LATAM AIRLINES GROUP S.A Name: LATAM Airlines Group S.A ...memoria2016.marketinglatam.net/wp-content/uploads/... · LATAM Airlines Group S.A. is governed by the regulaGons applicable

LATAMAIRLINESGROUPS.AName:LATAMAirlinesGroupS.A.,R.U.T.89.862.200-2 Legal incorporaEon: It is legally incorporatedas a limited liability company,by virtueofpublicdeeddatedDecember30,1983,executedattheNotaryPublic’sOfficeofEduardoAvelloArellano,havingregisteredanabstractof it intheSanGagoRegisterofCommerceonsheet20,341number11,248oftheyear1983andpublishedintheOfficialGazeNeofDecember31,1983. BypublicdeeddatedAugust 20, 1985, executedat theNotaryPublic’sOfficeofMiguelGarayFigueroa,thecompanywastransformedintoastockcompany(corporaGon),underthe name of Línea Aérea Nacional Chile S.A. (nowadays, LATAM Airlines Group S.A.);which,byexpressprovisionofLawN°18,400,isthelegalconGnuaGonofthepublicstatecompanycreatedintheyear1929underthenameofLíneaAéreaNacionaldeChile,withrespect to aeronauGc concessions and radio communicaGons, traffic rights and otheradministraGveconcessions. TheExtraordinaryShareholders’MeeGngofLanChileS.A.heldonJuly23,2004agreedtochangethecompany’snameto“LanAirlinesS.A.”AnabstractofthepublicdeedwiththeabridgedMinutes of suchMeeGng was registered in the Register of Commerce of theRegistrarofLandsonsheet25,128,number18,764corresponding to theyear2004andthatwaspublished in theOfficialGazeNeofAugust21,2004. TheeffecGvedateof thechangeofnamewasSeptember8,2004. TheExtraordinaryShareholders’MeeGngofLanAirlinesS.A.ofDecember21,2011agreedto change the company name to “LATAMAirlinesGroup S.A.” An abstract of the publicdeed with the abridged Minutes of such MeeGng was registered in the Register ofCommerceof theRegistrar of Landson sheet 4,238NUBER2,921 corresponding to theyear2012andwaspublishedintheOfficialGazeNeofJanuary14,2012.TheeffecGvedateofthechangeofnamewasJune22,2012. LATAM Airlines Group S.A. is governed by the regulaGons applicable to open stockcompanies,forwhichpurposesit isregisteredunderNº0306ofJanuary22,1987intheSecuriGesRegisteroftheSuperintendenceforSecuriGesandInsuranceCompanies. Note: The financial statements of the subsidiaries are shown in this report in asummarizedmanner. The complete informaGon is available to the public in our officesandattheSuperintendenceforSecuriGesandInsuranceCompanies.

TAMS.A.YFILIALES LegalincorporaEon:StockcompanyincorporatedinBrazilinMayooftheyear1997. Object:To parGcipate as shareholder in other companies, especially in companies that developscheduled air transport services domesGcally and internaGonally and in other relatedacGviGeseitherrelatedorcomplementarytoscheduledairtransportservices. Subscribedandpaidcapital:MUS$2,304,021Year’sincome:MUS$43,925 2016Shareholding:100.00%

Subscribedandpaidcapital:MUS$2,304,021Year’sincome:MUS$43,925 2016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:3.01% Chairmanoftheboard:ClaudiaSenderRamirez Boardmembers:RuyAntonioMendesAmparo FedericoHermanGermani

TAMS.A.’ssubsidiarycompanies

- TAMLinhasAereasS.A.andsubsidiaries IdenEficaEon:StockcompanyincorporatedinBrazil. Object:(a)developmentofscheduledairtransportpassengersservices,cargoormailbags,inaccordancetothe legislaGoninforce;(b)developmentofcomplementaryacGviGesofair transport services for passengers, cargo andmailbags; (c) provision ofmaintenanceservices, aircrak repair, of own or third parGes, engines, spare parts and pieces; (d)provision of hangarage (hangar space) for aircrak; (e) provision of paGo and runwayservices, flight aNendant services and cleaning of aircrak; (f) provision of engineeringservices, technical assistance and other acGviGes related to the aeronauGc industry; (g)conducGng of educaGon and training related to aeronauGcal acGviGes; (h) analysis anddevelopmentofprogramsandsystems;(i)thepurchaseandsaleofparts,accessoriesandaircrak equipment; (j) development and implementaGon of other connected orcomplementary acGviGes related to air transport, in addiGon to those expressly listedabove; (k) import and export of finished lubricaGng oil; and (l) development ofcorrespondentbankingservices. Subscribedandpaidcapital:MUS$1.839.2332016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.49377% Chairmanoftheboard:CláudiaSenderRamirez Boardmembers:RuyAntonioMendesAmparoDanielLevy

- ABSA:AerolinhasBrasileirasS.A.andsubsidiary IdenEficaEon:StockcompanyincorporatedinBrazil Object:(a)developmentofscheduledairtransportservicesofpassengers,cargoorpostalbags,domesGcor internaGonal,accordingtothe legislaGon in force; (b)developmentofancillaryairtransportacGviGes,suchasaNendance,cleaningandtowingofaircrak,cargomonitoring,flightdispatch,check-inandcheck-out,andotherservicescontemplatedinitsown bylaws; (c) leasing and operaGng aircrak and chartering; (d) development ofmaintenanceservicesandmarkeGngofspareparts,aircrakpartsandequipment;and(e)developmentandimplementaGonofotherconnectedorcomplementaryacGviGesrelatedtoairtransport,inaddiGontothoseexpresslylistedabove. Subscribedandpaidcapital:MUS$62,752

toairtransport,inaddiGontothoseexpresslylistedabove. Subscribedandpaidcapital:MUS$62,7522016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.15770% Chairmanoftheboard:LuisQuinGliano Boardmembers:DarioMatsuguma DanielLevy

- Mul7plusS.A. IdenEficaEon:StockcompanyincorporatedinBrazil. Object:i.developmentandmanagementofcustomerloyaltyprogramsaccordingrelatedtotheconsumpGonofgoodsandservicesofferedbythepartnersofthecompany;ii.themarkeGngofrightsofredempGonofawardsunderthecustomerloyaltyprogram;iii.thecreaGonofdatabasesofindividualsandlegalenGGes;iv.theobtainingandprocessingoftransacGonal informaGon relaGng to consumpGon habits; v. the representaGon of othercompanies Brazilian or foreign companies; and vi. providing ancillary services to thetrading of goods and products, including, but not limited to, imports and exports, inaddiGontotheacquisiGonofitemsandrelatedproducts,directlyandindirectly,resulGngfromtheacGviGesdescribedabove. Subscribedandpaidcapital:MUS$32,9232016Shareholding:72.40%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:1.11628% Chairmanoftheboard:RobertoJoséMarisDEMedeiros Boardmembers:RonaldDominguesRicardoGazeNaRicardoBirtelMendesdeFreitas

- TransportesAereosdelMercosurS.A. IdenEficaEon:StockcompanyincorporatedinParaguay Object: It has a broad business object that includes aeronauGc, commercial, tourisGc,service, financing, representaGon and investment acGviGes with an emphasis onscheduledandnon-scheduledairline transportaGonservices,domesGcand internaGonalofpersons, thingsand/orcorrespondence,amongothers, commercialand fordeliveringmaintenance services and technical assistance for all types of aircrak, equipment,accessoriesandairnavigaGonmaterials,amongothers. Subscribedandpaidcapital:MUS$17.2512016Shareholding:94.98%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.12835%

Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.12835% ChairmanoftheboardGustavoLopegui BoardmembersEnriqueAlcaideHidalgo DaríoMacielMarsnez HernánPabloMorosuk(Interim) Management:EnriqueAlcaideHidalgoEstebanBurtArtazaHernanPabloMorosukGabrielaTerrazasDomaniczkyMariaEmilianaDuarteLeón GeneralmanagerRosarioAltgelt

- CorsairPar7cipaçõesLtda IdenEficaEon:StockcompanyincorporatedinBrazil. Object: (i) parGcipaGng in other civil or commercial companies, as shareholder orstockholder;and(ii)managingitsownassets. Subscribedandpaidcapital:MUS$592016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.00135% Chairmanoftheboard:RuyAntonioMendesAmparo Boardmembers:EuzébioAngelouNeto

- TPFranchisingLimited IdenEficaEon:LimitedliabilitycompanyincorporatedinBrazil. Object:(a)thegranGngoffranchises;(b)temporaryassignments,freeofchargeorforvaluableconsideraGon,toitsfranchisees,ofrightstousetrademarks,systems,knowledge,methods,patents,technologyandanyotherrights,interestsorproperty,movableorimmovable,tangibleorintangible,ofourcompany,thateitherisorwillbealicensee,relatedtothedevelopment,execuGon,operaGonormanagementofthefranchisestobegranted;(c)thedevelopmentofanyacGviGesnecessarytoensure,asfaraspossible,themaintenanceandconGnuousimprovementofthestandardsofoperaGonofitsfranchisenetwork;(d)thedevelopmentofmodelsofexecuGon,operaGonandmanagementofthenetworkoffranchisesanditstransmissiontothefranchisees;and(e)thedistribuGon,saleandmarkeGngofairlineGcketsandrelatedproducts,aswellasofanyrelatedbusinessoraccessoriestowarditsmainobjecGve,enGtledtoparGcipateinothercompaniesasapartnerorshareholder,inBrazilorabroad,orinconsorGa,aswellasundertakingitsownprojects,orjointheprojectsofthirdparGes,includingthoseforthepurposeofbenefiGngoftaxincenGves,inaccordancewiththelegislaGoninforce. Subscribedandpaidcapital:MUS$9

projects,orjointheprojectsofthirdparGes,includingthoseforthepurposeofbenefiGngoftaxincenGves,inaccordancewiththelegislaGoninforce. Subscribedandpaidcapital:MUS$92016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.00478% Management: CláudiaSenderRamirezMarceloEduardoGuzziDezemDanielLevy

- TAMCapitalInc IdenEficaEon:StockcompanyincorporatedinBrazil. Object:ThecompanyisenGtledtoexerciseanyacGvitynotcontrarytothelaw. Subscribedandpaidcapital:MUS$133,1392016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.0% Boardmembers: JoséZaidanMaluf,BrunoMacarencoAléssioEuzébioAngelouNeto

- TAMCapital2Inc. IdenEficaEon:StockcompanyincorporatedinBrazil. Object:ThecompanyisenGtledtoexerciseanyacGvitynotcontrarytothelaw. Subscribedandpaidcapital:MUS$94,6142016Shareholding100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.0% Boardmembers: JoséZaidanMaluf,BrunoMacarencoAléssioEuzébioAngelouNeto

- - TAMCapital3Inc.

