Ownership

  At March 31, 2008
Principal Shareholders Shares % of Total
INV COSTA VERDE LTDA Y CIA EN COMANDITA POR ACCIONES 77.445.407 22,86%
AXXION S.A. 64.477.874 19,03%
THE BANK OF NEW YORK SEGUN CIRCULAR N 1375 DE LA SVS 27.730.095 8,19%
INVERSIONES SANTA CECILIA S.A. 24.767.920 7,31%
INVERSIONES ANDES S.A. 22.288.695 6,58%
INVERSIONES MINERAS DEL CANTABRICO S.A. 8.938.160 2,64%
LARRAIN VIAL S.A. CORREDORA DE BOLSA 7.704.497 2,27%
BANCHILE CORREDORES DE BOLSA S.A. 6.110.130 1,80%
BANCO DE CHILE POR CUENTA DE TERCEROS CA 5.257.797 1,55%
INVERSIONES ALCALA S.A. 4.744.677 1,40%
INVERSIONES LOS GUINDOS S.A. 4.744.677 1,40%
KASTEL S.A 4.483.407 1,32%

Under the terms of a shareholders’ agreement signed in 2004, LAN is jointly controlled by the Cueto group (represented by Inversiones Costa Verde Ltda. y Cía. en Comandita por Acciones and Inversiones Mineras del Cantábrico S.A.) and the Piñera group (acting through Axxion S.A. and Inversiones Santa Cecilia S.A.).

As of March 31, 2008, LAN had 1,175 registered shareholders. On that date, 8.2% of the Company’s stock was held in the form of ADRs (American Depositary Receipts) traded on the NYSE.

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