First Quarter 2008 Results PresentationApril 30, 2008

2

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

Contents

I. 1Q08 Financial Results

II. Key Developments & Future Outlook

4

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 1Q07 1Q08 % Chg

Revenues 831 1.078 29.7% Passenger 537 693 29.0% Cargo 255 338 32.4% Other 39 47 20.9%

Total Operating Expenses (708) (954) 34.7%

Operating Income 124 124 0.6% Operating Margin 14.9% 11.5% -3.3 pp

Net Income 86 91 5.8%

EBITDAR* 198 207 4.3% EBITDAR Margin 23.8% 19.2% -4.7 pp

* EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

5

1Q08 - EBITDAR Margin Affected by High Fuel Prices

EBITDAR [MMUS$]EBITDAR [MMUS$] 207207198198

System ATK [mill.]System ATK [mill.] 1,8821,8821,7271,727

+4.3%+4.3%

+9.0%+9.0%

EBITDAR Margin = Operating income + depreciation & amortization + aircraft rentals / Revenues

23,8%

10,0%

1Q2007 Fuel PriceYield

4,8%

0,8%

OthersLoad Factor 1Q2008

4,7pts.

19,2%

10,7%

0

10%

15%

20%

25%

30%

35%

5%

6

Passenger Business

Revenue growth driven by a 15.1% growth in traffic and an 12.0% increase in yields

ASK [mill.]ASK [mill.] 8,6958,6957,7617,761

Passenger RASK [US$c]Passenger RASK [US$c] 7.97.96.96.9

+12.0%+12.0%

+15.1%+15.1%

65

7319

350

400

450

500

550

600

650

700

537

1Q2007 Capacity Yield Load Factor

693

1Q2008

+29,0%

7

Cargo Business

Growth driven by a 13.4% capacity expansion and a 20.0% increase in yields

ATK [mill.]ATK [mill.] 979979864864

Cargo RATK [US$c]Cargo RATK [US$c] 34,534,529,629,6

+13,4%+13,4%

+16,8%+16,8%

34

58 9

0

50

100

150

200

250

300

350

255

1Q2007 Capacity Yield Load Factor

338

1Q2008

+32,4%

8

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 IMPACTS1Q08 1Q07 Variation (%)

Wages & Benefits 153 111 37,0%

Fuel Costs 328 192 71,3%

Commissions to Agents 113 97 16,5%

Depreciation & Amortization 44 37 19,2%

Other Rental & Landing Fees 102 87 18,1%

Passenger Service 21 17 22,9%

Aircraft Rentals 39 38 2,2%

Maintenance Expenses 45 40 14,7%

Other Operating Expenses 109 90 21,0%

Total Costs 954 708 34,7%

(US$ millions)

9

Contents

I. 1Q08 Financial Results

II. Key Developments & Future Outlook

10

Increased Fuel Prices during 1Q08

Source: Bloomberg

Fuel & Jet Fuel (2007 – 2008)

40

50

60

70

80

90

100

110

120

US

$/B

arre

l

0

0,5

1

1,5

2

2,5

3

3,5

4

US

$/G

allo

n

WTI JET

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

Fuel Strategy: Fuel Cost Pass-Through Mechanism

Fuel pass-through in cargo businesses

Change in passenger fuel pass-through table in December 2007

International US$ 1.30 / Kg.

From Europe Euro 0.95 / 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

Note: Fuel surcharges are per segment (ie.one way).

< 40 040 – 50 050 – 60 2,50060 – 70 5,00070 – 80 7,50080 – 90 10,00090 – 100 12,500100 – 110 15,000110 – 120 17,500

Domestic Chile WTI US$ Fuel Surcharge (Ch$)

12

Fuel Hedging Program 2008 (*)

Fuel Strategy: Fuel Hedging

(*) Hedging as of April 30, 2008

42%

50% 50%

38%

40%

42%

44%

46%

48%

50%

52%

2Q08 3Q08 4Q08

% T

otal

Con

sum

ptio

n H

edge

d

13

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)

15%

50%

Internacional (Long Haul)

24%

Regional

Dom. Chile

6%

Dom. Perú5%

Dom. Argentina

1Q08 vs. 1Q07 - Capacity Growth by Region

Passenger64%

Cargo31%

Others

5%

Diversified Business Model(% Operating Revenues)

14

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

0

10

20

30

40

50

60

70

Nu

mb

er

of

Lo

ng

Ha

ul P

as

se

ng

er

Air

cra

ft

MIN MAX PLAN

-36%

-31%

-24%

15

0%

5%

10%

15%

20%

25%

30%

2006 2007 2008E

2008 Estimated Capacity Expansion

Planes Hours Seats

19.5% 16-18%

11.5%

0%

5%

10%

15%

2006 2007 2008E

7.0%6.9%

8-10%

Passenger ASK Growth Cargo ATK Growth

16

Fleet Plan

CAPEX ’07-’16(USD MM) 471 839 364 249 496 3.500

US$5.6 Billion2008-2016

2 4

Actualizar?

0

2226 28 28 28 28

3750

5766 66

55

5

5

99

9

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%

2 4

First Quarter 2008 Results PresentationApril 30, 2008