LAN and TAM announce presentation to the Brazilian National Civil Aviation Agency

Santiago, Chile and Sao Paulo, Brazil, October 20, 2010

LAN Airlines S.A. (LAN) (NYSE: LFL/IPSA: LAN) and TAM S.A. (TAM) (BM&FBOVESPA: TAMM4/NYSE: TAM) today announced that LAN, TAM and their respective controlling shareholders have agreed on the final transaction structure for the transaction described in the Memorandum of Understanding signed by both companies on August 13, 2010. In this context, TAM’s subsidiaries (i) TAM Linhas Aéreas S.A, (ii) Pantanal Linhas Aéreas S.A. and (iii) TAM Milor Táxi Aéreo, Representações, Marcas e Patentes S.A. have submitted this structure for the approval of the Brazilian National Civil Aviation Agency (ANAC).

The structure presented to ANAC is the following1 :

structure presented to ANAC

The approval of ANAC is a mandatory requirement to complete this transaction. Both companies continue working towards implementing the announced transaction, which is still subject to the parties entering into necessary definitive agreements, and satisfaction of conditions, including regulatory and corporate approvals and actions.

Any further information about this transaction: www.latamairlines.com

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