LAN and TAM define new corporate structure

SANTIAGO, Chile – LAN and TAM have started the technical and preliminary processes for their integration into LATAM Airlines Group (LATAM). With the advisory of international consultants, such processes aim at preparing both companies for the merger, becoming the leading airline in the region. In this context, LAN and TAM have defined the new corporate structure which will be implemented once the merger is completed, as expected, within the first quarter 2012:

— Mauricio Rolim Amaro, current Vice-Chairman of TAM’s Board of Directors, will become Chairman of LATAM’s Board of Directors

— Maria Claudia Amaro, will remain as Chairman of TAM’s Board of Directors and will also become a Director in LATAM’s Board

— Enrique Cueto, current CEO of LAN, will become CEO of LATAM

— Ignacio Cueto, current COO of LAN, will become CEO of LAN

— Marco Antonio Bologna, will remain as CEO of TAM

— Libano Barroso, current CEO of TAM Linhas Aereas, will become CFO of LATAM

“We are very pleased with the integration process between both companies and we expect to complete the process of creating LATAM Airlines Group by the end of first quarter 2012, after obtaining all necessary approvals” says Enrique Cueto, LAN’s CEO.

The remaining management positions of LATAM Airlines Group and the strategic definitions of the new structure will be disclosed in due course. Nevertheless, it is worth highlighting that after the merger is completed, both LAN and TAM will continue operating with their respective corporate structures.

LATAM Airlines Group will be amongst the ten largest airlines groups worldwide and within the three largest in terms of market capitalization. LATAM will offer passenger and cargo transportation to more than 115 destinations in 23 countries, with a fleet of over 280 aircraft and with more than 50,000 employees.