COMUNICADOS DE PRENSA

LAN INFORMS REGARDING EXERCISE OF APPRAISAL RIGHTS

Santiago, Chile, January 23, 2012 –Today, LAN Airlines S.A. (“LAN”) (NYSE: LFL/ IPSA: LAN) announced that shareholders representing 7,237 ordinary shares of the company, equivalent to 0.00213% of total LAN shares issued and outstanding as of December 15, 2011, exercised their appraisal rights as a result of the agreements reached at the Extraordinary General Shareholders’ Meeting held on December 21, 2011.

As previously informed, this Extraordinary General Shareholders’ Meeting was held to approve the merger of LAN with Sister Holdco S.A. and Holdco II S.A.,two special purpose companies created exclusively for purposes of the merger between LAN and TAM S.A. (“TAM”), where shares of TAM will beheld, directly orindirectly, prior to their consolidation into LAN, and where LAN will be the surviving entity.

As informed by LAN pursuant to the hechoesencial (material fact) dated January 19, 2011 and in view of the conditions approved by LAN’s shareholders in the above-mentioned shareholders’ meeting to which the effectiveness of the merger is subject to, the shares for which appraisal rights were exercised represent a percentage substantially below the 2.5% threshold of total LAN shares, and thus this condition, among those approved by the shareholders’ meeting, has been fulfilled.

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