Latam Airlines Group Sa · BCS:LTM
Latam Airlines Group Sa — Debt Investor Presentation (September 2021)
86 slides from Latam Airlines Group Sa's debt investor presentation, Sep 10, 2021
Slide 1: Plan of Reorganization Term Sheet
07/21/21 HIGHLY CONFIDENTIAL SUBJECT TO FRE 408 AND ALL SIMILAR RULES RE LATAM AIRLINES GROUPS.A., ET AL, IVE PLAN OF REORGANIZATION TERM SHEET! ‘THIS TERM SHEET IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OR REJECTIONS OF A CHAPTER I] PLAN WITHIN THE MEANING OF S
Slide 2: Exit Equity Issuance and Capital Raise
07/21/21 HIGHLY CONFIDENTIAL SUBJECT TO FRE 408 AND ALL SIMILAR RULES Exit Equity Issuance and Capital Raise ‘Size: Shares for the aggregate amount of S[¢] at Plan value (the “Reorganized Shares”) wil be issued in reorganized LATAM Parent (“Reorganized LATAM Parent”) for [#]% of Reorganized LATAM Pa
Slide 3: Rights Offering Process
07/21/21 HIGHLY CONFIDENTIAL SUBJECT TO FRE 408 AND ALL SIMILAR RULES preemptive rights (the “Facilitating Shareholder Rights”) as follows: i. retain [#]% of their Facilitating Shareholder Rights, pursuant to which they will have the ability to subscribe and acquire for cash at Plan value Reorganize
Slide 4: Rights Offering Process (continued)
07/21/21 HIGHLY CONFIDENTIAL SUBJECT TO FRE 408 AND ALL SIMILAR RULES . Backstop Parties ‘The Backstop Parties will exercise the Backstop Parties Direct Investment Rights to subscribe and acquire for ash at Plan value their pro rata portion of the Reorganized Shares corresponding to those rights. d.
Slide 5: Use of Proceeds and Treatment of Creditors
07/21/21 HIGHLY CONFIDENTIAL SUBJECT TO FRE 408 AND ALL SIMILAR RULES ;post-emergence cash outflows and maintain minimum cash balance of S[1,500jmm ‘© $[1,436]mm to repay the DIP Tranche A in cash ‘© S[1,450]mm to repay the DIP Tranche C in cash ‘© $[300]mm to repay administrative claims incurred as
Slide 6: Treatment of Equity and New Share Issuance
07/21/21 HIGHLY CONFIDENTIAL SUBJECT TO FRE 408 AND ALL SIMILAR RULES accordance with the Rights Offering Process, each based on Plan value and allocation of value. Existing Equity at LATAM Parent ‘© Treatment: Impaired / Diluted as a result of the implementation of the Plan (including the MIP). ‘©
Slide 7: Blowout Business Plan Presentation
EXHIBIT 99.3 Blowout Business Plan Presentation.
Slide 8: LATAM Airlines Group Five-Year Business Plan Presentation
LATAM AIRLINES GROUP Five - Year Business Plan Presentation Subject to Applicable Confidentiality Agreements and Requirements Ramiro Alfonsín CFO July 2021 HIGHLY CONFIDENTIAL
Slide 9: Disclaimers: Purpose of Business Plan Presentation
HIGHLY CONFIDENTIAL 2 D i sc l a i m e r s Purpose of Business Plan Presentation and Limitations Purpose of Business Plan Presentation ▪ The purpose of this business plan presentation (the “ Business Plan Presentation ”) is to disclose the consolidated business plan projections (the “ Business Plan
Slide 10: Disclaimers
HIGHLY CONFIDENTIAL 3 D i sc l a i m e r s D i sc l a i m e r The information contained in, and accompanying, this Business Plan Presentation (the “ Information ”) has been provided and prepared by LATAM and is subject to ongoing discussions and revisions. No representation or warranty, express or i
Slide 11: Executive Summary
HIGHLY CONFIDENTIAL 4 Executive Summary LATAM will exceed 2019 profitability and cash generation levels by 2024, and increase EBIT 78% by 2026 when compared to pre - crisis ▪ Business Plan Projections (2022 - 2026) exceed pre - COVID operation, profitability and cash generation in the outer years −
Slide 12: Executive Summary: LATAM's differential value
