Fourth Quarter & FY 2008 Results Presentation
January 28, 2008

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, 2007.
Information, tables and logos contained in this presentation may not be used without consent from LAN
1

Contents
I. 4Q08 & FY 2008 Financial Results
II. Future Outlook
2

2008 Highlights
• LAN achieved strong operating performance as a 28.6% increase in revenues
outpaced an 8.9% growth in system capacity.
• Once again, LAN demonstrated the resiliency of its business model and its ability to
operate in a challenging environment.
• EBITDAR Margin for 2008 reached 19.2%. However, EBITDAR adjusted for the fuel
hedging gain reached 20.0%.
2007 2008 % Chg
US$ millions
Revenues 3,525 4,534 28.6%
Passenger 2,197 2,859 30.1%
Cargo 1,154 1,527 32.3%
Other 173 148 -14.5%
Total Operating Expenses (3,112) (3.998) 28.5%
Operating Income 413 536 29.7%
Operating Margin 11.7% 11.8% 0.1 pp
Net Income 308 336 8.9%
EBITDAR* 726 870 19.9%
EBITDAR Margin 20.6% 19.2% -1.4 pp
3
* EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

4Q08 Highlights
• Solid results driven by strong operating performance, especially in the passenger
business, as well as a significant decline in fuel prices during the quarter.
• Operating Margin for 4Q08 reached a record 19.7%.
• EBITDAR Margin for 4Q08 reached 27.3%, an increase of 6.5 pp over 4Q07.
4Q07 4Q08 % Chg
US$ millions
Revenues 1,046 1,179 12.7%
Passenger 642 781 21.5%
Cargo 349 364 4.1%
Other 54 35 -35.3%
Total Operating Expenses (914) (947) 3.6%
Operating Income 132 232 76.2%
Operating Margin 12.6% 19.7% 7.1 pp
Net Income 101 117 16.1%
EBITDAR* 217 322 48.3%
EBITDAR Margin 20.7% 27.3% 6.5 pp
4
* EBITDAR = Operating income + depreciation & amortization + aircraft rentals (does not include fuel hedging gains/losses)

4Q08 – Strong EBITDAR Margin Driven by Higher Yields and
Lower Fuel Costs
30%
2,8 pp
2,5 pp 0,5 pp
25% 6,5 pp.
6,7 pp
20%
15%
27,3%
20,7%
10%
5%
0
4Q07 Yield Load Factor Fuel Price Others 4Q08
-10.8%
-10.8%
2.69 2.40
LAN Fuel Price [cUS$]
EBITDAR [MMUS$]
217 322
217 +48.3%
322 +48.3%
System ATK [mill.]
1,868 1,981
1,868 1,981 +6.1%
+6.1%
5
EBITDAR Margin = Operating income + depreciation & amortization + aircraft rentals / Revenues

Passenger Business Revenue Grows 21.5%
Revenue growth driven by a 10.5% growth in traffic and a 10.0% increase in
yields
4Q07
10,0%
4Q08
11,0
10,0
Pax Yield (US$ cents)
-1,1 pp.
12,1%
8.329 9.333 76,9% 75,8%
8,4%
Pax Capacity (mill ASK) Pax Load Factor
8,4
7,7
Pax RASK (US$ cents)
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Important Growth in all Passenger Operations
Domestic operations were the main drivers of ASK growth in the passenger
business
4Q07 4Q08
ASKs ASKs
Arg
Arg dom; 8%
Peru dom;
dom; 5%
Peru dom;
7%
9%
Chile
Int.
dom;
(LH);
Int (LH);
15%
46% 44%
Chile dom;
14%
Regional
; 27% Regional;
25%
Growth in ASK (4Q08 vs. 4Q07): +12%
International (Long Haul) +5%
Regional +2%
Chile domestic +9%
Peru domestic +48%
Argentina domestic +92%
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Cargo Business Revenue Grows 4.1%
Revenue growth driven by a 7.6% increase in yields despite 3.3% decline in
traffic.
4Q07
7,6%
4Q08
49,8
46,3
Cargo Yield (US$ cents)
5,0% -6,0 pp.
1.049
998 75,6% 69,6%
-0,9%
Cargo Capacity (mill Cargo Load Factor
ATK)
35,0 34,7
Cargo RATK (US$
8
cents)

