Fourth Quarter and Full Year 2011 Results Presentation. February 1, 2012

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1 Fourth Quarter and Full Year 2011 Results Presentation February 1, 2012

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. 4Q AND FY 2011 FINANCIAL RESULTS II. STRATEGIC INITIATIVES & FUTURE OUTLOOK 3

4 Highlights 4Q and FY 2011 (US$ million) 4Q 2011 % Change (YoY) FY 2011 % Change (YoY) Total Revenues 1, % 5, % Passenger Revenues 1, % 4, % C argo Revenues % 1, % Total Operating Expenses -1, % -5, % Operating Income % % Operating Margin 11.0% -5.1 pp 9.4% -4.3 pp Net Income % % EBITDAR * % 1, % EBITDAR Margin 21.0% -4.3 pp 19.6% -3.9 pp 4Q 2011 results continue to reflect solid demand trends in both passenger and cargo operations Operating margin in 4Q 2011 reflects higher costs related to the startup of LAN s operations in Colombia and the ongoing effects of the volcanic ash cloud Operating margins were also affected by an increase in fuel prices, a part of which were not recovered via the fuel surcharge mechanism * EBITDAR = Operating income + depreciation & amortization + aircraft rentals 4

5 4Q Operating Margin Analysis Operating Margin (%) 1.3% 16.2% 3.5% 6.4% 1.5% 0.7% 0.3% 1.1% 11.0% 2010 Yield F.O Fuel LAN Colombia Ash Cloud LATAM Costs Others Fuel Price* [US$] % 211 Op. Margin [US$MM] % *Fuel price excludes fuel hedge 5

6 FY Operating Margin Analysis Operating Margin (%) 1.4% 7.7% 10.1% 13.8% 1.0% 0.8% 0.3% 1.3% 9.4% 2010 Yield F.O Fuel LAN Colombia Ash Cloud LATAM Costs Others Fuel Price* [US$] % 623 Op. Margin [US$ MM] % *Fuel price excludes fuel hedge 6

7 Passenger Business - Revenue Increases 20.8% in 4Q % +10.8% -1.8 pp ,7% 79,9% Pax Capacity (million ASK) Pax Traffic (million RPK) Pax Load Factor +9.1% +6.7% 9,8 10,7 8,0 8,5 Pax Yield (US$ cents) Pax RASK (US$ cents) 4Q Q

8 Passenger Business - Capacity Growth 4Q 2011 ASK 4Q 2010 ASK 4Q 2011 Dom. Peru 8% Dom. Argent. 7% Dom. Ecuador 1% Dom. Ecuador 1% Dom. Argent. 7% Dom. Peru 7% Dom. Colombia 5% Regional 23% Intl. (Long Haul) 46% Intl. (Long Haul) 42% Regional 24% Dom. Chile 15% Dom. Chile 14% Growth in ASK (4Q11 vs. 4Q10) 13.3% International (Long Haul) 1.3% Regional 17.2% Chile Domestic 9.9% Peru Domestic 0.4% Argentina Domestic 22.3% Ecuador Domestic 54.8% 8

9 Integrating LAN Colombia Turnaround Process LAN Colombia s Fleet Recover reliability and OTP LAN safety and security standards(iosa) Improve flight offers & quality of service Recover profitability Rebranding AIRES to LAN (Dec 2011) Grow capacity with Airbus A320 fleet BOEING Aircraft: 6 Seats: 148 DASH 8-Q400 Aircraft: 4 Seats: 78 AIRBUS A320 Aircraft: 3 Seats: 168/174 DASH Aircraft: 10 Seats: 37 Turnaround Process Rebranding Integrating LAN Colombia 9

10 Cargo Business - Revenue Increases 15.8% in 4Q % +10.0% +0.2 pp ,8% 72,0% Cargo Capacity (million ATK) Cargo Traffic (million RTK) Cargo Load Factor +5.2% +5.4% 41,6 43,8 29,9 31,5 Cargo Yield (US$ cents) Cargo RATK (US$ cents) 4Q Q