HIGHLY CONFIDENTIAL Executive Summary LATAM’s differential value ▪ Negotiated over 600 key contracts ▪ Cost transformation track record even before COVID outbreak ▪ Optimized and simplified fleet ▪ Airline Operating Certificates held by LATAM affiliates in Chile, Brazil, Peru, Colombia, Ecuador & Pa
Slide 13: Executive Summary: LATAM will emerge strengthened
HIGHLY CONFIDENTIAL Executive Summary LATAM will emerge strengthened and will hold a unique position in the continent with improved profitability Where we were Where we are Where we are going ▪ Relevant market share in key South American and international routes ▪ Strong emphasis placed on debt redu
Slide 14: Table of Contents
HIGHLY CONFIDENTIAL 7 Executive Summary Table of Contents ▪ Overview of LATAM ▪ Reorganization Process ▪ Business Plan ▪ Business Plan Output ▪ Key Takeaways
Slide 15: Overview of LATAM
HIGHLY C O NF I D E NTI A L Overview of LATAM
Slide 16: Latin America's leading airline group and global player
HIGHLY CONFIDENTIAL Leading cargo network in Latin America Source: Integrated Report 2018 and Bloomberg 1 Data for FY2019 2 Metrics as of 2019 O v e r v i e w LATAM: Latin America’s leading airline group and global player Regional leader in number of passengers carried Leading airline group in Latin
Slide 17: LATAM is amongst the largest airline groups in the world
HIGHLY CONFIDENTIAL 215 162 162 152 152 152 145 134 118 115 104 97 7 4 74 61 59 56 55 52 48 45 43 38 36 35 32 31 28 2 7 27 26 22 21 19 17 10 Other Latin American Airlines Source: Company FY2019 financial filings, Bloomberg O v e r v i e w LATAM is amongst the largest airline groups in the world #1 L
Slide 18: LATAM's Management Team
HIGHLY CONFIDENTIAL O v e r v i e w LATAM’s Management Team has extensive airline industry experience > Joined LATAM in 2001 > CEO since March 2020 > Previous roles include Commercial Vice - President of LATAM, Vice - President for Strategic Planning and Development at LATAM Airlines, Chief Financia
Slide 19: Exceptional Value Proposition
HIGHLY CONFIDENTIAL O v e r v i e w Exceptional Value Proposition 6 Years on the Dow Jones Sustainability Index (World Category) 1 Based on Companies’ filings. #1 2019 Best Global Airline (5 - Star Category) #1 On Time Performance in 2018 and 2019 Multiple Alliances & Bilateral Agreements Leading fr
Slide 20: Network and hubs
13 HIGHLY CONFIDENTIAL O v e r v i e w Notes: Data as of 2019 The Company has exited Argentina in 2020 as part of its go - forward business plan ▪ LATAM’s vast global network creates a competitive advantage over other South American carriers ― Customers are offered a superior value proposition, whil
Slide 21: Geographically diverse points of sale
14 HIGHLY CONFIDENTIAL O v e r v i e w Geographically diverse points of sale add to a resilient revenue base ▪ LATAM’s revenue has historically been derived from a variety of business units (domestic - international, passenger - cargo) and points of sale, thereby protecting against demand shocks in
Slide 22: Domestic market share and international network
15 HIGHLY CONFIDENTIAL Within South America AIRLINES ECUADOR 32% 2 O v e r v i e w LATAM affiliates with relevant market share in their domestic markets and an unparalleled network connecting Latin America to the rest of the world G R U SCL L I M AIRLINES CHILE 54% 3 AIRLINES BRAZIL 38% 3 AIRLINES C
Slide 23: LATAM Pass: leading frequent flyer program
16 HIGHLY CONFIDENTIAL O v e r v i e w LATAM Pass: leading frequent flyer & loyalty program Commercial alliances with leading banks in each market (1) 108 604 828 534 505 518 420 205 67 6 Actua l s Projection 321 2 0 17 2 0 18 2 0 19 2 0 20 2 0 21 2 0 22 2 0 23 2 0 24 2 0 25 2 0 26 Forward sales out
Slide 24: 2015-2019 comprehensive transformation
