First Quarter 2010 Results Presentation

April 28, 2010

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

1

Contents

I. First Quarter 2010 Financial Results

II. Strategic Initiatives & Future Outlook

2

1Q10 Highlights

• 1Q10 results reflect strong recovery in both passenger and cargo businesses; partly offset by the negative impact of the earthquake.

• Total revenue increased 17.3% in 1Q10, driven by strong growth of 35.3% in cargo revenues.

• EBITDAR margin increased 0.5 points reaching 24.1% in 1Q10.

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

NOTE = Figures for 1Q09 and 1Q10 under IFRS.

US$ millions 1Q09 1Q10 % Chg

Total Revenues 882 1,035 17.3% Passenger Revenues 652 741 13.7%Cargo Revenues 197 266 35.3%

Total Operating Expenses (764) (892) 16.7%

Operating Income 118 143 21.0%Operating Margin 13.4% 13.8% 0.4 pp

Net Income 65 88 35.8%

EBITDAR* 208 249 19.6%EBITDAR Margin 23.6% 24.1% 0.5 pp

1Q10 – EBITDAR Margin Improvement

EBITDAR** [MMUS$]EBITDAR** [MMUS$] 249249208208

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

0

5

10

15

20

25

30

35

40%

Capacity

4,7 pp

5,3 pp

OthersLoad Factor

2,3 pp

Yield

8,2 pp

Fuel Price

24,1%

1Q10

5,8 pp

1Q09

23,6%

+0,5 pp.

Fuel Price* [cUS$]Fuel Price* [cUS$]1.53 2.24

4

EBITDAR Mg. (%)

+45.9%

+19.6%

8,6 9,1

Pax Yield (US$ cents)

1Q09

1Q10

6,6%

9.756 10.232

Pax Capacity (mill ASK)

4,9%

78,0% 79,3%

Pax Load Factor

1,4 pp.

Passenger Business Revenue Increases 13.7% in 1Q10

6,7

Pax RASK (US$ cents)

7,2

8,4%

5

7.609 8.118

Pax Traffic (mill RPK)

6,7%

Earthquake Information

6

• Due to damage in the terminal building, LAN stopped operations out of the Santiago International Airport between February 27th and March 1st. LAN gradually re-launched operations starting on Tuesday, March 2, 2010.

• Santiago International Airport returned to regular operations on March 28, 2010.

• LAN estimates the net impact on 1Q10 results of decreased passenger operations due to the earthquake at approximately US$25 million

• Limited damage to LAN’s buildings, equipment and aircraft. Insurance deductibles total approximately US$3 million.

Diversified Passenger Capacity

Int (LH);

48%

Chile dom;

14%

Peru dom;

8%

Arg dom; 8%

Ecuador

Dom; 0,50%

Regional;

21%

Chile

dom;

15%

Peru

dom;

8%

Arg

dom;

8%

Int.

(LH);

45%

Regional

; 24%

Growth in ASK (1Q10 vs. 1Q09): +5%International (Long Haul) + 13%Regional - 5%Chile domestic - 1%Peru domestic + 3%Argentina domestic - 3%

1Q09ASKs

1Q10ASKs

7

1Q10

1Q09

Cargo Yield (US$ cents)

36,434,7

4,9%

Cargo Capacity (mill ATK)

1.063870

22,2%

Cargo Load Factor

68,7%65,1%

+3,7 pp.

Cargo RATK (US$ cents)

25,022,6

10,8%

Cargo Business Revenue Increases 35.3% in 1Q10

8

Cargo Traffic (mill RTK)

731566

29,0%

Strong Recovery in Cargo Traffic

9

MANAUS

SAO PAULO

AMS

VCP

� Consolidate and continue to expand domestic Brazil cargo operation

� Continued growth on European routes with the new Boeing 777 freighter

MIA

FRA

EUROPEAN CARGO OPERATION BRAZIL DOMESTIC CARGO OPERATION

1Q10 - Cost Analysis

10

Appreciation of local currencies; increased headcount.

46% increase in fuel prices.

Increase in passenger and cargo revenues.

Incorporation of 3 B767-300.

Increase in aeronautical rates.

More passengers transported and higher compensations.

Incorporation of 2 B777 Freighters.