IdenEficaEon:StockcompanyincorporatedinBrazil. Object:ThecompanyisenGtledtoexerciseanyacGvitynotcontrarytothelaw. Subscribedandpaidcapital:MUS$213,7342016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.96502% Boardmembers: JoséZaidanMaluf,

Boardmembers: JoséZaidanMaluf,BrunoMacarencoAléssioEuzébioAngelouNeto LANCARGOS.AANDSUBSIDIARIES LegalincorporaEon:Incorporatedasaclosely-heldstockcompanybyvirtueofpublicdeeddated May 22, 1970, executed before the Notary Public’s Office of Sergio RodríguezGarcés; a legal incorporaGon that wasmaterializedwith the contribuGon of assets andliabiliGes of the company Línea Aérea del Cobre Limitada (Ladeco Limitada), in turnincorporated on September 3, 1958 at the Public Notary’s Office of Jaime GarcíaPalazuelos.Thecompanyhasexperiencedseveral forms,the lastofwhich isrecorded inthepublicdeeddatedNovember20,1998,whoseabstractwasregisteredonsheet30,091number24,117oftheSanGagoRegisterofCommerceandpublishedintheOfficialGazeNeofDecember3,1998,byvirtueofwhichLadecoS.A.wasmergedbyincorporaGonintotheLanChileS.A.subsidiarydenominatedFastAirCarrierS.A. Via public deed dated October 22, 2001 with the abridgement of the minutes of theExtraordinaryShareholders’MeeGngofLadecoS.A.ofsuchsamedate,thebusinessnamewaschangedto“LanChileCargoS.A.”Anabstractofsuchpublicdeedwasregistered inthe Register of Commerce of the SanGago Registrar of Lands on sheet 27,746 number22,624 corresponding to the year 2001 and was published in the Official GazeNe ofNovember5,2001.ThenamechangebecameeffecGveonDecember10,2001. ByvirtueofthepublicdeedAugust23,2004,intowhichwereabridgedtheminutesoftheExtraordinary Shareholders’ MeeGng of Lan Chile Cargo S.A. of August 17, 2004, thecompany’s business name was changed to “Lan Cargo S.A.” An abstract of such publicdeedwas registered in theRegister of Commerceof the SanGagoRegistrar of Landsonsheet 26.994 number 20.082 corresponding to the year 2004 andwas published in theOfficialGazeNeAugust30,2004. Object:Tocarryoutanddevelop,eitheronitsownorwiththirdparGes:thetransport,ingeneralandinanyofitsformsand,parGcularly,theairtransportofpassengers,cargoandcorrespondence, insideandoutsidethecountry;touristandhotel industryacGviGesandacGviGescomplementarytothem,inanyoftheirforms,insideandoutsideofthecountry;thepurchase,sale,manufactureand/orintegraGon,maintenance,leaseoranyotherformofusufruct,eitheronitsownorwiththirdparGes,ofaircrak,aeronauGcsparepartsandequipment, and their development in any capacity whatsoever; to provide all kinds ofservicesandconsulGngservicesrelatedtotransportaGoningeneraland,parGcularly,toairtransportinanyofitsforms,whetheroflandsupport,maintenance,technicaladvisoryorofanotherkind,insideandoutsideofthecountry,andallkindsofacGviGesandservicesrelated to the tourist and hotel industry and other above-referred goods and services,inside and outside of the country. In compliance with the preceding objecGves, thecompanymaymaterializeinvestmentsorparGcipateaspartnerinothercompanies,eitheracquiringsharesorrightsorinterestsinanyothertypeofassociaGon,bethatinexisGngones or in those to be created in the future and, in general, to execute all acts andsubscribeallcontractsnecessaryandperGnenttowardaNainingtheindicatedobjecGves. Subscribedandpaidcapital:MUS$83,226Year’sincome:MUS$(7,705)2016Shareholding:99.898%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:1.90%

Year’sincome:MUS$(7,705)2016Shareholding:99.898%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:1.90% Boardmembers:JuanJoséCuetoPlaza(BoardMemberLATAM)CrisGánUretaLarraín(ManagersLATAM)IgnacioCuetoPlaza(ManagersLATAM)EnriqueCuetoPlaza(ManagersLATAM)RamiroAlfonsínBalza(ManagersLATAM) Generalmanager:AlvaroCarrilMuñoz SubsidiarycompaniesofLanCargoS.A

- LaserCargoS.R.L. IdenEficaEon:LimitedliabilitycompanyincorporatedinArgenGna. Object:Toprovide,onitsownorwiththirdparGes,servicesasagentofairandseacargo,operateairandseacontainers,controltheloadingandunloadingofconvenGonalaircrak,freight,convenGonalshipsandcontainerships,consolidaGonanddeconsolidaGon,operaGonsandcontractswithtransportaGoncompanies,ofdistribuGonandpromoGonofaircargo,sea,riverandlandandrelatedacGviGesandservices,importsandexports:suchoperaGonsaretobecarriedoutinthemannersGpulatedbythelawsofthecountryandtheregulaGonsgoverningtheseprofessionsandacGviGes,thecustomsprovisionsandregulaGonsofArgenGna’sNavalPrefecture(PNA),ArgenGna’sAirForce,aswellasbyentrusGngthirdparGestocarryouttasksassignedbythecurrentlegislaGontofreightforwarders;also,thedepositandtransportbyitsownaccountand/orviathirdparGesoffruit,products,basicproducts,merchandiseingeneralandalltypeofdocumentaGon:thepackingofgoodsormerchandiseingeneral,onitsownaccountand/orviathirdparGes.IntheperformanceofthesefuncGons,thecompanymayregisterasmariGmeagent,air,importerandexporter,contractorandmariGmeandairsupplierbeforethecompetentauthoriGes.AtthesameGme,itwilldeveloppostalacGviGesaimedattheadmission,classificaGon,transportaGon,distribuGonanddeliveryofcorrespondence,leNers,portals,parcelpostsupto50kilogramsallofitwithintheRepublicofArgenGnaandto/fromoverseasdesGnaGons.ThisacGvityincludesthosedevelopedbydeso-calledcouriersorcouriercompaniesandanyotherassimilatedorassimilableacGviGespursuanttoArt.4ofExecuGveDecree1187/93.ThecompanyshallbealsoenGtledtodevelopthelogisGcsprocessconsisGnginthetransfer,storage,assembly,fracGoning,packing,preparaGonofmerchandiseingeneralforitssubsequenttransportaGonanddistribuGontotheendcustomerjointlywiththemanagingoftheinformaGonperGnenttothecompliancewiththisobjecGve;namely,fromthelogisGcsprocessofintakingrawmaterialsfromsuppliersuptothedeliveryofthefinishedproductstoclients,includingtheregulaGonofinformaGontoguaranteetheefficiencyofthisprocess. Subscribedandpaidcapital:MUS$682016Shareholding:99.99%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.0000% Boardmembers:EstebanBojanich Management:

EstebanBojanich Management:EstebanBojanich,RosarioAltgeltMaríaMartaForcada,FacundoRochaGonzaloPerezCorralNicolásObejeroNorbertoDíaz

-FastAirAlmacenesdeCargaS.A.

