Fourth Quarter & FY 2008 Results Presentation

January 28, 2008

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This presentation may include forward-looking comments regarding the Company’s business outlook and

anticipated financial and operating results. These expectations are highly dependent on the economy, the

airline industry, commodity prices, international markets and external events. Therefore, they are subject to

change and we undertake no obligation to publicly update or revise any forward looking statements to reflect

events or circumstances that may arise after the date of this presentation. More information on the risk

factors that could affect our results are contained on our Form 20-F for the year ended December 31, 2007.

Information, tables and logos contained in this presentation may not be used without consent from LAN

2

Contents

I. 4Q08 & FY 2008 Financial Results

II. Future Outlook

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US$ millions 2007 2008 % Chg

Revenues 3,525 4,534 28.6%Passenger 2,197 2,859 30.1%Cargo 1,154 1,527 32.3%Other 173 148 -14.5%

Total Operating Expenses (3,112) (3.998) 28.5%

Operating Income 413 536 29.7%Operating Margin 11.7% 11.8% 0.1 pp

Net Income 308 336 8.9%

EBITDAR* 726 870 19.9%EBITDAR Margin 20.6% 19.2% -1.4 pp

2008 Highlights

• LAN achieved strong operating performance as a 28.6% increase in revenues outpaced an 8.9% growth in system capacity.• Once again, LAN demonstrated the resiliency of its business model and its ability to operate in a challenging environment.• EBITDAR Margin for 2008 reached 19.2%. However, EBITDAR adjusted for the fuel hedging gain reached 20.0%.

* EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

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US$ millions 4Q07 4Q08 % Chg

Revenues 1,046 1,179 12.7%Passenger 642 781 21.5%Cargo 349 364 4.1%Other 54 35 -35.3%

Total Operating Expenses (914) (947) 3.6%

Operating Income 132 232 76.2%Operating Margin 12.6% 19.7% 7.1 pp

Net Income 101 117 16.1%

EBITDAR* 217 322 48.3%EBITDAR Margin 20.7% 27.3% 6.5 pp

4Q08 Highlights

• Solid results driven by strong operating performance, especially in the passenger business, as well as a significant decline in fuel prices during the quarter.

• Operating Margin for 4Q08 reached a record 19.7%.

• EBITDAR Margin for 4Q08 reached 27.3%, an increase of 6.5 pp over 4Q07.

* EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

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4Q08 – Strong EBITDAR Margin Driven by Higher Yields and Lower Fuel Costs

EBITDAR [MMUS$]EBITDAR [MMUS$] 322322217217

System ATK [mill.]System ATK [mill.] 1,9811,9811,8681,868

EBITDAR Margin = Operating income + depreciation & amortization + aircraft rentals / Revenues

27,3%

20,7%

4Q07

6,7 pp

Yield

2,5 pp

OthersLoad Factor

2,8 pp

4Q08Fuel Price

0,5 pp

0

25%

20%

15%

30%

5%

10%

6,5 pp.

+48.3%+48.3%

+6.1%+6.1%

LAN Fuel Price [cUS$]LAN Fuel Price [cUS$]2.69 2.40 -10.8%-10.8%

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10,0 11,0

Pax Yield (US$ cents)

4Q07

4Q08 10,0%

8.329 9.333

Pax Capacity (mill ASK)

12,1%

76,9% 75,8%

Pax Load Factor

-1,1 pp.

Passenger Business Revenue Grows 21.5%

Revenue growth driven by a 10.5% growth in traffic and a 10.0% increase in yields

7,7

Pax RASK (US$ cents)

8,4

8,4%

77

Important Growth in all Passenger Operations

Domestic operations were the main drivers of ASK growth in the passenger business

Int (LH);

44%Chile dom;

14%

Peru dom;

9%

Arg dom; 8%

Regional;

25%

Chile

dom;

15%

Peru

dom;

7%

Arg

dom;

5%

Regional

; 27%

Int.

