to any proposed Supermajority Action, each of the LATAM Controlling Shareholders and TEP shall consult with each other, shall give
due consideration to all views expressed by the other with respect to such Supermajority Action and shall use their good faith efforts to agree upon whether or not to approve any such Supermajority Action. If, notwithstanding the foregoing, the
LATAM Controlling Shareholders and TEP cannot reach an agreement with respect to such Supermajority Action, then the LATAM Controlling Shareholders, on the one hand, and TEP, on the other hand, will each appoint a senior representative thereof who
will negotiate in good faith with the senior representative appointed by the other for a period of 30 days, which initial period may be extended for one additional 30-day period by either the LATAM Controlling Shareholders or TEP by delivering a
written notice to the other (such period, as it may be extended or shortened pursuant to this Section 2.04 or by mutual agreement of the Shareholders, the “Mediation Period”). If a special meeting of the shareholders of
LATAM has been called to vote on a Supermajority Action other than as a result of any action by a Shareholder or any LATAM Controlling Shareholder Director or TEP Director, the LATAM Controlling Shareholders shall cause the LATAM Controlling
Shareholder Directors, and TEP shall cause the TEP Directors, to try to convince the LATAM Board to call such meeting of shareholders of LATAM so that there will be sufficient time for a thirty-day Mediation Period prior to such shareholders meeting
unless such directors’ fiduciary duties require that such shareholders meeting be held earlier. Notwithstanding the foregoing, if a special meeting of the shareholders of LATAM has been called to vote on a Supermajority Action other than as a
result of any action by a Shareholder or any LATAM Controlling Shareholder Director or TEP Director and such special meeting will occur prior to the date when the Mediation Period would otherwise end, then the Mediation Period shall end on the
second business day prior to the date on which such special meeting will be held. During the Mediation Period the senior representatives selected by the LATAM Controlling Shareholders and TEP shall meet with a mediator jointly selected by them,
together with any relevant experts and advisors that they agree to retain and include in the mediation process, in an attempt to resolve their disagreement with respect to such Supermajority Action. The fees and expenses of each mediator, expert or
advisor shall be shared equally between the LATAM Controlling Shareholders, on the one hand, and TEP, on the other hand. Each senior representative shall give due consideration to the positions, views and arguments of the other senior representative
and shall negotiate in good faith with the other senior representative in an attempt to reach a mutually acceptable position or alternative with respect to such Supermajority Action. If the Shareholders’ disagreement with respect to 

  
 5 

 
such Supermajority Action remains unresolved after the Mediation Period, then each of the LATAM Controlling Shareholders and TEP will vote or cause to be voted all of their Subject Shares with
respect to such Supermajority Action as directed by the LATAM Controlling Shareholders to TEP in writing prior to the relevant shareholder meeting (each, a “LATAM Controlling Shareholder Directed Action”). The LATAM
Controlling Shareholders will vote or cause to be voted all of their Subject Shares to approve, and will cause the LATAM Controlling Shareholder Directors to approve and implement, and TEP will vote or cause to be voted all of its Subject Shares to
approve, and will cause the TEP Directors to approve and implement, each Supermajority Action that has been approved by agreement of the LATAM Controlling Shareholders and TEP or, in the case of a LATAM Controlling Shareholder Directed Action, as
directed by the LATAM Controlling Shareholders. Unless otherwise agreed between the Shareholders, no Shareholder will vote or cause to be voted any of its Subject Shares to approve any amendment to the By-laws that would require any action, other
than any Supermajority Action, to be approved by the holders of shares constituting more than a simple majority of the issued and outstanding shares of LATAM Common Stock at a duly called meeting of the shareholders of LATAM at which a quorum is
present and acting throughout. 
 ARTICLE III 
 TRANSFER RESTRICTIONS 
 SECTION 3.01 Restrictions on
Transfers. No Shareholder will, or will permit any of its Affiliates (including the ultimate beneficial owners of such Shareholder) to, directly or indirectly, by operation of law or otherwise, sell, exchange, transfer, convey, assign,
mortgage, pledge, encumber or otherwise dispose of any direct or indirect interest in, or beneficial ownership of (each, a “Transfer”), all or any portion of such Shareholder’s Restricted Shares to any Person except in
compliance with this Article III. The LATAM Controlling Shareholders and TEP each shall have the right, exercisable at any time or from time to time by written notice delivered to the other Shareholder(s), to exempt from the provisions of this
Article III all or any portion of its Exempted Shares. Except pursuant to Section 3.04 or as otherwise expressly provided herein, prior to the Third Anniversary, no Shareholder will, or will permit any of its Affiliates (including the ultimate
beneficial owners of such Shareholder) to, directly or indirectly, Transfer all or any portion of its Restricted Shares to any Person, unless the other Shareholder(s) has or have given its or prior written consent to such Transfer. On and after the
Third Anniversary, the Shareholders shall have the right to Transfer, or to permit any of its Affiliates (including the ultimate beneficial owners of such Shareholder) to Transfer, their Restricted Shares only pursuant to and in compliance with the
terms of Sections 3.02, 3.03 and 3.04. Any Transfer made other than in compliance with the terms of this Article III shall be null and void and of no force or effect. The Shareholders shall be entitled to specific performance (to the
extent permitted by applicable Law) of their rights under this Article III, in addition to any other legal and equitable remedies to which they may be entitled under applicable Law. 

  
 6 

 SECTION 3.02 TEP Permitted Transfers. 

(a) Sales Prior to the Tenth Anniversary. On and after the third anniversary of the Effective Time (the “Third
Anniversary”) and prior to the tenth anniversary of the Effective Time (the “Tenth Anniversary”), TEP shall have the right to sell or transfer its shares of Restricted Common Stock to any Person (each, a
“Partial Sale”) if (but only if) such Partial Sale complies with all of the requirements set forth in this Section 3.02(a). 
 (i) No Partial Sale shall be permitted if the number of shares of Restricted Common Stock of TEP immediately after such Partial Sale would be less than 10% of the total number of shares of LATAM Common
Stock then issued and outstanding. 
 (ii) Each Partial Sale shall be subject to the rights of first offer pursuant to
Section 3.05. 
 (iii) No Partial Sale of more than 2% of the total number of shares of LATAM Common Stock then issued and
outstanding shall be permitted. 
 (iv) No Partial Sale shall be permitted if TEP has sold or transferred any of its shares of
Restricted Common Stock in the twelve-month period ending on the date on which such Partial Sale would otherwise be consummated. 
 (b) Partial Sales After the Tenth Anniversary. On and after the Tenth Anniversary, TEP shall have the right to make a Partial Sale if (but only if) such Partial Sale complies with all of the
requirements set forth in this Section 3.02(b). 
 (i) No Partial Sale shall be permitted if the number of shares of
Restricted Common Stock of TEP immediately after such Partial Sale would be less than 5% of the total number of shares of LATAM Common Stock then issued and outstanding. 
 (ii) Each Partial Sale shall be subject to the rights of first offer pursuant to Section 3.05. 
 (iii) No Partial Sale shall be permitted if TEP has sold or transferred any of its shares of Restricted Common Stock in the twelve-month period ending on the date on which such Partial Sale would
otherwise be consummated. 
 (c) Block Shares Sales. (i) On and after the Tenth Anniversary and prior to the Full
Ownership Trigger Date, TEP may sell or transfer all (but not less than all) of its Restricted Shares (other than any shares of Restricted Common Stock of TEP that could be sold in the future pursuant to Section 3.02(b)) to any Person in a
single block sale (a “Block Sale”) if (but only if) such Block Sale complies with all of the requirements set forth in this Section 3.02(c)(i). 

(A) A Block Sale must include all of the shares of Holdco I Voting Stock beneficially owned by TEP. 

(B) Prior to a Block Sale, the Person to whom such Restricted Shares are to be sold or transferred shall have been
approved by a 

  
 7 

 
resolution duly adopted by the LATAM Board as a buyer of the shares of Holdco I Voting Stock beneficially owned by TEP; it being agreed that the LATAM Board shall grant such approval without
unreasonable delay unless it has a bona fide business objection to such Person being the transferee of such shares or if a Transfer of such shares to such Person would, in the reasonable determination of the LATAM Board, be inconsistent with
applicable Law in Brazil. 
 (C) No Block Sale shall be permitted if it would have a material adverse effect on
the ability of (x) LATAM or Holdco I to own, or to receive the full benefits of ownership of, TAM and its Subsidiaries or (y) TAM or its Subsidiaries to operate their airline businesses worldwide (each, an “Adverse
Effect”). 
 (D) A Block Sale shall be subject to the rights of first offer pursuant to
Section 3.05. 
 The LATAM Controlling Shareholders agree for the benefit of LATAM (who shall be a third-party beneficiary of this
sentence) that if they acquire any shares of Holdco I Voting Stock pursuant to Section 3.05 in connection with a Block Sale, then they will transfer such shares to LATAM or to any nominee of LATAM immediately following the sale or transfer
of such shares to them by TEP for the same consideration as the LATAM Controlling Shareholders paid to TEP in respect of such shares. 
 (ii) On and after the Tenth Anniversary and after the first date on which LATAM would be permitted under applicable Law in Brazil and other applicable Law to fully convert all of the shares of
Holdco I Non-Voting Stock beneficially owned by LATAM and its Affiliates into shares of Holdco I Voting Stock and such conversion would not have any Adverse Effect (the “Full Ownership Trigger Date”), then TEP may
sell or transfer all or any portion of its shares of Restricted Common Stock (each, an “Ownership Control Sale”) if (but only if) such Ownership Control Sale complies with all of the requirements set forth in this
Section 3.02(c)(ii). 
 (A) No Ownership Control Sale shall include any shares of Holdco I Voting
Stock beneficially owned by TEP. 
 (B) Each Ownership Control Sale shall be subject to the rights of first
offer pursuant to Section 3.05. 
 (C) No Ownership Control Sale shall be permitted if TEP has sold or
transferred any shares of Restricted Common Stock in the twelve-month period ending on the date on which such Ownership Control Sale would otherwise be consummated. 
 (d) Forced Vote Sales. On and after the Third Anniversary, if during any twenty-four month period TEP is required to vote its Subject Shares with respect to one or more LATAM Controlling
Shareholder Directed Actions at two meetings (consecutive 