Higher proportion of new aircraft in the fleet.

Higher advertising and marketing expenses.

MAIN IMPACTS1Q10 1Q09 Variation (%)

Wages & Benefits 177 148 19,2%

Fuel Costs 272 228 19,1%

Commissions to Agents 41 37 12,9%

Depreciation & Amortization 83 75 11,1%

Other Rental & Landing Fees 131 118 10,9%

Passenger Service 26 23 15,9%

Aircraft Rentals 23 16 49,4%

Maintenance Expenses 29 30 -3,9%

Other Operating Expenses 109 89 22,1%

Total Costs 892 764 16,7%

(US$ millions)

Fuel Hedging

Note: Hedging position as of April 27, 2010 11

29%9% 10%

33%

33% 27%

10%0%

10%20%30%40%50%60%70%

2Q10 3Q10 4Q10 1Q11

% T

ota

l Co

nsu

mp

tio

n

Hed

ged

Swap Collar

2Q10 3Q10 4Q10 1Q11

Swaps 76.0 US$/bbl 33% - - -

Swaps 78.9 US$/bbl - 33% - -

Swaps 79.2 US$/bbl - - - 10%

Swaps 81.3 US$/bbl - - 27% -

Collar 80 @ 55 29% 9% - -

Collar 85 @ 55 - - 10% -

62% 42% 37% 10%

Solid Financial Position

� March 2010 Cash Balance: US$657 million, representing 17% of LTM revenues.

� Completed EX-IM supported financing for one Boeing B767s and accessed capital markets with the new “EX-IM –Bond” product.

� Recently mandated long term financing for 15 A320 family aircraft with deliveries 2010-2011, to be guaranteed by ECAs. 300

400

500

600

700

800

Dec 2009

792

22%

Mar 2009

477

11%15%

10%

0Mar 2010

657

17%

5%

20%

25

Liquidity

US$MM Cash/Revs

12

LAN remains one of the few investment grade airlines in the world

Contents

I. First Quarter 2010 Financial Results

II. Strategic Initiatives & Future Outlook

13

Recent Changes in LAN's Ownership

14

LAN Ownership (March 31, 2010)

Note: As of March 24, 2010, there is a agreement between Santa Cecilia (Piñera Group) and Bethia S.A. for the sale of AXXION, which currently owns 8% of LAN.

8,7%

Chilean Pension Funds 12,0%

Other Foreign Investors

7,2%

ADRs Eblen Group

9,4% AXXION

8,0%

Cueto Group34,1%

20,6%

Others

Incorporation of 32 B787 Dreamliners Delivery Schedule Starting in 2011

15

B787 Delivery Schedule

23

54

24

6

2

2

2

0

2

4

6

2011 2012 2013 2014 2015 2016 2017 2018

Owned Leased

Fleet Plan

16

53 6171 73 78

93

2728

31 3131

3110

9

9

99

11

12

3

3

3

52

32

5

55

5

5

5

2

22

0

30

60

90

120

150

180

2009 2010 2011 2012 2013 2014-2018

Boeing 777-

200F Cargo

Boeing 767-

300F Cargo

Airbus 340-300

Boeing 787

Boeing 767-

300ER

Airbus A320 Fam

+9+20

96105

120126

+6

CAPEX (US$ Million) 2010 2011 2012 2013 2014-2018

Aircraft 412 1,028 513 877 2,503

Spare Engines/Others

113 145 167 132

Fleet Age (Mar 10) :5.8 years

+12

138

176

2010 Estimated Capacity Expansion

Passenger ASK Growth Cargo ATK Growth

17

0%

5%

10%

15%

20%

25%

2006 2007 2008 2009 2010E 2011E

19.5%

11.5%11.5%10.2% ~10%

~12%

-10%

-5%

0%

5%

10%

15%

20%

2006 2007 2008 2009 2010E 2011E

7.0% 6.9%

12.3%

-6.0%

~18%

~8%

� New international destinations include San Francisco and Paris.

� Strengthen our Lima hub and increase connectivity within the region.

� Continue growth in domestic markets.

� Increased operations in Brazil and Europe.

� Higher cargo fleet utilization.

� Increased capacity in bellies of passenger aircraft.

First Quarter 2010 Results Presentation

April 28, 2010