(LH);

46%

Growth in ASK (4Q08 vs. 4Q07): +12%International (Long Haul) +5%Regional +2%Chile domestic +9%Peru domestic +48%Argentina domestic +92%

4Q07ASKs

4Q08ASKs

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46,3 49,8

Cargo Yield (US$ cents)

4Q07

4Q08 7,6%

998 1.049

Cargo Capacity (mill ATK)

5,0%

Cargo Load Factor

69,6%75,6%

-6,0 pp.

35,0 34,7

Cargo RATK (US$ cents)

-0,9%

Cargo Business Revenue Grows 4.1%

Revenue growth driven by a 7.6% increase in yields despite 3.3% decline in traffic.

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4Q08 - Cost Analysis

0,1

0,6

Commercial

0,2

FleetW&B

46,8

4Q07

1,7

Fuel

2,5

Passenger Services & Other Operating Costs

4Q08

0,0

46,5

45,5

45,0

46,0

44,5

47,0

46,7

-0,3%

• Unit costs decreased 0.3% in 4Q08 driven by:

• Fuel costs decreased 5.4% driven by a 10.8% decline in fuel prices which was offset by a 6.1% increase in consumption.

• Wages & Benefits increased 4.2%, driven mainly by the increase in average headcount during the quarter which was offset by the impact of devaluation of domestic currencies in the region.

• Commercial costs decreased driven by a 1.3% reduction in average commissions.

• Passenger Services & Other Operating Costs increased driven by higher traffic (21% more passengers) and higher sales costs.

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Contents

I. 4Q08 & FY 2008 Financial Results

II. Future Outlook

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50 53 5968 68

32

5 5

5

9 9

9

3

4

26 2628

28

32

59

9

0

30

60

90

120

150

2008 2009 2010 2011 2012-18

Boeing 777-200F Cargo

Boeing 767-300F Cargo

Airbus 340-300

Boeing 787

Boeing 767-300ER

Airbus A320/A319/A318

US$6.4 Billion2008-2018

Fleet Plan

141

9095

103113

Average Fleet Age (Dic 08): 5.2 years Cargo

Passenger Long Haul

Passenger Short Haul

CAPEX 2008 2009 2010 2011 2012-18

Aircraft 754 274 493 599 4.300

Non Aircraft 124 165 124 109

+19+6

+8+10

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2009 Estimated Capacity Expansion

0%

5%

10%

15%

20%

25%

2006 2007 2008 2009E

19.5%

11.5%11.5%

-10%

-5%

0%

5%

10%

15%

20%

25%

2006 2007 2008 2009E

7.0% 6.9%

12.3%

Passenger ASK Growth Cargo ATK Growth

~10%

~ -5%

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LAN CARGO is Well Prepared to Face 2009 Challenges

� Arrival of 2 B777F will represent discrete jump in operating efficiency

� Continuous tactical reallocation of capacity to defend yield and load factors

� Contingency growth plans to maintain adequate supply in core routes (e.g. Colombia, Central America, others)

� Southbound traffic likely to decrease due to economic slowdown and dollar appreciation

� Northbound traffic likely to maintain current levels (except forsalmon exports from Chile)

Demand outlook for 2009:

Cargo business strategy for 2009:

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LAN Ecuador: New Domestic Operation

� New operation expected to start at the end of March 2009 operating with 3 A320 family aircraft.

� LAN Ecuador will provide the best connectivity between domestic & international markets.

� Authorization granted to operate the following routes:

� Guayaquil-Quito-Guayaquil

� Guayaquil-Cuenca-Guayaquil

� Quito-Cuenca-Quito

� Quito/Guayaquil-Galapagos-Guayaquil/Quito

Lan Ecuador Destinations Highlights

Cuenca

Quito

Guayaquil

Galapagos

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Fuel Hedging

Fuel Hedging Program 2008-2009 (*)

(*) Hedging as of January 2009

30%

40%

20% 20%

10%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1Q09 2Q09 3Q09 4Q09 1Q10

% Total Consumption Hedged

% Fuel Consumption Hedged

US$140 US$140 US$140 US$140 US$140Hedging Price Band(US$ barrel)

US$107 US$104 US$ 94 US$ 92 US$ 92

Average 2009: 27% @ US$ 101/Bbl

Fourth Quarter & FY 2008 Results Presentation

January 28, 2008