IdenEficaEon:StockcompanyincorporatedinChile. Object:TocarryoutanddeveloptheoperaGonormanagementofstoresorcustomsdepositfaciliGes,inwhichtostoreanygoodormerchandiseupunGltheirtheyarepickedup,forimport,exportorothercustomdesGnaGon,pursuanttothetermsandcondiGonssetforthintheCustomsOrdinance,itsregulaGonsandotherperGnentnorms. Subscribedandpaidcapital:MUS$6.7412016Shareholding:99.89%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.03322% Boardmembers:JuanJoséCuetoPlaza(BoardMemberLATAM)RamiroAlfonsínBalza(ManagersLATAM)AndrésdelValleEitel(ManagersLATAM)EnriqueElsacaHirmas(ManagersLATAM) Generalmanager:JavierCáceresCelia

- PrimeAirportServicesInc.andsubsidiary IdenEficaEon:StockCompany(corporaGon)legallyincorporatedintheUnitedStatesofAmerica. Object:TocarryoutanddeveloptheoperaGonormanagementofstoresorcustomsdepositfaciliGes,inwhichtostoreanygoodormerchandiseupunGltheirtheyarepickedup,forimport,exportorothercustomdesGnaGon,pursuanttothetermsandcondiGonssetforthintheCustomsOrdinance,itsregulaGonsandotherperGnentnorms. Subscribedandpaidcapital:MUS$22016Shareholding:100.00%Year-to-yearvariaEon:0.00% %overparentcompany’sassets:0.00000% Boardmembers:CarlosLarraín Generalmanager:RenePascua

Generalmanager:RenePascua

- LanCargoOverseasLimitedandsubsidiaries

IdenEficaEon:LimitedLiabilityCompanyincorporatedinBahamas. Object:ToparGcipateinanyactoracGvitynotexpresslyprohibitedbyanylawcurrentlyineffectinTheBahamas. Subscribedandpaidcapital:MUS$1,1832016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.08198% Boardmembers:AndresdelValleEitel(ManagersLATAM)CrisGanToro(ManagersLATAM) Management:AndresdelValleEitel(ManagersLATAM)CrisGanToro(ManagersLATAM

- TransporteAéreoS.A. IdenEficaEon:StockcompanyincorporatedinChile. Object:ToparGcipateinanyactoracGvitynotexpresslyprohibitedbyanylawcurrentlyineffectinTheBahamas. Subscribedandpaidcapital:MUS$11,8002016Shareholding:99.99%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:1.12581% Boardmembers:RamiroAlfonsínBalzaRobertoAlvoMilosawlewitschEnriqueElsacaHirmas Generalmanager:EnriqueElsacaHirmas Management:RamiroAlfonsínBalzaRobertoAlvoMilosawlewitschEnriqueElsacaHirmas

- ConsorcioFastAirAlmacenesdeCargaS.A.-LaserCargoS.R.L. IdenEficaEon:TemporaryunionofcompanieslegallyincorporatedinArgenGna. Object:TosubmitabidbeforetheNaGonalandInternaGonalBiddingContestN°11/2000,aimedatawardingaUsePermittowardtheinstallaGonandoperaGonofaFiscalDepositAreaattheRosarioInternaGonalAirport. Subscribedandpaidcapital:MUS$1322016Shareholding:100.00%

Subscribedandpaidcapital:MUS$1322016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.00021% Boardmembers:EstebanBojanich Management:EstebanBojanich

-LanCargoInversionesS.A.yfilial IdenEficaEon:StockcompanyincorporatedinChile Object:a)ToperformcommercialairtransportaGonacGviGesinanyofitsforms,eitherofpassengers,mailand/orcargoandeverythingthatmightbedirectlyorindirectlyrelatedtosuchacGvity,insideoroutsideofthecountry,byitsownaccountorwiththirdparGes;b)toprovideservicesrelatedtothemaintenanceandrepairofaircrak,ofitsownorofthirdparGes;c)commerceanddevelopmentofacGviGesrelatedtothetravel,tourismandhotelbusiness;d)thedevelopmentand/orparGcipaGoninallkindsofinvestments,bothinChileaswellasabroad,onsubjectmaNersdirectlyorindirectlyrelatedtoaeronauGcaffairsand/ortoanyofitsotherbusinessobjecGves;and,e)thedevelopmentandoperaGonofanyacGvityderivedfromthebusinessobjecGveand/orlinked,connected,coadjuvaGngorcomplementarytothesame. Subscribedandpaidcapital:MUS$1252016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.00000% Boardmembers:IgnacioCuetoPlaza(ManagersLATAM)RamiroAlfonsínBalza(ManagersLATAM)RobertoAlvoMilosawlewitsch(ManagersLATAM)

- ConnectaCorpora7on IdenEficaEon:StockCompany(corporaGon)legallyincorporatedintheUnitedStatesofAmerica. Object:Propertyownership,operaGngleaseandsubleasingofaircrak. Subscribedandpaidcapital:MUS$12016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.00000% Generalmanager:ErnestoRamirez

-LíneaAéreaCargueradeColombia(SubsidiaryofLANCargoInversiones) IdenEficaEon:StockcompanyincorporatedinColombia Object:Toprovidepubliccommercialairtransportservicesofcargoandmailinsideand

IdenEficaEon:StockcompanyincorporatedinColombia Object:ToprovidepubliccommercialairtransportservicesofcargoandmailinsideandoutsideoftheterritoryoftheRepublicofColombia,andto/fromColombia.AssecondaryobjecGve,thecompanyshallbeenGtledtoprovidemaintenanceservicestoitselfandtothirdparGes;runitsownschoolofoperaGonsandprovidepracGcalandtheoreGcalinstrucGonservicesandtrainingtoaeronauGcpersonnelofitsownorofthirdparGesinitsdifferentmodaliGesandspecialGes;importforitselforforthirdparGesanysparepartsandpiecesrelatedtotheaeronauGcacGvity;provideairportservicestothirdparGes,representoractasagentonbehalfofnaGonalorforeignairlinesforpassengersorcargoand,ingeneral,toanycompanyprovidingservicesintheaeronauGcsector. Subscribedandpaidcapital:MUS$7742016Shareholding:90.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.03758% Boardmembers:AlbertoDavilaSuarezPabloCanalesJaimeAntonioGongoraEsguerraFernandoGarcíaPoitevin(Interim)JorgeNicolasCortazarCardoso(Interim) Management:JaimeAntonioGongoraEsguerraErikaZaranteBahamon(Interim)

-MasInvestmentLimited(SubsidiaryofLANOverseasLimited) IdenEficaEon:LimitedLiabilityCompanyincorporatedinBahamas. Object:ToparGcipateinanyactoracGvitynotexpresslyprohibitedbyanylawcurrentlyineffectinTheBahamasand,specifically,toownproperty(stakes)inotherLANsubsidiaries. Subscribedandpaidcapital:MUS$1,4462016Shareholding:100,000Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.03482% Boardmembers:J.RichardEvansCarltonMorGmerCharleneY.WelsGeoffreyD.Andrews.

-PromotoraAéreaLa7noaméricaS.Aandsubsidiaries(SubsidiaryofMasInvestmentLimited)

IdenEficaEon:VariableEquityStockCompanyincorporatedinMéxico. Object:Topromote,incorporate,organize,operateandtakeparGcipaGoninthecapitalandequityofallkindsofcommercialcompanies,civilian,industrialassociaGonsorcompanies,commercial,ofserviceorofanyothernature,bothdomesGcandforeign,aswellastoparGcipateintheirmanagementorliquidaGon.*TheacquisiGon,saleandingeneralthenegoGaGonwithanytypeofshares,social(company)parGes,andofanyGtleorvaluepermiNedbylaw...*Toprovideorhiretechnical,consulGngandadvisoryservices,aswellastoexecutecontractsoragreementstowardtheachievementoftheseobjecGves.

*TheacquisiGon,saleandingeneralthenegoGaGonwithanytypeofshares,social(company)parGes,andofanyGtleorvaluepermiNedbylaw...*Toprovideorhiretechnical,consulGngandadvisoryservices,aswellastoexecutecontractsoragreementstowardtheachievementoftheseobjecGves. Subscribedandpaidcapital:MUS$2,2162016Shareholding:49.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.02456% Management:LuisIgnacioSierraArriola

-InversionesÁreasS.A(SubsidiaryofMasInvestmentLimited) IdenEficaEon:StockcompanyincorporatedinPeru. Object:Topromote,incorporate,organize,operateandtakeparGcipaGoninthecapitalandequityofallkindsofcommercialcompanies,civilian,industrialassociaGonsorcompanies,commercial,ofserviceorofanyothernature,bothdomesGcandforeign,aswellastoparGcipateintheirmanagementorliquidaGon.*TheacquisiGon,saleandingeneralthenegoGaGonwithanytypeofshares,social(company)parGes,andofanyGtleorvaluepermiNedbylaw...*Toprovideorhiretechnical,consulGngandadvisoryservices,aswellastoexecutecontractsoragreementstowardtheachievementoftheseobjecGves. Subscribedandpaidcapital:MUS$4282016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.02922% Boardmembers:AndrésEnriquedelValleEitelCrisGanEduardoToroCañas Generalmanager:CarlosSchachtRoNer

-AmericonsulS.AdeC.V.(SubsidiaryofPromotoraAéreaLa7noaméricaS.Aandsubsidiaries)

IdenEficaEon:VariableEquityStockCompanyincorporatedinMéxico. Object:Toprovideandreceiveallkindsoftechnical,managementandadvisoryservicesto/fromindustrial,commercialandservicecompanies;promote,organize,manage,supervise,issueanddirectpersonneltrainingcourses;tocarryoutallkindsofstudies,plans,projectsandresearchjobs;hirethenecessaryprofessionalandtechnicalpersonnel. Subscribedandpaidcapital:MUS$52016Shareholding:49.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.00000% Management:LuisIgnacioSierraArriola

-AmericonsultdeGuatemalaS.A.(SubsidiaryofAmericonsulS.AdeC.V) IdenEficaEon:StockcompanyincorporatedinGuatemala.

