1. First Quarter 2008 Results Presentation April 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.1Q08 Financial Results II.Key Developments & Future Outlook

4. 3 1Q08 Highlights LAN achieved a strong operating performance as a 29.7% increase in revenues outpaced a 9.0% growth in system capacity. Despite high fuel prices, LAN reported a 5.8% increase in net income and a 11.5% operating margin. Once again, LAN demonstrated the resiliency of its business model and its ability to operate in a high fuel price environment. US$ millions 1Q071Q08% Chg Revenues8311.07829.7% Passenger 53769329.0% Cargo25533832.4% Other394720.9% Total Operating Expenses(708)(954)34.7% Operating Income124124 0.6% Operating Margin14.9%11.5%-3.3 pp Net Income8691 5.8% EBITDAR*1982074.3% EBITDAR Margin23.8%19.2%-4.7 pp * EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

5. 4 1Q08 - EBITDAR Margin Affected by High Fuel Prices EBITDAR [MMUS$] 207 198 System ATK [mill.] 1,882 1,727 +4.3% +9.0% EBITDAR Margin = Operating income + depreciation & amortization + aircraft rentals / Revenues 23,8% 10,0% 1Q2007Fuel PriceYield 4,8% 0,8% OthersLoad Factor1Q2008 4,7pts. 19,2% 10,7% 0 10% 15% 20% 25% 30% 35% 5%

6. 5 Passenger Business Revenue growth driven by a 15.1% growth in traffic and an 12.0% increase in yields ASK [mill.] 8,695 7,761 Passenger RASK [US$c] 7.9 6.9 +12.0% +15.1% 537 1Q2007CapacityYieldLoad Factor 693 1Q2008 +29,0%

7. 6 Cargo Business Growth driven by a 13.4% capacity expansion and a 20.0% increase in yields ATK [mill.] 979 864 Cargo RATK [US$c] 34,5 29,6 +13,4% +16,8% 255 1Q2007CapacityYieldLoad Factor 338 1Q2008 +32,4%

8. 7 1Q08 - Cost Analysis Increase in headcount, FX and inflation 53% increase in fuel prices 1.3 pt reduction in average commissions 12 new owned aircraft Increased operations & ACMI leases More passengers & higher compensations One additional leased Airbus A430 Larger fleet, higher utilization, and escalation in maintenance contracts Higher sales & distribution and marketing expenses MAIN IMPACTS

9. 8 Contents I.1Q08 Financial Results II.Key Developments & Future Outlook

10. 9 Increased Fuel Prices during 1Q08 Source: Bloomberg Fuel & Jet Fuel (2007 – 2008) Average 1Q07 JET: US$ 1.75 /g WTI: US$ 58.1 /b Average 1Q08 JET: US$ 2.82 /g (+61%) WTI: US$ 97.9 /b (+69%)

11. 10 Fuel Strategy: Fuel Cost Pass-Through Mechanism  Fuel pass-through in cargo businesses  Change in passenger fuel pass-through table in December 2007 InternationalUS$ 1.30 / Kg. From Europe Euro 0.95 / Kg. International Fuel Surcharge Note: Fuel surcharges are per segment (ie.one way). < 400 40 – 500 50 – 602,500 60 – 705,000 70 – 807,500 80 – 9010,000 90 – 10012,500 100 – 11015,000 110 – 12017,500 Domestic Chile WTI US$ Fuel Surcharge (Ch$)

12. 11 Fuel Hedging Program 2008 (*) Fuel Strategy: Fuel Hedging (*) Hedging as of April 30, 2008

13. 12 Diversified Business Model and Capacity Allocation International (Long Haul)+12% Regional+ 4% Chile domestic +11% Peru domestic+20% Argentina domestic+57% Total ASK Growth+12% Diversified Passenger Capacity (% ASKs) 50% Internacional (Long Haul) 24% Regional Dom. Chile 6% Dom. Perú 5% Dom. Argentina 1Q08 vs. 1Q07 - Capacity Growth by Region Passenger 64% Cargo 31% Others 5% Diversified Business Model (% Operating Revenues)

14. 13 Fleet Plan: LAN Maintains the Flexibility to Adjust its Fleet Size -36% -31% -24%

15. 14 2008 Estimated Capacity Expansion Planes Hours Seats 19.5% 16-18% 11.5% 7.0% 6.9% 8-10% Passenger ASK GrowthCargo ATK Growth

16. 15 Fleet Plan CAPEX ’07-’16 (USD MM) 471 839 364 249 496 3.500 US$5.6 Billion 2008-2016 24 Actualizar? 1 1 FREIGHTERS PASSENGER AIRCRAFT 83 139 + 67% 24

17. First Quarter 2008 Results Presentation April 30, 2008