Santander 18th Annual Latin

American CEO Conference

Cancun, January 2014

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, 2012.

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

from LATAM Airlines Group S.A.

3

Contents

I. LATAM AIRLINES GROUP BUSINESS MODEL

II. BUSINESS UNITS

III. FINANCIAL RESULTS AND FLEET PLAN

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Two South American carriers join forces to become the leading

airline group in the region

Launch of LAN

Argentina

Initiation of cargo

operation in

Colombia

Association agreement

between LAN and TAM

Acquisition of Aires in

Colombia

Launch of LAN

Ecuador

Creation of

LATAM Airlines

Group

2012

2010

2009

2003

2005

Launch of LAN

Peru

1999

Ladeco

acquisition

1997

Launch of Multiplus

Fidelidade

TAM lists on the NYSE1

2010

2009

2006

LAN

Privatization

1994

1976

Foundation

of TAM LAPSA

acquisition

1996

First international flight

Sao Paulo - Miami

1998

Start of services

to Europe

1999

1Following the merger with LAN, TAM is no longer listed on the NYSE

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Leader in the South American airline space…

Key Strengths

7 Home markets1

(~90% of regional traffic)

~50% Market share intra-regional flights

Strong international alliances

Passenger-cargo mix

3x its next competitor in terms of revenues

>2x its next competitor in fleet size

Both LAN and TAM recognized for best service

in the region

Source: Company filings 1Colombia, Ecuador, Peru, Chile, Argentina, Paraguay and Brazil

…a unique leadership position among global airlines

6

Top 12 airlines in passengers transported

Millions of passengers, LTM Jun-2013

Top 12 airlines in cargo tons-kilometers flown

Millions of RTK, LTM jun-2013

And one of the largest in the world

Source: company filings

10.244

10.100

8.759

8.742

7.980

6.546

5.827

5.112

4.732

4.570

4.523

4.394

192

164

139

109

103

89

80

78

76

75

67

60

Passenger and cargo players

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1 RPKs to, from and within the continent, according to Boeing 2 Domestic and international trips by all carriers

Source: Boeing, IATA and LATAM estimates

Peru

Argentina

Colombia

Brazil

Chile

USA

UK

Mexico

Ecuador

The region with the highest airline growth potential

6.9%

6.3% 6.3%

5.7%

4.5% 4.2%

2.7%

LatinAmerica

MiddleEast

AsiaPacific

Africa CIS Europe NorthAmerica

World Average

4.0%

0.29

0.43

0.45

0.49

0.52

0.52

0.87

2.59

3.50

Trips per capita2 2012 Passenger Traffic Growth1 (RPKs CAGR 2012-2032)

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Key Strength #1

Experienced management team with a solid track record

Enrique Cueto

19 years in the

Company

LATAM Airlines Group

CEO

Andrés Osorio

6 months in the

Company

Chief Financial

Officer

Ignacio Cueto

18 years in the

Company

LAN CEO

Marco A. Bologna

12 years in the

Company

TAM CEO

Roberto Alvo

12 years in the

Company

Chief Corporate

Officer

Emilio del Real

8 years in the

Company

Senior VP

Human Resources

Domestic SSC

Armando Valdivieso

LAN President

16 years in the Company

C A R G O

Cristián Ureta

LATAM Cargo President

15 years in the Company

International Passenger

Damian Scokin

Senior VP Int. Passenger

8 years in the Company

Domestic Brazil

Claudia Sender

TAM President

2 years in the Company

Roberto Medeiros

Multiplus CEO

Appointed Nov. 2013

Jerome Cadier

1 year in the

Company

Chief Marketing

Officer

Source: Company filings

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Key Strength #2

Network

We are #1 in international flights

to and from Argentina

Guayaquil, Ecuador

Lima, Peru

Santiago, Chile

Buenos Aires, Argentina

Córdoba, Argentina São Paulo, Brazil Mendoza, Argentina

Miami, U.S.

Source: LATAM

Asunción, Paraguay

Rio de Janeiro, Brazil

Punta Cana,

Dominican Rep.

Existing routes

Routes to be added in 2014

Rosario, Argentina

ECUADOR

PERU

CHILE

ARGENTINA

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Key Strength #3

Value creation potential from full realization of merger synergies

+

Passenger

Operations

Cargo

Operations

Cost

Synergies

Renegotiations of fuel contracts

have been completed in all airports

Joint negotiation of contracts with

different suppliers

Exchange of best practices within

the company

Reduction of duplicate functions in

the commercial structure

Standardization of the company's

product

Enhanced connectivity through

route optimization, cross selling

and code sharing intra LATAM’s

companies and partners

Sharing of best practices

Alignment of fare combinability

and commercial policies

Integration of international cargo

operations

Implementation of new

connection process in GRU and

GIG

Source: Company filings

Estimated annual EBITDA synergies of US$600-700mm at run-rate

11

LATAM’s Ownership Structure

LATAM’s Ownership

(January 9, 2014)