  
 8 

 
or not) of the shareholders of LATAM held at least twelve months apart, then after the second such shareholder meeting TEP shall have the right to sell or transfer all (but not less than all) of
its Restricted Shares (each, a “Forced Vote Sale”) if (i) TEP delivers a written notice to LATAM within 30 days after the date on which such second meeting was held that it intends to make a Forced Vote Sale (the
“Second Meeting Date”), (ii) such Forced Vote Sale complies with the requirements of Section 3.02(c)(i) or Section 3.02(c)(ii), as applicable, but without giving effect to the phrase “On and after the
Tenth Anniversary and” at the beginning of such sections and (iii) such Forced Vote Sale is completed within eighteen months after the Second Meeting Date (such period, as it may be extended pursuant to this Section 3.02(d), the
“Forced Vote Sale Period”); provided that if TEP has made a bona fide and reasonably diligent effort to complete a Forced Vote Sale within the Forced Vote Sale Period but has been unable to do so, then the Forced Vote
Sale Period shall be extended for twelve months. If a Forced Vote Sale is not completed within the Forced Vote Sale Period, then thereafter this Section 3.02(d) shall only apply with respect to votes taken on LATAM Controlling Shareholder
Directed Actions after such date. 
 (e) Release Event Sales. If a Release Event occurs and TEP has not sold or
transferred any of its Restricted Shares prior to such Release Event, then at any time after such Release Event TEP shall have the right to sell or transfer all (but not less than all) of its Restricted Shares; provided, however, that if the
sale or transfer occurs prior to the Full Ownership Trigger Date it must comply with the requirements of Section 3.02(c)(i) or Section 3.02(c)(ii), as applicable, but without giving effect to the phrase “On and after the Tenth
Anniversary and,” at the beginning of such sections. A “Release Event” shall be deemed to have occurred only if and when each of the following events shall have occurred: (i) a capital increase (as defined under the
Law of Chile) in LATAM is completed after the Effective Time, (ii) TEP does not fully exercise the preemptive rights granted to it under applicable Law in Chile with respect to such capital increase in respect of all of its shares of Restricted
Common Stock, and (iii) after such capital increase is completed, the individual designated by TEP for election to the LATAM Board with the assistance of the LATAM Controlling Shareholders pursuant to Section 2.01(b) is not elected to the
LATAM Board. 
 SECTION 3.03 LATAM Controlling Shareholders Permitted Transfers. 

(a) Sales Prior to the Tenth Anniversary. On and after the Third Anniversary and prior to the Tenth Anniversary, the LATAM
Controlling Shareholders shall have the right to sell or transfer their shares of Restricted Common Stock if (but only if) any such sale or transfer complies with all of the requirements set forth in this Section 3.03(a). 

(i) Such sale or transfer shall be subject to the rights of first offer pursuant to Section 3.05; provided, however,
that notwithstanding the foregoing such rights of first offer shall not apply from and after the first date on which the shares of Restricted Common Stock of TEP represent less than 10% of the total number of shares of LATAM Common Stock then issued
and outstanding. 

  
 9 

 (ii) No such sale or transfer shall be permitted if the LATAM Controlling Shareholders have
sold or transferred any shares of Restricted Common Stock in the twelve-month period ending on the date on which such sale or transfer would otherwise be consummated. 
 (iii) No such sale or transfer of more than 2% of the total number of shares of LATAM Common Stock then issued and outstanding shall be permitted. 

(b) Sales After the Tenth Anniversary. On and after the Tenth Anniversary, the LATAM Controlling Shareholders may sell or transfer
any of their shares of Restricted Common Stock; provided, however, that notwithstanding the foregoing (i) each such sale or transfer shall be subject to the rights of first offer pursuant to Section 3.05 until the first date
on which the shares of Restricted Common Stock of TEP represent less than 10% of the total number of shares of LATAM Common Stock then issued and outstanding and (ii) the LATAM Controlling Shareholders shall not sell or transfer any of their
shares of Restricted Common Stock if they have sold any shares of Restricted Common Stock in the twelve-month period ending on the date in which such sale or transfer would otherwise be consummated. 

SECTION 3.04 Additional Permitted Transfers. Notwithstanding anything in this Article III to the contrary, each
Shareholder may pledge or grant a security interest in all or any portion of its shares of Restricted Common Stock to an Institutional Lender to secure a loan made in whole or in part to that Shareholder in order to (i) finance the acquisition
of Equity Securities of LATAM or (ii) refinance any loan made to such Shareholder that is outstanding as of the date of this Agreement, and any Transfer of shares of Restricted Common Stock pursuant to any such pledge or security interest in
effect as of the Effective Time shall be deemed to be a permitted Transfer under this Section 3.04. In addition, the LATAM Controlling Shareholders and TEP may Transfer all or a portion of their shares of Restricted Common Stock to (i) any
of their direct or indirect wholly-owned Subsidiaries, (ii) to any entity wholly-owned by Enrique, Juan José and/or Ignacio Cueto (in the case of the LATAM Controlling Shareholders) or (iii) any entity that has no direct or indirect
owners other than Maria Cláudia Oliveira Amaro, Maurício Rolim Amaro, Noemy Almeida Oliveira Amaro and/or João Francisco Amaro and that is directly or indirectly majority owned and controlled by Maria Cláudia Oliveira
Amaro and Maurício Rolim Amaro (each, an “Affiliate Transfer”); provided that the LATAM Controlling Shareholders and TEP shall continue to be bound by the terms of this Agreement for all purposes following such
Transfer. In addition, each of the LATAM Controlling Shareholders and TEP may Transfer a percentage of its shares of Restricted Common Stock to each of Enrique, Juan José and Ignacio Cueto (in the case of the LATAM Controlling Shareholders)
or Maria Cláudia Oliveira Amaro, Maurício Rolim Amaro, Noemy Almeida Oliveira Amaro and João Francisco Amaro (in the case of TEP) or to any Person wholly owned by any such individual equal to the percentage of its Restricted
Common Stock that such individual indirectly owns through his or her ownership of shares in the LATAM Controlling Shareholders (in the case of Enrique, Juan José and Ignacio Cueto) or TEP (in the case of Maria Cláudia Oliveira Amaro,
Maurício Rolim Amaro, Noemy Almeida Oliveira Amaro and João Francisco Amaro); provided that following any such transfer of Restricted Common Stock by the LATAM Controlling

  
 10 

 
Shareholders, all references to the LATAM Controlling Shareholders shall deemed to refer collectively to the LATAM Controlling Shareholders and the transferee of such Restricted Common Stock and
the LATAM Controlling Shareholders and such transferee shall be jointly and severally liable for all obligations of the LATAM Controlling Shareholders under this Agreement; provided further that following any such transfer of Restricted
Common Stock by TEP, all references to TEP shall deemed to refer collectively to TEP and the transferee of such Restricted Common Stock and TEP and such transferee shall be jointly and severally liable for all obligations of TEP under this
Agreement. In addition, each Shareholder may issue its Equity Securities if (i) the net proceeds of such issuance is used solely to purchase Equity Securities of LATAM and pay related expenses or to refinance any loan made to such Shareholder
that is outstanding as of the date of this Agreement, (ii) immediately after such issuance the beneficial owners of Equity Securities of such Shareholder as of the date of this Agreement collectively own a majority of the outstanding Equity
Securities of such Shareholder that are entitled to vote generally in the election of directors of such Shareholder and control such Shareholder, and (iii) in the case of TEP, immediately after such issuance Maria Cláudia Oliveira Amaro
and Maurício Rolim Amaro collectively control TEP and collectively own a majority of the outstanding Equity Securities of TEP that are entitled to vote generally in the election of directors of TEP and such issuance is permitted under
Brazilian Law (including those relating to foreign ownership and control of Brazilian airlines) and would not have an Adverse Effect. In addition, TEP may issue its Equity Securities regardless of the use of the proceeds thereof if immediately prior
to such issuance the subscriber of those Equity Securities is a holder of shares issued by TEP and immediately after such issuance TEP remains majority-owned and controlled by Maria Cláudia Oliveira Amaro and Maurício Rolim Amaro. No
Transfer made in accordance with this Section 3.04 shall require the consent of any Shareholder, shall be subject to any rights of first offer in favor of any other Shareholder pursuant to Section 3.05 or shall be counted for purposes of
determining whether Transfers by any Shareholder in any 12-month period have exceeded the limitations set forth in Sections 3.02(a)(iii) and (iv), 3.02(b)(iii) and 3.03(a)(ii) and (iii) and 3.03(b). 

