3q_08

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Third Quarter 2008 Results Presentation October 29, 2008

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1 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

Contents : 

2 Contents I. 3Q08 Financial Results Future Outlook

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3 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)

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

4 3Q08 – Strong Ebitdar margin despite 65% higher fuel prices EBITDAR [MMUS$] 217 178 System ATK [mill.] 1,935 1,721 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 3Q08 0 10% 15% 20% 25% 30% 35% 40% 5% 2,4 pp. +21.7% +12.4%

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5 Important Growth in all Passenger OperationsDomestic operations were the main drivers of ASK growth in the passenger business Growth in ASK (3Q08 vs. 3Q07): +13% International (Long Haul) +8% Regional +6% Chile domestic +8% Peru domestic +39% Argentina domestic +100% 3Q07 ASKs 3Q08 ASKs

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6 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. 7,0 Passenger BusinessRevenue growth driven by a 13.0% growth in traffic and a 20.4% increase in yields Pax RASK (US$ cents) 8,4 20,6%

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7 42,5 57,0 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. 31,3 40,6 Cargo RATK (US$ cents) 29,4% Cargo BusinessRevenue growth driven by a 12.9% growth in traffic and a 34.1% increase in yields

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8 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 IMPACTS

Contents : 

9 Contents I. 3Q08 Financial Results Future Outlook

LAN maintains a Solid Financial Position : 

10 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$

Fuel Hedging : 

11 Fuel Hedging Fuel Hedging Program 2008-2009 (*) (*) Hedging as of October 2008 US$100 US$140 US$140 US$140 US$140 US$140 Hedging Price Band (US$ barrel) US$ 82 US$107 US$104 US$ 94 US$ 92 US$ 92

Current Fleet Plan : 

12 US$6.0 Billion 2008-2018 Current Fleet Plan CAPEX ’08-’18 (USD MM) 753 273 422 521 4,000 141 89 95 103 113 Average Fleet Age (Sep 08): 5.4 years Cargo Passenger Long Haul Passenger Short Haul

Current Fleet Plan Flexibility : 

13 Current Fleet Plan Flexibility LAN maintains flexibility to reduce fleet between 2 - 8 aircraft per year Number of Aircraft 97 98 2009 Min Flexibility 103 2010 Fleet Plan 113 114 2011 Max Flexibility

2008 Estimated Capacity Expansion : 

14 2008 Estimated Capacity Expansion 19.5% ~12% 11.5% 7.0% 6.9% ~15% Passenger ASK Growth Cargo ATK Growth ~10% ~8%

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Third Quarter 2008 Results Presentation October 29, 2008