IdenEficaEon:StockcompanyincorporatedinGuatemala. Object:Powerstorepresent,intermediate,negoGateandcommercialize;developallkindsofcommercialandindustrialacGviGes;alltypeofcommerce, ingeneral. BroadbusinessobjecGvethatpermitsallkindsofoperaGonsinthecountry. Subscribedandpaidcapital:MUS$762016Shareholding:99.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.00068% Chairmanoftheboard:LuisIgnacioSierraArriola Boardmembers:CarlosFernandoPellecerValenzuela Management:CarlosFernandoPellecerValenzuela

-AmericonsultdeCostaRicaS.A.(SubsidiaryofAmericonsulS.AdeC.V) LegalincorporaEon:StockcompanyincorporatedinCostaRica. Object:Generalcommerceinindustry,agricultureandlivestock. Subscribedandpaidcapital:MUS$202016Shareholding:99.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.00615% Management:LuisIgnacioSierraArriolaTreasurer:AlejandroFernándezEspinozaLuisMiguelRenguelLópezTomásNassarPérezMarjorieHernándezValverde. LANPERÚS.A LegalincorporaEon:StockCompanyincorporatedinPeruelFebruary14,1997. Object:Toprovideairpassenger transportaGonservices, cargoandmail,at thenaGonalandinternaGonallevel,pursuanttothecivilaeronauGcslegislaGon. Subscribedandpaidcapital:MUS$4,341Year’sincome:MUS$(2,164)2016Shareholding:70.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.06% Chairmanoftheboard:EmilioRodríguezLarraínSalinas Boardmembers:CésarEmilioRodríguezLarraínSalinasIgnacioCuetoPlaza(LATAMExecuGve)EnriqueCuetoPlaza(LATAMExecuGve)

Boardmembers:CésarEmilioRodríguezLarraínSalinasIgnacioCuetoPlaza(LATAMExecuGve)EnriqueCuetoPlaza(LATAMExecuGve)JorgeHartenCostaAlejandroGarcíaVargasEmilioRodríguezLarraínMiróQuesadaArmandoValdiviesoMontes(LATAMExecuGve) Generalmanager:FélixAntelo INVERSIONESLANS.AYFILIALES LegalincorporaEon:Incorporatedasaclosely-heldstockcompanybyvirtueofpublicdeeddatedJanuary23,1990,executedattheNotaryPublic’sOfficeofHumbertoQuezadaM.,registeredintheSanGagoRegisterofCommerceonfs.(sheet)3,462N°1,833oftheyear1990andpublishedintheOfficialGazeNeofFebruary2,1990. Object: To invest in all kinds of assets, either movable (personal) or immovable (realestate),tangibleor intangible. AddiGonally,thecompanyshallbeenGtledtoformothertype of companies, of any nature; acquire rights in already incorporated companies,managethemamendthemorliquidatethem. Subscribedandpaidcapital:MUS$458Year’sincome:MUS$2,6072016Shareholding:100.00%Year-to-yearvariaEon:0.0%%overtheparentcompany’sassets:0.02% Boardmembers:EnriqueCuetoPlaza(LATAMExecuGve)IgnacioCuetoPlaza(LATAMExecuGve)RamiroAlfonsínBalza(LATAMExecuGve)RobertoAlvoMilosawlewitsch(LATAMExecuGve)EnriqueElsacaHirmas(LATAMExecuGve) Generalmanager:JuanPabloArias(LATAMExecuGve) SubsidiarycompaniesofInversionesLanS.A.andshareholding

-AndesAirportServicesS.A. IdenEficaEon:StockcompanyincorporatedinChile. Object: Comprehensive business consulGng and services to third parGes such as cargo,groundhandling,staffingandanyotherasmightberequired.Tothateffect,thecompanywill perform its funcGons via personnel especially-hired by the company or via thirdparGes. In general, the company will be enGtled to develop any acGvity directly orindirectlyrelatedtoitsspecificbusinessconsulGngandservicesobjecGve. Subscribedandpaidcapital:MUS$22016Shareholding:98.00%Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.01747%

Year-to-yearvariaEon:0.00%%overparentcompany’sassets:0.01747% Boardmembers:EnriqueCuetoPlaza(LATAMExecuGve)IgnacioCuetoPlaza(LATAMExecuGve)RamiroAlfonsínBalza(LATAMExecuGve)RobertoAlvoMilosawlewitsch(LATAMExecuGve)EnriqueElsacaHirmas(LATAMExecuGve) INMOBILIARIAAERONAUTICAS.A LegalincorporaEon:Incorporatedasaclosely-heldstockcompanybyvirtueofpublicdeeddatedAugust1,1995,executedattheNotaryPublic’sOfficeofGonzaloCuadraFabresandregisteredintheSanGagoRegisterofCommerceonfs.(sheet)2,.690underN°17,549oftheyear1995andpublishedintheOfficialGazeNeofSeptember14,1995. Object:ToacquireandsellrealestateproperGesandanyrightsoverthem;develop,plan,sellandbuildrealestateproperGesandrealestatedevelopmentprojects;lease,manageandanyotherformofoperaGngwithrealestateproperGes,eitheronitsownbehalforonbehalfofthirdparGes. Subscribedandpaidcapital:MUS$1,147Year’sincome:MUS$3,4432016Shareholding:100.00%Year-to-yearvariaEon:0.0%%overtheparentcompany’sassets:0.15% Boardmembers:EnriqueCuetoPlaza(LATAMExecuGve)RamiroAlfonsínBalza(LATAMExecuGve)ArmandoValdiviesoMontes(LATAMExecuGve) LATAMTRAVELCHILES.AYFILIAL LegalincorporaEon:Incorporatedasaclosely-heldstockcompanybyvirtueofpublicdeeddated June22, 1987, executedat the SanGagoNotaryPublic’sOfficeofRaúlUndurragaLaso,registeredintheSanGagoRegisterofCommerceonfs.(sheet)13,139N°8,495oftheyear 1987 and published in the Official GazeNe of July 2, 1987. The company hasundergoneseveralreforms,thelastofwhichisstatedfortherecordinpublicdeeddatedAugust 24, 1999 executed at the Notary Public’s Office of Eduardo Pinto Peralta andregisteredintheSanGagoRegisterofCommerceonfs.(sheet)21.042N°16.759oftheyear1999andpublishedintheOfficialGazeNeofSeptember8,1999. Object: The operaGon, management and representaGon of naGonal or internaGonalcompaniesengaged inhotel, shipping, airline,hotel and tourismacGviGes;operaGngonbehalf of itself or on behalf of third parGes, car leasing, imports, exports, producGon,markeGnganddistribuGonallbyitselforwiththirdparGes, innaGonalandinternaGonalmarkets,ofallkindsofmerchandise,eitherrawmaterials,materialingredients(input)orfinishedproducts. Subscribedandpaidcapital:MUS$235Year’sincome:MUS$2,6502016Shareholding:100.00%Year-to-yearvariaEon:0.0%%overtheparentcompany’sassets:0.01% Boardmembers:AndrésdelValleEitel(LATAMExecuGve)

%overtheparentcompany’sassets:0.01% Boardmembers:AndrésdelValleEitel(LATAMExecuGve)ArmandoValdiviesoMontes(LATAMExecuGve) Generalmanager:SandraEspinozaGerard SubsidiarycompanyofLatamTravelChileS.A.andshareholding

- LatamTravelChileIIS.A. IdenEficaEon:StockCompanyincorporatedinChile. Object: The operaGon, management and representaGon of companies or businesses,naGonal or foreign, engaged in shipping, airlines, hotel and tourism acGviGes; theintermediaGonoftourisGcservicessuchas:(a)seatandGcketreservaGonsinallkindsofmeansoftransportaGon;(b)thereservaGon,acquisiGonandsaleofaccommodaGonandtourist services, Gckets or passes to all kinds of events, museums, monuments andprotected areas of the country; (c) the organizaGon, promoGon and sale of so-calledtourist packages, understanding as such the set of tourist services (maintenance,transportaGon, accommodaGon, customized or projected at the request of clients, at apre-established price, for operaGon within the naGonal territory; (d) air, land, sea andfluvial tourism transportaGon within the naGonal territory; (e) leasing and charteringaircrak, ships, trains and other means of transportaGon in order to provide touristservices;(f)anyotherservicedirectlyor indirectlyrelatedtothedeliveryoftheservicespreviouslydescribed. Subscribedandpaidcapital:MUS$2352016Shareholding:99.99%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.01428% Boardmembers:ArmandoValdiviesoMontes(ManagersLATAM)AndrésdelValleEitel(ManagersLATAM) Generalmanager:SandraEspinozaGerard LANPAXGROUPS.A. Legal incorporaEon: It was incorporated as a closely-held stock company by virtue ofpublicdeeddatedSeptember27,2001,executedbeforetheNotaryPublic’sOfficeofMr.PatricioZaldivarMackenna,registeredintheRegisterofCommerceonfs.(sheet)25,636N°20,794ofOctober4,2001andpublishedintheOfficialGazeNeofOctober6,2001. Object: To invest in all kinds of assets,whethermovable (personal) or immovable (realestate),tangibleorintangible.Withinthescopeofitslineofbusiness,itshallbeenGtledto create all kinds of companies, of any nature whatsoever; acquire rights (stakes) inalready-incorporated companies, manage them, amend them or liquidate them. Ingeneral, itmay acquireor sell any typesof assets anddevelop them, eitheron its ownbehalf or onbehalf of thirdparGes, aswell as performall kindsof acts andexecute allkinds of contracts conducive to its purposes. To develop and operate any other acGvityderivedfromthecompany’sbusinessobjecGveand/orlinked,connected,coadjuvaGngorcomplementarytothesame.

derivedfromthecompany’sbusinessobjecGveand/orlinked,connected,coadjuvaGngorcomplementarytothesame. Subscribedandpaidcapital:MUS$424Year’sincome:MUS$(35,917)2016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.00% Boardmembers:IgnacioCuetoPlaza(LATAMExecuGve)AndrésdelValle(LATAMExecuGve)EnriqueElsacaHirmas(LATAMExecuGve) Generalmanager:AndrésdelValleEitel(LATAMExecuGve) SubsidiarycompaniesofLanPaxGroupS.A.andshareholding