LATAM’s market capitalization (January 9, 2014) US$8.4 billion

Source: Company estimate

545,547,819 shares

12

Contents

I. LATAM AIRLINES GROUP BUSINESS MODEL

II. BUSINESS UNITS

III. FINANCIAL RESULTS AND FLEET PLAN

13

Our business units

International Passenger

39%

Domestic SSC 14%

Domestic Brazil 30%

Cargo 14%

Other 3%

Total revenues1

Total = US$13,339mm1

Source: Company filings

Note: “D” = Domestic 1 Includes passenger revenues, cargo revenues and other operating income, for the last twelve months ended September 2013. Breakdown is approximate 2 ASKs for the last twelve months ended September 2013 3 As of January 9, 2014. Source: Bloomberg

Passenger ASKs2

International

(Long Haul)

34%

Regional

17%

D. Brazil

34%

D. Chile 7%

D. Peru 3%

D. Argentina 3%

D. Colombia 2%

D. Ecuador

1%

11.9 million members

466 partner establishments

73% owned by LATAM

US$2.0 bn market cap3

14

International Passenger Business Unit

Source: Company filings, LATAM estimates 1 Information for the twelve months ended June 2013

Share of ASKs between

South America and U.S.

American 35%

LATAM 26%

United 13%

Delta 12%

Other 15%

Rationalize capacity on long haul routes

• 52% ASK reduction on routes from Rio de Janeiro

• 10% reduction in long-haul ASKs in Dec 2013E vs. Dec 2012

Strengthen Sao Paulo Hub at Guarulhos Airport

Replace TAM’s oldest Airbus A330 aircraft with Boeing 767s = lower CASK and improved product

Code share agreements between TAM and American Airlines

Share of ASKs between

South America and Europe

Air France-

KLM 22%

IAG 22%

LATAM 13%

Other 44%

International Passenger

24 destinations

129 aircraft

13.4 million passengers

US$5bn LTM revenues

Market position1

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Long haul fleet: Efficiency

Fleet composition Efficiency

Net investment of ~US$3.7bn expected to provide a reduction of ~15% in CASK

2013 2018

A330 20 -

A340 5 -

B767 43 (-)

B787 5 (++)

A350 - (++)

B777 10 -

Total 83

B787 Cost per ASK is 12% lower than

B767

B777 freighter Cost per ATK is 17%

lower than B767

A350 Cost per ASK is 25% lower than

A330

Source: Company filings

Note: Fleet composition for 2013 as of year end

16

LATAM Hub at Sao Paulo Guarulhos Airport

GRU capacity (MM) 2013 2018

T1

PAX Capacity 12 17

Fingers 12 12

T2

PAX Capacity 13 13

Fingers 12 12

T3

PAX Capacity 0 14

Fingers 0 11 WB/ 22NB

T4

PAX Capacity 5 5

Fingers 0 0

GRU Capacity Expansion Plans

30 49

million PAX

+63%

increase

Source: Guarulhos Airport

Note: Capacity expansion information corresponds to the whole airport (not specific to LATAM hub)

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Domestic Brazil Business Unit

Source: ANAC, Company filings

Domestic Brazil

42 destinations

109 aircraft

37 million passengers

US$4bn LTM revenues

3rd largest domestic market in the

world

Market position

0%

20%

40%

60%

80%

100%

2009 2010 2011 2012 9M 2013

TAM

Gol +

Webjet

Azul + Trip

Avianca

Others

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Domestic Brazil Business Unit

Successful turnaround story

10.4% 12.2% 9.5%

(1.1)% (8.6)%

15% 18% 13%

03%

(3.7%)

66% 68%

69%

74%

80%

67% 69%

70% 73%

76%

2009 2010 2011 2012 11M13

+ 14 pp in Load Factor as

compared to 2009

ASK growth Load factor

TAM

Industry

TAM

Industry

Source: ANAC

Post-merger

19

Domestic SSC Passenger Business Unit

Source: Countries' civil aviation authorities

Note: Market share information as of December 2012. Destinations as of February 28, 2013

Ecuador

• 4 destinations

• 32% market share

Peru

• 12 destinations

• 64% market share

Colombia:

• 23 destinations

• 19% market share

Argentina:

• 14 destinations

• 33% market share

Chile

• 15 destinations

• 76% market share

Domestic Spanish Speaking

Countries

5 home markets

68 destinations

74 aircraft

18 million passengers

US$2bn LTM revenues

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Short haul fleet: Renewal, growth and efficiency

Fleet composition Drivers of new investment

Renewal of aging fleet

Maintain average fleet age of ~7 years

Efficiency

Growth

~11 new aircraft needed every year from 2013-2018

for growth

2013 2018

Q200 7 -

Q400 2 -

B737 5 -

A318 - -

A319 52 (-)

A320 160 (+)

A321 10 (++)

Total 236

A320 neo Cost per ASK is 6% lower than A320

A321 Cost per ASK is 6% lower than A320

A321 neo Cost per ASK is 13% lower than A320

Source: Company filings

Note: Fleet composition for 2013 as of year end

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Cargo Business Unit

Optimization of belly capacity as main focus and

reduction of freighter capacity

New sale and optimization opportunities in the

domestic Brazil business

Operational & cost efficiencies (LEAN methodology,

back office organization)

