LATAM AIRLINES GROUP S.A.

In this annual report on Form 20-F, unless the context otherwise requires, references to TAM are to TAM S.A., and its consolidated affiliates, including TAM Linhas Aereas S.A. ( TLA ), which does business under the name LATAM Airlines Brazil, Fidelidade Viagens e Turismo Limited ( TAM Viagens ) and Transportes A reos Del Mercosur S.A. ( TAM Mercosur ). LATAM Airlines Group and the majority of our affiliates maintain accounting records and prepare financial statements in U.S. dollars. Some of our affiliates, however, maintain their accounting records and prepare their financial statements in Chilean pesos, Argentinean pesos, Colombian pesos or Brazilian real. In particular, TAM maintains its accounting records and prepares its financial statements in Brazilian real. Our audited consolidated financial statements include the results of these affiliates translated into U.S. dollars. International Financial Reporting Standards, as issued by the International Accounting Standards Board ( IFRS Accounting Standards ), require assets and liabilities to be translated at period-end exchange rates, while revenue and expense accounts are translated at each transaction date, although a monthly rate may also be used if exchange rates do not vary widely. In this annual report on Form 20-F, all references to Chile are references to the Republic of Chile. This annual report on Form 20-F contains conversions of certain Chilean peso and Brazilian real amounts into U.S. dollars at specified rates solely for the convenience of the reader.