Deutsche Bank 16 th Annual Global Emerging Markets. New York, September 2017

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1 Deutsche Bank 16 th Annual Global Emerging Markets New York, September 2017

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 at a glance: Latin America s leading and largest airline Leading network and platform in Latin America, with hubs in Sao Paulo, Lima, Brasilia and Santiago 135 destinations in 24 countries, 67mm passengers transported during 2016 ~2x the size of our next regional competitor in terms of passengers (1) Unparalleled strategic partnerships (oneworld, AA, BA, IB, Qatar) (2) provide support and expand reach globally Leading frequent flyer and loyalty programs ~30 million members ~2.5x the size of our next regional competitor in terms of members (1) Almost half of the passengers in South America fly LATAM Source: Public Company filings. (1) Compared to Gol. Gol s Smiles loyalty program has 12 million members. (2) American Airilnes, British Airways, Iberia and Qatar Airways Best Airline in South America

4 One of the largest airline groups in the world Passengers transported 2016 (million) Latin American airlines Data as of December 31, 2016 Sources: Bloomberg, company s websites 4

5 LATAM has developed diversified sources of revenue International Passenger LTM Rev 44% Domestic Brazil LTM Rev 23% Domestic SSC LTM Rev 18% 15.1 million passengers US$ 4.3bn LTM Airlines Brazil 29.0 million passengers US$2.2bn LTM Airlines Argentina - Chile Colombia Ecuador Peru 22.8 million passengers US$ 1.6bn LTM Cargo LTM Rev 12% FFP 0.9 million tons US$ 1.1bn LTM Multiplus: 16.5 million members LATAM PASS: 13.0 million members Source: Public company filings. Data as of June 30, 2017 Revenues include total operating revenues and other operating income. Breakdown of passenger revenues are Company estimates Total Revenues US$ 9,840 mm 5

6 Strong presence in domestic markets 2016 Mkt share 100% 90% 80% LATAM 25% Avianca Brasil Azul Sky Others Satena Viva Colombia Avianca Star Perú LC Perú Avianca 70% 60% 50% LATAM 35% LATAM 21% LATAM 31% Peruvian Airlines 40% 30% Aerolineas Argentinas LATAM 76% Avianca LATAM 61% 20% Gol Tame 10% 0% Argentina Brazil Chile Colombia Ecuador Peru Sources: ANAC, DGAC, JAC, Transport Ministry of Peru, Aerocivil Colombia; with internal company estimates Note: Information as of December 31,

7 Leading in connecting South America and to the world 2016 Mkt share 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Others Gol Aerolineas Argentinas Avianca LATAM 45% Others United Avianca Copa LATAM 21% American Airlines Others TAP Portugal Luthfansa LATAM 13% IAG Air France-KLM Air New Zealand Qantas LATAM 44% South America North America Europe Asia Pacific Source: Internal company estimates Note: Information as of December 31,

8 Latin American airline market offers significant growth potential Latin America will grow in line with other emerging markets, and faster than Europe or the US RPKs growth % 6.0% 5.9% 5.8% World average 4.7% 3.7% 3.1% Latin America Africa Asia Middle East Europe North America Per-capita penetration of trips in Latin America is still low Trips per capita ,2 LATAM core markets 2,9 1,1 0,7 0,6 0,6 0,6 0,5 0,5 UK US Chile Colombia Mexico Peru Brazil Argentina Ecuador Data from World Bank, IATA and Boeing, together with the Civil Aeronautics institutions of the respective country. 1 Trips per capita 2015 for Ecuador 8

9 Consolidating LATAM as the leading airline in the region Network Leadership Domestic Business Model Cost Competitiveness Customer Experience Improving Results 9

10 LATAM Airlines Group continues to strengthen its network through new routes and strategic alliances Lima Santiago 9 6 Europe North /Central America & Caribbean South America Africa Guarulhos Brasilia BSB 1 LIM GRU Oceania SCL LATAM Destinations JBA* impact * Subject to regulatory approval Source: Public Company filings and press releases 10

11 New domestic business model: Increase competitiveness vs. ULCC More growth Sustainable margins Lower fares Up to 20% reduction of base fares Lower costs Lower sales costs Digital empowerment Buy on board Increased operational productivity Lower overhead costs More passengers 50% more domestic passengers by 2020 More ancillaries Clear opportunity for growth: First and second bag Changes / Flexibility Preferred seating More capacity Increased utilization Larger aircraft Higher load factor Source:LATAM website ( and press releases 11

12 Buy-on-Board and New Sales Model implemented in our domestic markets 5 million passengers already tried the Buy-on-Board service 2 million passengers flying under the new sales model 25% of daily passengers in SSCs flying with discounted fares 449 self attendance kiosks for check-in and to check baggage 71 airports with self attendance kiosks 12