HIGHLY CONFIDENTIAL O v e r v i e w Between 2015 and 2019, LATAM underwent a comprehensive transformation which resulted in improved cost competitiveness and strong financials 1 EBIT margin defined as EBIT divided by Revenue + Other Income. EBIT defined as Revenue + Other Income – Operating Expenses
Slide 25: Highly competitive cost structure
HIGHLY CONFIDENTIAL O v e r v i e w 18 LATAM’s cost structure was already highly competitive even before the deep transformation that is currently underway ▪ Competitive CASK in 2019 ▪ Further cost cutting initiatives being implemented in 2021 will result in further solidifying LATAM’s competitive a
Slide 26: Unique integrated maintenance capabilities
HIGHLY CONFIDENTIAL O v e r v i e w LATAM has unique, integrated maintenance capabilities, with unparalleled Maintenance & Repair Operations (MRO) facilities in South America Unique Strategic Assets C a p a b ili t i e s (São Carlos) ▪ Largest MRO in South America with 93,000m 2 in São Carlos, Brazi
Slide 27: Reorganization Process
HIGHLY C O NF I D E NTI A L Reorganization Process
Slide 28: Impact of the COVID pandemic
HIGHLY CONFIDENTIAL Reorganization Process 21 The COVID - 19 pandemic has had an unprecedented impact on the airline industry, including LATAM ▪ Due to the extreme impact of COVID - 19 on the travel industry, LATAM was forced to file for bankruptcy in May 2020 ▪ In April 2020, LATAM’s expectation wa
Slide 29: Examples of travel restrictions
HIGHLY CONFIDENTIAL Reorganization Process Examples of travel restrictions in South America and other relevant countries Domestic Sao Paulo “ fase emergencial” or , “emergency phase” extended until Jun 14 th while easing some restrictions. Curfew from 9PM to 5AM - other states also have restrictions
Slide 30: Cost-cutting measures after COVID onset
HIGHLY CONFIDENTIAL Reorganization Process After the onset of COVID, LATAM took necessary, drastic and immediate cost - cutting measures to maximize liquidity and ensure survival Category Initiative Timing Detail Wages and Benefits Headcount reduction May’20 - Sep’20 Headcount reduction plan includi
Slide 31: Sustaining operations and liquidity through COVID
HIGHLY CONFIDENTIAL Reorganization Process As a result of successful cost - cutting efforts, capex deferral and tactical revenue generation, LATAM successfully sustained operations through COVID ▪ Since the outbreak of COVID - 19, LATAM has been focused on containing expenses to protect liquidity ▪
Slide 32: Fleet restructuring
25 HIGHLY CONFIDENTIAL Reorganization Process The group has successfully and comprehensively restructured its fleet, reducing it in size and complexity while adding flexibility and cost efficiencies ▪ Total fleet reduced from 340 to 286 1 aircraft ▪ Withdrawal of 1 aircraft type (A350) ▪ Consolidati
Slide 33: Cargo business highlights
26 HIGHLY CONFIDENTIAL Reorganization Process Acting as a hedge, the Cargo Business 1 has flourished during the pandemic Revenue ▪ US$ 481 MM Cargo revenue in January – April 2021 ▪ RATK growth of 60% in part due to supply constraints Asset Utilization ▪ Freighter utilization up to 16 hours per day
Slide 34: Business Plan
HIGHLY C O NF I D E NTI A L Business Plan
Slide 35: Capacity plan inputs
HIGHLY CONFIDENTIAL Business Plan LATAM’s capacity plan was determined upon two main inputs: the expectation of market demand recovery and the anticipated competitive landscape Market Demand Recovery ▪ Estimated recovery and growth of mark e t d e m a n d ; for e c ast at segment level (country, len
Slide 36: Bottom-up demand recovery approach
