LATAM Airlines Brazil to participate in a restructuring proposal for Oceanair Linhas Aéreas S.A. and AVB Holding S.A.

Santiago, Chile, April 3, 2019- LATAM Airlines Brazil, an affiliate of LATAM Airlines Group S.A. (NYSE: LTM / IPSA: LTM), announces that it has been approached by Elliott Associates L.P., Elliott International L.P., and Manchester Securities Corporation (jointly "Elliott"), the largest debt holders of Oceanair Linhas Aéreas S.A. ("Oceanair") and AVB Holding S.A. (jointly "Avianca Brasil"), to participate in a restructuring proposal for said companies.

As part of the proposed restructuring, and subject to the satisfaction of certain conditions, LATAM Airlines Brazil has committed to provide Avianca Brasil directly and indirectly at least US$13 million of debtor-in-possession loans to finance, in part, working capital in support of the ongoing operations.

LATAM Airlines Brazil has agreed to bid for at least one independent productive unit ("IPU") [unidade produtiva isolada UPI] together with its respective assets (including but not limited to certain contracts, operating certificates, permits, and slots), of Elliot's restructuring proposal in upcoming auctions for a minimum amount of US$70 million. Any and all required governmental and antitrust approvals for the acquisition of the IPU shall be timely provided in anticipation of closing of any transaction in favor of LATAM Airlines Brazil. The closing date cannot be confirmed at this time.