11 4Q Cost Analysis Costs (US$ millions) 4Q11 4Q10 Variation (%) Wages & Benefits % Fuel Costs % Commissions to Agents % Depreciation & Amortization Other Rental & Landing Fees % % Passenger Service % Aircraft Rentals % Maintenance Expenses % Other Operating Expenses % Main Impacts Increased headcount, LAN Colombia, partially offset by depreciation of Latin American currencies 29% higher fuel costs 19% increase in passenger and cargo traffic revenues Delivery of 14 A320 Family and 3 Boeing passenger aircraft Higher handling costs and aeronautical 45.3 rates partially offset by lower ACMI leasing costs. More passengers transported Incorporation of 23 aircraft of LAN Colombia, 1 B767F and 6 Airbus A320s Larger fleet, including LAN Colombia Commercial and distribution system expenses Total Costs 1,366 1,092 25% 11

12 Solid Financial Position EBITDAR/ Interest expenses Liquidity (US$ mm) (% of revenues LTM) 27% % % 19% % Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Cash PDPs with own funds Committed credit lines Adj. Debt/ EBITDAR LAN remains one of the few investment grade airlines in the 43,5 world 41,3 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 12

13 Fuel Hedges Fuel Hedges (% of consumption) 90% 71% 34% 60% 30% 0% 10% 10% 10% 15% 9% 12% 10% 28% 5% 22% 10% 5% 5% 7% 10% 4Q11 1Q12 2Q12 3Q12 WTI Swap WTI Collar 1 WTI Collar 2 WTI Collar 3 WTI Call Option WTI Swap: $94.1 $94.5 $85.3 $86.4 WTI Collar 1: $60 / $90 $70 / $95 $75 / $95 $75 / $100 WTI Collar 2: $75 / $100 $75 / $95 $75 / $97 $70 / $93.6 WTI Collar 3: $75 / $97 $70 / $91.9 WTI Call Option: $ Note: hedging position as of January 31, 2012

14 Contents I. 4Q AND FY 2011 FINANCIAL RESULTS II. STRATEGIC INITIATIVES & FUTURE OUTLOOK 14

15 Net Fleet Deliveries A320 Fam Short Haul B787 B Long Haul 1 2 B777F B767F Cargo Total Fleet CAPEX (US$ millions) ,759 1,374 1,598 Total CAPEX ( ) US$ 8.9 bn 15

16 2012 Estimated Capacity Expansion Passenger ASK Growth Cargo ATK Growth 25% 20% 15% 10% 10,2% 9,2% 13,7% 12% -14% 12% - 14% 25% 20% 15% 10% 20,5% 12,4% 7% - 9% 5% 5% 0% 0% -5% -10% E -5% -10% -6,0% E 16

17 Milestones in the Merger with TAM Aug 13, 2010 LAN and TAM announce their intentions to combine Mar 1, 2011 ANAC approved the proposed corporate structure Antitrust Brazil SEAE (Aug 2011) SDE (Aug 2011) CADE (Dec 2011) Nov 15, 2011 F4 SEC filing (preliminary version) Jan 18, 2012 Edital CVM filing (preliminary version) Jan18, 2011 LAN and TAM signed binding agreements Antitrust Europe Germany (Jul 2011) Italy (Aug 2011) Spain (Oct 2011) Antitrust Chile TDLC (Sep 2011) Supreme Court (pending) Shareholder Meetings LAN (Dec 2011) TAM (Jan 2012) 17

18 Detailing the Updated Estimated US$600~700M in Synergies Revenue: Cargo~$ M, Pax ~$ M Cost: ~$ M Lower bound Synergy source Value US$ Millions Rationale Synergy source Value US$ Millions Rationale Upper bound Cargo New service, sharing of best practices Airports Consolidation of functions in overlapping stations Network relevance Improved access to joint hubs and combined network appeal Procurement Leveraging economies of scale in contracts New and increased connectivity Combined network creates new city pairs and increased service Corporate Streamlining of corporate overhead and some functions New flights Combined network supports new flights and hubs IT Efficiencies of common IT platforms Other passenger revenue Includes consolidation of partner airline contracts and increased utilization Maintenance Leveraging economies and efficiencies of scale Frequent flyer Consolidation of the programs and sharing of best practices Sales Efficiency of combined sales efforts 18

19 Fourth Quarter and Full Year 2011 Results Presentation February 1, 2012

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