HIGHLY CONFIDENTIAL Business Plan A “bottom’s - up” approach was followed to assess the Market Demand Recovery Length of haul Travel type ▪ Domestic – at country Level ▪ Regional – from given country to/within South America and Caribbean ▪ Long haul – from given country to Europe, North America and
Slide 37: Demand recovery framework
HIGHLY CONFIDENTIAL Business Plan A market demand recovery framework was developed which identifies 3 phases: Decline, Rebound, and New Normal # Historic data observed # Assumptions Total baseline RPKs + CAGR Total forecast RPKs Total baseline RPKs Source: Global Strategic Consulting Firm Report (Ap
Slide 38: Country-specific inflection points
HIGHLY CONFIDENTIAL Business Plan Country - specific analyses drive estimates of inflection points in demand recovery curve by country Base Scenario Q4 2021 Q2 2022 Q3 2022 Q1 2023 Source: Expert interviews; The Economist Intelligence Unit; Press research; Global Strategic Consulting Firm Report Apr
Slide 39: Domestic demand recovery
HIGHLY CONFIDENTIAL Business Plan Domestic market demand expected to recover earlier, with selected markets forecasted to potentially reach 2019 levels in mid - late 2022 ▪ The recovery in domestic markets (measured in RPKs) will be driven by Brazil and Chile, followed by Peru, Colombia and Ecuador
Slide 40: Regional demand recovery
HIGHLY CONFIDENTIAL Business Plan Regional market demand expected to recover slower than domestic largely due to the impact of travel restrictions and route profitability ▪ Th e re c o v ery in r e g io n al R P Ks t ak e s travel restrictions and of t h e ec onom y in longer due to expected state A
Slide 41: Long-haul demand recovery
HIGHLY CONFIDENTIAL Business Plan Long - haul travel expected to be the slowest to recover with demand recovery to 2019 levels in ~Q3 2024 ▪ Long haul travel does not reach 2019 RPKs until Q 3 - 2024 due to travel restrictions and the change in business travel habits ▪ It is expected that business t
Slide 42: Demand forecast versus external estimates
HIGHLY CONFIDENTIAL Business Plan Estimated demand forecast consistent with external estimates ▪ The consensus view is that Latin America recovery will lag behind the global recovery projections ▪ The expected delay in the recovery compared to the global recovery is due primarily to what is expected
Slide 43: Business Plan Output
HIGHLY C O NF I D E NTI A L Business Plan Output
Slide 44: Total Revenue and RASK
HIGHLY CONFIDENTIAL 10 ,4 31 4,335 4,513 7,213 9,162 10 ,3 41 11 ,0 90 11 ,7 64 7.0 7.8 6.4 6.6 6.8 7.0 7.2 7.3 2 0 19 2 0 26 ▪ LATAM expected to return to 2019 capacity levels by 2024 when ASKs reach almost 148 billion, driven primarily by a recovery in domestic demand ▪ LATAM forecasts that it wil
Slide 45: Cargo operating statistics and revenue
HIGHLY CONFIDENTIAL Business Plan Output ▪ LATAM cargo business strategy reflected in the plan continues being “Belly - Supporting Freighter” 6.4 4.7 5.0 6.4 8.4 8.6 8.8 56% 65% 66% 60% 7.6 59% 59% 59% 59% 2 0 19 2 0 20 2 0 25 2 0 26 Cargo Operating Statistics 2021 2022 ATKs (billions) 2023 2024 Loa
Slide 46: Planned capacity reaches 2019 levels in 2024
HIGHLY CONFIDENTIAL Business Plan Output LATAM’s planned capacity expected to reach 2019 levels in 2024 ▪ Pre - COVID - 19 , LATAM group flew 150 billion ASKs in 2019 . In 2020 , following the sharp decrease in air travel brought on by the pandemic, ASKs fell to just under 56 billion, a decrease of
Slide 47: EBIT margin forecast
HIGHLY CONFIDENTIAL Note: 2019 and 2020 are actuals. 2021 – 2026 are forecast figures. 40 Business Plan Output LATAM forecasts a potential EBIT Margin in 2024 in line with 2019, continuing to grow thereafter to 11.2% in 2026 ▪ The COVID - 19 pandemic had an immediate and dramatic impact on air trave
