et al

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UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK

In re LATAM Airlines Group et al. Case No. 20-11254Debtors Reporting Period: 12/01/2020 - 12/31/2020

Federal Tax ID 898622002

CORPORATE MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS Form No. Document Attached Explanation Attached

Schedule of Cash Receipts and Disbursements MOR-1 YesStatement of Operations Consolidated MOR-2 YesBalance Sheet Consolidated MOR-3 YesStatement of Cash Flows MOR-3 CASH FLOW YesTaxes and Fees Paid MOR-4 YesPayments to Professionals MOR-6 YesDIP Drawdowns and DIP Fees DIP Yes

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documentsare true and correct to the best of my knowledge and belief.

DateSignature of Authorized Individual

DatePrinted Name of Authorized Individual

RafaRAMIRO ALFONSIN BNLZA

✓

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In re LATAM Airlines Group et al. Case No. 20-11254

Debtors Reporting Period: 12/01/2020 - 12/31/2020

MOR-1

(Unaudited - USD $)

Case Debtor 12/01/2020 - 12/31/2020

20-11254 LATAM Airlines Group S.A 234,478,568.83$

20-11255 Transporte Aéreo S.A. 8,074,679.26$

20-11256 Aerovías de Integración Regional S.A. (Aires S.A.) 12,568,932.70$

20-11257 LATAM-Airlines Ecuador S.A. 6,265,440.51$

20-11258 Latam Airlines Perú S.A. 33,861,287.35$

20-11259 Lan Cargo S.A. 17,580,752.95$

20-11260 Línea Aérea Carguera de Colombia SA 2,945,149.16$

20-11261 Inversiones Lan S.A. 33.43$

20-11262 Technical Training LATAM S.A 35,834.38$

20-11263 LATAM Travel Chile II S.A. 40,178.06$

20-11264 Lan Pax Group S.A. 782.38$

20-11265 Fast Air Almacenes de Carga S.A. 1,074,439.67$

20-11266 LATAM Finance LTD 100.90$

20-11267 Peuco Finance Ltd. -$

20-11268 Professional Airline Cargo Services, LLC 723,325.46$

20-11269 Cargo Handling Airport Services, LLC 2,338,217.76$

20-11270 Maintenance Service Experts, LLC 237,284.80$

20-11271 Lan Cargo Repair Station 373,148.09$

20-11272 Prime Airport Services Inc. 225.75$

20-11273 Professional Airline Maintenance Services, LLC 1,289,362.72$

20-11274 Connecta Corporation 2,073,052.02$

20-11275 Inversiones Aéreas S.A. -$

20-11276 Holdco Colombia II SpA -$

20-11277 Holdco Colomobia I SpA -$

20-11278 Holdco Ecuador S.A. -$

20-11279 Lan Cargo Inversiones S.A. -$

20-11280 Lan Cargo Overseas Limited -$

20-11281 Mas Investment Limited -$

20-11282 Professional Airline Services, Inc. 642,805.70$

20-11597 TAM S.A. 46,681.09$

20-11598 TAM Linhas Aereas S.A. 180,094,142.88$

20-11603 Aerolinhas Brasileiras S.A. 6,053,570.53$

20-11600 Prismah Fidelidade Ltda. 8,369,542.59$

20-11601 Fidelidade Viagens e Turismo S.A. 593,237.53$

20-11602 TP Franchising Ltda. 6,898.66$

20-11604 Holdco I S.A. -$

20-11599 Multiplus Corredora de Seguros Ltda. -$

20-11587 Piquero Leasing Limited -$

Total $ 519,767,675.16

Note: A portion of the disbursements from certain Debtors may be subject to allocations to, or reimbursement from, other Debtors.

Disbursements for the period 12/01/2020 to 12/31/2020

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In re LATAM Airlines Group et al. Case No. 20-11254

Debtors Reporting Period: 12/01/2020 - 12/31/2020

CONSOLIDATED STATEMENT OF OPERATIONS (Income Statement)

MOR-2

(Unaudited - USD $ in 000's)