- InversoraCordilleraS.A.andsubsidiaries IdenEficaEon:StockcompanyincorporatedinArgenGna Object:ToinvestonitsownaccountoronaccountofthirdparGesorassociatedtothirdparGes, in other companies for shares, whichever their object, incorporated or to beincorporated, insideoroutsideof thenaGonal territoryof theRepublicofArgenGna,viatheacquisiGon,legalincorporaGonorsaleofshareholdings(parGcipaGons,stakes),shares,quotas, bonds, opGons, negoGable obligaGons, converGble or not, other securiGes orother forms of investments permiNed pursuant to the regulaGons currently in effect atthatmoment,whether thatbewith thepurposeof keeping them inpor}olioor to sellthemtotallyorparGally,asthecasemightbe.Tothateffect,thecompanyshallbeenGtledtoperformallsuchoperaGonsnotprohibitedbylawtowardcomplyingwithitsObjectanditshallbelegallyempoweredtoacquirerights,undertakeobligaGonsandexerciseactsnotprohibitedbythelawsofbyitsownbylaws. Subscribedandpaidcapital:MUS$136,7032016Shareholding:95.78%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.07281% Boardmembers:ManuelMariaBenitesJorgeLuisPerezAlaGIgnacioCuetoPlaza Management:ManuelMaríaBenitesJorgeLuisPerezAlaGRosarioAltgeltMaríaMartaForcadaFacundoRochaGonzaloPerezCorralNicolásObejeroNorbertoDíaz

- LantoursS.A. IdenEficaEon:StockcompanyincorporatedinArgenGna

- LantoursS.A. IdenEficaEon:StockcompanyincorporatedinArgenGna Object:TocarryoutonitsownbehalforonbehalfofthirdparGesand/orinassociaGonwiththirdparGes,inthecountryand/orabroad,thefollowingacGviGesandoperaGons:A) COMMERCIAL SERVICES: To carry out, intervene, develop or design all kinds ofoperaGons and acGviGes that involve the sale of air, land, river or sea Gckets forpassengers,bothnaGonallyaswellasinternaGonally,oranyotherservicesrelatedtothetourist industry ingeneral.Theabove-menGonedservicesmaybeperformedonaccountofandonbehalfofthirdparGesbymandate,commission,orviatheemploymentofsuchsystems or methods considered convenient to that effect, whether such methods aremanual, mechanic, electronic, telephonic, or the internet or of any other kind ortechnology deemed suitable to that effect. The company may carry out concurrent orconnectedacGviGes toward thedescribedobject, suchasbuyingand selling, imporGng,exporGng,re-exporGng,licensingandrepresenGngalltypesofgoods,services,know-howandtechnology,linkeddirectlyorindirectlytotheabove-describedobject;marketthroughanymeansor concept the technology that itmight createorwhose licenseorpatent itmightacquireormanage;develop,distribute,promoteandmarketall kindsofcontentsforanykindofcommunicaGonsmediaB)TOURISTICSERVICES:BymeansofcarryingoutallkindsofacGviGeslinkedtothetouristandhotel industries,asresponsibleoperatororthird-partyservicesoperatororastravelagent. Via the preparaGon of exchange programs, tourism, excursions and tours; theintermediaGonorreservaGonandlocaGonofservicesonanymeansoftransportaGoninthecountryorabroadandthesaleofGckets;intermediaGoninthehiringofhotelservicesin the country or abroad; reservaGons of hotels, motels, tourist apartments and othertouristfaciliGes;organizingtravelsandtourismeitherforindividualsorcollecGvegroups,excursions or similar in the country or abroad; the recepGon and assistance of touristsduringtheirtripsandtheirpermanenceinthecountry,andprovidingtourguideservicesandbaggagedispatchservicestothesame;therepresentaGonofothertravelandtouristagencies, companies, enterprises or tourist insGtuGons both national as well asinternaGonalinordertoprovideintheirnameanyofsuchservices.C) REPRESENTATION SERVICES: Via the acceptance, performance and granGng ofrepresentaGons,concessions,commissions,agenciesandmandates (powersofaNorney)ingeneral.D)CONSULTINGSERVICES:ToperformconsulGngservices,advisoryandmanagement, inallmaNers related to theorganizaGon, installaGon,aNenGon,development, supportandpromoGon of companies related to the aeronauGc acGvity, without excluding the laNeracGvity,inthefieldsofindustrial,commercial,technical,andadverGsingmanagement,allof which shall be provided, when the nature of the subject maNer so requires it, bycompetentandcerGfiedprofessionalsaccordingtothecorrespondingregulaGons,andthedeliveryoforganizaGonal andmanagement systemsof care,maintenance, vigilanceandsuitableandespecially-preparedpersonnelasmightberequiredtoperformsuchtasks.E)FINANCIALSERVICES:ViatheparGcipaGoninothercreatedorto-be-createdcompanies,eitherbymeansofacquiringshares in incorporatedcompaniesorbymeansofthe legalincorporaGon of companies, by means of granGng and obtaining credits, loans, moneyadvanceswith orwithout real or personal guarantee; granGngwarranGes or sureGes infavor of third parGes, gratuitously or at onerousGtle; placing funds in foreign currency,gold or currency or in bank deposits of any type. To that effect, the company is fullyenGtledtolegallyexerciseallsuchactsthatarenotexpresslyforbiddenbythelawsorbyits own bylaws, whereas it is also authorized to undertake borrowing operaGons in apublicorprivatemannerviatheissuanceofdebenturesornegoGableobligaGonsandviathe performance of all kinds of financial operaGons, with the excepGon of thosecomprisedunderLaw21,526oranyotherthatmightrequirepublictender. Subscribedandpaidcapital:MUS$8912016Shareholding:100.00%Year-to-yearvariaEon:0.00%

Subscribedandpaidcapital:MUS$8912016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.00000% Boardmembers:NicolasObejeroDiegoAlejandroMarsnez Management:RosarioAltgeltMaríaMartaForcadaFacundoRochaGonzaloPerezCorralNicolásObejeroNorbertoDíaz

- Atlan7cAvia7onInvestmentsLLC IdenEficaEon:LimitedLiabilityCompanyincorporatedintheUnitedStatesofAmerica. Object:AnylicitbusinessthatthecompanyisenGtledtopursue. Subscribedandpaidcapital:MUS$12016Shareholding:99.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.05965% Boardmembers:AndrésdelValleEitel Management:AndrésdelValle(ManagersLATAM)

- AkemiHoldingsS.A.

IdenEficaEon:StockcompanyincorporatedinPanamá. Object: Thebusinesspurposes towardwhich the company isorganizedare toestablish,processandcarryoutthebusinessaffairsofaninvestorcompanyanywhereintheworld,buying,sellingandnegoGaGngallkindsofconsumerarGcles,equitycapitalshares,bondsand securiGes of all kinds, buy, sell, lease or otherwise acquire or dispose of movable(personal) or immovable (real estate) properGes, invest in industrial or commercialbusiness either as the main shareholder, receiving and giving money on loan, with orwithoutguarantee,covenant(agree),complyandperformallkindsofcontracts,becometheguarantororguaranteecomplianceandobservanceofanyandallcontracts,engageinanylicitbusinessnotforbiddentoastockcompany(corporaGon),andexecuteanyoftheprecedingactsasprincipals,agentsorinanyotherrepresentaGvecapacitywhatsoever. Subscribedandpaidcapital:MUS$02016Shareholding:100.00%Year-to-yearvariaEon:0.00% %overtheparentcompany’sassets:0.00000% Boardmembers:EdithO.deBocanegraBarbaradeRodriguezLuisAlbertoRodriguez

EdithO.deBocanegraBarbaradeRodriguezLuisAlbertoRodriguez Management:LuisAlbertoRodriguezBarbaradeRodríguez

- SaipanHoldingsS.A.

IdenEficaEon:StockcompanyincorporatedinPanama. Object: Thebusinesspurposes towardwhich the company isorganizedare toestablish,processandcarryoutthebusinessaffairsofaninvestorcompanyanywhereintheworld,buying,sellingandnegoGaGngallkindsofconsumerarGcles,equitycapitalshares,bondsand securiGes of all kinds, buy, sell, lease or otherwise acquire or dispose of movable(personal) or immovable (real estate) properGes, invest in industrial or commercialbusiness either as the main shareholder, receiving and giving money on loan, with orwithoutguarantee,covenant(agree),complyandperformallkindsofcontracts,becometheguarantororguaranteecomplianceandobservanceofanyandallcontracts,engageinanylicitbusinessnotforbiddentoastockcompany(corporaGon),andexecuteanyoftheprecedingactsasprincipals,agentsorinanyotherrepresentaGvecapacitywhatsoever. Subscribedandpaidcapital:MUS$02016Shareholding:100.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.00000% Boardmembers:EdithO.deBocanegraBarbaradeRodriguezLuisAlbertoRodriguez Management:LuisAlbertoRodriguezBarbaradeRodríguez

• - Aerolane,LíneasAéreasNacionalesdelEcuadorS.A.

