| As of december 31, 2009 | ||
| Principal Shareholders | Shares | Percentage of Total |
| COSTA VERDE AERONAUTICA S.A. | 78.575.407 | 23,19 % |
| AXXION S.A. | 64.477.874 | 19,03 % |
| THE BANK OF NEW YORK SEGUN CIRCULAR N 1375 DE LA SVS | 29.312.325 | 8,65 % |
| INVERSIONES SANTA CECILIA S.A. | 24.726.530 | 7,30 % |
| INVERSIONES ANDES S.A. | 22.288.695 | 6,58 % |
| INVERSIONES MINERAS DEL CANTABRICO S.A. | 7.824.095 | 2,31 % |
| LARRAIN VIAL S.A. CORREDORA DE BOLSA | 7.693.785 | 2,27 % |
| BANCHILE CORREDORES DE BOLSA S.A. | 5.145.766 | 1,52 % |
| INVERSIONES ALCALA S.A. | 4.744.677 | 1,40 % |
| INVERSIONES LOS GUINDOS S.A. | 4.744.677 | 1,40 % |
| BANCO DE CHILE POR CUENTA DE TERCEROS CA | 4.681.056 | 1,38 % |
| KASTEL S.A | 4.483.407 | 1,32 % |
| CELFIN CAPITAL S.A. CORREDORES DE BOLSA | 4.162.237 | 1,23 % |
Under the terms of a shareholders' agreement signed in 2004, LAN is jointly controlled by the Cueto group (represented by Costa Verde Aeronáutica S.A. and Inversiones Mineras del Cantábrico S.A.) and the Piñera group (acting through Axxion S.A. and Inversiones Santa Cecilia S.A.).
As of December 31, 2009, LAN had 1,211 registered shareholders. On that date, 8,65% of the Company's stock was held in the form of ADRs (American Depositary Receipts) traded on the NYSE.
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