LATAM Airlines Announcement - 26 May 2020

Dear valued partner.
First, we hope that you and your families around the world are remaining safe and healthy amidst the ongoing global COVID-
19 pandemic, which has affected many businesses around the world to which LATAM is no exception. We entered the COVID-
19 pandemic as a healthy and profitable airline group – yet like airlines throughout the world, we are subject to exceptional
circumstances and are currently only operating approximately 5% of our passenger flights.

In light of the industry-wide collapse in demand and subsequent financial pressures caused by COVID-19, we want to make
you aware that LATAM has filed to reorganize under Chapter 11 protection in the United States. This will allow the group to
carry out a voluntary reorganization and restructuring of its debt.

This process is very different from the concept of reorganization in many other countries outside of the U.S. This is not a
liquidation, but rather an opportunity to restructure our balance sheet so that we are prepared to emerge as a more agile,
resilient, and sustainable airline group.

You may be wondering, what does this mean for you? Our partners should expect no changes in the way they interact with
our group.

• For our Travel Agency Partners and GSAs: LATAM will continue to honor current and future tickets, frequent flyer
points (or miles), vouchers, and gift cards, just as we did prior to our reorganization. Similarly, customers can rest
assured that their frequent flyer status will not change during this time. Additionally, we want to continue honoring our
commercial agreements with you.
• For our Corporate Customers: In addition to what’s mentioned above, we will uphold and strengthen our Corporate
Programs throughout the Chapter 11 process, and our contracts with you will remain in place.
• For our Airline Partners: Our partner airlines are critically important to the value of our business and our ability to
provide our customers with the same high level of service they have grown to expect. As we navigate this process,
please know that we will uphold our alliance agreements and continue participating in the IATA Clearing House (ICH)
membership program. Further, we will continue to honor all of our current codeshare and SPA agreements. Because we
recognize that many of our codeshare partners participate in our frequent flyer program, we want you to know that you
will see no changes to our frequent flyer program or change in your frequent flyer status during this time.
• For our Commercial Partners: We want to continue collaborating throughout this process and will continue working to
grow our alliance and improve our offering for our customers. We are committed to minimizing disruption to our
business as we move forward.

We have proactively reached out to our customers notifying them of the reorganization, but we know they will also look to you
– our valued partners – with questions. In order to ensure you have the tools you need to address any questions regarding the
announcement should you receive them, attached is the communication we provided to all our customers.

Sincerely,
Andreas Schek
Sales VP LATAM Airlines Group