13 Value added ancillary revenues Preferred seat sales Cabin upgrade bidding Second bag Flight changes Source: Company internal information 13

14 Focus on increasing productivity Employees/Aircraft (1) # Aircraft and Average Seats -19% # Employees (average) 650 Narrow Body Fleet Avg. # Seats NB Wide Body Fleet Avg. # Seats WB # aircraft , , , Q E One time costs 2016: US$58 million in aircraft re-deliveries and US$89 million in severance payments (1) Average number of employees divided by operating aircrafts 14

15 Customer experience: a culture built around the client We take customers as the center of our decisions, and everything we do tends to improve client experience before, during and after flights, by making a fast and efficient execution Digital New app gives passengers control over their journey Airport Self attendance kiosks for check-in and to check baggage Customer centric FFP Important source of differentiation and revenues Operational excellence Improving customer satisfaction by improving OTP 15

16 Results reflect the resilience of our business model Operating Revenues (US$Bn) EBIT (US$mm) Net income (US$mm) -12.6% EBIT Margin +1.9 pp -0.8 pp ,5 10,1 9,5 +7.1% 4,4 4,8 4.1% 6.0% % 4.2% 29% increase in fuel prices -9.0% H6 1H H16 1H H16 1H17 Source: LATAM s published Financial Statements 16

17 Proactive capacity management driving load factors and pricing South America real GDP growth (1) 1.3% (CAGR) (1.9%) 1.3% LATAM ASK growth 0.5% (CAGR) 0.6% 1% - 3% Guidance LATAM passenger load factor Avg. 82.0% (3) 84.2% 84.3% (2) Focus on capacity adjustments starting on 2H16 Capacity (ASK) 5% 2% 2% 3% 3% 1% 0% 0% 0% -1% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Sequential improvement in passenger trends for the last three quarters Passenger unit revenue growth (YoY) -15% -23% -24% -24% -19% -14% -1% 8% 8% 10% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 (1) IMF as of April 2017 (2) As of June

18 Proactive capacity management Brazil domestic Brazil real GDP growth (1) 0.4% (CAGR) (3.5%) 0.2% LATAM Brazil ASK growth (4.1%) (CAGR) (11.5%) -3% - 1% Guidance LATAM Brazil passenger load factor 79.8% 82.3% 81.1% (2) Industry capacity adjustments driving yield and load factor Capacity (ASK) 1% 0% -1% -9% -8% -14% -13% -11% -10% -4% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Significant RASK recovery starting in 2H 16, though still low compared to historical levels Passenger unit revenue growth (YoY) -24% -35% -32% -38% -25% -10% 9% 35% 25% 16% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 (1) IMF as of April 2017 (2) As of June

19 Disciplined capital investment Reduction of $2.7 bn in fleet commitments for # of Aircraft Q # of Aircraft 2Q Total fleet commitments reductions Lower fleet capex commitments 2017 Lower fleet capex commitments 2018 Lower fleet capex commitments 2019 $2,685 $1,083 $785 $817 Source: Second quarter 2017 results press release, 20-F 2016 and 20-F

20 Focus on operating cash flow generation Free cash flow 1 (USD million) $336 $614 ($132) LTM Jun '16 LTM Dec '16 LTM Jun '17 Better operational results providing higher cash flows Positive impact from the negotiations related to our fleet plan Source: LATAM Financial Statements 1 Operating cash flow plus investments including pre-delivery payments (PDPs) 20

21 Improvement in liquidity and leverage Adjusted Net Debt(1)/EBITDAR LTM 5,8x 5,3x 5,2x Dec 15 Dec 16 jun-17 Total Gross Debt Adjusted Net Debt / EBITDAR Debt maturity profile as of June 30, 2017 (2) Cash and Equivalents as % of LTM revenues 21,1% 19,0% 14,5% Dec 15 Dec 16 jun-17 Cash Committed Lines & RCF Weighted Average Cost of Debt (%) H > PDP 3.51% Banks 3.24% Bonds 7.20% Fleet 3.25% WACD 4.17% Secured Unsecured (1) Adjusted for the capitalization of operating leases (7x yearly expense) (2) Does not include PDP and PAEs. Includes. 21

22 Fuel and FX hedging portfolio LATAM Fuel Hedge for % 45% 38% 33% 1Q17 2Q17 3Q17 4Q17 LATAM BRL Hedge for 2017 (USD Million) Q17 2Q17 3Q17 4Q17 Information as of August

23 Guidance 2017: disciplined approach is providing results Guidance 2017 Passenger (ASK) Cargo (ATK) International Domestic Brazil Domestic Spanish Speaking Countries Total 3% - 5% (3%) (1%) 2% - 4% 1% - 3% (12%) (10%) Operating Margin (%) 6% - 8% 23

24 Deutsche Bank 16 th Annual Global Emerging Markets New York, September 2017

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