RevenueDebtors Non-Debtors

Adjustments &

EliminationsConsolidated

Passenger 207,181$ (7,188)$ (11,108)$ 188,885$

Cargo 117,573$ 214$ (671)$ 117,116$

Other 129,147$ (541)$ (101,850)$ 26,756$

Total Operating Revenues 453,901$ (7,515)$ (113,628)$ 332,757$

Operating Expenses

Wages and Benefits (48,053)$ (1,303)$ 202$ (49,154)$

Aircraft Fuel (82,462)$ (50)$ 0$ (82,512)$

Depreciation and Amortization (103,887)$ (3,573)$ (1,247)$ (108,707)$

Rental and Landing Fees (114,667)$ (1,877)$ 40,789$ (75,755)$

Other Operating Expenses (347,779)$ (3,832)$ 70,827$ (280,785)$

Total Operating Expenses (696,848)$ (10,636)$ 110,571$ (596,913)$

Profit (Loss) from Operations (242,947)$ (18,152)$ (3,057)$ (264,156)$

Interest Expense, Net (83,153)$ (737)$ 439$ (83,451)$

Other Income (Expenses) (456,041)$ (27,468)$ 23,195$ (460,314)$

Profit (Loss) before Income Taxes (782,141)$ (46,357)$ 20,577$ (807,921)$

Income Tax Expense 178,213$ (1,307)$ 530$ 177,437$

Net Income (Loss) (603,928)$ (47,663)$ 21,107$ (630,484)$

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In re LATAM Airlines Group et al. Case No. 20-11254

Debtors Reporting Period: 12/01/2020 - 12/31/2020

BALANCE SHEET

MOR-3 12/31/2020(Unaudited - USD $ in 000's)

Debtors Non-DebtorsAdjustments &

EliminationsConsolidated

ASSETS

Cash and Cash equivalents 1,628,431$ 67,414$ (4)$ 1,695,841$

Other financial assets, current 49,586$ 386$ 278$ 50,250$

Other non financial assets, current 151,801$ 8,036$ (3,944)$ 155,893$

Trade debtors and other accounts receivable, current 672,980$ 5,054$ (78,854)$ 599,180$

Accounts receivable from related entities 5,381,977$ 147,299$ (5,529,118)$ 158$

Inventory 324,973$ 1,126$ -$ 326,099$

Current tax assets 40,862$ 1,198$ 260$ 42,320$

Total current assets other than non-current assets (or disposal groups) classified as held for sale or

as held for distribution to owners 8,250,610$ 230,513$ (5,611,382)$ 2,869,741$

Non current assets or group of assets classified as available held for sale of for distribution to owners 300,614$ -$ (24,492)$ 276,122$

Total Current Assets 8,551,224$ 230,513$ (5,635,874)$ 3,145,863$

Other financial assets, non current 10,892,545$ 421,008$ (11,280,413)$ 33,140$

Other non financial assets, non current 219,142$ 543$ (92,903)$ 126,782$

Accounts receivable, non current 4,986$ -$ -$ 4,986$

Accounts receivable from related entities 422,444$ 2,011$ (424,455)$ -$

Intangible assets other than goodwill 232,558$ 61$ 813,940$ 1,046,559$

Goodwill -$ -$ -$ -$

Property, Plants and Equipment 9,612,833$ 781,467$ 339,204$ 10,733,504$

Current tax assets, non-current -$ -$ -$ -$

Deferred tax assets 563,853$ 170$ 111$ 564,134$

Total Non-Current Assets 21,948,361$ 1,205,260$ (10,644,516)$ 12,509,105$

TOTAL ASSETS 30,499,585$ 1,435,773$ (16,280,390)$ 15,654,968$

LIABILITIES & SHAREHOLDERS' EQUITY

LIABILITIES

Other financial liabilities, current 2,962,988$ 92,742$ -$ 3,055,730$

Trade accounts payable and other accounts payable 2,313,077$ 54,624$ (44,740)$ 2,322,961$

Accounts payable intercompany, current 5,392,139$ 138,559$ (5,529,886)$ 812$

Other provisions 4,648$ -$ 19,126$ 23,774$

Current tax liabilities 309$ 347$ -$ 656$

Employee benefits related accruals -$ -$ -$ -$

Other non financial liabilities, current 2,161,006$ 8,114$ (80,329)$ 2,088,791$

Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale 12,834,167$ 294,386$ (5,635,829)$ 7,492,724$