SECTION 3.05 Right of First Offer. 
 (a) If a Shareholder elects to sell or transfer all or any portion of its shares of Restricted Common Stock as permitted by the applicable provisions of Section 3.02 or 3.03, such sale or transfer
(and, in the case of a sale or transfer pursuant to Section 3.02(c)(i), Section 3.02(d) or Section 3.02(e) (each, a “Whole Block Sale”), the related sale or transfer of shares of Holdco I Voting Stock)
shall be subject to the right of first offer provided in this Section 3.05 except to the extent that Section 3.02 or 3.03 expressly provides that such right of first offer shall not apply to such sale or transfer. Unless the context
otherwise requires, each Shareholder and its Affiliates shall be deemed to be a single Shareholder for purposes of this Section 3.05. The Shareholder electing to make any such sale or transfer (the “Selling Shareholder”)
shall give written notice thereof (each, an “Offer Notice”) to the other Shareholder (the “Non-Selling Shareholder”), which notice shall set forth the number of shares of Restricted Common Stock (and,
if applicable, shares of Holdco I Voting Stock) proposed 

  
 11 

 
to be sold or transferred (collectively, the “Subject Securities”), a single price in cash that Selling Shareholder is willing to accept for the Subject Securities (the
“Proposed Purchase Price,” of which an amount equal to the Non-Selling Shareholder’s then current tax basis in such shares and any costs that it is required to incur to effect such sale shall be allocated to any
Holdco I Voting Stock included in the Subject Securities) and any other material terms and conditions of the proposed sale or transfer. The Non-Selling Shareholder shall have the right to purchase the Subject Securities at the Proposed Purchase
Price and on the other terms and conditions set forth in the Offer Notice (“ROFO Right”). The Non-Selling Shareholder may exercise its ROFO Right in whole but not in part by delivering written notice of such election (each,
an “Acceptance Notice”) to the Selling Shareholder within 30 days after the date on which it received the Offer Notice (the “Offer Period”). If the Non-Selling Shareholder does not deliver an
Acceptance Notice to the Selling Shareholder by the end of the Offer Period, it will no longer be able to exercise its ROFO Right with respect to the Subject Securities. For all sales or transfers pursuant to Section 3.02 (other than
Sections 3.02(a) and (b)), the Non-Selling Shareholder shall have the right (but not the obligation) to assign its ROFO Rights in whole or in part to any Person; provided, however, that, notwithstanding the foregoing, in the case
of a Whole Block Sale the LATAM Controlling Shareholders may only assign its ROFO Rights to a Person approved in advance by the LATAM Board and whose purchase would not have an Adverse Effect. If the Non-Selling Shareholder elects to assign any ROFO
Right pursuant to this Section 3.05(a) to any Person, then the Non-Selling Shareholder shall describe such assignment in its Acceptance Notice, including the identity of the assignee and the Subject Securities that are the subject of the
assignment, and the Selling Shareholder shall sell or transfer such Subject Securities to such assignee in lieu of the Non-Selling Shareholder. 
 (b) If the Non-Selling Shareholder (i) does not deliver an Acceptance Notice during the Offer Period or (ii) delivers an Acceptance Notice during the Offer Period in which it (and/or any
assignee) elects to purchase less than all of the Subject Securities, then the Selling Shareholder shall have the right to market and sell all of the Subject Securities to a third party for an all-cash purchase price no less than the Proposed
Purchase Price and on terms and conditions no more favorable to the purchaser than those contained in the Offer Notice during the 90-day period commencing on the day immediately following, in the case of clause (i), the last day of the Offer Period
or, in the case of clause (ii), the date on which such Acceptance Notice was delivered (such period, the “Sale Period”). If the Subject Securities are not sold during the Sale Period or if Selling Shareholder seeks to reduce
the sale price below the Proposed Purchase Price or to offer other sale terms and conditions that are more favorable to the purchaser than those contained in the Offer Notice, all of the provisions of this Section 3.05 shall again apply with
respect to any sale or transfer of such Subject Securities. 
 (c) If the Non-Selling Shareholder delivers an Acceptance Notice
to the Selling Shareholder during the Offer Period in which it (and/or any assignee) elects to purchase all of the Subject Securities, then there shall be deemed a valid, legally binding and enforceable agreement between the Selling Shareholder, on
the one hand, and the Non-Selling Shareholder (and/or any such assignee) (each, a “Purchaser”), 

  
 12 

 
on the other hand, for the sale or transfer of the Subject Securities for the Proposed Purchase Price and on the other terms and conditions set forth in the Offer Notice. The closing of any such
sale or transfer shall take place at 10 a.m., New York time, on the later of (A) the 30th business day after the day on which such Acceptance Notice was received by Selling Shareholder and (B) the first date on which all of the
consents, approvals or authorizations required by Law from any Governmental Entity for such sale or transfer are obtained at the principal office of LATAM or on such other date or at such other place as may be agreed to between the Selling
Shareholder and the Purchaser(s), and the following provisions shall apply: 
 (i) the Selling Shareholder shall execute such
instruments of transfer as are customarily executed and reasonably requested to evidence and consummate the sale or transfer of the Subject Securities to each Purchaser; and 
 (ii) each party shall bear its own legal fees and expenses in connection with such sale or transfer. 
 SECTION 3.06 Additional Requirements. Each Shareholder agrees that it will not Transfer any of its Restricted Shares if such Transfer would violate any applicable Law (each, a
“Prohibited Transfer”). If and to the extent permitted by applicable Law, LATAM and Holdco I, as applicable, may refuse to register any Prohibited Transfer, and each Shareholder hereby waives any rights it may have in
the future to object to or challenge any such refusal in respect of any Transfer that is determined to be a Prohibited Transfer by a final and non-appealable order of a court of competent jurisdiction. 

SECTION 3.07 Assignment of Rights. Any transferee of Restricted Shares Transferred pursuant to Sections 3.02(c),
(d) or (e) or Section 3.04 shall execute a counterpart to this Agreement agreeing to be bound by all the terms and conditions hereof. Except for Affiliate Transfers made pursuant to Section 3.04 or as otherwise contemplated in
this Article III, no Shareholder shall have the right to assign any of its rights under this Agreement to any permitted transferee of such Shareholder’s Restricted Shares.

ARTICLE IV 

GENERAL PROVISIONS 
 SECTION 4.01 Term of Agreement. Except as otherwise provided under applicable Law, this Agreement shall continue in effect as to each Shareholder until (i) it is terminated as to such
Shareholder by the written consent of all Shareholders or (ii) the first day on which such Shareholder and its Affiliates no longer beneficially own any shares of LATAM Common Stock, whichever is sooner to occur. The termination of this
Agreement as to any Shareholder shall not affect any of the rights and obligations of the other Shareholders, hereunder, if any, with respect to each other. In the event this Agreement terminates as to any Shareholder, thereafter such Shareholder
shall have no further liability to the other Shareholders or to any of their respective shareholders, directors, officers, employees or other Affiliates and such other Shareholders shall have no 

  
 13 

 
further liability to such Shareholder, in each case solely in respect of this Agreement; provided, however, that the foregoing shall not apply to any provisions hereof that
expressly survive the termination of this Agreement (including Section 4.02); and provided, further, that nothing herein shall relieve any Shareholder of any liability for any breach of this Agreement that occurred prior to such
termination. 
 SECTION 4.02 Fees and Expenses. All fees and expenses incurred in connection with this Agreement
shall be paid by the Shareholder incurring such fees or expenses. The provisions of this Section 4.02 shall survive any termination of this Agreement. 
 SECTION 4.03 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF;
PROVIDED, HOWEVER, THAT NOTWITHSTANDING THE FOREGOING THE AUTHORIZATION AND EXECUTION OF THIS AGREEMENT BY EACH PARTY SHALL BE GOVERNED BY THE LAW OF ITS JURISDICTION OF INCORPORATION. 

SECTION 4.04 Definitions. For the purposes of this Agreement, the following terms shall have the meanings assigned below:

 (a) “Affiliate” shall have the meaning assigned to such term in Rule 12b-2 under the Exchange Act;
provided, however, that for all purposes of this Agreement (i) neither LATAM, Holdco I, TAM nor any of their respective Subsidiaries shall be deemed to be an Affiliate of any Shareholder and (ii) no Shareholder shall be deemed
to be an Affiliate of any other Shareholder or any of its Affiliates solely by reason of this Agreement. 
 (b)
“beneficial ownership” (and its correlative phrases) shall have the meanings assigned to such phrases in Rule 13d-3 promulgated under the U.S. Exchange Act; provided, however that, notwithstanding the foregoing,
for all purposes of this Agreement a Shareholder shall be deemed to beneficially own all Restricted Shares beneficially owned by it and its Affiliates. 
 (c) “business day” shall mean any day that is not a Saturday, Sunday or a day on which banking institutions are required or authorized by Law or executive order to be closed in
Santiago, Chile or São Paulo, Brazil. 
 (d) “By-laws” means the By-laws of LATAM in effect as of
the date hereof, as they may be amended from time to time. 
 (e) “Convertible Securities” means, with
respect to any Person, any securities, options, warrants or other rights of, or granted by, such Person or any of its Affiliates that are, directly or indirectly, convertible into, or exercisable or exchangeable for, any Equity Securities of such
Person or any of its Affiliates. 

