Larrain Vial International Investors’ ConferenceSantiagoMarch 22-23, 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

2

Contents

I. LAN’S DIVERSIFIED BUSINESS MODEL

II. GROWTH PERSPECTIVES

3

8,4%

21,8%

4,2%

Others

ADRs

Chilean Pension Funds

EBLEN Group

9,4%

10,8%

PIÑERA Group

11,3%Other Foreign Investors

CUETO Group34,1%

LAN Ownership Structure

LAN Market Cap (March 16, 2010)

US$ 6.1 Billion

33%

LAN Ownership (March 11, 2010)

4

IATA Projections for the Industry

5Note: Industry figures as published by IATA

IATA Projections

Actual

-9,4

-2,8-0,5

-20

-15

-10

-5

0

5

10

15

-6%

-3%

-4%

-1%

-2%

5%

6%

3%

4%

1%

2%

0%

2010E

1,6%

2009E

-0,1%

2008

-15,9-0,7%

2007

12,9 3,9%

2006

2,9%

2005

-4,1

1,0%

2004

-5,6

0,9%

2003

-7,6-0,5%

2002

-11,3

-1,6%

2001

-13,0

-3,8%-5%

3,7

3,3%

1999

8,5

4,0%

2000

8,2

5,4%

1997

8,6

5,6%

1998

Net

Res

ult

(US

$bn)

Operating M

argin (%)

� Several crisis have affected the industry in the last decade.

� IATA projects losses of US$9.4 bn in 2009 and US$ 2.8 bn in 2010.

� Despite industry losses, LAN has remained profitable over the years.

318 407600 694

972 1,0831,237

1,4251,4281,4541,639

2,093

2,506

3,034

3,525

4,283

3,656

0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

3,600

4,000

4,400

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008IFRS

2009IFRS

US$ Million

LAN: Strong Revenue Growth

CAGR24%

CAGR1%

CAGR20%

LAN Operating Revenues 1993 – 2009

6

Note: 2008 and 2009 under IFRS; previous years under Chilean GAAP.

$11 $15 $34 $44$83 $62

$112$172

$303

$413

$620

$436

$6

$308 $336

$231

$142

$50$51$80$46

$241

$147$164

$84$31$11

$48$48$31$64

$25$0$38

050

100150200250300350400450500550600650

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008IFRS

2009IFRS

LAN Operating Income and Net Income 1993 – 2009

Operating Income Net Income

(US$ millions)

Recession

9/11 & Argentine CrisisIncreasing Fuel Prices

� LAN Airlines has been consistently profitable under the current management

Consistent Profitability Despite Multiple Market Shocks

7

Financial Crisis + Salmon Crisis +

Swine Flu

LAN Operates with High Efficiency Levels

EBITDAR Margin Industry comparison

Source: Companies Information for FY 2009, TAM, Singapore and Korean as of September 09

1.4%3.0%

4.6% 4.8%6.0% 6.7%

10.1% 10.2% 10.3%11.5%

14.4% 14.8%

19.3%20.0%

22.5%

25.3%26.5%

0%

5%

10%

15%

20%

25%

30%

Iber

iaAm

eric

anAF

-KLM

Briti

sh

Del

taU

nite

dU

S Ai

rway

sCo

ntin

enta

lSo

uthw

est

Kore

anSi

ngap

ore

TAM

Jetb

lue

GO

L

LAN

Copa

Ryan

air

Eb

itd

ar

Mg

. (%

)

8

LAN’s Diversified Business Model: Passenger + Cargo Operations

Diversified Business Model(% Operating Revenues)

4%

24%

26%

Domestic Passenger

46%

International Passenger

Cargo

Others*

2009

9

* Other Revenues includes Aircraft Leases, Logistic and Courier, Ground Services, Storage & Customs Brokerage, Duty Free, etc.

6%

7%

8%

15%

24%

26%

30%

19%

16%

6%

26%

4%

6%

12%

85%

86%

95%

75%

79%

87%

66%

92%

78%

72%

69%

58%

11%

8%

6%

5%

3%

3%

12%

11%

11%

12%

58%

Delta

American

Copa

Iberia

Qantas

BA

Lufthansa

Gol

Air France-KLM

Singapore

LAN

Cathay

Korean Air

Cargo Others Passenger

LAN Business Model: Distinct blend enhances returns and reduces risk

Revenue Mix, Selected Companies

67%

17%

50%

BELF w/o

Cargo

Cargo

Contribution

BELF w/

Cargo

Load

Fac

tor

Note: BELF = Break-even load factor

BELF Differential for long haul passenger + cargo routes 2009 (SCL – MIA route)

