Evercore ISI Global Airlines Symposium New York, February 2020 Leading group in air transport of passengers and cargo in Latin America Leading group of airlines in Latin America 69 74 million passengers carried in 2019 Regional leader in number of passengers carried 33 31 23 22 18 Leading frequent flyer and loyalty programs with over 30 10 million members LATAM Gol Linhas Avianca Azul Aeromexico Volaris Copa Over 300-aircraft fleet, with and average age of ~9 years Aereas Holdings Passengers carried during 20181 (million) Leading network in Latin America Leading network and platform in Latin America, with hubs in Multiple Bilateral Agreements Sao Paulo, Lima and Santiago More than 140 destinations in 27 countries: . Market Share2: 1° in Chile, Brazil and Peru, 2° in Argentina, Colombia and Ecuador . Regional operations in South America and long-haul operations to 5 continents Source: Integrated Report 2018 and Bloomberg 1Data as of December, 2018 2As of September 2019 for Ecuador, October 2019 for Peru and Colombia, November 2019 for Argentina, Brazil and Chile 1 LATAM is amongst the largest airline groups in the world PAX carried 20181 (million) #1 Latin American airline group and #14 in the world in PAX carried 204 192 #1 Latin American airline group and #4 in the world in FFP members 158 (Over 30 million members) 142 140 135 121 120 113 110 101 89 75 69 59 56 55 54 51 46 42 40 38 36 35 33 31 29 29 27 25 23 22 22 18 18 17 10 IAG Azul Copa Delta United Volaris JetBlue easyJet Ryanair Aeroflot Emirates Lufthansa Alaska Air Southwest Air CanadaAir Aeromexico ThaiAirways Air ChinaAirLTD China Eastern ANA Holdings Japan Airlines Qatar Airways EtihadAirways Korean Airlines LATAM Airlines China Southern Virgin Australia Turkish Airlines Qantas Airways Air FranceAir - KLM Air NewAir Zealand Avianca Holdings Garuda Indonesia American Airlines Gol Linhas Aereas Singapore Airlines Scandinavian Airlines Cathay PacificCathay Airways Other Latin American Airlines Source: Company’s websites, Bloomberg 1 Data as of Dec 31, 2018 except for: Emirates (LTM March 2019) 2 Large region, little traffic World share (%)1 North America 22% Europe 27% Asia Pacific 35% Middle East 9% Latin America 5% Africa 2% Source: IATA 1 % of industry RPK in 2018 3 LATAM is well positioned to capitalize on Latin America’s growth potential Trips per capita1 2010 2018 17% 54% 2,7 2,3 2,5 92% 81% 1,6 1,0 28% 127% 84% 0,5 0,7 0,5 0,6 0,4 0,4 0,2 0,2 0,4 US UK Chile Colombia Brazil Peru Argentina RPKs growth 2019E – 2038E 2018 6,2% 5,9% 5,9% 5,5% 5,1% Average 4.6% 3,6% 3,2% Latin America Latin America Africa Asia-Pacific Middle East Europe North America Source: World Bank and Boeing Commercial Market Outlook 2019-2039 1 Trips per capita refers to both domestic and international aircraft passengers carried by air carriers registered in the country divided by such country’s population. 4 Domestic: Leading market share across markets with positive passenger growth dynamics Market Share (%) 1st 2nd +5 mm passenger AIRLINES PERU AIRLINES COLOMBIA AIRLINES BRAZIL growth 66% 1 22% 2 39% 2 2019 vs 2018 Market size 14mm LIM Market size 29mm Market size 95mm GRU SCL AIRLINES CHILE AIRLINES ECUADOR AIRLINES ARGENTINA 62% 2 32% 3 17%1 Market size 15mm Market size 3mm Market size 16mm Source: Ministerio de Transporte de Perú, EANA Argentina, JAC Chile, ANAC Brasil, Aeronáutica Civil Colombia y Diio Mi; 1 Market share (PAX): October 2019 for Peru and Colombia, November 2019 for Argentina 2 Market share (RPK): November 2019 for Chile and Brazil 5 3 Market share (ASK): September 2019 for Ecuador International: Unparalleled network connecting Latin America Market Share (%)1 Within South America South America - North America 41% 1st 22% 2nd LIM GRU South America – Asia Pacific SCL South America – Europe 58% 1st 11% 3rd Source: Diio.net 1 Market share (ASK): September 2019 6 Geographic diversification of LATAM Airlines Group and its subsidiaries LTM Revenue by Business Unit LTM Revenue by Point of Sale LTM ASK by Country Colombia Others Ecuador Ecuador Argentina Peru 4% Cargo 4% 2% 2% 4% 10% 8% Colombia Europe 3% 7% Peru Brazil 15% APAC and other International 38% Latin America Domestic SSC 44% 17% 8% Brazil 51% Chile Domestic Brazil Argentina USA 26% 25% 6% 10% Chile 16% Total revenue = US$ 10.3 bn Total ASK = 147.9 bn Source: www.latamairlinesgroup.net Information as of September 2019 7 Third Quarter 2019 Financial Summary (US$ Millions) 3Q19 3Q18 Change Total Operating Revenues 