Slide 48: Free cash flow
HIGHLY CONFIDENTIAL Business Plan Output Free cash flow (FCF) over US$ 1 billion by the end of the projection period in 2026, a potential increase of 37% when compared to 2019 Free Cash Flow Operational Cash Flows ▪ EBITDA to potentially reach 2019 levels by 2024 ▪ Free Cash Flow expected to recover
Slide 49: Capital expenditures
HIGHLY CONFIDENTIAL Business Plan Output Capital expenditures reflect fleet, maintenance and projects, including key customer facing transformations such as cabin retrofit and digital experience ▪ Fleet Capex : includes the investments in the purchase of aircraft as well as the present value of the
Slide 50: Cash flow and ending cash
HIGHLY CONFIDENTIAL Business Plan Output In terms of Cash Flow, LATAM expects to reach breakeven in 2023, continually improving thereafter Cash Flow & Ending Cash ▪ Cash - Flow expected to reach breakeven in 2023 and potentially continue to improve thereafter ▪ 2022 CF of approximately US $ - 900 MM
Slide 51: End of year fleet
44 HIGHLY CONFIDENTIAL End of year fleet Fleet as of Petition Aircraft Type Date Net +/ - 2021 2022 2023 2024 2025 2026 NB A319 46 ( 11) 35 A320 141 ( 11) 130 A320Neo 13 ( 1) 12 A321 49 - 49 A321neo - - - Total NB 249 (23) 226 228 236 246 254 254 WB A350 13 ( 13) - B767 30 ( 6) 24 B777 10 - 10 B787
Slide 52: Weighted average fleet age
HIGHLY CONFIDENTIAL Business Plan Output Fleet will be 13 years old on average by 2026 ▪ Aging of 2.3 years over a 5 - year period 10.5 11.2 11.8 12.1 12.5 12.8 8.0 9.0 1 0 . 0 1 1 . 0 1 2 . 0 Age measured in years 14.0 13.0 2 0 21 2 0 22 2 0 23 2024 Weighted Avg. Age 2 0 25 2 0 26 Note: 2021 – 2026
Slide 53: Ongoing CASK reduction
HIGHLY CONFIDENTIAL 46 Business Plan Output Ongoing CASK reduction, implementing a cost savings plan in 2021 ▪ LATAM has executed on several key initiatives to reduce its CASK ex Fuel, including: − Reducing headcount by 34% from 42,000 FTEs in 2019 to 28,000 in 2021, combined with reductions in sala
Slide 54: Cost variabilization
HIGHLY CONFIDENTIAL Business Plan Output 47 LATAM has increased the variable proportion of its costs to better cope with demand uncertainty – cost variabilization ▪ In response to the pandemic, uncertainty in demand recovery and a return to pre - COVID operating levels, LATAM has aggressively sought
Slide 55: $900mm in cost savings initiatives
HIGHLY CONFIDENTIAL ▪ Rejecting non - competitive contracts ▪ Improving fleet utilization ▪ Increasing Crew productivity Business Plan Output $900mm in cost savings initiatives drive reduction in CASK ex - Fuel Cost Reduction Initiatives II. Leveraging Digital Transformation and IT Simplification I.
Slide 56: Key Takeaways
HIGHLY C O NF I D E NTI A L Key Takeaways
Slide 57: LATAM is ready to emerge stronger
HIGHLY CONFIDENTIAL 50 Key Takeaways LATAM is ready to emerge of this crisis stronger than ever, poised to continue leading the passenger and cargo airline sector in Latin America ▪ LATAM has an integrated and diversified business model that combines passenger and cargo, domestic with international
Slide 58: LATAM's differential value
HIGHLY CONFIDENTIAL Key Takeaways LATAM’s differential value 51
Slide 59: Appendix
HIGHLY C O NF I D E NTI A L Appe n d i x 52
Slide 60: 2021 Cash Flow by Semester
Fleet Capex ( 244 ) ( 384 ) (628) Non - Fleet Capex ( 275 ) ( 509 ) (784) PDP - ( 13 ) (13) Asset Sale - 63 63 Others - ( 10 ) (10) Free Cash Flow ( 804 ) ( 1 , 182 ) ( 1 , 986 ) FCF Excl. Fleet Capex & PDP ( 560 ) ( 786 ) ( 1 , 345 ) Adjustments 244 248 492 Free Cash Flow after Adjustments ( 560 )
Slide 61: Updated Blowout Materials – Draft Claims Estimates
EXHIBIT 99.4 Updated Blowout Materials – Draft Claims Estimates.
