Third Quarter 2008 Results PresentationOctober 29, 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

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Contents

I. 3Q08 Financial Results

II. Future Outlook

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US$ millions 3Q07 3Q08 % Chg

Revenues 875 1,205 37.7% Passenger 559 761 36.1% Cargo 272 412 51.4% Other 43 31 -27.7%

Total Operating Expenses (776) (1.069) 37.7%

Operating Income 99 136 37.6% Operating Margin 11.3% 11.3% 0.0 pp

Net Income (Excluding extraordinary items) 79 122 55.0%Net Income 79 80 2.0%

EBITDAR* 178 217 21.7% EBITDAR Margin 20.4% 18.0% -2.4 pp

3Q08 Highlights

• LAN achieved a strong operating performance as a 37.7% increase in revenues outpaced a 12.4% growth in system capacity.• Once again, LAN demonstrated the resiliency of its business model and its ability to operate in a high fuel price environment.• EBITDAR Margin for 3Q08 reached 18.0%. However, EBITDAR adjusted for the fuel hedging gain reached 20.4%.

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

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3Q08 – Strong Ebitdar margin despite 65% higher fuel prices

EBITDAR [MMUS$]EBITDAR [MMUS$] 217217178178

System ATK [mill.]System ATK [mill.] 1,9351,9351,7211,721

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

18,0%20,4%

3Q07

15,6 pp

Yield

0,3 pp

Load Factor

13,6 pp

Fuel Price

4,7 pp

Others 3Q080

10%

15%

20%

25%

30%

35%

40%

5%

2,4 pp.

+21.7%+21.7%

+12.4%+12.4%

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Important Growth in all Passenger Operations

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

I nt (LH); 48%

Regional; 24%

Chile dom; 12%

Peru dom; 9%

Arg dom; 7%

Regional; 25%

Chile dom; 13%

Peru dom; 7%

Arg dom; 4%

Int. (LH); 51%

Growth in ASK (3Q08 vs. 3Q07): +13%International (Long Haul) +8%Regional +6%Chile domestic +8%Peru domestic +39%Argentina domestic +100%

3Q07ASKs

3Q08ASKs

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9,0

3Q07

Pax Yield (US$ cents)

10,8

3Q08 20,4%

7.982 9.009

Pax Capacity (mill ASK)

12,9%

78,1% 78,2%

Pax Load Factor

0,1 pp.

Passenger Business

Revenue growth driven by a 13.0% growth in traffic and a 20.4% increase in yields

7,0

Pax RASK (US$ cents)

8,4

20,6%

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42,557,0

Cargo Yield (US$ cents)

3Q07

3Q08 34,1%

869 1.016

Cargo Capacity (mill ATK)

17,0%

Cargo Load Factor

71,1%73,7%

-2,6 pp.

31,340,6

Cargo RATK (US$ cents)

29,4%

Cargo Business

Revenue growth driven by a 12.9% growth in traffic and a 34.1% increase in yields

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3Q08 - Cost Analysis

Inflation adjustment in salaries in July 08.

65% increase in fuel prices

0.8 pt reduction in average commissions

20 new owned aircraft

Increased operations & ACMI leases

More passengers transported

Decrease in the average number of aircraft

Boeing B737 phase out and more aircraft in their honeymoon maintenance period

Higher sales & distribution costs, offset by lower duty free costs & other efficiencies.

MAIN IMPACTS3Q08 3Q07 Variation (%)

Wages & Benefits 155 126 23.4%

Fuel Costs 427 232 84.2%

Commissions to Agents 128 98 30.3%

Depreciation & Amortization 44 40 11.2%

Other Rental & Landing Fees 120 88 36.9%

Passenger Service 22 19 15.8%

Aircraft Rentals 37 40 -7.1%

Maintenance Expenses 36 39 -7.6%

Other Operating Expenses 98 94 4.5%

Total Costs 1,069 776 37.7%

(US$ millions)

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Contents

I. 3Q08 Financial Results

II. Future Outlook

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LAN maintains a Solid Financial Position

Solid balance sheet & low FX exposure

• No short-term debt; 8% of debt due within 12 months. No refinancing risk

• Debt amortizations for 2009 – 2011 between US$200MM & US$230MM per year.

• Cash & Cash Equivalents: US$492MM; representing 11.2% of LTM revenues.

• Low exposure to FX changes: • All debt denominated in US$• Approx. 84% of total revenues in US$• Approx. 71% of total costs in US$

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Fuel Hedging

Fuel Hedging Program 2008-2009 (*)

(*) Hedging as of October 2008

55%

30%40%

20% 20%10%

0%

10%

20%

30%

40%

50%

60%

4Q08 1Q09 2Q09 3Q09 4Q09 1Q10

% T

ota

l Co

ns

um

pti

on

He

dg

ed

% Fuel Consumption Hedged

US$100 US$140 US$140 US$140 US$140 US$140Hedging Price Band(US$ barrel) US$ 82 US$107 US$104 US$ 94 US$ 92 US$ 92

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US$6.0 Billion2008-2018

Current Fleet Plan

50 53 5968 68

285 5

5

99

9

3

4

25

2828

26

32

5

99

0

30

60

90

120

150

2008 2009 2010 2011 2013-18

Boeing 777-200FCargo

Boeing 767-300FCargo

Airbus 340-300

Boeing 787

Boeing 767-300ER

AirbusA320/A319/A318

CAPEX ’08-’18(USD MM) 753 273 422 521 4,000

141

8995

103113

Average Fleet Age (Sep 08): 5.4 yearsCargo

Passenger Long Haul

Passenger Short Haul

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Current Fleet Plan Flexibility

LAN maintains flexibility to reduce fleet between 2 - 8 aircraft per year

95

0

20

40

60

80

100

Number of Aircraft

97 98

2009

Min Flexibility

98 104103

2010

Fleet Plan

105 113 114

2011

Max Flexibility

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2008 Estimated Capacity Expansion

0%

5%

10%

15%

20%

25%

2006 2007 2008E 2009E

19.5%

~12%11.5%

0%

5%

10%

15%

20%

25%

2006 2007 2008E 2009E

7.0%6.9%

~15%

Passenger ASK Growth Cargo ATK Growth

~10%

~8%

Third Quarter 2008 Results PresentationOctober 29, 2008