Liabilities included in disposal groups classified as held for sale -$ -$ -$ -$

Total Current Liabilities 12,834,167$ 294,386$ (5,635,829)$ 7,492,724$

Other financial liabilities, non current 7,293,784$ 510,016$ 1$ 7,803,801$

Accounts payable, non current 442,319$ 208,063$ 1,218$ 651,600$

Accounts payable intercompany, non current 820,877$ -$ (424,454)$ 396,423$

Other provisions 516,263$ 2,176$ 69,920$ 588,359$

Deferred Tax Liabilities 43,786$ -$ 340,494$ 384,280$

Employee benefits related accruals 73,995$ 121$ -$ 74,116$

Other non financial liabilities, non current 702,121$ -$ (113)$ 702,008$

Total Non-Current Liabilities 9,893,145$ 720,376$ (12,934)$ 10,600,587$

TOTAL LIABILTIES 22,727,312$ 1,014,762$ (5,648,763)$ 18,093,311$

SHAREHOLDERS' EQUITY

Share Capital 5,733,717$ 860,246$ (3,447,698)$ 3,146,265$

Retained Earnings (730,839)$ (397,774)$ (3,060,907)$ (4,189,520)$

Share Issue Premiums 709,614$ 154$ (709,768)$ -$

Treasury Shares (178)$ -$ -$ (178)$

Other Reserves 1,846,642$ (43,039)$ (3,191,789)$ (1,388,186)$

Minority Interest 213,317$ 1,424$ (221,465)$ (6,724)$

TOTAL SHAREHOLDERS' EQUITY 7,772,273$ 421,011$ (10,631,627)$ (2,438,343)$

TOTAL LIABILTIES & SHAREHOLDERS' EQUITY 30,499,585$ 1,435,773$ (16,280,390)$ 15,654,968$

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In re LATAM Airlines Group et al. Case No. 20-11254

Debtors Reporting Period: 12/01/2020 - 12/31/2020

STATEMENT OF CASH FLOWS

MOR-3

(Unaudited - USD $ in 000's)

CASH FLOW FROM OPERATING ACTIVITIES

Cash Flows from Operating Activities

Proceeds from sale of goods or services 349,856$

Other cash receipts from operating activities 4,093$

Payments to suppliers for goods and services (305,742)$

Payments to and on behalf of employees (100,162)$

Other payments for operating activities (6,820)$

Income taxes (paid) (3,527)$

Other cash inflows (outflows) (6,265)$

Net Cash Provided by Operating Activities (68,568)$

Cash Flows from Investing Activities

Cash flows arising from losses of control of subsidiaries or other businesses -$

Other cash receipts from sales of equity or debt instruments of other entities 1,385$

Other payments to acquire equity or debt instruments of other entities (1,164)$

Amounts raised from sale of property, plant and equipment

Purchase of property, plant and equipment (27,917)$

Purchase of intangible assets (16,893)$

Interest received 1,398$

Other cash inflows (outflows) -$

Net Cash Used in (Provided By) Investing Activities (43,191)$

Cash Flows from Financing Activities

Payments for changes in ownership interests in subsidiaries that do not result in loss of control -$

Amounts raised from long-term loans -$

Amounts raised from short-term loans -$

Loans from Related Entities -$

Loans repayments (4,382)$

Payment of lease liabilities (2,703)$

Dividends Paid -$

Interest paid (8,162)$

Other cash inflows (outflows) -$

Net Cash Used in (Provided By) Financing Activities (15,247)$

Net increase (decrease) in cash before exchange rate impacts (127,005)$

Effects of variations in the exchange rate on cash and equivalents 11,800$

Net increase (decrease) in cash and cash equivalents (115,205)$

Cash and cash equivalents, at beginning of period 1,811,046$

Cash and Cash Equivalents, at end of period 1,695,841$

12/31/2020

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In re LATAM Airlines Group et al. Case No. 20-11254

Debtors Reporting Period: 12/01/2020 - 12/31/2020

MOR-4

(Unaudited - USD $ in 000's)

TAXES AND FEES PAID

US & International Taxes

Payroll Taxes:

Payroll Taxes Paid 18,116$

Sales & Use Taxes:

Income Taxes 1,533$

Withholding Taxes 1,679$

VAT/GST 4,906$

Other Taxes 2,017$

Airport Taxes and Fees

Overflight Taxes and Fees 3,445$

Boarding Taxes and Fees 12,178$

Airport Taxes and Fees 7,501$

Other 4,243$

Total Taxes 55,620$

(1) Including, but not limited to, Airport Facility Taxes, Navigation & Landing Fees

and Boarding Fees, Stamp Taxes, Commercial Contributions, Franchise Taxes, and

various Municipal Taxes

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In re LATAM Airlines Group et al. Case No. 20-11254

