Fourth Quarter & Full Year 2007 Results PresentationJanuary 30, 2008

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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, 2006.

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

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Contents

I. 4Q07 Financial Results

II. Key Developments & Future Outlook

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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 4Q06 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)

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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 2006 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)

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4Q07 - EBITDAR Margin Affected by High Fuel Prices

EBITDAR [MMUS$]EBITDAR [MMUS$] 217217210210

System ATK [mill.]System ATK [mill.] 1,8681,8681,7391,739

+3.4%+3.4%

+7.4%+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%

0Yield 4Q2007

7,9%

Fuel Price

20,7%

1,8%

Others

0,4%

15%

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Passenger Business

Revenue growth driven by a 15.5% growth in traffic and an 8.1% increase in yields

ASK [mill.]ASK [mill.] 8,3298,3297,2747,274

Passenger RASK [US$c]Passenger RASK [US$c] 7.77.77.17.1

+14.5%+14.5%

+9.1%+9.1%

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75

350

400

450

500

550

600

650

514

4Q2006 Capacity

47

Yield Load Factor

642

4Q2007

+24,9%

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Cargo Business

Growth driven by a 9.2% capacity expansion and a 9.2% increase in yields

ATK [mill.]ATK [mill.] 998998914914

Cargo RATK [US$c]Cargo RATK [US$c] 35,035,033,133,1

+9,2%+9,2%

+5,8%+5,8%

1128

0

50

100

150

200

250

300

350

400

303

4Q2006 Capacity

29

Yield Load Factor

349

4Q2007

+15,5%

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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

4Q07 4Q06 Var. (%)

Wages & Benefits 140 123 13,9%

Fuel Costs 294 191 53,9%

Commissions to Agents 115 104 11,1%

Depreciation & Amortization 42 33 29,6%

Other Rental & Landing Fees 104 93 11,7%

Passenger Service 19 15 27,0%

Aircraft Rentals 43 39 9,3%

Maintenance Expenses 41 27 52,0%

Other Operating Expenses 115 91 27,1%

Total Costs 914 716 27,8%

(US$ millions) MAIN IMPACTS

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Contents

I. 4Q07 Financial Results

II. Key Developments & Future Outlook

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40

50

60

70

80

90

100

110

03-01-2006

08-02-2006

16-03-2006

21-04-2006

26-05-2006

05-07-2006

09-08-2006

14-09-2006

19-10-2006

27-11-2006

04-01-2007

09-02-2007

19-03-2007

24-04-2007

30-05-2007

05-07-2007

09-08-2007

14-09-2007

19-10-2007

26-11-2007

0,0

0,5

1,0

1,5

2,0

2,5

3,0

WTI WTI avr 4Q06 JET

WTI avr 4Q07 Jet avr 4Q06 Jet avr 4Q07

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

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Fuel pass-through in cargo businesses

Change in passenger fuel pass-through table in December 2007

Fuel Strategy: Fuel Cost Pass-Through Mechanism

International US$ 1.00 / Kg.

From Europe Euro 0.80 / Kg.

Regional (US$) Long Haul (US$) Regional (US$) Long Haul (US$)< 40 0 0 <40 0 0

40 - 45 10 20 40-50 10 20 45 - 50 13 30 50-60 15 40 50 - 55 15 40 60-70 20 60 55 - 60 18 50 70-80 25 80 60 - 65 20 60 80-90 30 100 65 - 70 23 70 90< * * 70 - 75 25 80 75 - 80 28 90 80 - 85 30 100 85 - 90 33 110 90 - 95 35 120 95 - 100 38 130 100 - 105 40 140 105 - 110 43 150

Referencia WTI US$

Fuel Surcharge Internacional (OW) Referencia WTI US$

Fuel Surcharge Internacional (OW)International Fuel Surcharge

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Fuel Hedging Program 2008 (*)

(*) Hedging as of January 29, 2008

Fuel Strategy: Fuel Hedging

30%

40%

48% 48%

0%

10%

20%

30%

40%

50%

60%

1Q08 2Q08 3Q08 4Q08

% T

otal

Con

sum

ptio

n H

edge

d

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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. Perú4%

Dom. Argentina

4Q07 vs. 4Q06 - Capacity Growth by Region

62%Passenger

33%Cargo

5%

Others

Diversified Business Model(% Operating Revenues)

15

0%

5%

10%

15%

20%

25%

30%

2006 2007 2008E

2008 Estimated Capacity Expansion

Planes Hours Seats

19.5%

20-22%

11.5%

0%

5%

10%

15%

2006 2007 2008E

7.0%6.9%

8-10%

Passenger ASK Growth Cargo ATK Growth

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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%

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Fleet Plan

0

2226 28 28 28 28

37

5357

66 66

5

55

5

9

99

92

3

4

9

51

32

59

9

0

30

60

90

120

150

2007 2008 2009 2010 2011 2012-16Boeing 737- 200 Boeing 767- 300ER Airbus A320/A319/A318Boeing 787 Airbus 340- 300 Boeing 767- 300F CargoBoeing 777- 200F Cargo Boeing 737- 200F Cargo

1

1

FREIGHTERS

PASSENGERAIRCRAFT

83 139+ 67%

CAPEX ’07-’16(USD MM) 471 936 269 243 660 3500

US$6.1 Billion

2 4

18

0

10

20

30

40

50

60

70

N° Aircraft LH

MIN MAX PLAN

-34 %

-22 %

-52 %

-36 %

Fleet Plan: LAN Maintains the Flexibility to Adjust its Fleet SizeN

umbe

r of

Lon

g H

aul P

asse

nger

Airc

raft

Fourth Quarter & Full Year 2007 Results PresentationJanuary 30, 2008