Third Quarter 2009 Results Presentation

October 27, 2009

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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, 2008.

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

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Contents

I. 3Q09 Financial Results

II. Strategic Initiatives

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US$ millions 3Q08 3Q09 % Chg

Total Revenues 1,134 917 (19.1%)

Total Operating Expenses (963) (825) (14.3%)

Operating Income 171 92 (46.1%)Operating Margin 15.1% 10.1% (5.0 pp)

Net Income 83 52 (37.3%)

EBITDAR* 251 195 (22.1%)EBITDAR Margin 22.1% 21.3% (0.8 pp)

EBITDAR (ex fuel hedge) 222 210 (5.3%)EBITDAR Margin (ex fuel hedge) 19.5% 22.9% 3.3 pp

3Q09 Highlights

• Net Income for the third quarter 2009 reached US$52.1 million.

• Total Revenue decline of 19.1% in 3Q09, offset in part by lower fuel costs.

• Margins affected by US$14.4 million fuel hedge loss. Excluding this, EBITDAR Margin reached 22.9%.

* EBITDAR = Operating income + depreciation & amortization + aircraft rentals

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3Q09 – Lower Yields Offset by Lower Fuel Costs

EBITDAR** [MMUS$]EBITDAR** [MMUS$] 195195251251

*Fuel price excludes fuel hedge**EBITDAR Margin = Operating income + depreciation & amortization + aircraft rentals / Revenues

-5

0

5

10

15

20

25

Capacity

25,1 pp

%

22,1%

3Q08

2,3 pp

Yield

2,6 pp

Load Factor

22,9 pp

Fuel Price (excluding hedge)

1,7 pp

Others

21,3%

3Q09

0,8 pp.

Fuel Price* [cUS$]Fuel Price* [cUS$]3.81 1.99 -47.8%-47.8%

-22.1%-22.1%

5

10,58,8

Pax Yield (US$ cents)

3Q08

3Q09 -16,3%

9.009 9.831

Pax Capacity (mill ASK)

9,1%

78,2% 77,1%

Pax Load Factor

-1,1 pp.

Passenger Business Revenue Decreases 9.9%

Traffic growth of 7.6% offset by 16.3% decrease in yields.

8,2

Pax RASK (US$ cents)

6,8

-17,4%

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Important Growth in all Passenger Operations

Despite weak global environment

Int (LH);

47%Chile dom;

13%

Peru dom;

9%

Arg dom; 8%

Ecuador

Dom; 1%

Regional;

22%

Chile

dom;

12%

Peru

dom;

9%

Arg

dom;

7%

Regional

; 24%

Int.

(LH);

48%

Growth in ASK (3Q09 vs. 3Q08): +9%International (Long Haul) +6%Regional +2%Chile domestic +19%Peru domestic +6%Argentina domestic +36%

3Q08ASKs

3Q09ASKs

7

49,5

32,3

Cargo Yield (US$ cents)

3Q08

3Q09 -34,8%

1.016 974

Cargo Capacity (mill ATK)

-4,2%

Cargo Load Factor

68,7%71,1%

-2,4 pp.

35,2

22,2

Cargo RATK (US$ cents)

-37,1%

Cargo Business Revenue Decreases 39.7%

Driven by yield decline of 34.8% in 3Q09

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Two B777 Freighters to Strengthen Cargo Operation

� Two B777 freighter aircraft arrived during April and May 2009.

� Most modern freighter in the region with competitive advantage in Cost /ATK.

� B777 will strengthen LAN Cargo operations in Europe.

MIA

AMS

FRA

VCP

EZESCL

UIO

BOG

LIM

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3Q09 - Cost AnalysisUnit costs decline 15.8%; unit costs ex-fuel increased 2.2% in the quarter

0,4

Fuel

0,1 0,6

W&B

41,3

49,1

3Q08 Commercial

8,4

Fleet Other Op. Costs 3Q09

0,0

1,5

44,0

46,0

48,0

50,0

CATK (US$ cent)

42,0

-15,8%

• Unit costs decreased 15.8% in 3Q09 driven by:

• Fuel costs decreased 39.2% driven by a 47.8% decline in fuel prices which was offset by a US$14.4 million fuel hedge loss.

• Wages & Benefits increased 4.3%, driven mainly by an increase in average headcount.

