J.P. Morgan 2019 Global Emerging Markets Corporate Conference. Miami, February 2019

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1 J.P. Morgan 2019 Global Emerging Markets Corporate Conference Miami, February 2019

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 s long-term success is supported by its regional leadership Key Highlights Leading network and platform in Latin America, with hubs in Sao Paulo, Lima and Santiago 143 destinations in 26 countries 310 aircraft operating fleet 1 with an average age of ~9 years 69 million passengers transported in ,974 employees distributed throughout 24 different countries Leading frequent flyer and loyalty programs with over 30 million members Source: Public Company filings and press releases 1 Excludes 4 short-term leased aircrafts 3

4 American Airlines Delta United Southwest Lufthansa Ryanair China Eastern China Southern IAG Air China LTD Air France - KLM easyjet Turkish Airlines LATAM Airlines Group Emirates Qantas Airways ANA Holdings Aeroflot Air Canada Alaska Air Japan Airlines JetBlue Garuda Indonesia Cathay Pacific Airways Singapore Airlines Gol Linhas Aereas Avianca Holdings Qatar Airways Scandinavian Airlines Korean Airlines Virgin Australia Azul Aeromexico Thai Airways Etihad Volaris Air New Zealand Copa LATAM is amongst the largest airline groups in the world Passengers carried 2017 (million) #14 in the world #1 in Latin America Other Latin American Airlines Source: Company s websites, Bloomberg 1 Data as of Dec 31, 2017 except for: Emirates, Qatar (LTM March 2018), Qantas, V. Australia (LTM June 2018). 4

5 Fleet: One of the most modern in Latin America & the world 310 operating aircraft 1 with an average age of ~9 years Narrow body: 225 Wide body (PAX): 76 Wide body (Cargo): 9 A320N A321 A A F A Airbus A320N Boeing Boeing 767F 1 By September 30, Excludes 2 Airbus A330 and 2 Boeing 777 short-term leased from Wamos Air and Boeing respectively 5

6 Domestic: Leading market share across markets with positive passenger growth dynamics 1st 2nd AIRLINES PERU 64% LIM AIRLINES COLOMBIA 22% AIRLINES BRAZIL 31% +1.3mm passenger growth in st GRU 2nd 3rd SCL AIRLINES CHILE 64% AIRLINES ARGENTINA 18% AIRLINES ECUADOR 31% Market Share (RPKs) : Dec 2018 (JAC Chile, ANAC Brazil, Aeronáutica Civil Colombia) Market Share (Passengers): Dec 2018 (EANA Argentina, Ministry of Transportation Peru) Market Share (ASK) Dec 2018 (Diio.net for Ecuador) 6

7 Unique Leadership Position and Leading Regional Presence as a Key Competitive Advantage Within South America South America North America AIRLINES 43% 1st LIM AIRLINES 20% 2nd +399k passenger growth in 2018 South America Asia Pacific GRU South America - Europe SCL AIRLINES 53% 1st AIRLINES 12% 3rd Market Share (ASKs) information as of December Source: Diio.net 7

8 The Group benefits from a diversified source of revenue LTM Revenue by Business Unit LTM Revenue by Point of Sale LTM ASK by Country Cargo 12% Domestic SSC 16% Others 4% International 46% APAC & Other Latin America 8% Colombia 4% Europe 8% Peru 6% Ecuador 2% Brazil 35% Argentina 4% Perú 15% Colombia 3% Ecuador 2% Brazil 51% Domestic Brazil 22% U.S.A 10% Argentina 11% Chile 16% Chile 25% Total revenue = US$10.3 bn Total ASK = bn Data as of September 30, 2018 Source: LATAM s published Financial statements and public Company filings 8

9 LATAM is well positioned to capitalize on Latin America s growth potential Trips per capita % 42% % 80% 21% 102% 89% -5% United States United Kingdom Chile Colombia Brazil Peru Argentina Ecuador RPKs growth 2018E 2037E 6.0% 5.9% 5.7% 5.2% 3.8% World average 4.7 % 3.1% Africa Latin America Asia-Pacific Middle East Europe North Amercia Source: Worldbank and Boeing Commercial Outlook 9

10 Latin America's strongest network supported by strong alliances North /Central America & Caribbean 12 8 Europe Network is optimally structured to serve and stimulate traffic to/ from and within South America Oceania 4 LIM SCL GRU South America 117 Africa 1 1 Asia 10