  
 14 

 (f) “Equity Securities” means, with respect to any Person, any
capital stock of, or other equity interests in, such Person. 
 (g) “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended. 
 (h) “Exempted Shares” means, with respect to any
Shareholder, all shares of LATAM Common Stock that were beneficially owned by such Shareholder immediately after the Effective Time in excess of 12.5% of the shares of LATAM Common Stock outstanding at such time as determined on a fully-diluted
basis. 
 (i) “Governmental Entity” means any governmental, quasi-governmental or regulatory authority,
body, department, commission, board, bureau, agency, division, court, organized securities exchange or other legislative, executive or judicial governmental entity or instrumentality of any country, nation, republic, federation or similar entity or
any state, county, parish or municipality, jurisdiction or other political subdivision thereof. 
 (j) “Holdco I
Non-Voting Stock” shall mean the non-voting stock, no par value, of Holdco I, which, pursuant to the by-laws of Holdco I, shall have the exclusive right to receive all dividends, distributions or other amounts payable by
Holdco I in respect of any shares of its capital stock (including a preference to be paid in connection with any liquidation, capital reduction, winding up, recapitalization or reorganization) other than the Dividend Rights and which shall have
no right to vote on, approve or consent to any matter that is subject to any vote of, approval by or consent from the shareholders of Holdco I under the Law of Chile or otherwise other than the rights to vote on, approve or consent to matters
requiring the approval of the holders of shares of Holdco I Non-Voting Stock under the Law of Chile or otherwise (collectively, the “Limited Voting Rights”). 

(a) “Holdco I Voting Stock” shall mean the voting stock, no par value, of Holdco I, which, pursuant to
the by-laws of Holdco I, shall have the exclusive right to vote on, approve or consent to all matters that are subject to any vote of, approval by or consent from the shareholders of Holdco I under the Law of Chile or otherwise (other than
the Limited Voting Rights) and which shall have no economic rights other than the right to receive a nominal dividend (collectively, “Dividend Rights”). 

(k) “Institutional Lender” means any savings bank, savings and loan association, commercial bank or trust
company, insurance company subject to regulation by any Governmental Entity, merchant or investment bank or any other entity generally viewed as an institutional lender. 
 (l) “Law” means any statute, common law, ordinance, rule, regulation, agency requirement or Order of, or issued, promulgated or entered into by or with, any Governmental Entity.

  
 15 

 (m) “Order” means any order, decision, writ, injunction, decree,
judgment, legal or arbitration award, stipulation, license, permit or agreement issued, promulgated or entered into by or with (or settlement or consent agreement subject to) any Governmental Entity. 

(n) “Person” means any natural person, firm, corporation, partnership, company, limited liability company, joint
venture, association, trust, unincorporated organization, Governmental Entity or other entity. 
 (o) “Restricted
Common Stock” means, with respect to any Shareholder at any time, all shares of LATAM Common Stock that were beneficially owned by such Shareholder immediately after the Effective Time and that are beneficially owned by, and not
Exempted Shares of, such Shareholder at such time. 
 (p) “Restricted Shares” means (i) with
respect to the LATAM Controlling Shareholders at any time, all of their shares of Restricted Common Stock at such time and (ii) with respect to TEP at any time, all of its shares of Restricted Common Stock at such time and all shares of
Holdco I Voting Stock beneficially owned by it at such time, including all Equity Securities or Convertible Securities issued in respect of, in exchange for or upon reclassification of such shares of Restricted Common Stock or Holdco I
Voting Stock pursuant to any dividend, distribution, share exchange, reclassification, recapitalization, consolidation, merger, stock split, reverse stock split or otherwise. 
 (q) “Shareholders” initially shall have the meaning set forth in the Preamble to this Agreement and after any Transfer of shares of Restricted Common Stock by any Shareholder to
any Person pursuant to Sections 3.02(c), (d) or (e) or any Affiliate Transfer pursuant to Section 3.04 shall mean the non-transferring Shareholder, the transferring Shareholder and any Person to whom such Transfer was made and
who became a party to this Agreement as required by this Agreement. 
 (r) “Subsidiary” means, with
respect to any Person, (i) a corporation in which such Person, together with its Subsidiaries, beneficially owns Voting Securities of such corporation which entitle them, collectively, to cast more than 50% of all the votes entitled to be cast
by the holders of all Voting Securities of such corporation then outstanding in a general election of directors of such corporation or (ii) any Person that is not a corporation in which such Person, and/or one or more other Subsidiaries of such
Person, directly or indirectly, has a majority equity or voting interest or the power to direct the policies, management and affairs thereof. 
 (s) “Voting Securities” means, with respect to any Person, any securities or other equity or ownership interests in such Person which are entitled to vote generally in the election
of directors of such Person (or, if such Person is not a corporation, the individuals who perform a similar function for such Person). 

  
 16 

 SECTION 4.05 Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions of this Agreement. If any provision of this Agreement, or the application of such provision to any Person or
any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision
and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or
enforceability of such provision, or the application of such provision, in any other jurisdiction. 
 SECTION 4.06
Amendment; Waiver. This Agreement may be amended and any performance, term or condition waived in whole or in part only by a writing signed by all Shareholders affected by the amendment (in the case of an amendment) or by the Shareholder
against whom the waiver is to be effective (in the case of a waiver). No failure or delay by any Shareholder in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any singular partial exercise of such
right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Waiver by any Shareholder of any breach or failure to comply with any provision of this Agreement by another Shareholder
shall not be construed as, nor shall constitute, a continuing waiver of such provisions, or a waiver of any other breach of or failure to comply with any other provisions of this Agreement. 

SECTION 4.07 Assignment. Subject to Article III of this Agreement, neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned, in whole or in part, by operation of Law or otherwise by any Shareholder without the prior written consent of the other Shareholders, and any purported assignment without such consent shall be null and void
and of no force or effect. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Shareholders and their respective successors and permitted assigns. 

SECTION 4.08 Entire Agreement; No Third Party Beneficiaries. This Agreement, the other Shareholders Agreements, the
Implementation Agreement and the Exchange Offer Agreement, including the Exhibits and Schedules hereto and thereto, constitute the entire agreement, and supersede all prior agreements and understandings, both written and oral, among the Shareholders
with respect to the subject matter hereof and thereof. Except as otherwise expressly stated herein, the Shareholders hereby agree that the agreements and covenants set forth herein are solely for the benefit of the other Shareholders in accordance
with, and subject to the terms of, this Agreement and that this Agreement is not intended to, and does not, confer upon any Person other than the Shareholders any rights or remedies hereunder, including the right to rely upon the representations and
warranties set forth herein. 

  
 17 

 SECTION 4.09 Notices. All notices, requests, claims, demands, instructions and
other communications or documents given hereunder shall be in writing and shall be delivered personally or sent by registered or certified mail (postage prepaid), facsimile or overnight courier to the Shareholders at the following addresses (or at
such other address for a Shareholder as shall be specified by like notice): 
 If to the LATAM Controlling Shareholders, to:

 Claro y Cia 
 Apoquindo 3721, piso 13, 
 Santiago, Chile 

Attention: José María Eyzaguirre B. 
 Fax: +562 3673003 
 jmeyzaguirre@claro.cl 

with copies (which shall not constitute notice) to: 
 Sullivan & Cromwell LLP 
 125 Broad Street 

New York, NY 10004 
 United States of America 
 Attention: Sergio Galvis and Duncan McCurrach

 Fax: +1 212-558-3588 
 galviss@sullcrom.com 
 mccurrachd@sullcrom.com 

If to TEP to: 

Turci Advogados 

Rua Dr. Renato Paes de Barros, 778 
 -1° andar – cj.12 
 04530-0001 
 São Paulo – SP 

Brasil 

Attention: Flavia Turci 
 Fax: +55 11 2177 2197 
 turci@turci.com 

with a copy (which shall not constitute notice) to: 
 Clifford Chance US LLP 
 31 West 52nd Street 

New York, NY 10019 
 Attention: Sarah Jones and Anand Saha 
 Fax: +1 212 878 8375 

