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LATAM reports net loss for 2014

latamPRESS RELEASE

March 17, 2015:  For full year 2014, LATAM reported an operating income of US$513.4 million, as compared to US$643.9 million in full year 2013. Operating margin for 2014 reached 4.1% as compared to 4.9% in 2013, in line with the guidance provided by the Company.

LATAM reported a net loss of US$109.8 million for full year 2014, compared to a net loss of US$281.1 million in 2013. These results include foreign exchange losses of US$130.2 million in 2014 and US$482.2 million in 2013 mainly resulting from the devaluation of the Brazilian real.

In addition, this result includes the recognition of a US$112 million provision during the first quarter of 2014 related to estimated penalties for anticipated aircraft redeliveries as a result of our fleet restructuring process.

In January, the Company announced its preliminary guidance for 2015. We expect to improve profitability and estimate operating margins for the full year 2015 to be in the range of 6% to 8%. This improvement in results takes into account our strategic focus on the factors we have defined as critical for success: customer experience, network and efficiency and cost reduction.

In line with the Company's fleet renewal plan, during fourth quarter 2014 LATAM received a total of 5 Airbus A321 aircraft and 1 Boeing 787-8 passenger aircraft.

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