4Q08 - Cost Analysis
47,0
-0,3%
46,5
46,0 1,7
45,5 2,5
0,1
46,8 46,7
45,0
0,6
0,2
44,5
0,0
4Q07 Fuel W&B Commercial Fleet Passenger 4Q08
Services & Other
Operating Costs
• Unit costs decreased 0.3% in 4Q08 driven by:
• Fuel costs decreased 5.4% driven by a 10.8% decline in fuel prices which was offset by a 6.1%
increase in consumption.
• Wages & Benefits increased 4.2%, driven mainly by the increase in average headcount during the
quarter which was offset by the impact of devaluation of domestic currencies in the region.
• Commercial costs decreased driven by a 1.3% reduction in average commissions.
• Passenger Services & Other Operating Costs increased driven by higher traffic (21% more
passengers) and higher sales costs.
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Contents
I. 4Q08 & FY 2008 Financial Results
II. Future Outlook
10

Fleet Plan
141
150
4
Average Fleet Age (Dic 08): 5.2 years Cargo
9
Boeing 777-200F Cargo
113
120 32
3
103 9 Boeing 767-300F Cargo
95 Passenger
5
+10
9
90 Long Haul 32
90 5
9 +8
9 28
5 Airbus 340-300
+6
5
+19 28
26
26
60 Boeing 787
Passenger
Short Haul
68 68 Boeing 767-300ER
30 59
53
50
Airbus A320/A319/A318
0
2008 2009 2010 2011 2012-18
CAPEX 2008 2009 2010 2011 2012-18
US$6.4 Billion
Aircraft 754 274 493 599 4.300 2008-2018
11
Non Aircraft 124 165 124 109

2009 Estimated Capacity Expansion
Passenger ASK Growth Cargo ATK Growth
25%
25%
20%
19.5%
20%
15%
12.3%
15%
~10% 10%
11.5%
11.5% 7.0% 6.9%
10% 5%
0%
5%
-5%
~ -5%
0%
-10%
2006 2007 2008 2009E
2006 2007 2008 2009E
12

LAN CARGO is Well Prepared to Face 2009 Challenges
Demand outlook for 2009:
Southbound traffic likely to decrease due to economic slowdown
and dollar appreciation
Northbound traffic likely to maintain current levels (except for
salmon exports from Chile)
Cargo business strategy for 2009:
Arrival of 2 B777F will represent discrete jump in operating
efficiency
Continuous tactical reallocation of capacity to defend yield and load
factors
Contingency growth plans to maintain adequate supply in core
routes (e.g. Colombia, Central America, others)
13

LAN Ecuador: New Domestic Operation
Lan Ecuador Destinations Highlights
New operation expected to start at the end of
Galapagos March 2009 operating with 3 A320 family aircraft.
LAN Ecuador will provide the best connectivity
between domestic & international markets.
Quito Authorization granted to operate the following
routes:
Guayaquil-Quito-Guayaquil
Guayaquil
Guayaquil-Cuenca-Guayaquil
Quito-Cuenca-Quito
Cuenca
Quito/Guayaquil-Galapagos-
Guayaquil/Quito
14

Fuel Hedging
Fuel Hedging Program 2008-2009 (*)
US$140 US$140 US$140 US$140 US$140
Hedging
Price Band
(US$ barrel)
US$107 US$104 US$ 94 US$ 92 US$ 92
Average 2009: 27% @ US$ 101/Bbl
45%
% Total Consumption Hedged
40%
35%
30%
25%
40%
20%
30%
15%
20% 20%
10%
10%
5%
0%
1Q09 2Q09 3Q09 4Q09 1Q10
% Fuel Consumption Hedged
15
(*) Hedging as of January 2009

Fourth Quarter & FY 2008 Results Presentation
January 28, 2008