1. Fourth Quarter & Full Year 2007 Results Presentation January 30, 2008

2. 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, 2006. Information, tables and logos contained in this presentation may not be used without consent from LAN

3. 2 Contents I.4Q07 Financial Results II.Key Developments & Future Outlook

4. 3 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 US$152.7 million, an 11.5% increase over fourth quarter 2006. US$ millions 4Q064Q07% Chg Revenues8541.04622.6% Passenger 51464224.9% Cargo30334915.5% Other375447.9% Total Operating Expenses(716)(914)27.8% Operating Income138132-4.4% Operating Margin16.2%12.6%-3.6 pp Net Income941017.7% EBITDAR*2102173.4% EBITDAR Margin24.6%20.7%-3.9 pp * EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

5. 4 2007 Highlights For FY 2007, LAN achieved a strong operating performance with important revenue increases in all its business areas. Net Income amounted to US$308.3 million, a 44.8% increase compared to last year (excluding 2006 extraordinary items). Operating and EBITDAR Margins for 2007 reached record highs with significant improvements as compared to 2006. US$ millions 20062007% Chg Revenues3.0343.52516.2% Passenger 1.8132.19721.2% Cargo1.0731.1547.6% Other14817317.3% Total Operating Expenses(2.731)(3.112)13.9% Operating Income30341336.6% Operating Margin10.0%11.7%1.8 pp Net Income24130827.8% EBITDAR*58372624.5% EBITDAR Margin19.2%20.6%1.4 pp * EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

6. 5 4Q07 - EBITDAR Margin Affected by High Fuel Prices EBITDAR [MMUS$] 217 210 System ATK [mill.] 1,868 1,739 +3.4% +7.4% EBITDAR Margin = Operating income + depreciation & amortization + aircraft rentals / Revenues 24,6% 4Q2006 6,2% 30% 5% 20% Load Factor 3,9pp 35% 10% 25% 0 Yield4Q2007 7,9% Fuel Price 20,7% 1,8% Others 0,4% 15%

7. 6 Passenger Business Revenue growth driven by a 15.5% growth in traffic and an 8.1% increase in yields ASK [mill.] 8,329 7,274 Passenger RASK [US$c] 7.7 7.1 +14.5% +9.1% 514 4Q2006Capacity 47 YieldLoad Factor 642 4Q2007 +24,9%

8. 7 Cargo Business Growth driven by a 9.2% capacity expansion and a 9.2% increase in yields ATK [mill.] 998 914 Cargo RATK [US$c] 35,0 33,1 +9,2% +5,8% 303 4Q2006Capacity 29 YieldLoad Factor 349 4Q2007 +15,5%

9. 8 4Q07 - Cost Analysis 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 MAIN IMPACTS

10. 9 Contents I.4Q07 Financial Results II.Key Developments & Future Outlook

11. 10 Increased Fuel Prices during 4Q07 Source: Bloomberg Fuel & Jet Fuel (2006 – 2007) US$/Barrel Average 4Q07 JET: US$ 2.54 /g (+44%) WTI: US$ 90.5 /b (+51%) Average 4Q06 JET: US$ 1.76 /g WTI: US$ 60.0 /b US$/Gallon

12. 11  Fuel pass-through in cargo businesses  Change in passenger fuel pass-through table in December 2007 Fuel Strategy: Fuel Cost Pass-Through Mechanism InternationalUS$ 1.00 / Kg. From Europe Euro 0.80 / Kg. International Fuel Surcharge

13. 12 Fuel Hedging Program 2008 (*) (*) Hedging as of January 29, 2008 Fuel Strategy: Fuel Hedging

14. 13 Diversified Business Model and Capacity Allocation International (Long Haul)+14% Regional+13% Chile domestic +14% Peru domestic+16% Argentina domestic+36% Total ASK Growth+15% Diversified Passenger Capacity (% ASKs) 50% International (Long Haul) 24% Regional 15% Dom. Chile 7% Dom. Perú 4% Dom. Argentina 4Q07 vs. 4Q06 - Capacity Growth by Region 62% Passenger 33% Cargo 5% Others Diversified Business Model (% Operating Revenues)

15. 14 2008 Estimated Capacity Expansion Planes Hours Seats 19.5% 20-22% 11.5% 7.0% 6.9% 8-10% Passenger ASK GrowthCargo ATK Growth

16. 15 Importantes iniciativas....crecimiento fuera de Chile.... Passenger Business 2008 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. Growing Routes Action Plans +34% +20% +13% +8%

17. 16 Fleet Plan 1 1 FREIGHTERS PASSENGER AIRCRAFT 83139 + 67% CAPEX ’07-’16 (USD MM) 471 936 269 243 660 3500 US$6.1 Billion 24

18. 17 -34 % -22 % -52 % -36 % Fleet Plan: LAN Maintains the Flexibility to Adjust its Fleet Size Number of Long Haul Passenger Aircraft

19. Fourth Quarter & Full Year 2007 Results Presentation January 30, 2008