PRESS RELEASE


LAN SHAREHOLDERS APPROVE MERGER WITH TAM BY BROAD MAJORITY


Santiago,Chile, december 21, 2011.-

LAN Airlines S.A. (NYSE: LFL; “LAN or “the Company”), one of Latin America’s leading passenger and cargo airlines today announced that at an, Extraordinary Shareholders Meeting held today in Santiago, Chile, LAN shareholders approved the merger of LAN with Sister Holdco S.A. and Holdco II S.A., two special purpose companies created exclusively for purposes of this transaction, where shares of TAM S.A. will be held, directly or indirectly, prior to their consolidation into LAN. LAN will be the surviving entity, with an exchange ratio set at 0.9 LAN shares for each share of the absorbed companies, and will be renamed LATAM Airlines Group S.A., subject to (i) the terms and conditions of the binding contracts between both parties; and (ii) a final decision, on or before April 30, 2012, in the pending Reclamación before the Chilean Supreme Court that seeks the approval of the proposed business combination between LAN and TAM.

LAN shareholders approved the merger on the proposed conditions by a broad majority, with over 99.99% of shares present at the meeting. The Shareholders Meeting also approved a change to the Company’s corporate name, and other necessary transactions contemplated in the agreements between the parties.

This approval is an important milestone in the implementation of the merger proposal between LAN and TAM, which is expected to be concluded by the end of the first quarter 2012.

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