Sarah.Jones@CliffordChance.com 
 Anand.Saha@CliffordChance.com 

  
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 Any notice, request, claim, instruction or other communication or document given as provided above shall be
deemed given to the receiving party (i) if delivered personally, upon actual receipt, (ii) if sent by registered or certified mail, three business days after deposit in the mail, (iii) if sent by facsimile, upon confirmation of
successful transmission if within one business day after such facsimile has been sent such notice, request, claim, instruction or other communication or document is also given by one of the other methods described above and (iv) if sent by
overnight courier, on the next business day after deposit with the overnight courier. 
 SECTION 4.10 Specific
Enforcement; Consent to Jurisdiction. The Shareholders agree that irreparable damage would occur and that the Shareholders would not have any adequate remedy at Law in the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Shareholders shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement, this being in addition to any other remedy to which they are entitled at Law or in equity, without the necessity of proving the inadequacy of monetary damages or of posting bond or other undertaking, as a remedy and to
obtain injunctive relief against any breach or threatened breach hereof. In the event that any action is brought in equity to enforce the provisions of this Agreement, no Shareholder shall allege, and each Shareholder waives the defense or
counterclaim that there is an adequate remedy at Law. Each of the Shareholders hereby irrevocably consents and submits itself to the personal jurisdiction of the courts of the State of New York and the federal courts of the United States of America
located in the Borough of Manhattan, The City of New York (collectively, the “Agreed Courts”) solely in respect of the interpretation and enforcement of the provisions of this Agreement, and the documents referred to herein
and the transactions contemplated by this Agreement (collectively, the “Agreed Issues”), waives, and agrees not to assert, as a defense in any action, suit or proceeding in an Agreed Court with respect to the Agreed Issues
that such Shareholder is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such Agreed Court or that the venue thereof may not be appropriate or that this Agreement or any such document may not
be enforced in or by such Agreed Court, and the Shareholders irrevocably agree that all claims with respect to any action, suit or proceeding with respect to the Agreed Issues shall be heard and determined only in an Agreed Court. The Shareholders
hereby consent to and grant to each Agreed Court jurisdiction over the Person of such Shareholders and, to the extent permitted by Law, over the subject matter of any dispute with respect to the Agreed Issues and agree that mailing of process or
other papers in connection with any such action or proceeding in the manner provided in Section 4.09 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. 

SECTION 4.11 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY 

  
 19 

 
JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (I) CERTIFIES THAT IT HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER AND MADE IT VOLUNTARILY AND THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 4.11. 

SECTION 4.12 Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile), each of which
shall be considered an original instrument and all of which shall together constitute the same agreement. This Agreement shall become effective when one or more counterparts have been signed by each of the Shareholders and delivered to the other
Shareholders. 
 SECTION 4.13 Interpretation. When a reference is made in this Agreement to an Article, a Section,
Exhibit or Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Any contract, instrument or Law defined or referred to herein or in any contract or instrument
that is referred to herein means such contract, instrument or Law as from time to time amended, modified or supplemented, including (in the case of contracts or instruments) by waiver or consent and (in the case of Laws) by succession of comparable
successor Law and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. Except as otherwise expressly provided herein, all remedies provided herein shall
be in addition to any other remedies that the Shareholders may otherwise have under applicable Law. Any reference in this Agreement to a “day” or a number of “days” (without the explicit qualification of “business”)
shall be interpreted as a reference to a calendar day or number of calendar days. This Agreement is the product of negotiation between the Shareholders having the assistance of counsel and other advisers, and between the Shareholders and their
counsel and other advisers having participated jointly in negotiating and drafting this Agreement. If an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly between the Shareholders,
and no presumption or burden of proof shall arise favoring or disfavoring any Shareholder by virtue of the authorship of any provision of this Agreement. 

  
 20 

 SECTION 4.14 Relationship of Shareholders. Nothing herein is intended to
constitute the Shareholders as members of any partnership, joint venture, association, syndicate, or other entity, or shall be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf
of another Shareholder or any obligation to assume any obligation or responsibility of any other Shareholder, except as otherwise expressly provided herein. Notwithstanding the foregoing, the LATAM Controlling Shareholders shall be treated as a
single Shareholder for all purposes of this Agreement. 
 SECTION 4.15 Filing Requirement. A copy of this Agreement
shall be filed at the headquarters of LATAM and Holdco I for all purposes of applicable Law. 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers thereunto duly authorized as of the date first above written. 
  

			
	COSTA VERDE AERONÁUTICA S.A.
		
	By:	 	  

		 	Name:
		 	Title:
	
	INVERSIONES MINERAS DEL CANTÁBRICO S.A.
		
	By:	 	  

		 	Name:
		 	Title:
	
	TEP CHILE S.A.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Control Group Shareholders Agreement] 

 Exhibit A  
 Ownership Structure of the LATAM GroupShareholders Agreement, dated as of _________, 2012

 Exhibit 10.9 
 FORM OF EXECUTION VERSION 
  

 
 SHAREHOLDERS AGREEMENT

 Between 
 LAN AIRLINES S.A. 
 and 

TEP CHILE S.A. 
 Dated as of                             , 2012

  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	GOVERNANCE	  
			
	 SECTION 1.01
	 	 Scope of the Agreement
	  	 	3	  
	 SECTION 1.02
	 	 Composition of the LATAM Board
	  	 	3	  
	 SECTION 1.03
	 	 Chairman of LATAM Board
	  	 	3	  
	 SECTION 1.04
	 	 LATAM Committees
	  	 	4	  
	 SECTION 1.05
	 	 Roles of the LATAM CEO, the LATAM COO and the TAM CEO
	  	 	4	  
	 SECTION 1.06
	 	 Recommendations to Shareholders of LATAM
	  	 	6	  
	 SECTION 1.07
	 	 Other Key Executives of the LATAM Group
	  	 	7	  
	 SECTION 1.08
	 	 Group Structure
	  	 	7	  
	 SECTION 1.09
	 	 Further Action; Efforts
	  	 	7	  
	
	ARTICLE II	  
	
	GENERAL PROVISIONS	  
			
	 SECTION 2.01
	 	 Term of Agreement
	  	 	7	  
	 SECTION 2.02
	 	 Fees and Expenses
	  	 	7	  
	 SECTION 2.03
	 	 Governing Law
	  	 	7	  
	 SECTION 2.04
	 	 Definitions
	  	 	8	  
	 SECTION 2.05
	 	 Severability
	  	 	9	  
	 SECTION 2.06
	 	 Amendment; Waiver
	  	 	9	  
	 SECTION 2.07
	 	 Assignment
	  	 	10	  
	 SECTION 2.08
	 	 Entire Agreement; No Third-Party Beneficiaries
	  	 	10	  
	 SECTION 2.09
	 	 Notices
	  	 	10	  
	 SECTION 2.10
	 	 Specific Enforcement; Consent to Jurisdiction
	  	 	11	  
	 SECTION 2.11
	 	 WAIVER OF JURY TRIAL
	  	 	12	  
	 SECTION 2.12
	 	 Counterparts
	  	 	12	  
	 SECTION 2.13
	 	 Interpretation
	  	 	13	  
	 SECTION 2.14
	 	 Filing Requirement.
	  	 	13	  
			
	 Exhibit A 
	 	 LATAM Group Ownership Structure and Organizational Structure
	  			

  
 i 

 INDEX OF DEFINED TERMS 

 

					
	 	  	Page	 
		
	 Affiliate
	  	 	8	  
	 Agreed Courts
	  	 	12	  
	 Agreed Issues
	  	 	12	  
	 Agreement
	  	 	1	  
	 Amaro Family
	  	 	1	  
	 beneficial ownership
	  	 	8	  
	 business day
	  	 	8	  
	 Control
	  	 	8	  
	 Control Group Shareholders Agreement
	  	 	2	  
	 CVA
	  	 	1	  
	 Departure
	  	 	3	  
	 Effective Time
	  	 	3	  
	 Exchange Offer
	  	 	1	  
	 Exchange Offer Agreement
	  	 	1	  
	 Governmental Entity
	  	 	8	  
	 Holdco I
	  	 	1	  
	 Holdco I Board
	  	 	3	  
	 Holdco I Group
	  	 	5	  
	 Holdco I Group Boards
	  	 	3	  
	 Holdco I Shareholders Agreement
	  	 	2	  
	 IMDC
	  	 	1	  
	 Implementation Agreement
	  	 	1	  
	 LATAM
	  	 	1	  
	 LATAM Board
	  	 	3	  
	 LATAM Board Committee
	  	 	4	  
	 LATAM CEO
	  	 	4	  

					
	 	  	Page	 
		
	 LATAM Chairman
	  	 	3	  
	 LATAM Common Stock
	  	 	1	  
	 LATAM Controlling Shareholders
	  	 	1	  
	 LATAM COO
	  	 	5	  
	 LATAM Group
	  	 	2	  
	 Law
	  	 	8	  
	 Mergers
	  	 	1	  
	 Order
	  	 	8	  
	 Organizational Documents
	  	 	8	  
	 Parties
	  	 	1	  
	 Person
	  	 	9	  
	 Second Anniversary
	  	 	3	  
	 Shareholders
	  	 	1	  
	 Shareholders Agreements
	  	 	2	  
	 Subsidiary
	  	 	9	  
	 Supermajority Action
	  	 	6	  
	 TAM
	  	 	1	  
	 TAM Board
	  	 	3	  
	 TAM CEO
	  	 	6	  
	 TAM Shareholders Agreement
	  	 	2	  
	 TEP
	  	 	1	  
	 TEP Director
	  	 	3	  
	 TEP Parent
	  	 	1	  
	 Transaction Agreements
	  	 	9	  
	 U.S. Exchange Act
	  	 	9	  
	 Voting Securities
	  	 	9	  

 
 

  
 ii 

 SHAREHOLDERS AGREEMENT, dated as of
                            , 2012 (this “Agreement”), between LAN AIRLINES S.A., a
company organized under the Law of Chile (“LATAM”), and TEP Chile S.A., a company organized under the Law of Chile (“TEP” and together with LATAM, the “Shareholders” or the
“Parties”). 
 W I T N E S S E T H

