Santander 22 nd Annual Latin American Conference. Cancun, January 2018

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1 Santander 22 nd Annual Latin American Conference Cancun, January 2018

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 and Santiago 137 destinations in 24 countries, 67mm passengers transported during 2017 ~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 More than 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 13 million members. (2) American Airilnes, British Airways, Iberia and Qatar Airways 3

4 One of the largest airline groups in the world Passengers transported 2016 (million) #1 Latin American airline in terms of passengers Latin American airlines Data as of December 31, 2016 Sources: Bloomberg, company s websites 4

5 Fleet: One of the most modern in Latin America & the world ~7.5 years average age Short Haul Seats 3Q17 Plan 2018 Airbus A Airbus A Airbus A320 neo Airbus A Airbus A321 neo Total Long Haul Our fleet 307 aircrafts Seats 3Q17 Plan 2018 Airbus A Boeing Boeing Boeing Boeing Total Cargo Cargo capacity 3Q17 Plan Boeing 767F 53 tons Boeing 777F 103 tons 1 - Total 8 10

6 Unique Leadership Position and Leading Regional Presence as a Key Competitive Advantage 1st 2nd AIRLINES CHILE 69% market share 1 AIRLINES BRAZIL 33% market share 1 AIRLINES COLOMBIA 22% market share 1 Market size 11mm Market size 89mm Market size 27mm AIRLINES PERU 58% market share 2 AIRLINES ARGENTINA 24% market share 2 AIRLINES ECUADOR 31% market share 1 Market size 11mm Market size 11mm Market size 3mm 1 Market Share (RPKs) : Jan-Nov 2017 (JAC Chile, ANAC Brazil, ) Jan-Oct 2017 (Aeronáutica Civil Colombia) 2016 (Internal estimates Ecuador) 2 Market Share (Passengers): Jan-Oct 2017 (Ministry of Transport Peru) 2016 (ANAC Argentina) 6

7 Unique Leadership Position and Leading Regional Presence as a Key Competitive Advantage South America - US South America - Europe AIRLINES 21% market share 2nd AIRLINES 13% market share 3rd South America Asia Pacific Within South America AIRLINES 44% market share 1st AIRLINES 45% market share 1st Market Share (ASKs) information as of December 31, Source: Company s estimates 7

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 The Company has developed diversified sources of revenue LTM Revenue by Business Unit LTM Revenue by Point of Sale LTM ASK by Country Cargo 11% Domestic SSC 16% Others 5% Domestic Brazil 23% Internatio nal 45% APAC & Other Latin America 8% Colombia Peru 4% 7% Europe 7% U.S.A 9% Argentina 12% Ecuador 2% Chile 16% Brazil 35% Argentina 5% Perú 14% Chile 25% Colombia 3% Ecuador 2% Brazil 51% Total = US$9,966 mm Total = US$9,966 mm Total = 136,171 million ASK Data as of September 30, 2017 Source: LATAM s published Financial statements and public Company filings 9

10 Consolidating LATAM as the leading airline in the region Network Leadership Domestic Business Model Cost Competitiveness Customer Experience Improving Results 10

11 LATAM is Leveraging Latin America s Strongest Network More than 30 New Routes Over the Last Two Years 11

12 JBAs Provide Access to a Network of More Than 420 Destinations 12

13 LATAM s New Domestic Business Model Adapting to the changing dynamics of customers and the industry 13

14 New domestic business model: Increase competitiveness vs. ULCC More growth Sustainable margins More capacity Increased utilization Larger aircraft Higher load factor More ancillaries First and second bag Changes / Flexibility Preferred seating Lower costs Lower sales costs Digital empowerment Buy on board Increased operational productivity Lower overhead costs Lower fares Up to 20% reduction of base fares More passengers 50% more domestic passengers by 2020 Source:LATAM website ( and press releases 14

15 Committed to offering our passengers an unrivalled travel experience Already implemented Recent Developments 15

16 A Culture Built Around the Client Customer-centric decision making. Focus on improving the client experience prior to, during and after the flight, through fast and efficient execution Digital Airport New app gives passengers control over their journey Self-serve kiosks for check-in and to check baggage Customer FFP Important source of differentiation and revenues centric Aircraft New cabins in wide body fleet to improve in-flight experience 16

17 Efficient cost structure increases LATAM s competitiveness 20% Headcount Reduction Thousands FTE Right-sized Fleet plan US$ million 4Q 2015 Plan , , % Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Q 2017 Plan 1, US$2.6bn reduction 716 1, Source: Public Company filings. 17

18 Results reflect the resilience of our business model Operating Revenues (US$Bn) EBIT (US$mm) Net income (US$mm) -12.6% EBIT Margin FX Loss (US$) +1.9 pp +0.6 pp ,5 +6.3% 4.1% 6.0% 6.0% 5.4% +19.3% 10,1 9,5 7,0 7, M16 9M M16 9M M16 9M17 Source: LATAM s published Financial Statements 18

19 Continues improvement of credit metrics and fleet adjustments Cash & Cash equivalents (US$ Million) September 30, 2017 September 30, 2016 Changes Cash & cash equivalents 1,499 1, RCF & commited credit lines Liquidity (1) 19.6% 14.6% +5.0pp Net Debt 6,671 7,729-1,058 Leverage Adjusted Net Debt 10,818 11, EBITDAR(LTM) 2,018 1, Leverage (2) 4.9x 5.8x -0.9x Fleet Fleet commitments ,042 2,076-1,034 Fleet by the end of (1) % of last twelve months revenues. Includes RCF. (2) Adjusted for the capitalization of operating leases (7x yearly expense) 19

20 Significant improvements on operating cash flow generation Free cash flow (1) (USD million) LTM Dec '16 LTM Mar '17 LTM Jun '17 LTM Sep '17 Better operational results providing higher cash flows Positive impact from the negotiations related to our fleet plan (1) EBITDA + WK + Paid Taxes + Interest Income + Other Operating Activities Capital expenditures (including Pre-delivery payments) Intangible assets + Asset Sales 20

21 Improvement in liquidity and leverage Adjusted Net Debt (1) /EBITDAR LTM 5,8x 5,3x 4,9x Dec 15 Dec 16 Sep 17 Total Gross Debt Adjusted Net Debt / EBITDAR Debt profile as of September 30, 2017 (2) Cash and Equivalents as % of LTM revenues 19,0% 19,6% 14,5% Dec 15 Dec 16 Sep 17 Cash Committed Lines & RCF Weighted Average Cost of Debt (%) Q > PDP 4.05% Banks 3.43% Bonds 6.56% Fleet 3.29% WACD 4.06% Secured Unsecured Data as of September 30, 2017 (1) Adjusted for the capitalization of operating leases (7x yearly expense) (2) Does not include PDP and Short term debt 21

22 Fuel and FX hedging portfolio LATAM Fuel Hedge (% estimated fuel consumption) 33% 20% 23% 15% 4Q17 1Q18 2Q18 3Q18 LATAM BRL Hedge (US$ mm) Q17 1Q18 2Q18 3Q18 Information as of January

23 Guidance Guidance Passenger (ASK) International 4% 6% - 8% Domestic Brazil (4%) 2% - 4% Domestic Spanish Speaking Countries 0% 6% - 8% Total 1% 5% - 7% Cargo (ATK) (7%) 1% 3% Operating Margin (%) 6% - 8% 7.5% - 9.5% Source: Public Company filings 23

24 Santander 22 nd Annual Latin American Conference Cancun, January 2018

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