2,665 2,492 6.9% Passenger 2,340 2,107 11.1% Cargo 252 279 -9.8% Others 73 106 -31.0% Total Operating Costs -2,396 -2,271 5.5% Fuel -717 -747 -4.0% Ex-fuel -1,679 -1,524 10.2% Operating Income 269 221 21.8% Operating Margin 10.1% 8.9% 1.2 p.p. Net Income 86 35 145.0% EBITDA 645 565 14.1% EBITDA Margin 24.2% 22.7% 1.5 p.p. Source: www.latamairlinesgroup.net Note: 2018 re-expressed under IFRS16 8 Third Quarter 2019 Operating Statistics Capacity Traffic 1 % YoY System Capacity Load Factor RASK/RATK (USc) (ASK) (RPK) (% YoY) International -4.1% -1.8% 85.2% 6.0 (Long Haul & Regional) 54% (+2.0 p.p.) (+0.5%) BRL 3Q19: +24.3% Domestic Brazil 28% +9.8% +10.4% 82.1% 7.4 (+0.5 p.p.) (+22.7%) 18% SSC Domestic +9.5% +9.3% 81.3% 6.5 (-0.2 p.p.) (-9.5%) 83.6% 6.2 Passenger +1.8% +3.2% (+1.1 p.p.) (+9.1%) 53.6% 15.8 Cargo2 +0.1% +0.8% (+0.4 p.p.) (-6.2%) 1 RASK by business unit includes ticket revenue, breakage, frequent flyer program contribution and ancillary revenues. 2 Excluding the sale of MasAir 9 Delivering on cost initiatives to enhance operational performance CASK Ex-fuel evolution (US$ cents) -2% 4.6 4.5 9M18 9M19 Number of Employees ASK / Operating Fleet (million ASK per Aircraft) 1 # employees FTE / AC ASK/Operating Fleet Total aircraft 2 -3.8% 324 310 +0.4% 132 127 455 457 40,974 41,193 Sep'18 Sep'19 LTM Sep'18 LTM Sep'19 Source: www.latamairlinesgroup.net 1 Full time employees per aircraft 2 Excluding short tem leases 10 Guidance 2020 2019E 2020E International 0% 0% - 2% Domestic Brazil 8% 7% - 9% Passengers (ASK) Domestic Spanish- 11% 6% - 8% speaking countries Total 4% 3% - 5% Cargo (ATK) -2% 4% - 6% Operating Margin (%) ~7% 7.0% - 8.5% 11 Current Financial Situation Financial Debt and Leverage Liquidity Financial Debt (US$ million) On Balance Leases (IFRS 16) RCF (US$ million) Net Debt / EBITDA LTM Cash and Equivalents (US$ million) 1 3.500,00 Liquidity 50% 4,5x 4,2x 3.000,00 30% 19,5% 19,3% 10.650 10.517 2.500,00 10% 2.933 3.032 2.000,00 -10% 600 600 1.500,00 -30% 1.000,00 -50% 7.717 7.485 1.381 1.392 500,00 -70% 0,00 -90% 2Q19 3Q19 2Q19 3Q19 Source: www.latamairlinesgroup.net 1 Considers cash & cash equivalents + RCF 12 Proactively reshaping our debt profile Debt maturity profile1 (US$ million) as of September 30, 20192 -262 make-whole Prepayment LATAM2020 Local Bond Unsecured Secured LATAM2020 1.063 1.013 953 1.013 824 536 322 343 218 215 204 10 4Q19 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Debt type as of September 30, 2019 Rating agencies PDP 5.0% 2 Ba3 Banks 3.9% WACD Fleet 3.8% 4.8% BB- Bonds 6.9% BB- July 10, 2019 Source: www.latamairlinesgroup.net 1 Debt maturity profiles don’t include PDP and short term rolling debt 13 2 Proforma adjusted by liability management Partnership LATAM – Delta: Strategic Agreement Tender Offer Delta invested $1.9 billion for a 20 percent stake in LATAM through a public tender offer at $16 per share, which was completed on January 3, 2019 Airplane Purchase Delta will acquire four A350 aircraft from LATAM and assume LATAM’s commitment to purchase 10 additional aircraft to be delivered beginning in 2020 Commercial Joint venture, code sharing agreement and $350 million from Delta to support transition costs for strategic partnership Note: The joint venture and the tender offer is subject to customary closing conditions and governmental and regulatory approvals. 14 3241 aircraft operating fleet with an average age of ~9,0 years Narrow body: 241 Wide body (PAX): 74 Wide body (Cargo): 9 Owned2: 163 aircraft Owned2: 49 aircraft Owned2: 8 aircraft Leases3: 78 aircraft Leases3: 25 aircraft Leases3: 1 aircraft A350 ​A321 A319 ​787 ​A320N ​767 ​767F A320 ​777 Airbus A320N Boeing 787-9 Boeing 767F Source: Public Company Filings, Offering Memorandum 1 Excludes short-term leases 2 Aircraft included in Property, Plant and Equipment (Own + Financial Leases) 15 3 Operating Leases. Fleet Plan 2019E-2022E Narrow Body Wide Body Freighter 358 338 345 11 330 11 11 11 77 77 75 77 270 244 250 257 2019E 2020E 2021E 2022E Fleet Commitments (US$mm) 1,197 796 889 619 16 Refocusing investments to passenger experience and loyalty Cabin experience (US$400 million in cabin retrofits in 2 years) 22 Wide-body aircraft and 150 Narrow-body aircraft New seat design and layout of passenger accommodation; comfort, segmentation & efficiency Acquisition of Multiplus (~US$300 million) Worldwide recognition Best Airline in South Best on-time America performance . +30 million members . 4th Largest FFP in the world .