First Quarter 2008 Results Presentation April 30, 2008

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

2 Contents I.1Q08 Financial Results II.Key Developments & Future Outlook

3 1Q08 Highlights LAN achieved a strong operating performance as a 29.7% increase in revenues outpaced a 9.0% growth in system capacity. Despite high fuel prices, LAN reported a 5.8% increase in net income and a 11.5% operating margin. Once again, LAN demonstrated the resiliency of its business model and its ability to operate in a high fuel price environment. US$ millions 1Q071Q08% Chg Revenues % Passenger % Cargo % Other % Total Operating Expenses(708)(954)34.7% Operating Income % Operating Margin14.9%11.5%-3.3 pp Net Income % EBITDAR* % EBITDAR Margin23.8%19.2%-4.7 pp * EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

4 1Q08 - EBITDAR Margin Affected by High Fuel Prices EBITDAR [MMUS$] System ATK [mill.] 1,882 1, % +9.0% EBITDAR Margin = Operating income + depreciation & amortization + aircraft rentals / Revenues 23,8% 10,0% 1Q2007Fuel PriceYield 4,8% 0,8% OthersLoad Factor1Q2008 4,7pts. 19,2% 10,7% 0 10% 15% 20% 25% 30% 35% 5%

5 Passenger Business Revenue growth driven by a 15.1% growth in traffic and an 12.0% increase in yields ASK [mill.] 8,695 7,761 Passenger RASK [US$c] % +15.1% 537 1Q2007CapacityYieldLoad Factor 693 1Q ,0%

6 Cargo Business Growth driven by a 13.4% capacity expansion and a 20.0% increase in yields ATK [mill.] Cargo RATK [US$c] 34,5 29,6 +13,4% +16,8% 255 1Q2007CapacityYieldLoad Factor 338 1Q ,4%

7 1Q08 - Cost Analysis Increase in headcount, FX and inflation 53% increase in fuel prices 1.3 pt reduction in average commissions 12 new owned aircraft Increased operations & ACMI leases More passengers & higher compensations One additional leased Airbus A430 Larger fleet, higher utilization, and escalation in maintenance contracts Higher sales & distribution and marketing expenses MAIN IMPACTS

8 Contents I.1Q08 Financial Results II.Key Developments & Future Outlook

9 Increased Fuel Prices during 1Q08 Source: Bloomberg Fuel & Jet Fuel (2007 – 2008) Average 1Q07 JET: US$ 1.75 /g WTI: US$ 58.1 /b Average 1Q08 JET: US$ 2.82 /g (+61%) WTI: US$ 97.9 /b (+69%)

10 Fuel Strategy: Fuel Cost Pass-Through Mechanism  Fuel pass-through in cargo businesses  Change in passenger fuel pass-through table in December 2007 InternationalUS$ 1.30 / Kg. From Europe Euro 0.95 / Kg. International Fuel Surcharge Note: Fuel surcharges are per segment (ie.one way). < – – 602, – 705, – 807, – 9010, – 10012, – 11015, – 12017,500 Domestic Chile WTI US$ Fuel Surcharge (Ch$)

11 Fuel Hedging Program 2008 (*) Fuel Strategy: Fuel Hedging (*) Hedging as of April 30, 2008

12 Diversified Business Model and Capacity Allocation International (Long Haul)+12% Regional+ 4% Chile domestic +11% Peru domestic+20% Argentina domestic+57% Total ASK Growth+12% Diversified Passenger Capacity (% ASKs) 50% Internacional (Long Haul) 24% Regional Dom. Chile 6% Dom. Perú 5% Dom. Argentina 1Q08 vs. 1Q07 - Capacity Growth by Region Passenger 64% Cargo 31% Others 5% Diversified Business Model (% Operating Revenues)

13 Fleet Plan: LAN Maintains the Flexibility to Adjust its Fleet Size -36% -31% -24%

Estimated Capacity Expansion Planes Hours Seats 19.5% 16-18% 11.5% 7.0% 6.9% 8-10% Passenger ASK GrowthCargo ATK Growth

15 Fleet Plan CAPEX ’07-’16 (USD MM) US$5.6 Billion Actualizar? 1 1 FREIGHTERS PASSENGER AIRCRAFT % 24

First Quarter 2008 Results Presentation April 30, 2008