LAN AIRLINES Corporate Update. May, 2011

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1 LAN AIRLINES Corporate Update May, 2011

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, Information, tables and logos contained in this presentation may not be used without consent from LAN 2

3 Contents I. LAN S BUSINESS MODEL II. FINANCIAL RESULTS III. AGREEMENT WITH TAM 3

4 LAN's Ownership LAN s Ownership (Apr 30, 2011) Free Float 48.6% Other 27,5% Cueto Group 34,0% Chilean Pension Funds 13,3% Other Foreign Investors 4,2% ADRs 3,6% Bethia Group 8,0% Eblen Group 9,4% LAN s market capitalization (May 11, 2011) US$ 9.7 billion Source: DCV and Bloomberg 4

5 Diversified Business Model Revenue Breakdown (LTM 1Q 2011 % of operating revenues) Other * 3.0% Cargo 28.0% Intl. Passengers 44.0% Domestic Passengers 25.0% Total operating revenues (LTM 1Q 2011) US$ 4,853 million * Other Revenues includes Aircraft Leases, Logistic and Courier, Ground Services, Storage & Customs Brokerage, Duty Free, etc 5

6 Regional Strategy Mexico City, 2000 Miami Headquarters Aires Bogotá, 2010 Bogotá, 2009 LAN Ecuador Guayaquil, 2003 Sao Paulo, 2001 LAN Peru Lima, 1999 LAN Airlines Santiago, 1929 LAN Argentina Buenos Aires,

7 Geographically Diversified Business LAN Passenger Capacity (by ASK) Market Growth (LAN ASK growth 1Q2011) Colombia +100% Long Haul +6% 1998 Ecuador +86% +5% Regional +27% Dom. Argent. 6% Dom. Colombia 4% Dom. Ecuador 1% Peru Dom. Peru 7% +28% Intl. (Long Haul) 43% 1Q 2011 Chile Argentina -4% Regional 23% Dom. Chile 16% 7

8 Colombia: Second Largest Market in the Region Barranquilla Cartagena Santa Marta Colombia represents an attractive opportunity to strengthen our position in Latin America Colombia is the second largest market in the region with 13 million domestic passengers and 6 million international passenger in 2010 Medellín Pereira Cali Bucaramanga Bogotá Cúcuta Arauca Puerto Carreño Puerto Inirida Acquisition of a strong player with relevant position Colombia has all the necessary conditions to apply our domestic, passenger and cargo models Florencia Mitú

9 Colombia: Turnaround of Colombian Airline AIRES Acquisition of AIRES: In November 2010, LAN acquired 98.9% of AIRES for US$12 million (excluding debt) AIRES Fleet: BOEING Aircraft: 9 Seats: 148 DASH 8-Q400 Aircraft: 4 Seats: 78 DASH Aircraft: 11 Seats: 37 Aspects of the turnaround process: Implement LAN standards (IOSA Certification) Improving flight offers and quality of service Eliminate unprofitable routes Apply revenue management Integration of domestic cargo operations Define the new organizational structure and infrastructure Converting AIRES into LAN Colombia

10 Leading Presence in the Region LAN s Market Share (passenger markets*) Colombia: Intl:9% Dom: 20% Market Sizes (mm pax transported in 2010**) Ecuador Intl:23% Dom: 20% Peru Intl:44% Dom: 66% ,9 15,9 13,2 9,1 2,8 3,7 5,1 6,0 5,0 5,5 6,8 6,2 Ecuador Chile Peru Argentina Colombia Brazil International Domestic Chile Intl:62% Dom: 77% Argentina Intl:16% Dom: 30% * Sources: International market shares as of Dec 2010; domestic market shares as of Mar 2011 ** Sources: DGAC Chile, DGAC Peru, Undersecretary of Transportation Argentina, DGAC Ecuador, Aerocivil Colombia, ANAC Brazil, LAN estimates 10

11 Region s High Growth Potential Trips per Capita (as of 2010) GDP Growth Projections (2011E) 6,1% 6,5% 6,0% Peru Argentina Peru Argentina 0,35 0,38 World Average 4.0% 4,5% 4,1% Ecuador Ecuador 0,44 Colombia Brazil 0,44 Chile Peru Argentina Colombia Brazil Brazil Colombia 0,44 Boeing Growth Projections (Passenger RPK %CAGR up to 2029) Chile Chile 0,66 6,8% 7,1% 6,9% 5,5% USAUnited States 2,25 4,4% 3,4% UK United Kingdom 2,36 0,0 0,5 1,0 1,5 2,0 2,5 Source: Boeing, IMF, CIA, Bloomberg and LAN estimates Asia-PacificN. America Europe Mid. East Latam Africa 11