 WHEREAS, as of the date of this Agreement Maria Cláudia Oliveira Amaro, Maurício Rolim Amaro, Noemy Almeida
Oliveira Amaro and João Francisco Amaro (all such individuals, collectively, the “Amaro Family”) collectively own 100% of the outstanding shares of TEP; 

WHEREAS, as of the date of this Agreement the Amaro Family are the controlling shareholders of TAM S.A., a company organized under the
Law of Brazil (“TAM”), under the Law of Brazil and currently own, directly or indirectly, ordinary shares and preferred shares of TAM, which collectively constitute 46.6291% of the issued and outstanding shares of capital
stock of TAM and 85.3736% of the total voting power of such capital stock; 
 WHEREAS, LATAM, TAM, Costa Verde
Aeronáutica S.A., a company organized under the Law of Chile (“CVA”), Inversiones Mineras del Cantábrico S.A., a company organized under the Law of Chile (“IMDC” and, together with CVA,
the “LATAM Controlling Shareholders”), TAM Empreendimentos e Participações S.A., a company organized under the Law of Brazil, and the Amaro Family have entered into an Implementation Agreement, dated as of
January 18, 2011, as amended (the “Implementation Agreement”), and an Exchange Offer Agreement, dated as of January 18, 2011, as amended (the “Exchange Offer Agreement”), pursuant to which
the outstanding shares of capital stock of TAM will be acquired by LATAM and Holdco I, a newly formed company to be organized under the Law of Chile (“Holdco I”), pursuant to the contribution transaction, delisting exchange
offer (the “Exchange Offer”) and the mergers described therein (collectively, the “Mergers”) in exchange for shares of common stock, no par value (the “LATAM Common Stock”), of
LATAM; 
 WHEREAS, after the Mergers, TEP will own at least 80% of the outstanding voting shares of Holdco I and LATAM will own
100% of the outstanding non-voting shares of Holdco I, no more than 20% of the outstanding voting shares of Holdco I and 100% of the outstanding preferred shares of TAM; 
 WHEREAS, immediately following the consummation of the transactions contemplated by the Implementation Agreement and the Exchange Offer Agreement and assuming (only for purposes of calculating the
ownership percentages set forth therein) (i) all TAM shareholders other than TEP fully participate in the Exchange Offer, (ii) none of the holders of the outstanding shares of LATAM Common Stock exercise their appraisal

 
rights (derecho a retiro) under the Law of Chile in respect of the Mergers and (iii) the only shares of LATAM Common Stock and shares of TAM that will be outstanding after such
consummation are the shares issued in the Mergers and the shares which are subscribed and fully paid for as of the date of the Implementation Agreement (which excludes any shares issuable upon future exercises of stock options), the ownership
structure of LATAM, Holdco I, TAM and their respective Subsidiaries will be as set forth in Exhibit A hereto; 

WHEREAS, the Parties desire to enter into this Agreement to set forth their agreements with respect to governance, management and
operation of, and the relationship among, LATAM, Holdco I, TAM and their respective Subsidiaries (collectively, the “LATAM Group”) and certain other matters; 

WHEREAS, concurrently with the execution and delivery of this Agreement, LATAM, TEP, TAM and Holdco I are entering into a shareholders
agreement, dated the date hereof (the “TAM Shareholders Agreement”), to set forth their agreement with respect to the governance, management and operation of TAM and its Subsidiaries; 

WHEREAS, concurrently with the execution and delivery of this Agreement, LATAM, TEP and Holdco I are entering into a shareholders
agreement, dated the date hereof (the “Holdco I Shareholders Agreement”), to set forth their agreement with respect to the governance, management and operation of Holdco I; 

WHEREAS, contemporaneously with the execution and delivery of this Agreement, TEP and the LATAM Controlling Shareholders are entering
into a shareholders agreement, dated the date hereof (the “Control Group Shareholders Agreement,” and collectively with this Agreement, the TAM Shareholders Agreement and the Holdco I Shareholders Agreement, the
“Shareholders Agreements”), pursuant to which the LATAM Controlling Shareholders, as the continuing controlling shareholders of LATAM under the Law of Chile, will make the concessions described therein to TEP; 

WHEREAS, the execution and delivery of this Agreement and the other Shareholders Agreements are conditions to the commencement of the
Exchange Offer and consummation of the Mergers; and 
 WHEREAS, LATAM has determined and declared that the execution and
delivery of this Agreement is in the best interests of LATAM, and the execution, delivery and performance of this Agreement by LATAM have been duly authorized by the LATAM Board and all other necessary corporate action on the part of LATAM.

  
 2 

 NOW, THEREFORE, in consideration of the representations and warranties, covenants and
agreements contained herein and in the Implementation Agreement and the Exchange Offer Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows: 

ARTICLE I 

GOVERNANCE 
 SECTION 1.01 Scope of the Agreement; Effective Time. The Parties desire to set forth in this Agreement, their agreements with respect to governance, management and operation of, and the
relationship among, LATAM and the other members of the LATAM Group and certain other matters. In the event of any inconsistency or conflict between the provisions of this Agreement and the Organizational Documents of Holdco I, TAM or any of their
Subsidiaries, this Agreement shall control and the Parties shall use their commercially reasonable efforts to amend any such Organizational Documents to conform to the provisions of this Agreement and to exercise their rights under such
Organizational Documents to give effect to such provisions. The Parties agree that the specific provisions of this Agreement shall not be limited by any inconsistent or conflicting provisions of the by-laws of LATAM and accordingly, as between
parties, such specific provisions shall prevail over such provisions of the by-laws of LATAM. This Agreement shall become effective only if, and at that time at which, Holdco I becomes a holder of at least 80% of the outstanding ordinary shares of
TAM (the “Effective Time”). All actions required to be taken or performed under this Agreement shall be taken or performed in accordance with applicable Law. 

SECTION 1.02 Composition of the LATAM Board. TEP agrees that it will take all necessary action to ensure that at all times
any individual who is a member of the board of directors of LATAM (the “LATAM Board”) and who was elected by it or designated to the LATAM Controlling Shareholders by it for such election and elected by it and/or the LATAM
Controlling Shareholders (each, a “TEP Director”) shall also be a member of the board of directors of each of Holdco I and TAM. In the event of any vacancy on the board of directors of Holdco I (the “Holdco I
Board”) or the board of directors of TAM (the “TAM Board” and, together with the Holdco I Board, the “Holdco I Group Boards”) resulting from the resignation, incapacity, retirement, death
or removal (each, a “Departure”) of any member of such Holdco I Group Board who is a TEP Director, TEP shall cause such TEP Director to resign from the LATAM Board within five calendar days after the occurrence of such
Departure, and the LATAM Board shall replace such TEP Director with an individual designated by TEP who shall serve on the LATAM Board until the next annual meeting of the shareholders of LATAM. 

SECTION 1.03 Chairman of LATAM Board. Until the second anniversary of the Effective Time (the “Second
Anniversary”), the chairman of the LATAM Board (the “LATAM Chairman”) shall be Maurício Rolim Amaro. If there is a Departure of the LATAM Chairman prior to the Second Anniversary, then the LATAM Board
shall appoint another TEP Director selected by TEP to serve as the LATAM Chairman. On and after the Second Anniversary, the LATAM Board shall appoint any of its members as the LATAM Chairman from time to time in accordance with the Organizational
Documents of LATAM. 

  
 3 

 SECTION 1.04 LATAM Committees. (a) Promptly following the Effective Time,
the LATAM Board shall establish the following four committees to review, discuss and make recommendations to the LATAM Board (each, a “LATAM Board Committee”): 

(i) A Strategy Committee, which shall focus on (A) corporate strategy (e.g., vision, mission, business
portfolio and relative priorities/resource allocation, mergers, acquisitions and divestures); (B) current strategic issues (e.g., global crisis and short-term capacity strategy, acquisitions of direct competitors, etc.); and
(C) the three-year plans and budgets for the main business units and functional areas and high-level competitive strategy reviews; 
 (ii) a Leadership Committee, which shall focus on (A) culture and values; (B) people policies; (C) high-level organizational structure; (D) appointment of the chief executive officer
(Vice Presidente Ejecutivo) of LATAM (the “LATAM CEO”) and his or her other reports; (E) corporate compensation philosophy (e.g., role of variable compensations, scope of stock option/grant program,
etc.); (F) compensation structures and levels for the LATAM CEO and other key executives; (G) annual variable compensation structure and targets for the LATAM CEO and other key executives; (H) succession or contingency planning for
the LATAM CEO; and (I) performance assessment of the LATAM CEO; 
 (iii) a Finance Committee, which shall
focus on (A) financial policies and strategy; (B) capital structure; (C) monitoring policy compliance; (D) tax optimization strategy; and (E) the quality and reliability of financial information; and 

(iv) a Brand, Product and Frequent Flyer Program Committee, which shall focus on (A) brands strategies and brand
building initiatives for the corporate and main business unit brands (e.g., imaging, key messages and brand voice); (B) the main characteristics of products and services for each of the main business units; (C) Frequent Flyer
Program strategy and key program features; and (D) regular audit of brand performance. 
 (b) Each of the LATAM Board
Committees shall be comprised of two or more members of the LATAM Board, at least one of whom shall be a TEP Director at all times when TEP is entitled to elect, and elects, at least one TEP Director. No LATAM Board Committee shall have authority to
approve any matters required to be approved by the LATAM Board pursuant to the Organizational Documents of LATAM or under applicable Law, which approval authority shall rest solely with the LATAM Board, unless and to the extent such authority is
expressly delegated by it as permitted by applicable Law. 

