Fourth Quarter

1

• Fourth Quarter Full Year 2007 Results
  Presentation
• January 30, 2008

2

• This presentation may include forward-looking
  comments regarding the Companys 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, 2006.
• Information, tables and logos contained in this
  presentation may not be used without consent from
  LAN

3
Contents

• I. 4Q07 Financial Results
• Key Developments Future Outlook

4
4Q07 Highlights

• Despite high fuel prices, LAN reported a 7.7
  increase in net income and a 12.6 operating
  margin. Once again, LAN demonstrated the
  resiliency of its business model and its ability
  to operate in a high fuel price environment.
• Including the fuel hedging gain obtained in
  4Q07, operating income amounted to US152.7
  million, an 11.5 increase over fourth quarter
  2006.

US millions 4Q06 4Q07 Chg Revenues 854
1.046 22.6 Passenger 514 642 24.9
Cargo 303 349 15.5
Other 37 54 47.9 Total Operating
Expenses (716) (914) 27.8 Operating
Income 138 132 -4.4 Operating
Margin 16.2 12.6 -3.6 pp Net
Income 94 101 7.7 EBITDAR 210 217 3.4
EBITDAR Margin 24.6 20.7 -3.9 pp
EBITDAR Operating income depreciation
amortization aircraft rentals (does not include
fuel hedging gains/losses)
5
2007 Highlights

• For FY 2007, LAN achieved a strong operating
  performance with important revenue increases in
  all its business areas.
• Net Income amounted to US308.3 million, a 44.8
  increase compared to last year (excluding 2006
  extraordinary items).
• Operating and EBITDAR Margins for 2007 reached
  record highs with significant improvements as
  compared to 2006.

US millions 2006 2007 Chg Revenues 3.03
4 3.525 16.2 Passenger
1.813 2.197 21.2 Cargo 1.073 1.154
7.6 Other 148 173 17.3 Total
Operating Expenses (2.731) (3.112) 13.9 Opera
ting Income 303 413 36.6 Operating
Margin 10.0 11.7 1.8 pp Net
Income 241 308 27.8 EBITDAR 583 726 24.
5 EBITDAR Margin 19.2 20.6 1.4 pp
EBITDAR Operating income depreciation
amortization aircraft rentals (does not include
fuel hedging gains/losses)
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4Q07 - EBITDAR Margin Affected by High Fuel
Prices
35
30
0,4
6,2
7,9
25
3,9pp
20
1,8
15
24,6
20,7
10
5
0
4Q2006
Load Factor
Yield
4Q2007
Fuel Price
Others
3.4
210
217
EBITDAR MMUS
7.4
1,739
1,868
System ATK mill.
EBITDAR Margin Operating income depreciation
amortization aircraft rentals / Revenues
7
Passenger BusinessRevenue growth driven by a
15.5 growth in traffic and an 8.1 increase in
yields
24,9
47
642
514
4Q2006
Capacity
Yield
Load Factor
4Q2007
14.5
7,274
8,329
ASK mill.
9.1
7.1
7.7
Passenger RASK USc
8
Cargo BusinessGrowth driven by a 9.2 capacity
expansion and a 9.2 increase in yields
29
15,5
349
303
4Q2006
Capacity
Yield
Load Factor
4Q2007
9,2
914
998
ATK mill.
5,8
33,1
35,0
Cargo RATK USc
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4Q07 - Cost Analysis
MAIN IMPACTS
FX and inflation
38 increase in fuel prices
1 reduction in average commissions
10 new owned aircraft in 2007
Increased operations
More passengers higher compensations
One additional leased Airbus A430
Escalation in maintenance contracts
Higher sales distribution and marketing expenses
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Contents

• I. 4Q07 Financial Results
• Key Developments Future Outlook

11
Increased Fuel Prices during 4Q07
Fuel Jet Fuel (2006 2007)
US/Barrel
US/Gallon
Average 4Q06 JET US 1.76 /g WTI US 60.0 /b
Average 4Q07 JET US 2.54 /g (44) WTI US
90.5 /b (51)
Source Bloomberg
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Fuel Strategy Fuel Cost Pass-Through Mechanism

• Change in passenger fuel pass-through table in
  December 2007

• Fuel pass-through in cargo businesses

• International US 1.00 / Kg.
• From Europe Euro 0.80 / Kg.

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Fuel Strategy Fuel Hedging
Fuel Hedging Program 2008 ()
() Hedging as of January 29, 2008
14
173.399
Diversified Business Model and Capacity
Allocation
Diversified Passenger Capacity ( ASKs)
Diversified Business Model ( Operating Revenues)
Others
Dom. Argentina
Dom. Perú
5
4
7
International (Long Haul)
Dom. Chile
Cargo
15
33
50
62
Passenger
24
Regional
4Q07 vs. 4Q06 - Capacity Growth by Region

• International (Long Haul) 14
• Regional 13
• Chile domestic 14
• Peru domestic 16
• Argentina domestic 36
• Total ASK Growth 15

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2008 Estimated Capacity Expansion
Passenger ASK Growth
Cargo ATK Growth
20-22
19.5
8-10
7.0
11.5
6.9
16
Importantes iniciativas....crecimiento fuera de
Chile....
Passenger Business 2008
Growing Routes
Action Plans

• Additional frequencies on long-haul routes to
  Europe and the South Pacific.
• Consolidation of position on regional routes.
• Sustained growth on routes between Latin America
  and North America.

34
8
13
20
17
Fleet Plan
2
4
CAPEX 07-16 (USD MM) 471 936
269 243
660 3500
US6.1 Billion
18
Fleet Plan LAN Maintains the Flexibility to
Adjust its Fleet Size
-22
-52
-34
Number of Long Haul Passenger Aircraft
-36
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• Fourth Quarter Full Year 2007 Results
  Presentation
• January 30, 2008