Deutsche Bank. Andean Region Conference. London, May, 2016

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1 Deutsche Bank Andean Region Conference London, May, 2016

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 LATAM Airlines Group S.A.

3 LATAM Business Model 3

4 Investment Highlights Unique regional network with presence in 6 Home markets World class airline operator LATAM Airlines compares to largest international carriers 3x its next largest South American competitor in terms of revenues Strong market position in countries with high growth potential Number 1 or 2 in all the Home markets where LATAM operates Compared to developed countries, Latin America has low trips per capita rates Strong long term traffic growth expectations for the region 4 different business units with presence in 6 different countries Diversified business operations Solid long term hub strategy (Santiago, Lima, Brasilia, Sao Paulo) Low cost business model in all of LATAM s domestic operations Maximize efficiency and cost reductions One of the most modern fleets in Latin America and in the World Average fleet age of ~7.0 years Flexible and comprehensive business strategy Capture the preference of customers One of the first airlines in the region to start renewing its fleet Best network of destinations Lower unscheduled maintenance costs and lower fuel consumption 4

5 LATAM is the largest airline group in Latin America Unique regional platform provides LATAM with a competitive advantage Dom. Colombia 22% market share #2 Dom. Ecuador 33% market share #2 Dom. Peru 62% market share #1 Dom. Brazil 37% market share #1 6 Home markets (~90% of regional traffic) ~50% Market share intra-regional flights 3x its next competitor in terms of revenues Dom. Chile 75% market share #1 Dom. Argentina 25% market share #2 Data as of December 31,

6 LATAM has diversified sources of revenue Revenue by Business Unit Revenue by Geographic Area Cargo 13% Others 5% Chile 16% APAC & Other Latin America; 7% Peru 7% Argentina 10% Domestic SSC 17% International 42% Ecuador 2% U.S.A 11% Europe 7% Colombia 4% Domestic Brazil 23% Total = US$10,126mm 14.2 million members 73% owned by LATAM Brazil 36% Total = US$10,126mm Data as of December 31,

7 Latin America continues to offer significant growth potential Passenger traffic growth estimates (RPKs ) Trips per capita Growth 10.0% 8.6% 6.7% 2.9% 5.1% - 4.3% Ecuador 0.50 Argentina 0.50 Peru % 6.1% 6.0% 5.7% World Average 4.9% Mexico Brazil % 3.7% 3.1% Colombia Chile USA 2.68 UK 3.73 Middle East Asia Pacific Latin America Africa Europe CIS North America Includes domestic and international trips by all carriers. (Boeing, IATA and LATAM estimates); 2015 Growth represents actual figures published by IATA 7

8 One of the Most Modern Fleets in Latin America and the World LATAM is one of the first airlines in the region to start renewing its fleet The average age of LATAM s fleet is approx. 7.0 years, making it one of the most modern in Latin America and in the world Modern fleet allows for lower unscheduled maintenance costs, lower fuel consumption, and operational and cost efficiencies achieved through operating fewer fleet types Flexible fleet arrangements to respond to market conditions Short Haul Seats Dec A A320/N A321/N Long Haul Seats Dec A B B787-8/ A B Total 240 Total 76 9

9 LATAM defined its strategy and aspiration Be the leading airline group in South America and one of the top airline groups in the world Network leadership Customer experience Cost competitiveness We are the best and most convenient option for customers because we offer more destinations with better schedule and competitive price Customers want to choose us because of our customer experience and of what our brand stands for Competitors can t afford pricing us out of existing markets or keep us away from new markets Strengthening the use of regional hubs Strengthen partnership and alliances Manage our fleet models best suited for each market Focus on increasing NPS Focus on generating one brand Reaffirm cost competitiveness Consolidate cost improvement culture 8

10 Network: Strengthening the use of hubs Key trends Map of LATAM s hubs 2016 New flights Sao Paulo Johannesburgo Lima Washington D.C Montevideo Antofagasta Salta Rosario Mendoza Lima Santiago Bogota North East Brasilia Sao Paulo LATAM hubs Connecting flows 10

11 Network: Two new joint business agreements American Airlines IAG 12

12 Customer Experience: Continuous Improvement Airport Digital Check-in unification implemented at our 10 main airports Self bag tag is being tested in two airports (GRU,BSB) VIP Lounge: GRU, BOG, EZE, SCL Contingency and Contact Center Wireless entertainment system for personal devices in our narrow body fleet. New app that allows passengers to be in charge of their own journey. New Brand implementation Live Chat now available in flights from SCL, LIM and BOG Flight Status available in LAN.com and LAN APP Visibility starting on May 2016 Process of implementation over a 3 year period 11

13 Cost Initiatives: Reduction target of 5% Work Fronts Fuel, Fees,& Fleet Operational Labor Main Cost Saving Drivers Fuel Efficiency Initiatives Supply Chain Efficiency Crews Contact Center Cost Saving (%) 2% 7% Overhead Project Simplification 20% Procurement Distribution & Commissions Other Project Total Cost of Ownership Passenger Service System Channel Mix Financial and Others TOTAL 5% 7% 8% 18% 13

14 Cost Initiatives: Our strategy is delivering results CASK-equivalent 1 (US cents) -20.4% 6,4 6,2 6,1 4, CASK-equivalent 1 ex fuel (US cents) -12.0% Fuel Cost ASK-equivalent 1 (US cents) -37.1% 4,2 4,1 4,0 3,5 2,2 2,1 2,0 1, ¹ASK-equivalent is the sum of passenger ASKs and the quotient of cargo ATK and (including LAN and TAM cargo operations) 14