  
 4 

 SECTION 1.05 Roles of the LATAM CEO, the LATAM COO and the TAM CEO.

 (a) LATAM CEO. The LATAM CEO shall be Enrique Cueto as of the Effective Time. After any departure of the LATAM
CEO and receipt of the recommendation of the Leadership Committee, the LATAM Board shall appoint a new LATAM CEO in accordance with the Organizational Documents of LATAM. The LATAM CEO will be the highest ranked officer of the LATAM Group and shall
report directly to the LATAM Board. The LATAM CEO shall have general supervision, direction and control of the business of the LATAM Group; provided that the LATAM COO and the TAM CEO shall have the responsibilities set forth in Sections
1.05(b) and (c), respectively. The LATAM CEO shall carry out all orders and resolutions of the LATAM Board. Without limitation of the foregoing, the LATAM CEO shall have the following responsibilities: 

(i) conducting the day-to-day management of the LATAM Group; 

(ii) leading LATAM’s efforts to combine LATAM and its Subsidiaries and TAM and its Subsidiaries and to achieve
synergies among them; 
 (iii) defining and proposing strategies for the LATAM Group and ensuring due execution
of business plans; 
 (iv) ensuring performance of the LATAM Group executive teams; 

(v) together with the LATAM Chairman and the chief financial officer of LATAM representing the LATAM Group before all
major external stakeholders, all Governmental Entities, the International Air Transport Association (IATA), alliances and investors; and 
 (vi) serving as a senior participant in all business unit and function committees of the LATAM Group. 
 (b) LATAM COO. The president and chief operating officer (Gerente General) of LATAM (the “LATAM COO”) shall be Ignacio Cueto as of the Effective Time. After any
Departure of the LATAM COO, a new LATAM COO shall be appointed by the LATAM CEO. The LATAM COO shall report directly to the LATAM CEO and shall have general supervision, direction and control of the passenger and cargo operations of the LATAM Group,
excluding those conducted by (x) Holdco I, TAM and their Subsidiaries, excluding the international passenger business of the LATAM Group (collectively, the “Holdco I Group”) and (y) the international passenger
business of the LATAM Group. Without limitation of the foregoing, the LATAM COO shall have the following responsibilities: 
 (i) conducting the day-to-day management of all cargo operations and operations of the LATAM Group; 
 (ii) together with the TAM CEO, recommending a candidate to the LATAM CEO to serve as the head of the international passenger business of the LATAM Group (including both long haul and regional
operations), who shall report jointly to the LATAM COO and the TAM CEO; 

  
 5 

 (iii) coordinating between cargo and international; 

(iv) together with the TAM CEO and the LATAM CEO, implementing the integration of LATAM and its Subsidiaries and TAM and
its Subsidiaries; and 
 (v) serving as a senior participant in all business unit and function committees of the
LATAM Group. 
 (c) TAM CEO. As of the Effective Time, Marco Bologna will be the chief executive officer (Diretor
Presidente) of the Holdco I Group (the “TAM CEO”). The TAM CEO shall have general supervision, direction and control of the business and operations of Holdco I Group and shall carry out all orders and resolutions of the
Holdco I Board and the TAM Board. Without limitation of the foregoing, the TAM CEO shall have the following responsibilities: 
 (i) conducting the day-to-day management of the Holdco I Group; 

(ii) serving as the company officer of the Holdco I Group and as the representative of the LATAM Group before all
Governmental Entities in Brazil, including the Brazilian government and National Civil Aviation Agency of Brazil (Agência Nacional de Aviação, or ANAC); 

(iii) together with the LATAM COO, recommending a candidate to the LATAM CEO for appointment as the head of international
passenger business of the LATAM Group (including both long haul and regional operations), who shall report jointly to the LATAM COO and the TAM CEO; 
 (iv) together with the LATAM CEO and the LATAM COO, implementing the integration of LATAM and its Subsidiaries and TAM and its Subsidiaries; and 

(v) serving as a senior participant in all business unit and function committees of the LATAM Group. 

SECTION 1.06 Recommendations to Shareholders of LATAM. If (a) TEP and the LATAM Controlling Shareholders cannot reach
agreement on any matter to be submitted to a vote of the shareholders of LATAM at any meeting of the shareholders of LATAM (other than an action that would require the approval of two-thirds of the shareholders of LATAM under Article 67 of the
Chilean Corporations Act (Ley Sobre Sociedades Anónimas) (each, a “Supermajority Action”) prior to such meeting of the shareholders of LATAM or (b) any shareholder of LATAM (other than TEP and the LATAM
Controlling Shareholders) requests that any matter other than a Supermajority Action be submitted to a vote of the shareholders of LATAM at any 

  
 6 

 
meeting of the shareholders of LATAM, then, in either such case, upon written request of TEP or the LATAM Controlling Shareholders (which shall be third-party beneficiaries for purposes of this
Section 1.06), the LATAM Board will consider and make a proposal to the shareholders of LATAM with respect to such matter prior to such shareholder meeting. 
 SECTION 1.07 Other Key Executives of the LATAM Group. The key executives of the LATAM Group (excluding the LATAM CEO and those in the Holdco I Group) shall be appointed by, and shall report,
directly or indirectly, to the LATAM CEO. In making such appointments, the LATAM CEO shall be guided by the following principles: (a) alignment with the strongest performing leader, i.e., the best of breed; (b) maximization
of synergy value capture; (c) conforming to local regulations and culture; and (d) simplest and easiest execution. 

SECTION 1.08 Group Structure. The organizational structure of the LATAM Group shall be in substantially the form set forth in
Exhibit A attached hereto, as it may be amended or modified by the Parties from time to time. 
 SECTION 1.09
Further Action; Efforts. For the benefit of TEP, LATAM agrees to take all necessary action to implement the agreements with respect to the management and governance of LATAM set forth in Sections 1.03 through 1.08. 

ARTICLE II 

GENERAL PROVISIONS 
 SECTION 2.01 Term of Agreement. Except as otherwise provided under applicable Law, this Agreement shall continue in effect as to each of the Parties until (i) it is terminated as to any
Party by the written consent of all the Parties or (ii) with respect to any Shareholder, the first day on which such Shareholder no longer beneficially owns any shares of LATAM Common Stock, whichever is sooner to occur. The termination of this
Agreement as to any Shareholder shall not affect any of the rights and obligations of any of the other Parties with respect to each other. In the event that this Agreement terminates as to any Shareholder, thereafter such Shareholder shall have no
further liability to the other Parties or to any of their respective shareholders, directors, officers, employees or other Affiliates and such other Parties shall have no further liability to such Shareholder, in each case solely in respect of this
Agreement; provided, however, that the foregoing shall not apply to any provisions hereof that expressly survive the termination of this Agreement (including Section 2.02); and provided, further, that nothing herein
shall relieve any Party of any liability for any breach of this Agreement that occurred prior to such termination. 

SECTION 2.02 Fees and Expenses. All fees and expenses incurred in connection with this Agreement shall be paid by the Party
incurring such fees or expenses. The provisions of this Section 2.02 shall survive any termination of this Agreement. 

SECTION 2.03 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW 

  
 7 

 
PRINCIPLES THEREOF; PROVIDED, HOWEVER, THAT NOTWITHSTANDING THE FOREGOING THE AUTHORIZATION AND EXECUTION OF THIS AGREEMENT BY EACH PARTY SHALL BE GOVERNED BY THE LAW OF ITS
JURISDICTION OF INCORPORATION. 
 SECTION 2.04 Definitions. For the purposes of this Agreement, the following terms
shall have the meanings assigned below: 
 (a) “Affiliate” shall have the meaning assigned to such term
in Rule 12b-2 under the U.S. Exchange Act; provided, however, that no Shareholder shall be deemed to be an Affiliate of any other Shareholder or any of its Affiliates solely by reason of this Agreement. 

(b) “beneficial ownership” (and its correlative phrases) shall have the meanings assigned to such phrases in Rule
13d-3 promulgated under the U.S. Exchange Act (without taking into account any rights of such Person or any of its Affiliates under Section 2.04 hereof) if the references to “within 60 days” in Rule 13d-3(d)(1)(i) were omitted. For
all purposes of this Agreement, a Shareholder shall be deemed to beneficially own all shares of LATAM Common Stock beneficially owned by it and its Affiliates, including the beneficial owners of such Shareholder. 