Cargo network optimization

Source: Customs reports 2012; LATAM 1 Information as of December 2012

69% 51%

29% 48%

0%

20%

40%

60%

80%

100%

LAN 2012 LATAM 2013

Freighter

Belly

Others

USA – Latin America Domestic Brazil

LATAM 38%

Other 62%

C A R G O

Cargo

144 destinations

15 freighters

US$2bn LTM revenues

Market position1

Cargo Revenues: Belly-Freighter Mix

LATAM 49%

Other 51%

22

Contents

I. LATAM AIRLINES GROUP BUSINESS MODEL

II. BUSINESS UNITS

III. FINANCIAL RESULTS

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Financial results evolution

9,752 9,869

9M12(pro-forma)

9M13

Operating Revenues1 (US$mm)

1,116

1,514

9M12(pro-forma)

9M13

11.4%

15.3%

+3.9pp

Adjusted EBITDAR

Margin

Source: Company filings 1 Includes passenger revenues, cargo revenues and other operating income

Adjusted EBITDAR (US$mm)

24

LATAM Airlines Group Operations 2013

53,957

35,483

14,446

55,274

35,193

15,999

Inter D. Brazil SSC

82%

74% 79%

82% 80% 79%

Inter D. Brazil SSC

65,628

48,211

18,348

67,162

44,164

20,365

Inter D. Brazil SSC

2012 2013

+2.3% (8.4%) +11.0% +2.4% (0.8%) +10.7% +0.1pp +6.1pp (0.2pp)

Pax Load Factor Pax Traffic (million RPK) Pax Capacity (million ASK)

7,646 7,652

Cargo Load Factor Cargo Traffic (million RTK) Cargo Capacity (million ATK)

0.1% (0.5%) (0.3pp)

4,488 4,467 59% 58%

25

LATAM operating exposure dominated by BRL

4.0 3.9

2.4 2.1

4Q12 1Q13 2Q13 3Q13

Balance sheet exposure reduced by:

Moving aircraft and related debt from TAM

to LATAM balance sheet

Reducing TAM’s debt in USD

LATAM FX rate composition (%)

57% 67%

30% 24%

13% 9%

100% 100%

Revenue Cost

USD

BRL

Others

Gap between revenues and cost in BRL of 6pp

Financial hedge of US$500mm covering 2014 BRL

exposure at an average annual rate of BRL 2.30

per USD

Balance sheet exposure Operating exposure

Balance sheet exposure (US$bn)

Source: Company filings

26

We are committed to returning to investment grade metrics

Total debt by type (3Q13) Main Financial Ratios

US$mm Dec. 2012 Sep. 2013

Total debt 9,760 10,264

Cash & equiv. 1,120 1,762

Cash & equiv. as % LTM revenues 8.5% 13.2%

Net debt 8,639 8,502

Adjusted net debt1 11,608 11,529

Adj. net debt / LTM Adj. EBITDAR 7.3x 5.8x

Source: Company filings. Note: 2012 ratios based on 2012 pro-forma adjusted EBITDAR 1 Adjusted to include capitalized aircraft leases (7.0x annual lease expense). Unadjusted gross debt as of Sep. 2013 is equal to US$10,263mm. Figures do not consider US$450mm of

securitized notes issued on November 7, 2013 2 Based on current debt profile. Short term debt payments maturities are shown as of September 2013. Figures do not consider US$450mm of securitized notes issued on November 7, 2013 3 TAM debt payments are included from the date of the merger

Debt amortization schedule2 (US$mm)

LAN Aircraft Debt 51%

TAM Aircraft Debt 17%

TAM Bond 11%

Debentures 2%

Bank Loans 19%

Total Adjusted Gross Debt: US$13,291mm1

745

1,122 832 810

63

111 535

66 24

224

2012 2013 2014 2015

Aircraft Loans Bank Loans Public Obligations

1,458 1,368

876 832

3

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LATAM’s fleet plan: Focus on fleet renewal

232 236 237 242

79 83 75 73

16 15 15 14 327 334 327 329

2012 2013 2014 2015

Narrow Body Wide Body Freighters

Total aircraft at the end of the year

Fleet commitments 1.95 1.17 1.89

US$bn

+26 aircraft

-19 aircraft

+19 aircraft

-26 aircraft

+28 aircraft

-26 aircraft

Source: Company filings

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2013-2014 Guidance

0% / 2%

2% / 4%

(7%) / (9%)

12% / 14%

ASK growth (passenger)

• Total network

• International (Long Haul & Regional)

• Brazil Domestic

• SSC Domestic

2013 2014

0% / 2% ATK growth (cargo)

~5% +/- 0.2pp Operating margin

Assumptions

2.28 (4Q13) Average exchange rate

(BRL/USD)

122 (4Q13) Jet fuel price (US$ per

barrel)

(1%) / 1%

(2%) / 0%

0%

6% / 8%

(2%) / 0%

6% /8%

2.40

120