LAN Airlines' Foreign Currency Rating Affirmed at 'BBB' by Fitch

Business Wire, April 7, 2008

SANTIAGO, Chile -- LAN Airlines S.A. ("LAN" or "the Company") announced today that Fitch Ratings has affirmed the Company's foreign currency Issuer Default Rating at 'BBB', with a rating outlook of 'Stable'. This classification confirms LAN as one of the few investment grade airlines in the world.

A press release distributed by Fitch Ratings stated that this decision reflects LAN's "strong business position, low cost structure, fleet flexibility and adequate financial profile". Additionally, FITCH states that "LAN's competitive advantages are underpinned by the integration of passenger and cargo operations, which provides revenue diversification and reduces the break-even load factor."

According to Mr. Alejandro de la Fuente, LAN Airline's Chief Financial Officer, "Fitch Ratings' decision to affirm the Company's rating reflects the competitive advantages that LAN has established over time, and confirms the Company's solid financial situation, facilitating LAN's access to the international financial markets."

About LAN

LAN Airlines is one of the leading airlines in Latin America. "LAN" makes reference to the consolidated entity that includes LAN Airlines, LAN Express, LAN Peru, LAN Ecuador, and LAN Argentina, as well as LAN Cargo and its affiliates. The LAN Alliance serves 15 destinations in Chile, 12 destinations in Peru, 10 destinations in Argentina, two destinations in Ecuador, 15 destinations in other Latin American countries and the Caribbean, three destinations in the United States, two destinations in Europe and four destinations in the South Pacific, as well as 60 additional international destinations through its various code-share agreements. Currently, the LAN Alliance operates 69 passenger aircraft and 9 dedicated freighters.

LAN Airlines is a member of oneworld (TM), the world's leading global airline alliance. It has bilateral commercial agreements with oneworld partners American Airlines, British Airways, Iberia and Qantas, as well as with Alaska Airlines, AeroMexico, Mexicana, TAM and Korean Air. For more information visit www.lan.com or www.oneworldalliance.com.