LAN Fourth Quarter & Full Year 2007 Results Presentation

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

2. 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. 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 US$152.7 million, an 11.5% increase over fourth quarter 2006. US$ millions4Q06 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 US$308.3 million, a 44.8% increase compared to last year (excluding 2006 extraordinary items). • Operating and EBITDAR Margins for 2007 reached record highs with significant improvements as compared to 2006. US$ millions2006 2007 % Chg Revenues 3.034 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% Operating 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)

6. 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 Yield Load Factor Fuel Price Others 4Q2007 +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 [US$c]

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 [US$c]

9. 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

10. 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

12. International Fuel Surcharge 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.

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

14. 173.399% Diversified Business Model and Capacity Allocation Diversified Business Model (% Operating Revenues) Diversified Passenger Capacity (% ASKs) 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%

15. Planes Seats Hours 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 NorthAmerica. +34% +8% +13% +20%

17. + 67% 83 139 FREIGHTERS 1 1 PASSENGER AIRCRAFT Fleet Plan 2 4 CAPEX ’07-’16 (USD MM) 471 936 269 243 660 3500 US$6.1 Billion

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

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