Debtors Reporting Period: 12/01/2020 - 12/31/2020

MOR-6

(Unaudited - USD $)

PROFESSIONALS

NAME

DATE OF COURT ORDER

AUTHORIZING PAYMENT APPROVED AMOUNT

AMOUNT PAID,

PRIOR MONTHS

AMOUNT PAID,

CURRENT MONTH

TOTAL PAID TO

DATE

*TOTAL INCURRED &

UNPAID

Cleary Gottlieb Steen & Hamilton, LLP 6/30/2020 21,589,272$ 9,795,548$ 9,380,152$ 19,175,699$ 2,413,573$

Prime Clerk (Claims Agent) 6/5/2020 3,799,909$ 1,768,342$ -$ 1,768,342$ 2,031,567$

Prime Clerk (Administrative Advisor) 7/11/2020 58,106$ 46,512$ -$ 46,512$ 11,594$

Claro & Cia 6/28/2020 1,971,295$ 1,086,192$ 280,873$ 1,367,065$ 604,230$

FTI Consulting Inc 6/30/2020 6,847,464$ 2,870,638$ 2,117,841$ 4,988,479$ 1,858,985$

Togut, Segal & Segal LLP 6/30/2020 2,469,598$ 1,772,876$ 616,951$ 2,389,827$ 79,770$

PJT Partners LP 6/30/2020 1,960,271$ -$ -$ -$ 1,960,271$

Brigard Urrutia Abogados SAS 8/31/2020 605,428$ 401,890$ 130,850$ 532,740$ 72,688$

Ocean Tomo LLC 6/9/2020 132,058$ 132,057$ -$ 132,057$ 1$

Dechert LLP 8/18/2020 8,663,147$ 5,692,122$ 2,114,895$ 7,807,018$ 856,129$

Conway MacKenzie, LLC 6/9/2020 1,439,700$ -$ 1,000,657$ 1,000,657$ 439,043$

UBS 6/9/2020 1,010,188$ -$ -$ -$ 1,010,188$

Morales & Besa LTDA 6/12/2020 112,427$ 66,367$ 30,240$ 96,607$ 15,820$

Demarest Advogados 7/9/2020 443,633$ 284,322$ 55,857$ 340,179$ 103,454$

Klestadt Winters Jureller Southard & Stevens, LLP 6/18/2020 80,095$ 46,156$ 21,527$ 67,683$ 12,413$

Deloitte International Entities 9/9/2020 1,055,566$ 835,469$ 47,681$ 883,150$ 172,416$

RPC Abogados 9/3/2020 125,930$ -$ -$ -$ 125,930$

E&Y Auditores 10/1/2020 552,423$ 204,018$ 54,582$ 258,600$ 293,823$

Ferro Castro Neves 10/11/2020 109,630$ -$ 64,521$ 64,521$ 45,109$

PWC Consultores 11/18/2020 786,935$ -$ 45,310$ 45,310$ 741,625$

Lee, Brock, Camargo Abogados 10/1/2020 3,515,230$ -$ -$ -$ 3,515,230$

TOTAL PAYMENTS TO PROFESSIONALS 57,328,308$ 25,002,510$ 15,961,938$ 40,964,447$ 16,363,860$

* Amounts listed based on invoices filed and received as of the end of the Reporting Period.

Portions of amounts listed may have been paid after the end of the Reporting Period in accordance with the

order establishing procedures for interim compensation and reimbursement of expenses of professionals.

PAYMENTS TO PROFESSIONALS

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In re LATAM Airlines Group et al. Case No. 20-11254

Debtors Reporting Period: 12/01/2020 - 12/31/2020

(Unaudited - USD $)

Date DIP Commitment DIP (Draw)/Repayment DIP Remaining

9/29/2020 2,450,000,000.00$ -$ 2,450,000,000.00$

10/8/2020 Tranche A (650,000,000.00)$ 1,800,000,000.00$

10/8/2020 Tranche C (500,000,000.00)$ 1,300,000,000.00$

Date Counterparty Description DIP Fees

10/8/2020 PJT Partners LP Capital Raising Fee for Tranche A + partial Tranche C 15,500,000.00$

10/8/2020 Oaktree Tranche A Commitment Fee 26,000,000.00$

10/8/2020 Various Various DIP Fees/Expenses 11,252,809.85$

DEBTOR IN POSSESSION FINANCING

SCHEDULE OF DRAWDOWNS ON FACILITY

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