11 Business model complemented by joint business agreements with leading airlines South America North America Capacity share 1 1 st 2 nd 3 rd 22% 20% 10% South America Europe Capacity share 1 1 st 2 nd 3 rd 21% 18% 12% JBA destinations 2 1 Market Share (ASK): December 2018 (Diio Mi). 2 JBA with American subject to US-DoT authorization. 11

12 Successful reduction of our fleet commitments Right-sized fleet plan (US$ in million) Plan as of August ,337 1,371 1, Current Plan , ,118 US$2.2bn reduction Source: Public Company Filings 1 Based on executed amendment, signed on December 28th,

13 Transforming the cabin experience 22 Wide-body aircraft being upgraded 150 Narrow-body aircraft being upgraded Total investment of US$400 million in cabin retrofits in approximately 2 years New seat design and LOPA 1. Comfort, segmentation & efficiency 13

14 Profitable and selective growth Passenger ASK (million) +4.4% Number of operating aircraft (1) -19 aircraft 134, , , LTM Sep' Q18 (2) Number of Passengers (million) +1.8% Number of employees (1) -10.8% 66,960 67,146 68,184 45,916 43,095 40, LTM Sep' Q18 (1) End of period (2) Excluding 2 Airbus A330 and 2 Boeing 777 leased to Wamos Air and Boeing respectively 14

15 Results reflect the resilience of our business model Operating Revenues (US$Bn) EBIT (US$mm) Net income (US$mm) +0.7% +2.5% EBIT Margin +1.9 pp -0.6 pp FX Loss (US$) % 6.0% % % 5.4% M17 9M M17 9M M17 9M18 Source: LATAM s published Financial Statements 15

16 Continuous deleveraging trend and stronger balance sheet Gross Debt 1 and leverage Liquidity 5.4x 5.8x 8,817 9, x 8, x 4.6x 7,892 7, % 1, , % 19.0% 20.3% 2,064 1, , ,361 1,486 1, % 1, ,200 Dec 14 Dec 15 Dec 16 Dec 17 Sep 18 Dec 14 Dec 15 Dec 16 Dec 17 Sep 18 Total Gross Debt (US$ MM) Adjusted Net Debt / EBITDAR Committed Lines & RCF (US$ MM) Cash (US$ MM) Liquidity 1. Adjusted for the capitalization of operating leases (7x yearly expense) Source: Public Company filings 16

17 Strong free cash flow 1 generation (543) 2,211 1,668 (659) (73) 936 EBITDAR Aircraft Rentals Expenses EBITDA Capital Expenditures Change in Working 2 Capital & Others Free Cash Flow Source: LATAM s published financial statements 1 Free Cash Flow defined as Cash Flow from Operating Activities less Cash Flow used in Investing Activities. 2 Change in working capital, tax expense, intangibles, interest income, sale of fixed assets, other cash outflows and other items including variation in exchange rates. 17

18 Debt maturity profile and structure Debt maturity profile (US$MM) as of September 30, Debt by type as of September 30, % 941 1,517 1, ,051 13% 8% 23% 54% Aircraft Loans Public Obligations Bank Loans EETC PDP Cost of debt as of September 30, Q Banks 3.2% PDP 5.2% Bonds 6.6% Fleet 3.8% WACD 4.5% Secured Unsecured 1. The debt maturity profile does not include PDP and short term rolling debt. Source: 3Q18 Conference Call presentation 2. Source: 3Q18 Financial Statements 18

19 Hedging strategy to support operational margin resilience Fuel Hedge (% consumption) 1 54% 66% 63% 40% 15% 4Q18 1Q19 2Q19 3Q19 4Q19 1. As of January

20 Guidance 2018E 2019E Passenger (ASK) International 6.1% 3% - 5% Domestic Brazil 3.7% 2% 4% Domestic Spanish Speaking Countries 3.5% 8% - 10% Total 5.0% 4% - 6% Cargo (ATK) 4.3% 1% - 3% Operating Margin (%) 6.5% - 8.0% 7% - 9% Note: All numbers are projected with the exception of 2018 s ASK and ATK growth. 20

21 J.P. Morgan 2019 Global Emerging Markets Corporate Conference Miami, February 2019

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