Passenger and Cargo Combination

– Lower break-even load factors

– Increased diversification

Source: Companies – FY2009 10

LAN’s Passenger Operations are Geographically Diversified

International(Long Haul)

Regional

39%

3%

Diversified Passenger Capacity(% ASKs)

20091998

Dom. Chile

International

28%

72%

20%

18% 59%

3%

2003

Regional

International(Long Haul)

Dom. Perú

Dom. Chile

11

Growth in ASK (2009 vs. 2008): +10%International (Long Haul) + 6%Regional + 6%Chile domestic +13%Peru domestic +16%Argentina domestic +44%

46%

23%

14%Dom. Chile

9%

Dom. Perú8%

Dom. ArgentinaDom. Ecuador0.3%

LAN Ecuador

Guayaquil,

2003

LAN Peru

Lima,1999

LAN Airlines

Santiago, 1929

LAN

Argentina

BAires, 2005

LAN’s Regional Strategy

12

Peru

International: 47%

Domestic: 82%

Argentina

International: 17%

Domestic: 30%

Chile

International: 52%

Domestic: 81%

EcuadorInternational: 39%

Domestic: 16%

Buenos AiresSantiago

Guayaquil

Lima

Cargo

Latin America 37%

Leading Presence in South American Markets

Market Size: Passengers Transported 2009*(millions)

LAN Market Share in Passenger Markets**

2,6

4,6 4,8

6,9

3,1

5,03,7

5,8

0

2

4

6

8

Ecuador Chile Peru Argentina

International Domestic

13

*Sources: DGAC Chile, DGAC Peru, Undersecretary of Transportation Argentina for 2008, DGAC Ecuador for 2008, LAN Estimates.

** International market shares for Chile, Peru and Argentina as of November 2009; Domestic market shares as of November 2009.

Diversified Passenger & Cargo Network

Madrid

Easter Island

Auckland

Papeete

Sydney

FrankfurtLos Angeles

Mexico City

Caracas

Sao Paulo

Buenos AiresMontevideo

Cancun

Bariloche

Pta. Arenas

Arica

La Paz

Pto. Montt

Cuzco

Lima

Bogotá

Santiago

Rosario

Quito

Pta. Cana

Guayaquil

Ushuaia

Salta

Rio Gallegos

Com. Rivadavia

Cordoba

Iguazú

IquiqueAntofagasta

CalamaCopiapo

La Serena

Mendoza

Concepcion

Balmaceda

TemucoValdiviaOsorno

TacnaArequipa

Puerto Maldonado

Iquitos

Piura

TarapatoPucalpa

ChiclayoTrujillo

Houston

San JosePanama

Merida

Rio de Janeiro

Porto Alegre

VitoriaBelo HorizonteSalvador

Manaos

Passenger + Cargo NetworkFreighter Network

Curitiba

Asunción

Amsterdam

Miami

LAN is one of the leading passenger and cargo operators in Latin America

New York

Medellin

Toronto

LAN

Codeshare

700 destinationsworldwide

14

Alliances

Solid Financial Position

� December Cash Balance: US$792 million, representing 22% of 4Q09 revenues.

� 2009 Financing Initiatives:

1. Raised US$250 million in bilateral loans in the Chilean market during first half of 2009.

2. Completed EX-IM supported financing for 3 Boeing B767s and accessed capital markets with the new “EX-IM – Bond” product.

3. Arranged bank financing for PDP'srelated to 15 A320 Family aircraft.

� 2010 Financing Initiatives:

� Arranged long term ECA supported financing for 15 A320 family aircraft.

792

25

Dec 09

9%

472

Dec 08

11%

477

Mar 09

18%17%

638

Sep 09

22%

Jun 09

400

500

800

600

700

0

10%

15%

20%

5%

700

Liquidity

US$MM Cash/Revs

15

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

Fuel Hedging

Note: Hedging position as of February 2010 16

HEDGE LAN Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

Swaps 75.2 US$/bbl 33%

Swaps 78.9 US$/bbl 35%

Swaps 79.2 US$/bbl 10%

Swaps 81.3 US$/bbl 28%

Swaps 80.1 US$/bbl 36%

Collar 80 @ 50 10%

Collar 80 @ 55 18% 29% 10%

Collar 85 @ 55 10%

64% 62% 45% 38% 10%

10%

28%29%

10%

26%33%

35% 28%

10%10%0%

20%

40%

60%

80%

1Q10 2Q10 3Q10 4Q10 1Q11

% T

ota

l C

on

su

mp

tio

n H

ed

ged

ZCC Collar Swap

Contents

I. LAN’S DIVERSIFIED BUSINESS MODEL

II. GROWTH PERSPECTIVES

17

Operational Update after Chilean Earthquake

• LAN stopped operations out of the Santiago airport between February 27th and March 1st. LAN re-launched operations on Tuesday, March 2, 2010.