12 Efficiencies of Passenger + Cargo Mix Revenue Mix (selected companies FY 2010) Korean Air 33% 55% 12% Cathay LAN Singapore 29% 28% 18% 66% 66% 69% 5% 3% 16% Passenger and cargo combination allows: Lower break even load factors (BELFs) Increased diversification Air France-KLM 13% 74% 13% Lufthansa 11% 70% 19% Gol TAM British Airways 10% 9% 8% 78% 90% 87% 13% 5% BELF Differential (long haul passenger + cargo routes Jul 2010, based on SCL MIA route) Iberia 7% 74% 19% Qantas 6% 80% 14% Copa 5% 95% American 3% 86% 11% Delta 3% 86% 11% 0% 25% 50% 75% 100% Load Factor (%) 69% BELF w/o Cargo 18% Cargo Contribution 51% BELF w/ Cargo Cargo Passenger Other Source: Companies information for FY

13 Cargo Business: Consolidation and Expansion Amsterdam Frankfurt Growth Drivers: Strong Brazilian import market driven by an appreciated local currency Miami Bogota 3 additional Boeing 767F to add capacity to the growing northbound routes (recovery of the salmon industry) Guayaquil Manaus Fortaleza Recife Strengthening of new domestic routes within Brazil Lima Santiago Sao Paulo Buenos Aires Active capacity management and new revenue management tools have allowed more efficient growth 13

14 Cargo Business: Latin America Cargo Market Northbound Southbound Fish, flowers and vegetables dominate northbound flows Consumer electronics, machinery, spare parts and automotive parts dominate southbound flows Operational efficiencies must be obtained by managing unbalanced flows and seasonal fluctuations Source: Boeing World Air Cargo

15 Contents I. LAN S BUSINESS MODEL II. FINANCIAL RESULTS III. AGREEMENT WITH TAM 15

16 Revenue Growth LAN s Operating Revenues ( ) US$ mm CAGR 20% CAGR 3% CAGR 24% CAGR 1% Q 2011 Revenues +31.9% Note: under IFRS; previous years under Chilean GAAP 16

17 Consistent Profitability US$ mm LAN s Net Income ( ) Financial crisis + salmon crisis + swine flu Increasing fuel prices Recession 9/11 & Argentinian crisis Q 2011 Net Income +10.1% Note: under IFRS; previous years under Chilean GAAP 17

18 High Efficiency Levels EBITDAR Margin (FY 2010 industry comparison) EBITDAR Mg % 30% 25% 22,0% 23,5% 23,6% 25,2% 25,7% 20% 18,0% 19,8% 15% 10% 8,9% 10,3% 10,7% 11,9% 12,9% 13,0% 14,3% 14,8% 15,4% 5% 0% Source: Companies information for FY

19 Highlights 1Q 2011 Results (US$ million) 1Q Q 2011 % Change (YoY) Total Revenues 1,035 1, % Passenger Revenues % Cargo Revenues % Total Operating Expenses , % Operating Income % Operating Margin 13.8% 11.2% -2.6 pp Net Income % EBITDAR * % EBITDAR Margin 24.1% 21.5% -2.6 pp 1Q 2011 results reflect strong growth in both passenger and cargo businesses EBITDAR margin decreased 2.6 point s for 1Q11, reaching 21.5% 1Q 2011 Results include a US$11 million negative impact generated in Aires. * EBITDAR = Operating income + depreciation & amortization + aircraft rentals 19

20 Passenger Business: Revenue Increases 32.0% in 1Q % +20.5% +1.6 pp ,3% 80,9% Pax Capacity (million ASK) Pax Traffic (million RPK) Pax Load Factor +9.5% +11.7% 9,1 10,0 7,2 8,1 Pax Yield (US$ cents) Pax RASK (US$ cents) 1Q Q

21 Cargo Business: Revenue Increases 30.2% in 1Q % +16.6% -0.8 pp ,7% 67,9% Cargo Capacity (million ATK) Cargo Traffic (million RTK) Cargo Load Factor +11.7% +10.4% 40,7 25,0 27,6 36,4 Cargo Yield (US$ cents) Cargo RATK (US$ cents) 1Q Q

22 Solid Financial Position 4,4 EBITDAR / Interest Expense 4,2 4,0 3,8 3,6 3,4 3, ,1 4,2 4,1 3, ,5 Mar-10 Jun-10 Sep-10 dec-10 Mar-11 March 2011 Cash Balance: US$388 million, representing 8% of LTM revenues US$ 160 million committed credit lines Long term debt related to fleet financing Low interest rates 4,6 4,4 Adj. Debt / EBITDAR 4,2 4,0 3,8 3,6 4,4 4,1 3,9 3,8 3,9 41,3 LAN remains one of the few investment grade airlines in the world 43,5 3,4 Mar-10 Jun-10 Sep-10 dec-10 Mar-11 22