Slide 62: LATAM Airlines Group Claims Estimates
LATAM AIRLINES GROUP Claims Estimates Subject to Applicable Confidentiality Agreements and Requirements July 2021 HIGHLY CONFIDENTIAL
Slide 63: Notes for Claims Estimates Overview
HIGHLY CONFIDENTIAL 2 Claims Estimates Notes for Claims Estimates Overview ▪ The analysis herein has been prepared by the Debtors and their Advisors on a draft basis to provide initial estimates of claims pool ranges across claims classes . The claims reconciliation process is still ongoing and thes
Slide 64: Notes: Administrative and Secured Claims
HIGHLY CONFIDENTIAL 3 Claims Estimates Notes for Claims Estimates Administrative Claims ▪ Fleet administrative claims are estimated as claims filed that would be paid as post - petition administrative expense claims ▪ Litigation administrative claims are currently asserted as administrative and unde
Slide 65: Notes: General Unsecured Claims
HIGHLY CONFIDENTIAL 4 Claims Estimates Notes for Claims Estimates General Unsecured Claims (“GUC”) ▪ 2024/2026 Notes claims are reflected as asserted ▪ Chilean Local Bond claims are reflected as asserted ▪ FFP Advance Debts (e . g . FFP co - branding obligations) are all filed on a contingent basis
Slide 66: Aggregate Claims Estimates: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate Total with Multi - Debtor Claims Total ex Multi - Debtor Claims Admin Fleet Litig a ti o n Other Short Term Local Debt RCF SBLCs SEF Trade & Other Secured Litigation Other Short Term Local De
Slide 67: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 6 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate LA - LATAM Airlines Group S.A. JJ - TAM Linhas Aereas S.A. TF - LATAM Finance LTD TI - Peuco Finance Ltd. W1 - Lan Pax Group S.A. Admin $ 58 $ 17 $ - $ - $ - Fleet $ 10 $ - $ - $ - $ - Liti
Slide 68: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 7 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate UC - Lan Carg S.A. o LP - Latam Airlines Peru S.A. 4C - Aerovias de Integracion Regional S.A. (Aires S.A.) LU - Transporte Aereo S.A. CC - Connecta Corporation Admin $ 1 $ 1 $ 0 $ 0 $ - Fle
Slide 69: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 8 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate M3 - Aerolinhas Brasileiras S.A. C1 - Linea Aerea Carguera de Colombia SA F6 - Cargo Handling Airport Services, LLC F7 - Professional Airline Cargo Services, LLC XL - LATAM Airlines Ecuador
Slide 70: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 9 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate D9 - Lan Cargo Repair Station LLC D2 - Fast Air Almacenes de Carga S.A. N2 - TAM S.A. N1 / N9 - Fidelidade Viagens e Turismo S.A. PA - Professional Airline Services, Inc. Admin $ 0 $ 0 $ -
Slide 71: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate N3 - TP Franchising Ltda. E3 - Holdco I S.A. LA - Lan Cargo Inversiones S.A. X0 - Lan Cargo Overseas Ltd X3 - Mas Investment Limited Low Estimate Admin Fleet Litig a ti o n Other Short Term Local Debt RCF
Slide 72: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 11 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate D5 - Prime Airport Services Inc. N8 - Prismah Fidelidade Ltda. B2 - LATAM Travel Chile II S.A. N8 - Piquero Leasing Limited F1 - Maintenance Service Experts, LLC Low Estimate Admin $ - $ - $ - $ - $ -
Slide 73: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate A3 - Technical Training LATAM S.A N7 - Multiplus Corredora de Seguros Ltda. W6 - Inversiones Aéreas S.A. E4 - Holdco Colombia II SpA F2 - Professional Airline Maintenance Services, LLC Low Estimate Admin
Slide 74: Aggregate Claims Estimates by Debtor: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate W0 - Inversiones Lan S.A. E5 - Holdco Colombia I SpA E2 - Holdco Ecuador S.A. Low Estimate Admin Fleet Litig a ti o n Other Short Term Local Debt RCF SBLCs SEF Trade & Other Secured Litigation Other Short