(c) “business day” shall mean any day that is not a Saturday, Sunday or a day on which banking institutions are
required or authorized by Law or executive order to be closed in Santiago, Chile or São Paulo, Brazil. 
 (d)
“Control” (and its correlative terms) shall have the meanings assigned to such terms in Rule 12b-2 promulgated under the U.S. Exchange Act. 
 (e) “Governmental Entity” means any governmental, quasi-governmental or regulatory authority, body, department, commission, board, bureau, agency, division, court, organized
securities exchange or other legislative, executive or judicial governmental entity or instrumentality of any country, nation, republic, federation or similar entity or any state, county, parish or municipality, jurisdiction or other political
subdivision thereof. 
 (f) “Law” means any statute, common law, ordinance, rule, regulation, agency
requirement or Order of, or issued, promulgated or entered into by or with, any Governmental Entity. 
 (g)
“Order” means any order, decision, writ, injunction, decree, judgment, legal or arbitration award, stipulation, license, permit or agreement issued, promulgated or entered into by or with (or settlement or consent agreement
subject to) any Governmental Entity. 
 (h) “Organizational Documents” shall mean (i) with respect
to Holdco I, this Agreement, the Holdco I Shareholders 

  
 8 

 
Agreement and the by-laws of Holdco I, (ii) with respect to LATAM, this Agreement, the Control Group Shareholders Agreement and the by-laws or other comparable governing documents of LATAM
and (iii) with respect to TAM and its Subsidiaries, this Agreement, the TAM Shareholders Agreement, the Holdco I Shareholders Agreements and the by-laws or other comparable governing documents of such Persons. 

(i) “Person” means any natural person, firm, corporation, partnership, company, limited liability company, joint
venture, association, trust, unincorporated organization, Governmental Entity or other entity. 
 (j)
“Subsidiary” means, with respect to any Person, (i) a corporation in which such Person, together with its Subsidiaries, beneficially owns Voting Securities of such corporation which entitle them, collectively, to cast
more than 50% of all the votes entitled to be cast by the holders of all Voting Securities of such corporation then outstanding in a general election of directors of such corporation or (ii) any Person that is not a corporation in which such
Person, and/or one or more other Subsidiaries of such Person, directly or indirectly, has a majority equity or voting interest or the power to direct the policies, management and affairs thereof. 

(k) “Transaction Agreements” means this Agreement, the Implementation Agreement, the Exchange Offer Agreement and
the other Shareholders Agreements. 
 (l) “U.S. Exchange Act” shall mean the U.S. Securities Exchange
Act of 1934. 
 (m) “Voting Securities” means, with respect to any Person, any securities or other
equity or ownership interests in such Person which are entitled to vote generally in the election of directors of such Person (or, if such Person is not a corporation, the individuals who perform a similar function for such Person). 

SECTION 2.05 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability of the other provisions of this Agreement. If any provision of this Agreement, or the application of such provision to any Person or any circumstance, is invalid or unenforceable,
(a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement
and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the
application of such provision, in any other jurisdiction. 
 SECTION 2.06 Amendment; Waiver. This Agreement may be
amended and any performance, term or condition waived in whole or in part only by a writing signed by all Parties affected by the amendment (in the case of an amendment) or by the Party against whom the waiver is to be effective (in the case of a
waiver). No failure or delay by any 

  
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Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any singular partial exercise of such right, power or privilege preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. Waiver by any Party of any breach or failure to comply with any provision of this Agreement by another Party shall not be construed as, nor shall constitute, a
continuing waiver of such provisions, or a waiver of any other breach of or failure to comply with any other provisions of this Agreement. 
 SECTION 2.07 Assignment. Subject to the provisions of the Holdco I Shareholders Agreement and the Control Group Shareholders Agreement, neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned, in whole or in part, by operation of Law or otherwise by any of the Parties without the prior written consent of the other Parties, and any purported assignment without such consent shall be null and void
and of no force or effect. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns. 

SECTION 2.08 Entire Agreement; No Third-Party Beneficiaries. 

(a) This Agreement and the other Transaction Agreements, including the Exhibits and Schedules hereto and thereto, constitute the entire
agreement, and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof and thereof. 
 (b) Except as otherwise expressly stated herein, the Parties hereby agree that the agreements and covenants set forth herein are solely for the benefit of the other Parties in accordance with, and subject
to the terms of, this Agreement and that this Agreement is not intended to, and does not, confer upon any Person other than the Parties any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth
herein. 
 SECTION 2.09 Notices. All notices, requests, claims, demands, instructions and other communications or
documents given hereunder shall be in writing and shall be delivered personally or sent by registered or certified mail (postage prepaid), facsimile or overnight courier to the Parties at the following addresses (or at such other address for a Party
as shall be specified by like notice): 
 If to LATAM, to: 

Claro y Cia. 

Apoquindo 3721, piso 13, 
 Santiago, Chile 
 Attention: José María Eyzaguirre B. 

Fax: +56 2 367 3003 
 jmeyzaguirre@claro.cl 

  
 10 

 with copies (which shall not constitute notice) to: 

Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, NY 10004 

United States of America 
 Attention: Sergio Galvis and Duncan McCurrach 
 Fax: +1 212 558 3588 

galviss@sullcrom.com 
 mccurrachd@sullcrom.com 
 If to TEP to: 

Turci Advogados 

Rua Dr. Renato Paes de Barros, 778 
 -1° andar – cj.12 
 04530-0001 
 São Paulo – SP 

Brasil 

Attention: Flavia Turci 
 Fax: +55 11 2177 2197 
 turci@turci.com 

with a copy (which shall not constitute notice) to: 
 Clifford Chance US LLP 
 31 West 52nd Street 

New York, NY 10019 
 Attention: Sarah Jones and Anand Saha 
 Fax: +1 212 878 8375 

Sarah.Jones@CliffordChance.com 
 Anand.Saha@CliffordChance.com 
 Any notice, request, claim, instruction or other
communication or document given as provided above shall be deemed given to the receiving party (i) if delivered personally, upon actual receipt, (ii) if sent by registered or certified mail, three business days after deposit in the mail,
(iii) if sent by facsimile, upon confirmation of successful transmission if within one business day after such facsimile has been sent such notice, request, claim, instruction or other communication or document is also given by one of the other
methods described above and (iv) if sent by overnight courier, on the next business day after deposit with the overnight courier. 
 SECTION 2.10 Specific Enforcement; Consent to Jurisdiction. The Parties agree that irreparable damage would occur and that the Parties would not have any adequate remedy at Law in the event
that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of
this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled at 

  
 11 

 
Law or in equity, without the necessity of proving the inadequacy of monetary damages or of posting bond or other undertaking, as a remedy and to obtain injunctive relief against any breach or
threatened breach hereof. In the event that any Action is brought in equity to enforce the provisions of this Agreement, no Party shall allege, and each Party waives the defense or counterclaim that there is an adequate remedy at Law. Each of the
Parties hereby irrevocably consents and submits itself to the personal jurisdiction of the courts of the State of New York and the federal courts of the United States of America located in the Borough of Manhattan, The City of New York
(collectively, the “Agreed Courts”) solely in respect of the interpretation and enforcement of the provisions of this Agreement, and the documents referred to herein and the transactions contemplated by this Agreement
(collectively, the “Agreed Issues”), waives, and agrees not to assert, as a defense in any Action, suit or proceeding in an Agreed Court with respect to the Agreed Issues that such Party is not subject thereto or that such
Action, suit or proceeding may not be brought or is not maintainable in such Agreed Court or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such Agreed Court, and the Parties
irrevocably agree that all claims with respect to any Action, suit or proceeding with respect to the Agreed Issues shall be heard and determined only in an Agreed Court. The Parties hereby consent to and grant to each Agreed Court jurisdiction over
the Person of such parties and, to the extent permitted by Law, over the subject matter of any dispute with respect to the Agreed Issues and agree that mailing of process or other papers in connection with any such Action or proceeding in the manner
provided in Section 2.09 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. 

SECTION 2.11 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (I) CERTIFIES THAT IT HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND MADE IT VOLUNTARILY AND THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 2.11. 
 SECTION 2.12 Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile), each of which shall be considered an original instrument and all of which shall
together constitute the same agreement. This Agreement shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties. 

  
 12 

 SECTION 2.13 Interpretation. When a reference is made in this Agreement to an
Article, Section, Exhibit or Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by
the words “without limitation”. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Any contract, instrument or Law defined or referred to herein or in any contract or instrument
that is referred to herein means such contract, instrument or Law as from time to time amended, modified or supplemented, including (in the case of contracts or instruments) by waiver or consent and (in the case of Laws) by succession of comparable
successor Law and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. Except as otherwise expressly provided herein, all remedies provided herein shall
be in addition to any other remedies that the Parties may otherwise have under applicable Law. Any reference in this Agreement to a “day” or a number of “days” (without the explicit qualification of “business”) shall be
interpreted as a reference to a calendar day or number of calendar days. This Agreement is the product of negotiation by the Parties having the assistance of counsel and other advisers, and the Parties and their counsel and other advisers having
participated jointly in negotiating and drafting this Agreement. If an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall
arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. 
 SECTION 2.14
Filing Requirement. A copy of this Agreement shall be filed at the headquarters of LATAM for all purposes of applicable Law. 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

					
	LAN AIRLINES S.A.
		
	By:	 	  

		 	Name:
		 	Title:
	
	TEP CHILE S.A.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Signature Page to LATAM-TEP Shareholders Agreement] 

 EXHIBIT A 
 LATAM Group Ownership Structure and Organizational Structure 
  

 

  
 A-1

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