IdenEficaEon:StockcompanyincorporatedinEcuador. Object:Airtransportofpassengers,cargoandcargoinacombinedmanner. Subscribedandpaidcapital:MUS$1,0002016Shareholding:55.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.04462% Boardmembers:AntonioStaggManuelVanOordtMarianaVillagómez Generalmanager:MaximilianoNaranjoManagement:MaximilianoNaranjoJavierMacías

Management:MaximilianoNaranjoJavierMacías

- RampasAndesAirportServicesS.A.andsubsidiaries

IdenEficaEon:StockcompanyincorporatedinEcuador. Object:Airtransportofpassengers,cargoandcargoinacombinedmanner. Subscribedandpaidcapital:MUS$6,0012016Shareholding:99.875%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.04168% Management:RicardoCadena

- HodcoEcuadorS.A IdenEficaEon:StockcompanyincorporatedinChile. Object: To make all kinds of investments with profitable objecGves in tangible orintangible,movable(personal)orimmovable(realestate)properGes,whetherinChileorabroad. Subscribedandpaidcapital:MUS$4502016Shareholding:99.999%Year-to-yearvariaEon:0.0%%overtheparentcompany’sassets:0.00000% Boardmembers:AntonioStaggManuelVanOordtMarianaVillagómez Generalmanager:CrisGánToroCañas(LATAMExecuGve)

- - AeroviasdeIntegraciónRegional,AiresSA.

IdenEficaEon:StockcompanyincorporatedinColombia. Object: The business purpose of the company shall be the development (operaGon) ofcommercial air transport services, naGonal or internaGonal, in any of its types ormodaliGesand,consequently,thesubscripGonandexecuGonofallkindsofcontractsforthe transportofpassengers, thingsandbaggage,mail andcargo ingeneral,pursuant tothe operaGng permits to that effect issued by the Special AdministraGve Unit (UnidadAdministra+vaEspecial)ofCivilAeronauGcsorbytheenGtytotakeitssteadinthefuture,fully adhering to the provisions of the Code of Commerce, Colombia’s AeronauGcRegulaGonsandtoanyotherregulaGongoverningtheperGnentsubjectmaNer.Equally,toprovidemaintenanceandadaptaGonservicesofequipmentrelatedtotheoperaGonofairtransport services, inside or outside of the country. In developing this objecGve, thecompany shall be authorized to invest in third companies, naGonal or foreign, with anequal,similarorcomplementaryobjecttothatofthecompany.Towardcompliancewithsuchbusinessobject,thecompanyshallbeenGtled,amongotherthings,tothefollowing:(a) To perform reviews, inspecGons,maintenance and/or repair works of its own or ofthird-party aircrak, as well as to their spare parts and accessories, via the company’sAeronauGcRepairWorkshop(TalleresdeReparacionesAeronáu+cas),carryingouttothat

suchbusinessobject,thecompanyshallbeenGtled,amongotherthings,tothefollowing:(a) To perform reviews, inspecGons,maintenance and/or repair works of its own or ofthird-party aircrak, as well as to their spare parts and accessories, via the company’sAeronauGcRepairWorkshop(TalleresdeReparacionesAeronáu+cas),carryingouttothateffectsuchpersonneltrainingasdeemednecessarytothatend;(b)Toorganize,incorporateaninvestincommercialtransportaGoncompaniesinColombiaorabroad,inordertodevelop(operate)eitherindustriallyorcommerciallytheeconomicacGvitythatconsGtutesitsbusinessobject;consequently,thecompanyshallbeenGtledtoacquireunderanyconceptsuchaircrak,spareparts,piecesandaccessoriesofallgenresasdeemednecessaryforpublicairtransportaGonoperaGonsandtosellthem,andalsotoassembleandoperateaircrakrepairandmaintenanceworkshops;(c)Toexecutelease,freight,codesharing,locaGonoranyothertypeofcontractregardingaircraksoastocarryoutitsbusinessobject;(d)Todevelop(operate)regularpassenger,cargo,mailandsecuriGestransportairlines,aswellasthevehicletoenablecoordinaGngthedevelopmentofsuchbusinessobjecGve;(e) To integrate with equal, similar or complementary companies in order to develop(operate)theiracGvity;(f)ToacceptnaGonalorforeignrepresentaGonsofservicesofthesameorcomplementarylinesofbusiness;(g)Toacquiremovable(personal)orimmovable(realestate)properGestowarddevelopingits business objecGves, erect these installaGons or construcGons such as warehouses,depos,offices,etc.sellthemorencumberthem;(h)Tocarryoutimportsandexports,alongwithanyforeigntradeoperaGonsasmightberequired;(i)Totakemoneyatinterestandissuepersonal,realandbankguaranteeseitherforitselforforthirdparGes;(j) To execute all kinds of securiGes operaGons, as well as buying/selling obligaGons(liabiliGes)acquiredbythirdparGeswhenhavingabeneficialeconomicorequitybenefitforthecompany,andtoundertakeborrowingoperaGonsviatheissuanceofbondsordebtnotesrepresentaGveofsuchobligaGons;(k) To contract third-party business management and operaGon services for thosebusinessesthatitmayorganizeaimedatachievingitsbusinessobjecGves;(l) To execute company contracts and acquire shares or stakes in those alreadyincorporated,whethernaGonalorforeign;tomakecontribuGonstoeitheroneofthem;(m) Tomergewithother companies and associatewith equal enGGes towardprocuringthedevelopmentofairtransportorforothertradeunionpurposes;(n)Topromote,technicallyassist,financeormanagecompaniesorenGGesrelatedtothecompany’sbusinessobject;(ñ)Tosubscribeorexecuteallgenreofcivilorcommercialcontracts,industrialorfinancialthatmightbenecessaryormerelyconvenienttowardtheaNainmentofitspurposes;(o)TosubscribebusinessesandcomplywithacGviGesthatprocuresclientele,andobtainsfrom competent authoriGes such authorizaGons and licenses as might be necessary inordertodeliveryitsservices;(p) The development and operaGon of other acGviGes derived from the company’sbusiness object and/or linked, connected, coadjuvaGng or complementary to the same,includingthedeliveryoftouristservicesinanyformpermiNedbythelaw,suchastravelagencies;(q)ToendeavorinanybusinessorlicitacGvity,whethercommercialornot,provideditisrelated to its business objecGve or that it would enable a more raGonal development(operaGon)ofthepublicservicesthatitprovides;and(r)Tomakeinvestmentsofanykindwhatsoeverandtoemploythefundsandreservestobesoestablishedpursuanttothelawandthecompany’scurrentbylaws(statutes). Subscribedandpaidcapital:MUS$3,3882016Shareholding:99.017%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.22924% Boardmembers:JorgeNicolasCortazarCardoso

Boardmembers:JorgeNicolasCortazarCardosoJaimeAntonioGongoraEsguerraFernandoGarcíaPoitevin.InterimJorgueEnriqueCortazarGarciaAlbertoDavilaSuarezPabloCanales Management:JorgeNicolasCortazarErikaZaranteBahamonJaimeAntonioGongoraEsguer

- LanArgen7naS.A(SubsidiaryofInversoraCordilleraS.A)

IdenEficaEon:StockcompanyincorporatedinArgenGna. Object: To make all kinds of investments with profitable objecGves in tangible orintangible,movable(personal)orimmovable(realestate)properGes,whetherinChileorabroad. Subscribedandpaidcapital:MUS$129,5892016Shareholding:99.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.08579% Boardmembers:ManuelMariaBenitesJorgeLuisPerezAlaGIgnacioCuetoPlaza(LATAMExecuGve) Management:ManuelMaríaBenitesJorgeLuisPerezAlaGRosarioAltgeltMaríaMartaForcadaFacundoRochaGonzaloPerezCorralNicolásObejeroNorbertoDíaz TECHNICALTRAININGLATAMS.A. LegalincorporaEon:IncorporatedasStockCompany(corporaGon)byvirtueofpublicdeeddated November 23, 1997 in SanGago, Chile and registered in the SanGago Register ofCommerceonsheet878number675oftheyear1998. Object:ItsbusinessobjecGveistodelivertechnicaltrainingandotherservicesrelatedtotheabove. Subscribedandpaidcapital:MUS$753Year’sincome:MUS$73Shareholding:100.00%Year-to-yearvariaEon:0.00%%overtheparentcompany’sassets:0.01%

%overtheparentcompany’sassets:0.01% Boardmembers:EnriqueElsaca(LATAMExecuGve)SebasGánAcuto(LATAMExecuGveRamiroAlfonsínBalza(LATAMExecuGve) Generalmanager:AlejandraJaraHernández

ParentCompany’sFinancialStatements TAMS.A.

Asof AsofDec.31 Dec.312016 2015

StatementofClassifiedandConsolidatedFinancialPosiEonMUS$ MUS$

ASSETS TotalcurrentassetsotherthanassetsorgroupsofassetsfordisposalClassifiedasmaintainedforsaleortobedistributedtopropertyowners 1,761,049 1,335,337Non-currentassetsorassetgroupsfordisposalClassifiedasmaintainedforsaleortobedistributedtopropertyowners 33,140 277Totalcurrentassets 1,794,189 1,335,614Totalnon-currentassets 3,493,097 3,360,939TOTALASSETS 5,287,286 4,696,553 EQUITYCAPITALANDLIABILITIES LIABILITIES TotalcurrentliabiliGes 2,837,619 1,963,400Totalnon-currentliabiliGes 1,872,688 2,235,823TotalliabiliEes 4,710,307 4,199,223 EQUITYCAPITAL EquitycapitalaNributabletothecontroller’spropertyowners 495,563 423,190Non-controlledshareholdings 81,416 74,140Totalequitycapital 576,979 497,330TOTALEQUITYCAPITALANDLIABILITIES 5,287,286 4,696,553

FortheyearsendedasofDec.312016 2015

ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$

asofDec.312016 2015

ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$IncomefromordinaryacGviGes 4,145,951 4,597,612Grossprofit 519,223 599,784 Profit(loss)beforetaxes 220,677 (272,206)Profittaxexpenses (176,752) 126,008YEAR’SPROFIT(LOSS) 43,925 (146,198)Year’sprofit(loss)aNributableto:Thecontroller’spropertyowners 2,107 (183,912)Non-controlledshareholdings 41,818 37,714Year’sprofit(loss) 43,925 (146,198)