23 Current High Fuel Scenario WTI Prices (US$) US$ (4 May 2011) Fuel Surcharges: LAN applies fuel surcharges in line with practices in the industry in passenger and cargo businesses Operations: LAN has adjusted the capacity on certain routes as part of tactical decisions Efficiency Initiatives: LAN is constantly developing efficiency initiatives, which now become more attractive Fuel Hedging: Active fuel hedging strategy

24 Efficiency Initiatives Installation of winglets in all the B767 fleet Between 4% and 5% additional efficiency in fuel consumption B Winglets LEAN Fuel Project Reduction of 2% of the fuel consumption per flight Reconfiguration of cabins in LAN Ecuador s B767s Reduction of 7% of costs per ASK by increasing the amount of Economy seats

25 Fuel Hedge Fuel Hedge (% of consumption) 80% 60% 40% 20% 0% 48% 27% 10% 10% 27% 8% 9% 10% 18% 16% 9% 3% 1Q11 2Q11 3Q11 4Q11 WTI Swap WTI Collar 1 WTI Collar 2 WTI Call Option HO Call Option WTI Swap: $78.5 $79.0 $85.9 $100.3 WTI Collar 1: $62 / $85 $60 / $85 $60 / $90 $60 / $90 WTI Collar 2: $70 / $105 WTI Call Option: $120 $130 HO Call Option: $

26 LAN s Fleet Plan: Growth and Flexibility LAN s Fleet Plan ( ) Boeing F Cargo Boeing F Cargo Airbus Boeing Boeing ER Airbus A320 Fam Boeing Dash Q200 & Q Total Fleet Capex (US$ MM) ,810 1,343 1,119 US$ 5.5 Bn 26

27 LAN s Fleet Plan: Deliveries A320 Fam Short Haul B787 B767 Long Haul B777F B767F Cargo

28 2011 Estimated Capacity Expansion Passenger ASK Growth Cargo ATK Growth 25% 20% 15% 10% 11,5% 10,2% 9,2% 16% -18% 25% 20% 15% 10% 12,3% 20,5% 16%-18% 5% 5% 0% 0% -5% -10% E -5% -10% -6,0% E Expansion in regional markets Strengthen Lima hub and increase connectivity within the region Continue growth in domestic markets 3 additional B767 freighters ( ) Increased operations in Brazil and Europe Increased capacity in bellies of passenger aircraft 28

29 Contents I. LAN S BUSINESS MODEL II. FINANCIAL RESULTS III. AGREEMENT WITH TAM 29

30 LATAM Airlines Group: Status and Next Steps August 13, 2010: LAN and TAM announce their intentions to combine March 1, 2011: ANAC approved the proposed corporate structure May 26, 2011: Public Hearing LAN, TAM and interested parties will give their opinion about the transaction to the TDLC Court (May 10, 2011 is the deadline for delivering related information to the TDLC) January 18, 2011: LAN and TAM signed binding agreements Approvals & Registrations: CVM (Brazil), SVS (Chile), SEC (USA) Shareholder Meetings Exchange Offer & Closing Antitrust authorities in Chile, Brazil, Spain, Germany, Italy and Argentina *Pending steps 30

31 LATAM Airlines Group: Benefits for our Clients Our clients will have access to a network of over 120 destinations in 23 countries Opportunity to open new international destinations which couldn t be possible with each airline operating separately For cargo clients, the new airline group will provide more capacity, frequencies and destinations 31

32 LATAM Airlines Group: Corporate Structure TEP Brazil 13.5% LAN Controlling shareholders 24.1% Others LAN 46.6% Others TAM 15.8% LATAM AIRLINES GROUP (Currently LAN) Chile 80% Class A Shares (voting) 20% Class A Shares (voting) 100% Class B Shares (non voting) HoldCo Chile 100% ON Shares 100% PN Shares TAM S.A. Brazil 100% 100% TLA Brazil Pantanal Brazil 100% TAM Milor Brazil 32

33 LATAM Airlines Group: LAN and TAM Today Note: Most recent figures (as of Dec 2010) 33

34 LATAM Airlines Group: Unparalleled Service in the Region Estimated Synergies of US$400 Million Revenues: Passenger US$170 MM ; Cargo US$110 MM Costs: US$120 MM SOURCE: Company 20-F filings, Airline Business, + IR presentation, company websites and LAN estimates 34

35 LATAM Airlines Group: Consolidation of Traffic = Growth 35

36 LAN AIRLINES Corporate Update

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