• Commercial costs decreased in line with a 19.6% decrease in traffic revenues (passenger and cargo).

• Fleet Costs increased mainly driven by higher depreciation and an increase in average rental cost related with the reception of two B777 in 2009.

• Other Operating Costs decreased driven by lower use of wet leases during the quarter.

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Fuel HedgingFuel hedging loss of US$14.4 million in 3Q09 vs. gain of US$29.2 million in 3Q08

19% 20%10%

9%

10%

9% 9%

19%

10% 28%

18%28%

2%

10%

2%

5%

0%

10%

20%

30%

40%

50%

60%

70%

% Total Consumption

Hedged

20%

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

ZCC US$ 140-92/Bbl 19% 20% 10% - - -

Call Option US$ 70/Bbl 19% - - - - -

Collar US$ 70-55/Bbl - 28% - - - -

Collar US$ 80-50/Bbl - - 10% - - -

Collar US$ 80-55/Bbl - - 18% 28% - -

Swap US$ 64/Bbl 2% - - - - -

Swap US$ 67/Bbl - 10% - - - -

Swap US$ 79/Bbl - - 9% 10% 9% 9%

Swap US$ 84/Bbl - - - - - 5%

Crack Spread US$4/Bbl - 2% - - - -

Total Hedge 40% 60% 47% 38% 9% 14%

Note: Hedging position as of October 27, 2009

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Contents

I. 3Q09 Financial Results

II. Strategic Initiatives

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Solid Financial Position

� 3Q09 Cash Balance: US$638 million, representing 17% of LTM revenues.

� Financing Initiatives:

1. Completed financing for 3 Boeing B767s, to be supported by EX-IM Bank.

2. Completed bank financing for PDP's related to 15 A320 Family aircraft.

3. In the final stage of securing financing for three spare engines to be supported by EX-IM Bank.

350

400

450

500

550

600

650

700

9%

472

Dec 08

11%

477

Mar 09

18%

700

Jun 09

17%

638

Sep 09

15%

20%

5%

0

10%

Liquidity

US$MM Cash/Revs

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LANPASS InitiativesIncreasing value for our customers

� Currently we have 3.1 millions members in our Frequent Flyer Program LANPASS.

� During August, LANPASS launched a New Flexible Award Exchange program providing more flexibility to redeem miles. Program members can access a larger number of available seats for larger amounts of miles.

� Strengthening LANPASS brand by creating new alliances such as the VISA-LANPASS credit card in Ecuador and co-branding campaigns in Argentina, Uruguay and Chile.

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Winglets ProjectTwelve of our Boeing 767 operating with winglets

B767-300 WingletsB767-300 Winglets

� In process of installing winglets on all of LAN's B767 fleet (9 freighters and 28 passenger aircrafts)

� Project to be completed in August 2010 with an investment of US$ 70 million.

� Fuel efficiency and environmentally focused: 5% more fuel efficiency on long haul flights representing 11.5 million gallons less in consumption in 2010, as well as 320 miles additional autonomy.

Fleet Plan

50 53 59 68 68 68

26 2728

30 33 345 5

5

99

9

10 10

10

2 3

3

32

5

5

0

30

60

90

120

150

2008 2009 2010 2011 2012 2013-2019

Boeing 777-200FCargo

Boeing 767-300FCargo

Airbus 340-300

Boeing 787

Boeing 767-300ER

AirbusA320/A319/A318

Average Fleet Age (Sep 09): 5.6 years

US$5.1 Billion

2009-2019

CAPEX 2009 2010 2011 2012 2013-19

Aircraft 356 332 625 441 3.380

Non Aircraft 165 124 109 84

+7

+7+12

9096

103

115119

+4

147

Cargo

Passenger

Long Haul

Passenger

Short Haul

16

2009 - 2010 Estimated Capacity Expansion

0%

5%

10%

15%

20%

25%

2006 2007 2008 2009E 2010E

19.5%

11.5%11.5%

-10%

-5%

0%

5%

10%

15%

20%

2006 2007 2008 2009E 2010E

7.0% 6.9%

12.3%

Passenger ASK Growth Cargo ATK Growth

~10%

~ -7% / -8%

~10%

~16% / 18%

Third Quarter 2009 Results Presentation

October 27, 2009