15 Business Unit Overview 15

16 LATAM s business units provide a diverse revenue stream International Passenger 24 destinations 14.2 million passengers US$ 4.3bn LTM LTM Rev 42% Domestic Brazil 40 destinations 32.1 million passengers US$2.4bn LTM LTM Rev 23% Domestic SSC 71 destinations 5 countries 21.5 million passengers US$ 1.7bn LTM LTM Rev 17% Cargo 143 destinations 1.0 million tons US$ 1.3bn LTM LTM Rev 13% FFP Multiplus: 14,2 million members Lanpass: 11.3 million members LATAM Airlines Group Total Revenues US$ 10,126 mm Data as of December 31,

17 International Passenger Business Unit Market Facts 2015 Operations $ 2015 revenues (US$ Bn) % of Total revenues % Capacity (ASK millions) Unit Revenue (RASK US$ cents) Passengers (MM) 14.1 Change (%) 4% % of Total ASKs 52% ,6 5,9 # of aircrafts Market Share (%) (US S. America) 24% (Europe S. America) (Regional) 12% 43% 17

18 Domestic Brazil Passenger Business Unit Market Facts 2015 Operations $ % of Total revenues 23% Capacity (ASK millions) Unit Revenue (RASK US$ cents) 2015 revenues (US$ Bn) 2.4 Passengers (MM) 32.1 Change (%) -4% % of Total ASKs 32% ,6 5,9 # of aircrafts Market Share (%) 37% 18

19 Spanish Speaking Countries ( SSC ) Passenger Business Unit Market Facts 2015 Operations $ % of Total revenues 17% Capacity (ASK millions) Unit Revenue (RASK US$ cents) 2015 revenues (US$ Bn) 1.7 Passengers (MM) 21.5 Change (%) 4% % of Total ASKs 16% ,1 8,3 # of aircrafts Market Share (%) 25% 75% 22% 33% 62% 19

20 Cargo Business Unit Market Facts 2015 Operations $ 2015 revenues (US$ Bn) % of Total revenues % Capacity (ATK millions) Unit Revenue (RASK US$ cents) Tons(MM) 1.0 Change (%) -9,0% # of aircrafts ,7 18,8 Market Share (%) (US Latin America) (Europe Latin America) Domestic Brazil 39% 24% 54%

21 Outlook for 2016 Guidance 2016 ASK Growth International (Long Haul & Regional) 3% - 5% Brazil Domestic (8%) (10%) SSC domestic 6% - 8% TOTAL (1%) - 2% ATK Growth 0% - (2%) Operating Margin 4.5% / 6.5% Assumptions Average exchange rate BRL/USD 4.25 Jet Fuel Price (US$/bl) 52 The Company will continue to review capacity in markets where demand has been most impacted during this year, but at the same time will continue to pursue growth opportunities in specific markets. 21

22 Financial Overview 22

23 Our 2015 operating margin grew 1% (US$ Millions) FY2015 FY2014 Change Total Operating Revenues 10,126 12, % Passenger 8,411 10, % Cargo 1,329 1, % Total Operating Costs -9,612-11, % Operating Income % Operating Margin 5.1% 4.1% 1.0pp Net Income % Foreign exchange gains/(losses) % EBITDAR 1,973 2, % EBITDAR Margin 19.5% 16.2% 3.2pp Source: LATAM Financial Statements 23

24 Revised Fleet Commitments Fleet Commitments, March Ʃ ( ) =US$7,7bn Current Fleet Commitments¹, March Ʃ ( ) =US$4,8bn Fleet Commitments Reduction (US$mm) 391 1,062 1,417 2,870 ¹The plan above may vary as the Company advances with its ongoing negotiations. 24

25 Fleet Plan Total aircraft at the end of the year aircraft -22 aircraft +20 aircraft -13 aircraft +20 aircraft -11 aircraft Fleet Commitments (US$mm) Narrow Body Wide Body Freighters 1,689 1,952 1,409 1,486 ¹The plan above may vary as the Company advances with its ongoing negotiations. 25

26 2016 Fleet Financing Distribution 2.0 billion fleet commitments already financed for % EETC % 23% Financial Lease Sale& Leaseback/ Operating Lease EETC : ~USD 324 Million (A321, A350, B787) Commercial Loan: ~USD 456 Million (A350/A320N) Sale & Leaseback and Operating leases: ~USD 1,170 Million (A321, B787) 26

27 LATAM Debt Profile Debt by type as of December 31, 2015 Debt by currency as of December 31, 2015 Secured Loans 21% 79% Unsecured Loans 100% USD * Total Debt: US$9,1mm Debt maturity profile (US$MM) as of December 31, Secured debt Unsecured debt >2020 ¹The debt maturity profile does not include PDF. 27

28 LATAM Financial Ratios 10,0% 8,5% Cash and Equivalents as % of LTM revenues 20,5% 19,3% 14,0% 14,5% 12,3% 13,4% Caja + Buffer Caja Cash Buffer Adjusted Net Debt / Adjusted EBITDAR 7.2x 4.9x 5.5x 5.8x

29 Fuel and FX exposure LATAM has hedged 48% of its estimated fuel consumption for % 27% Portfolio 2015 Portfolio % 37% 27% 11% 1Q16 2Q16 3Q16 4Q16 Others BRL USD LATAM FX rate composition (%) 100% 13% 100% Others 12% 29% 23% BRL 58% 65% USD Operating exposure 1 Gap between revenues and costs in BRL of 6 p.p., between US$600 to 700 mm. The Company has a financial hedge of US$616 mm at an average rate of BRL 3.89 per USD. Revenue ¹Company estimates as of December, 2015 Cost 29

30 Thank You London, May, 2016

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