• Currently the company is able to operate approximately 80% of regular domestic and international passenger operations out of Santiago.

• Santiago Airport expected to be fully operational by the end of March

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

2010 Estimated Capacity Expansion

0%

5%

10%

15%

20%

25%

2006 2007 2008 2009 2010E

19.5%

11.5%11.5%

-10%

-5%

0%

5%

10%

15%

20%

2006 2007 2008 2009 2010E

7.0% 6.9%

12.3%

Passenger ASK Growth Cargo ATK Growth

10.2%

-6.0%

~10%

~16%/ ~18%

19

Note: Industry figures as published by IATA 20

2010 Passenger Growth Driven by International Traffic

Passenger Traffic Growth (%RPKs)10.7% grwth in 2009

Jan 10

21%

18%

6%

Dic 09

13%

11%

5%

Nov 09

15%

13%

2%

Oct 09

17%16%

1%

Sep 09

10%

12%

0%

Ago 09

2%

4%

-1%

Feb-10

10%10%

Lan International

Lan Total

Industry

� Enhance Lima's regional Hub and make it a Regional/Long Haul Hub generating new growth opportunities

� Connect secondary cities south of Lima connected through Lima to main cities in the US, Europe and Mexico

� Increase LAN opportunities in North America adding new gateways to US (San Francisco), as well as to Europe

� Increase frequencies within the region and in long haul routes.

6%

23%

13%

12%

20%

5%

2%

29%

2009-2010 International Passenger Capacity Growth

� 6% international ASK growth in 2009, with 1 pp increase in load factor, reaching 78%.

� 13% international ASK growth expected for 2010.

21

12%

2009 2010

8%

28%

Capacity Growth

3%

Note: Industry figures as published by IATA 22

Strong Recovery in Cargo Traffic

Jan 10

26%

28%

Dic 09

24%24%

Nov 09

10%10%

Oct 09

-6%

-1%

Sep 09

-8%-5%

Aug 09

-4%

-10%

Feb 10

31%

Lan

Industry

Cargo Traffic Growth (%RTKs)9.7% decrease in 2009

� Recover high freighter utilization rates.

� Brazil continues to be an important source of growth both in the import market as well as on domestic routes

� Consolidate 4 weekly flights to Europe with the Boeing 777 freighter fleet

MANAUS

SAO PAULO

AMS

VCP

� Consolidate and continue to expanddomestic Brazil Cargo Operation

23

� Continue growth in European routes withthe new Boeing 777 freighter

MIA

FRA

Strong Recovery in Cargo Traffic

EUROPEAN CARGO OPERATION BRAZIL DOMESTIC OPERATION

8

15

25 5 6

40

2

4

6

8

10

12

14

2010 2011 2012 2013 2014 2015 2016

� To be delivered between 2011 and 2016 in addition to existing orders for 15 A320 family aircraft.

� For the renewal and growth of the Company’s short haul fleet

� In addition, LAN’s strategic fleet renewal plan involves the sale of five Airbus A318 aircraft in 2011.

Incorporation of 30 new Airbus A320 Family Aircraft For regional and domestic operations

24

A320 Fam Delivery Schedule

• 16 A319-100

• 29 A320-200

Fleet Plan

25

CAPEX (US$ million) 2010 2011 2012 2013 2014-2019

Aircraft 412 755 518 213 3.557

Spare Engines &

Others113 130 138 103

US$5.5Billion

2010-2019

53 61 71 73 7893

2728

30 3333

33

5

59

9

1010

10

3

3

32

55

5

103

0

30

60

90

120

150

180

2009 2010 2011 2012 2013 2014-2019

Boeing 777-200FCargo

Boeing 767-300FCargo

Airbus 340-300

Boeing 787

Boeing 767-300ER

AirbusA320/A319/A318

Average Fleet Age (Dic 09): 5.6 yearsCargo

Passenger

Long Haul

Passenger

Short Haul

+9

+18+6

96105

118124

171

+5

129

In Conclusion: LAN is well positioned to take advantage of growth opportunities

26Fleet plan provides for continued growth with flexibility to adjust for demand fluctuations

Regional network provides flexibility to manage capacity

Strong Balance sheet supports Investment Grade rating

26

Cargo and Passenger mix provides competitive advantage in long haul operations