LAN Informs Regarding Exercise Of Appraisal Rights

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 be held, directly or indirectly, prior to their consolidation into LAN, and where LAN will be the surviving entity.

As informed by LAN pursuant to the hecho esencial (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.

About LAN

LAN Airlines is one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 100 destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 70 additional international destinations through its various code share agreements. LAN Airlines and its affiliates have a leading position in their respective domestic markets of Chile and Peru as well as an important presence in the Argentinean, Ecuadorian and Colombian domestic markets.

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