ConsolidatedIntegralIncomeStatement MUS$ MUS$ YEAR’SPROFIT(LOSS) 43,925 (146,198)Otherintegralincome 69,724 (347,490)Totalintegralincome 113,649 (493,688) IntegralincomeaNributableto:Thecontroller’spropertyowners 88,049 (528,218)Non-controlledshareholdings 25,600 34,530TOTALINTEGRALINCOME 113,649 (493,688)

EquityCapital aeributableto prop,ownersofthe Non-

controlling EquityCapitalcontroller shareholdings total

Statementofchangesinequitycapital MUS$ MUS$ MUS$ EquityCapitalJanuary1,2015 912,639 95,530 1,008,169Totalintegralincome (528,218) 34,530 (493,688)Dividends - (34,623) (34,623)Otherequitycapitalincreases(decreases) 38,769 (21,297) 17,472Year-endbalancescurrentyear,asofDec.312015 423,190 74,140 497,330 EquityCapitalJanuary1,2016 423,290 74,140 497,330Totalintegralincome 88,049 25,600 113,649Dividends - (40,823) (40,823)Otherequitycapitalincreases(decreases) (15,676) 22,499 6,823Endingbalancescurrentyear,asofDec.31,2016 495,563 81,416 576,979



ConsolidatedCashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes (35,085) 713,435Netcashflowsfrom(usedin)investmentacGviGes 78,425 (244,750)Netcashflowsfrom(usedin)financingacGviGes (109,240) (335,088)Netcashandcashequivalentincrease(decrease)beforeforeignexchangeratechangeeffects (65,900) 133,597EffectsofforeignexchangeratevariaGonsoncashandcashequivalent 43,097 (49,381)Year-endcashandcashequivalent 197,218 220,021

LANCARGOS.A.(Closelyheldstockcompany)

AsofDecember31 2016 2015

ConsolidatedClassifiedFinancialStatement MUS$ MUS$ ASSETS Totalcurrentassetsotherthanassetsorgroupsofassetsfordisposal

classifiedasmaintainedforsaleortobedistributedtopropertyowners 106,963 164,412

Totalnon-currentassetsorgroupsofassetsfordisposalclassifiedasmaintainedforsaleortobedistributedtopropertyowners

22,686 85Totalcurrentassets 129,649 164,497Totalnon-currentassets 563,577 546,687TOTALASSETS 693,226 711,184 EQUITYCAPITALANDLIABILITIES LIABILITIES Totalcurrentassetsotherthanassetsorgroupsofassetsfordisposal



22,236 -TotalcurrentliabiliGes 226,755 185,162Totalnon-currentliabiliGes 101,734 152,958TotalliabiliEes 328,489 338,120 EQUITYCAPITAL EquitycapitalaNributabletothecontroller’spropertyowners 362,478 370,791Non-controlledshareholdings 2,259 2,273Totalequitycapital 364,737 373,064TOTALEQUITYCAPITALANDLIABILITIES 693,226 711,184

TOTALEQUITYCAPITALANDLIABILITIES 693,226 711,184


ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 689,153 788,019Grossprofit (31,274) (90,201) Profit(loss)beforetaxes (6,696) (88,244)Profittaxexpenses 1,463 26,912YEAR’SPROFIT(LOSS) 8,159 (61,332) Year’sprofit(loss)aNributableto:Thecontroller’spropertyowners (8,145) (62,701)Non-controlledshareholdings (14) 1,369Year’sprofit(loss) (8,159) (61,332)


ConsolidatedIntegralIncomeStatement MUS$ MUS$ YEAR’SPROFIT(LOSS) (8,159) (61,332)Otherintegralincome (459) (2,935)Totalintegralincome (8,618) (64,267) IntegralincomeaNributableto:Thecontroller’spropertyowners (8,604) (65,636)Non-controlledshareholdings 14 1,369TOTALINTEGRALINCOME (8,618) (64,267)


controlling EquityCapitalcontroller shareholdings total

StatementofChangesinEquityCapital MUS$ MUS$ MUS$ EquityCapitalJanuary1,2015 455,240 903 456,143Totalintegralincome (65,636) 1,369 (64,267)Otherequitycapitalincreases(decreases) (18,813) 1 (18,812)Year-endbalancescurrentyear,asofDec.312015 370,791 2,273 373,064 EquityCapitalJanuary1,2016 370,791 2,273 373,064Totalintegralincome (8,604) (14 (8,618)Otherequitycapitalincreases(decreases) 291 - 291Endingbalancescurrentyear,asofDec.31,2016 362,478 2,259 364,737

Endingbalancescurrentyear,asofDec.31,2016 362,478 2,259 364,737


ConsolidatedCashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes 92,772 99,073Netcashflowsfrom(usedin)investmentacGviGes (34,003) (50,264)Netcashflowsfrom(usedin)financingacGviGes (51,813) (51,021)Netcashandcashequivalentincrease(decrease)beforeforeignexchangeratechangeeffects 6,956 (2,212)EffectsofforeignexchangeratevariaGonsoncashandcashequivalent 76 (4)Year-endcashandcashequivalent 24,678 17,646 LANPERUS.A.(Closelyheldstockcompany)

AsofDecember312016 2015

GeneralBalanceSheet MUS$ MUS$ ASSETS Totalcurrentassets 283,691 232,547Totalnon-currentassets 22,420 23,144TOTALASSETS 306,111 255,691 EQUITYCAPITALANDLIABILITIES LIABILITIES TotalcurrentliabiliGes 293,602 239,521Totalnon-currentliabiliGes 1,310 1,417TotalliabiliEes 294,912 240,938 EQUITYCAPITAL EquitycapitalaNributabletothecontroller’spropertyowners 11,199 14,753Non-controlledshareholdings - -Totalequitycapital 11,199 14,753TOTALEQUITYCAPITALANDLIABILITIES 306,111 255,691


ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 967,787 1,078,992Grossprofit 148,635 180,829

ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 967,787 1,078,992Grossprofit 148,635 180,829 Profit(loss)beforetaxes 1,289 7,237Profittaxexpenses (3,453) (2,169)YEAR’SPROFIT(LOSS) (2,164) 5,068

Issued Legal Accumul. Totaleq. capital reserve profit capital

StatementofChangesinEquityCapital MUS$ MUS$ MUS$ MUS$ EquityCapitalJanuary1,2015 4,341 868 5,866 11,075Totalintegralincome - - 5,068 5,068Dividends - - (1,390) (1,390)Finalbalancespreviousyear,asofDec.31,2015 4,341 868 9,544 14,753

EquityCapitalJanuary1,2016 4,341 868 9,544 14,753Totalintegralincome - - (2,164) (2,164)Dividends - - (1,390) (1,390)Finalbalancespreviousyear,asofDec.31,2016 4,341 868 5,990 11,199


CashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes (57,429) (7,044)Netcashflowsfrom(usedin)investmentacGviGes (943) (1,164)Netcashflowsfrom(usedin)financingacGviGes 5,887 9,099Netincrease(decrease)incashandcashequivalent (52,485) 891Year-endcashandcashequivalent 65,892 118,377

INVERSIONESLANS.A.(Closelyheldstockcompany)


ConsolidatedClassifiedStatementofFinancialPosiEon MUS$ MUS$ ASSETS Totalcurrentassetsotherthanassetsorgroupsofassetsfordisposal



- 572Totalcurrentassets 7,616 6,864Totalnon-currentassets 3,355 9,648TOTALASSETS 10,971 16,512 EQUITYCAPITALANDLIABILITIES LIABILITIES TotalcurrentliabiliGes 5,278 13,380Totalnon-currentliabiliGes 1,174 1,296TotalliabiliEes 6,452 14,676 EQUITYCAPITAL EquitycapitalaNributabletothecontroller’spropertyowners 4,519 1,836Totalequitycapital 4,519 1,836TOTALEQUITYCAPITALANDLIABILITIES 10,971 16,512


ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 34,059 32,366Grossprofit 7,406 5,371

IncomefromordinaryacGviGes 34,059 32,366Grossprofit 7,406 5,371 Profit(loss)beforetaxes 3,526 3,200Profittaxexpenses (925) (402)YEAR’SPROFIT(LOSS) 2,601 2,798 Year’sprofit(loss)aNributableto:Thecontroller’spropertyowners 2,601 2,798Year’sprofit(loss) 2,601 2,798


ConsolidatedIntegralIncomeStatement MUS$ MUS$ YEAR’SPROFIT(LOSS) 2,601 2,798Otherintegralincome 218 (177)Totalintegralincome 2,819 2,621 IntegralincomeaNributableto:Thecontroller’spropertyowners 2,819 2,621TOTALINTEGRALINCOME 2,819 2,621

Issued Legal Accumul. Totaleq.capital capital reserve capital

StatementofChangesinEquityCapital MUS$ MUS$ MUS$ MUS$ EquityCapitalJanuary1,2015 458 594 237 1,289Totalintegralincome - (177) 2,798 2,621Otherequitycapitalincreases(decreases) - - (2,074) (2,074)Year-endbalancescurrentyear,asofDec.312015 458 417 961 1,836 EquityCapitalJanuary1,2016 458 417 961 1,836Totalintegralincome - 218 2,601 2,819Other equity capital increases (decreases) (18) - (1188) (136)Endingbalancescurrentyear,asofDec.31,2016 440 635 3,444 4,519


