"LANVACATIONS not only helps travelers fulfill their dreams by
transporting them to exciting destinations, but we do it safely and we
do it best.

population paraguay

bolivia guiana

Structural reforms that will raise the region 's low savings and
investment rates could help in this regard.

guyana surface

Fitch Issues Latin American Sovereign Review: 2005 Outlook

com

" Montesinos goes on to say that LAN's expertise and
extensive route network throughout South America, combined with EEI's
industry knowledge and technological capabilities, are an ideal
combination to successfully propel LANVACATIONS' continued growth
throughout the region. Our goal with this partnership is to make unique
vacation options for South America easily available through
competitive pricing and great customer service.

population twelve

The rapidly
growing company has over 100 employees in offices around the world.

paraguay vast

Likewise,
inflation remained low, the current account posted a surplus, net
external debt moved lower, and international reserves reached US$207
billion in aggregate for the sovereigns Fitch rates in Latin America.S.

paraguay brazil

Only one sovereign in the region was downgraded
last year (the Dominican Republic).2% last
year, the region's strongest performance since 1997.S.
"We have seen significant interest over the past year to South
America as a re-emerging destination, and welcome this opportunity to
partner with LAN Airlines in offering LANVACATIONS," stated Paul
Barry, CEO of Europe Express, Inc.

310 guyana

'
Sound macro policy frameworks and improved economic performance
drove upgrades in five of the 16 emerging market sovereigns Fitch
rates in the Western Hemisphere in 2004 (Brazil, Venezuela, Peru,
Uruguay, and Ecuador), as well as two positive Outlook revisions
(Chile and Colombia). According to the World Tourism Organization , travel to
South America experienced double-digit growth in 2004, and growth
prospects continue on the positive side with South America sited among
the most optimistic. The
alliance offers non -stop and direct flights from North America to
Argentina, Chile, Colombia, Dominican Republic, Ecuador , Peru and
Venezuela with service from 28 North American cities, including daily
flights from its Miami, New York and Los Angeles gateways.

bolivia population

com
'As long as Latin America continues to perform well , economically
and from the policy perspective,' said Roger Scher, Managing Director,
Fitch Sovereign Ratings, 'then further positive rating or Outlook
actions are possible in 2005.

brazil colombia

From culture and adventure, to culinary splendors and
untouched territories, there are opportunities for all ages and
interests.

countries wealth

'The main indicator that deteriorated in the region since the late
1990s is the government debt-to-GDP ratio,' said Scher.fitchratings. In order to facilitate this growth
process , LAN Airlines has appointed Europe Express, Inc.

Comprising twelve countries, South America covers an area of 17.

million falkland

The report is available on the Fitch Ratings web site at
www. (EEI) to
represent the new LANVACATIONS as it continues to surpass travelers'
expectations by providing complete travel experiences to a variety of
unique destinations and yet untouched regions throughout the southern
hemisphere.

peru twelve

Scher went on to say that the best way to insulate themselves from
external shocks was for Latin American governments to redouble their
reform efforts, focusing on public finances and microeconomic reforms.'
The Fitch report features articles on the impact on the region of
the end of textile and clothing quotas with the phasing out of the
Multi-Fiber Agreement and the comparison of two bellwether sovereigns,
Brazil and Turkey, as well as country updates on key sovereigns in the
region and a discussion of the rating implications of a bond
restructuring in Argentina and one likely to occur in the Dominican
Republic.com

uruguay peru

But, the risks on the horizon, higher
global interest rates, greater risk aversion, lower commodity prices,
are not negligible. "With our combined experience, we
are confident that this partnership will prove highly successful for
LANVACATIONS.
The LAN service alliance participating airlines, LAN Airlines
(NYSE:LFL), LAN PERU and LAN ECUADOR, offer a vast route network
reaching a large number of destinations throughout the world,
including the Americas, Europe, Asia and the South Pacific.lanvacations.

guyana ecuador

From unique tour packages to group itineraries
and independent travel programs, LANVACATIONS offers complete travel
experiences to Chile, Peru, Argentina, Ecuador, Brazil and Bolivia
that cater to a full range of ages, interests and budgets.
"We're looking forward to working with EEI as we continue to
expand our presence throughout South America," said Pablo Montesinos,
LAN Airlines' Vice President North /Central America and Asia. Visit LANVACATION's website at
http://www.

The main features of the region include its vast land mass and its wealth of natural and human resources.

wealth surface

'It is here
that more work needs to be done in terms of higher primary budget
surpluses and tax, social security, and revenue -sharing reform.

bolivia 22

LANVACATIONS Spreads Its Wings Continues to Grow; LAN Airlines Appoints Europe Express to Represent LANVACATIONS

Bureau of Transportation Statistics, there
has been a notable growth in tourism to South America over the past
decade."
Founded in 1990, EEI is one of the most respected international
leisure wholesale tour operators in the United States. Additionally,
passengers traveling with LAN Airlines or LAN PERU may also accumulate
frequent flier miles in American Airlines ' AAdvantage or any of the
oneworld(TM) member frequent flyer programs.

guyana ecuador

GDP expanded a rapid 5.

Business Editors/Airline Writers/Travel Editors

MIAMI----LAN Airlines' tour product
is once again spreading its wings as it evolves into the next stage of
its growth as LANVACATIONS.
According to the U. Perceived as a safe travel alternative to other parts of
the world, South America offers an endless array of vacation options
for travelers.

falkland uruguay

Business Editors/Foreign Editors

NEW YORK----Fitch Ratings has issued
a special report, 'Latin American Sovereign Review: January 2005 ,'
with Fitch's forecast for sovereign credit trends in Latin America for
2005. dollar that causes
risk aversion and investors to reduce positions in the emerging market
asset class is the most significant risk we see for Latin American
sovereign bonds this year,' said Scher.

vast south

to South
America experienced one of the highest percentage growth rates
worldwide. Passengers
traveling with any of the LAN service alliance participating airlines
may accumulate frequent flier kilometers in LANPASS .

falkland countries

The Fitch report is available on the Fitch Ratings web site at
www.

22 million square kilometers , or around 13% of the world's surface.

vast bolivia

fitchratings.S. A
member of USTOA, EEI is a leader in providing representation services
for a variety of private labels, including Virgin Vacations,
FlySouthVacations .

ecuador twelve

This growth trend is expected to continue into the next
decade as well.

Most countries in the region are of large or medium size.

million uruguay

In fact, the number of travelers from the U.
The new LANVACATIONS is targeting this growing tourism market as
it continues to offer the tailor-made vacation experiences for which
the company is known, and is also introducing a variety of additional
products and services .com and Air France Holidays, among others.

suriname uruguay

'A sharp and disorderly decline of the U.
Likewise , a lack of GDP growth has been the region's main weakness.
For additional information on exploring South America, contact
LANVACATIONS toll-free at 800-435-3593.

It has a population of 310 million , or around 6% of the world's population.

suriname twelve

---

- - kjjkjk

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