Slide 75: Aggregate Claims Estimates: Unsecured, Low Estimate
HIGHLY CONFIDENTIAL 14 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate Total with Multi - Debtor Claims Total ex Multi - Debtor Claims Unsecured $ 8,928 $ 6,871 2024/2026 Notes $ 3,038 $ 1,519 Chilean Local Bonds $ 498 $ 498 FFP Advance Debts $ - $ - Fleet $
Slide 76: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 15 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate LA - LATAM Airlines Group S.A. JJ - TAM Linhas Aereas S.A. TF - LATAM Finance LTD TI - Peuco Finance Ltd. W1 - Lan Pax Group S.A. Unsecured $ 6,070 $ 1,074 $ 1,519 $ - $ 0 2024/2026 Notes
Slide 77: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate UC - Lan Cargo S.A. LP - Latam Airlines Peru S.A. 4C - Aerovias de Integracion Regional S.A. (Aires S.A.) LU - Transporte Aereo S.A. CC - Connecta Corporation Low Estimate Unsecured $ 34 $ 85 $ 80 $ 7 $ 0
Slide 78: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate M3 - Aerolinhas Brasileiras S.A. C1 - Linea Aerea Carguera de Colombia SA F6 - Cargo Handling Airport Services, LLC F7 - Professional Airline Cargo Services, LLC XL - LATAM Airlines Ecuador S.A. Low Estim
Slide 79: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate D9 - Lan Cargo Repair Station LLC D2 - Fast Air Almacenes de Carga S.A. N2 - TAM S.A. N1 / N9 - Fidelidade Viagens e Turismo S.A. PA - Professional Airline Services, Inc. Low Estimate Unsecured $ 4 $ 2 $
Slide 80: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 19 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate N3 - TP Franchising Ltda. E3 - Holdco I S.A. LA - Lan Cargo Inversiones S.A. X0 - Lan Cargo Overseas Ltd X3 - Mas Investment Limited Unsecured $ 0 $ - $ 1 $ - $ - 2024/2026 Notes $ - $ - $
Slide 81: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 20 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate D5 - Prime Airport Services Inc. N8 - Prismah Fidelidade Ltda. B2 - LATAM Travel Chile II S.A. N8 - Piquero Leasing Limited F1 - Maintenance Service Experts, LLC Unsecured $ 0 $ 0 $ 0 $ -
Slide 82: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL 21 Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate A3 - Technical Training LATAM S.A N7 - Multiplus Corredora de Seguros Ltda. W6 - Inversiones Aéreas S.A. E4 - Holdco Colombia II SpA F2 - Professional Airline Maintenance Services, LLC Uns
Slide 83: Unsecured Claims by Debtor: Low Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): Low Estimate Low Estimate Total incl Intercompany $ 0 $ - $ 14 Memo: Fleet Memo: Intercompany Admin $ - $ - $ - Intercompany Payables $ 0 $ - $ 0 Intercompany Receivables $ - $ - $ 0 Intercompany Payables (Receivables
Slide 84: Aggregate Claims Estimates: High Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): High Estimate LA - LATAM Airlines Group S.A. JJ - TAM Linhas Aereas S.A. TF - LATAM Finance LTD TI - Peuco Finance Ltd. W1 - Lan Pax Group S.A. High Estimate Total with Multi - Debtor Claims Total ex Multi - Debtor Cl
Slide 85: Aggregate Claims Estimates by Debtor: High Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): High Estimate High Estimate PA - Professional Airline Services, Inc. N3 - TP Franchising Ltda. E3 - Holdco I S.A. LA - Lan Cargo Inversiones S.A. X0 - Lan Cargo Overseas Ltd X3 - Mas Investment Limited D5 - Prime Airp
Slide 86: Aggregate Claims Estimates by Debtor: High Estimate
HIGHLY CONFIDENTIAL Claims Estimates Aggregate Claims Estimates (as of July 2021): High Estimate High Estimate E4 - Holdco Colombia II SpA F2 - Professional Airline Maintenance Services, LLC W0 - Inversiones Lan S.A. E5 - Holdco Colombia I SpA E2 - Holdco Ecuador S.A. Admin Secured Priority U n s e
LATAM Airlines Group — Debt Investor Presentation (September 2021) on 6ix