Bank of America Merrill Lynch 2018 Emerging Markets Corporate Credit Conference. Miami, May 2018

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1 Bank of America Merrill Lynch 2018 Emerging Markets Corporate Credit Conference Miami, May 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 14 million members. (2) American Airilnes, British Airways, Iberia and Qatar Airways 3

4 4 Fleet: One of the most modern in Latin America & the world ~7.9 years average age Our fleet 307 aircrafts Seats E 2019E Airbus A Airbus A Airbus A320 neo Airbus A Airbus A321 neo Short Haul Total Long Haul Seats E 2019E Airbus A Boeing Boeing Boeing Boeing Total Cargo Capacity E 2019E 10 Boeing 767F 53 tons Total

5 Unique leadership position and leading regional presence as a key competitive advantage 1st 2nd AIRLINES CHILE 67% market share 1 Market size 12mm AIRLINES COLOMBIA 23% market share 1 Market size 27mm AIRLINES PERU 55% market share 2 AIRLINES ECUADOR 36% market share 3 AIRLINES BRAZIL 33% market share 1 AIRLINES ARGENTINA 16% market share 2 Market size 12mm Market size 3mm Market size 91mm Market size 13mm 1 Market Share (RPKs) : Mar 2018 (JAC Chile, ANAC Brazil, Aeronáutica Civil Colombia) 2 Market Share (Passengers): Mar 2018 (Ministry of Transportation Peru, EANA Argentina) 3 Market Share (ASK) Jan-Dec 2017 (Diio.net for Ecuador) 5

6 Unique leadership position and leading regional presence as a key competitive advantage South America North America & the Caribbean South America - Europe AIRLINES 19% market share 2nd AIRLINES 13% market share 3rd South America Asia Pacific Within South America AIRLINES 45% market share 1st AIRLINES 47% market share 1st Market Share (ASKs) information as of December 31, Source: Company s estimates 6

7 One of the largest airline groups in the world Passengers transported 2017 (million) #1 Latin American airline in terms of passengers and #14 in the world Latin American airlines Data as of Dec 31, 2017 except for: C. Eastern, Air China, Etihad (2016), Emirates, Qatar (LTM March 2017), Qantas, V. Australia (LTM June 2017) and SAS(LTM October 2017). Sources: Company s websites, Bloomberg 7

8 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 4% Peru 6% Europe 7% U.S.A 10% Argentina 11% Ecuador 2% Chile 16% Brazil 36% Argentina 5% Perú 14% Chile 26% Colombia 3% Ecuador 2% Brazil 50% Total = US$10,417 mm Total = US$10,417 mm Total = 137,404 million ASK Data as of March 31, 2018 Source: LATAM s published Financial statements and public Company filings 8

9 Latin America offers significant growth potential Latin America will grow in line with other emerging markets, and faster than Europe or the US RPKs growth % 6.1% 5.9% 5.7% 5.6% World average 4.7% 3.7% 3.0% Latin America 2017 Latin America Africa Asia Middle East Europe North America Trips per capita US Chile Colombia Mexico Peru LATAM markets Argentina Brazil Data from World Bank, IATA and Boeing, together with the Civil Aeronautics institutions of the respective country. 9

10 Leveraging Latin America's strongest network North /Central America & Caribbean Network is optimally structured to capture premium revenue 9 7 Europe 30 new routes launched in new routes launched in 2018 JBAs provide access to a network of more than 420 destinations LATAM destinations JBA destinations Oceania 4 LIM SCL BSB GRU South America 116 Africa 1 10

11 New domestic business model and strong focus on ancillary initiatives 2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec UPG Biding Brazil Preferred Seat Sale New Sales Model Branded Fares (4 fares with pre-defined features for customer segmentation) Excess Baggage Charge Same Day Flight Change Lower costs Lower fares More passengers More ancillaries More capacity 11

12 LATAM s operating fleet plan Freighter (1) Wide Body Narrow Body Fleet commitments US$1,952 US$326 US$714 US$1,213 (1) 21 redeliveries and 5 additional subleases 12

13 Capital expenditures 2018 Maintenance New cabins Other projects Operating leases CAPEX Non-fleet CAPEX US$459 million US$255 million ~US$650 million ~US$905 million 13

14 Results reflect the resilience of our business model Operating Revenues (US$Bn) EBIT (US$mm) Net income (US$mm) -18.5% % Q17 1Q18 EBIT Margin +2.9 pp 7.0% 5.1% 6.0% 4.1% 8.4% % Q17 1Q18 FX Loss (US$) Q17 1Q18 Source: LATAM s published Financial Statements 14

15 Continuous improvement of main credit metrics (US$ Million) March 31, 2018 March 31, 2017 Variation Cash & Cash equivalents Cash & cash equivalents 1,470 1, RCF & commited credit lines Liquidity (1) 18.4% 18.0% +0.4pp Net Debt 6,170 7, Leverage Adjusted Net Debt 10,125 11, EBITDAR(LTM) 2,296 2, Leverage (2) 4.3x 5.4x -1.1x (1) % of last twelve months revenues. Includes RCF. (2) Adjusted for the capitalization of operating leases (7x yearly expense) 15

16 Significant improvement in operating cash flow generation Free cash flow (1) (USD million) ,076 1,379 1,339 LTM Dec '16 LTM Mar '17 LTM Jun '17 LTM Sep '17 LTM Dec '17 LTM Mar '18 Better operational results providing higher cash flows Positive impact from the negotiations related to our fleet plan (1) Cash flow from operating activities Cash flow used in investing activities 16

17 Improvement in liquidity and leverage Adjusted Net Debt (1) /EBITDAR LTM Cash and Equivalents as % of LTM revenues 5.8x 9, x 8, x 4.3x 7,892 7, % 20.3% 18.4% 14.5% 2,064 1,920 1, , ,361 1,486 1,614 1,470 Dec 15 Dec 16 Dec 17 Mar 18 Dec 15 Dec 16 Dec 17 Mar 18 Total Gross Debt Adjusted Net Debt / EBITDAR Ending Cash Liquidity + Buffer Committed Lines & RCF (1) Adjusted for the capitalization of operating leases (7x yearly expense) 17

18 Extended debt maturity (1) profile and low cost of debt Debt maturity profile (US$MM) as of March 31, 2018² 742 1,118 1, , >2027 Unsecured Secured Debt by type as of March 31, 2018 Cost of debt as of March 31, % 12% 22% 2% 62% Aircraft Loans Public Obligations Bank Loans EETC PDP Banks 3.0% PDP 5.0% Bonds 6.6% Fleet 3.6% WACD 4.3% (1) Adjusted for the capitalization of operating leases (7x yearly expense) (2) The debt maturity profile does not include PDP and short term rolling debt. 18

19 Financial hedging strategy to protect medium term operational margin Fuel Hedge (% consumption) 1 BRL Hedge (US$MM) 1 Reduced exposure to floating rates 2 U$2.9bn U$4.7bn 37% 45% 44% 25% 5% 2Q18 3Q18 4Q18 1Q Q18 3Q18 4Q18 1Q19 61% 2% U$0.1bn Fixed Floating w/ Hedge Floating 1 Information as of May 29, Information as of March 31,

20 Guidance Guidance Passenger (ASK) Cargo (ATK) International Domestic Brazil Domestic Spanish Speaking Countries Total 6% - 8% 2% - 4% 6% - 8% 5% - 7% 1% 3% Operating Margin (%) 7.5% - 9.5% Source: Public Company filings 20

21 Bank of America Merrill Lynch 2018 Emerging Markets Corporate Credit Conference Miami, May 2018

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