ConsolidatedCashFlowStatement-DirectMethod MUS$ MUS$

asofDec.312016 2015

ConsolidatedCashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes (21) 608Netcashflowsfrom(usedin)investmentacGviGes 1,469 (41)Netcashflowsfrom(usedin)financingacGviGes (1,663) 444Netincrease(decrease)incashandcashequivalent (215) 1,011EffectsofforeignexchangeratevariaGonsoncashandcashequivalent 24 64Year-endcashandcashequivalent 1,410 1,601 INMOBILIARIAAERONAUTICAS.A.(Closelyheldstockcompany)


StatementofClassifiedFinancialPosiEon MUS$ MUS$ ASSETS Totalcurrentassets 835 1,978Totalnon-currentassets 35,921 37,324TOTALASSETS 36,756 39,302 EQUITYCAPITALANDLIABILITIES LIABILITIES TotalcurrentliabiliGes 1,119 5,003Totalnon-currentliabiliGes 7,724 9,829TotalliabiliEes 8,843 14,832 EQUITYCAPITAL Totalequitycapital 27,913 24,470TOTALEQUITYCAPITALANDLIABILITIES 36,756 39,302


IncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 4,007 3,961Grossprofit 1,877 2,071 Profit(loss)beforetaxes 1,453 1,146Profittaxexpenses 1,990 258YEAR’SPROFIT(LOSS) 3,443 1,404

FortheyearsendedasofDec.31


StatementofIntegralIncome MUS$ MUS$ YEAR’SPROFIT(LOSS) 3,443 1,404Totalintegralincome 3,443 1,404

Issued Accumul. Totaleq.capital profit capital

StatementofChangesinEquityCapital MUS$ MUS$ MUS$ EquityCapitalJanuary1,2015 1,147 21,919 23,066Totalintegralincome - 1,404 1,404Year-endbalancescurrentyear,asofDec.312015 1,147 23,323 24,470 EquityCapitalJanuary1,2016 1,147 23,323 24,470Totalintegralincome - 3,443 3,443Endingbalancescurrentyear,asofDec.31,2016 1,147 26,766 27,913


CashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes (201) 3,596Netcashflowsfrom(usedin)investmentacGviGes - (41)Netcashflowsfrom(usedin)financingacGviGes - (2,586)Netcashandcashequivalentincrease(decrease)beforeforeignexchangeratechangeeffects (201) 969EffectsofvariaGonofforeignexchangerateoncashandcashequivalent - (20)Year-endcashandcashequivalent 748 949 LATAMTRAVELCHILES.A.YFILIAL(Closelyheldstockcompany)


StatementofClassifiedFinancialPosiEon MUS$ MUS$ ASSETS

ASSETS Totalcurrentassets 5,347 5,655Totalnon-currentassets 111 114TOTALASSETS 5,458 5,769 EQUITYCAPITALANDLIABILITIES LIABILITIES TotalcurrentliabiliGes 2,724 5,538Totalnon-currentliabiliGes 3 6TotalliabiliEes 2,727 5,544 EQUITYCAPITAL Totalequitycapital 2,731 225TOTALEQUITYCAPITALANDLIABILITIES 5,458 5,769


IncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 11,675 12,399Grossprofit 7,294 7,714 Profit(loss)beforetaxes 3,500 3,323Profittaxexpenses (850) (1,004)YEAR’SPROFIT(LOSS) 2,650 2,319

Issued Accumul. Totaleq.capital profit capital

Statementofchangesinequitycapital MUS$ MUS$ MUS$ EquityCapitalJanuary1,2015 225 715 940Totalintegralincome - 2,319 2,319Dividends - (3,034) (3,034)Year-endbalancescurrentyear,asofDec.312015 225 - 225 EquityCapitalJanuary1,2016 225 - 225Totalintegralincome 10 2,650 2,650Dividends - (144) (144)Endingbalancescurrentyear,asofDec.31,2016 225 2,506 2,731


CashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes (2,483) 3,207Netcashflowsfrom(usedin)investmentacGviGes (30) 3,200Netcashflowsfrom(usedin)financingacGviGes - (3,200)Netincrease(decrease)incashandcashequivalent (2,513) 3,207Year-endcashandcashequivalent 1,066 3,579 LANPAXGROUPS.A.(Closelyheldstockcompany)


ConsolidatedClassifiedStatementofFinancialPosiEon MUS$ MUS$ ASSETS Totalcurrentassetsotherthanassetsorgroupsofassetsfordisposal



8,988 417Totalcurrentassets 261,048 302,304Totalnon-currentassets 214,715 217,359TOTALASSETS 475,763 519,663 EQUITYCAPITALANDLIABILITIES LIABILITIES TotalcurrentliabiliGesotherthanliabiliGesincluded

inassetgroupsfordisposalclassifiedasmaintainedforsale 344,970 352,056

LiabiliGesincludedinassetgroupsfordisposalclassifiedasmaintainedforsale 2,556 -

TotalcurrentliabiliGes 347,526 352,056Totalnon-currentliabiliGes 698,235 697,176TotalliabiliEes 1,045,761 1,049,232 EQUITYCAPITAL EquitycapitalaNributabletothecontroller’spropertyowners (570,638) (528,769)Non-controlledshareholdings 640 (800)Totalequitycapital (569,998) (529,569)TOTALEQUITYCAPITALANDLIABILITIES 475,763 519,663

TOTALEQUITYCAPITALANDLIABILITIES 475,763 519,663


ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 877,106 988,081Grossprofit 132,300 168,193 Profit(loss)beforetaxes (41,945) (45,960)Profittaxexpenses 6,028 10,779YEAR’SPROFIT(LOSS) (35,917) (35,181) Year’sprofit(loss)aNributableto:Thecontroller’spropertyowners (36,223) (35,187)Non-controlledshareholdings 306 6Year’sprofit(loss) (35,917) (35,181)


ConsolidatedIntegralIncomeStatement MUS$ MUS$ YEAR’SPROFIT(LOSS) (35,917) (35,181)Otherintegralincome (7,118) (71,840)Totalintegralincome (43,035) (107,021) IntegralincomeaNributableto:Thecontroller’spropertyowners (41,575) (104,941)Non-controlledshareholdings (1,460) (2,080)TOTALINTEGRALINCOME (43,035) (107,021)


controlling Totaleq.controller shareholdings capital

Statementofchangesinequitycapital MUS$ MUS$ MUS$ EquityCapitalJanuary1,2015 (426,016) 879 (425,137)Totalintegralincome (104,941) (2,080) (107,021)Otherequitycapitalincreases(decreases) 2,188 401 2,589Year-endbalancescurrentyear,asofDec.312015 (528,769) (800) (529,569) EquityCapitalJanuary1,2016 (528,769) (800) (529,569)Totalintegralincome (41,575) (1,460) (43,035)Otherequitycapitalincreases(decreases) (294) 2,900 2,606Endingbalancescurrentyear,asofDec.31,2016 (570,638) 640 (569,998)

Otherequitycapitalincreases(decreases) (294) 2,900 2,606Endingbalancescurrentyear,asofDec.31,2016 (570,638) 640 (569,998)


ConsolidatedCashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes (60,254) 26,664Netcashflowsfrom(usedin)investmentacGviGes 52,991 (108,757)Netcashflowsfrom(usedin)financingacGviGes (10,978) 81,527Netcashandcashequivalentincrease(decrease)beforeforeignexchangeratechangeeffects (18,241) (566)EffectofthevariaGonofforeignexchangeratesoncashandcashequivalent (181) 3,774Year-endcashandcashequivalent 71,314 89,736

TECHNICALTRAININGLATAMS.A.(LimitedPartnership)


ConsolidatedClassifiedFinancialStatement MUS$ MUS$ ASSETS Totalcurrentassets 1,597 1,347Totalnon-currentassets 148 180TOTALASSETS 1,745 1,527 EQUITYCAPITALANDLIABILITIES LIABILITIES TotalcurrentliabiliGes 284 266Totalnon-currentliabiliGes - -TotalliabiliEes 284 266 EQUITYCAPITAL EquitycapitalaNributabletothecontroller’spropertyowners 1,461 1,261Totalequitycapital 1,461 1,261TOTALEQUITYCAPITALANDLIABILITIES 1,745 1,527


ConsolidatedIncomeStatement,byfuncEon MUS$ MUS$ IncomefromordinaryacGviGes 1,784 1,626Grossprofit 100 1,866

IncomefromordinaryacGviGes 1,784 1,626Grossprofit 100 1,866 Profit(loss)beforetaxes 103 (22)Profittaxexpenses (30) 50YEAR’SPROFIT(LOSS) 73 (72) Year’sprofit(loss)aNributableto: Thecontroller’spropertyowners 73 (72)Non-controlledshareholdings - -Year’sprofit(loss) 73 (72)

Totaleq. capital

Statementofchangesinequitycapital MUS$ EquityCapitalEquityCapitalJanuary1,2015 1,397Totalintegralincome (72)Otherequitycapitalincreases(decreases) (64)Year-endbalancescurrentyear,asofDec.312015 1,261 EquityCapitalJanuary1,2016 1,261Totalintegralincome 73Otherequitycapitalincreases(decreases) 127Endingbalancescurrentyear,asofDec.31,2016 1,461


ConsolidatedCashFlowStatement-DirectMethod MUS$ MUS$ Netcashflowsfrom(usedin)operaGngacGviGes 778 89Netcashflowsfrom(usedin)investmentacGviGes (14) -Netcashflowsfrom(usedin)financingacGviGes - -Netincrease(decrease)incashandcashequivalent 764 89EffectofthevariaGonofforeignexchangeratesoncashandcashequivalent (2) 6Beginning-of-yearcashandcashequivalent 479 384Year-endcashandcashequivalent 1,241 479

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