080923 Abn Amro Latin American Corporate Investor Conference

ABN AMRO/RBS Latin American Corporate Investor Conference São Paulo, September 24, 2008

Information and Projection

This notice may contain estimates for future events. These estimates merely reflect the expectations of the Company’s management, and involve risks and uncertainties. The Company is not responsible for investment operations or decisions taken based on information contained in this communication. These estimates are subject to changes without prior notice.

This material has been prepared by TAM S.A. (“TAM“ or the “Company”) includes certain forward-looking statements that are based principally on TAM’s current expectations and on projections of future events and financial trends that currently affect or might affect TAM’s business, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of each could cause actual financial condition and results of operations to differ materially from those set out in TAM’s forward-looking statements. TAM undertakes no obligation to publicly update or revise any forwardlooking statements.

This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment.

The domestic market grew 11% from January to August 2008 Source: ANAC Accum. market growth 2006 12% Accum. market growth 2005 19% Accum. market growth 2007 12% Accum. market growth 2008 11% 2007 2005 2006 2008

The international market (among Brazilian carriers) is recovering and grew 37% … Source: ANAC Accum. Market growth 2008 37% Acum TAM 2006 41% Acum TAM 2007 71% Acum TAM 2005 40% Acum TAM 2008 44% Accum. market growth 2005 7% Accum. market decrease 2006 30% Accum. market decrease 2007 5% 2007 2005 2006 2008

… with higher growth anticipated for Brazilian carriers due to the unbalance in the bilateral agreements… Source: ANAC annual report * estimates

… observed in many countries, as the example between Brazil and USA * 21 frequencies limited to the cities in the north, northeast and central west regions of Brazil and/or Belo Horizonte Brazilian Carriers Foreign Carriers Available space on bilateral Operated by Brazilian Carriers Operated by Foreign Carriers

We are both domestic and international market leaders TAM’s Domestic Market Share* Source: ANAC * RPK – Revenue passenger kilometer TAM’s International Market Share* – Among Brazilian carriers

Our mix of international revenue reduced due to the appreciation of Real and increase of domestic yield Approximately 50% of our costs (including fuel) are exposed to foreign currencies -17% ASK proportion International (Dollar denominated) Domestic (Real denominated)

Our gross revenue increased 27%...

Domestic passenger revenue grew 31%

RPK increased 8%

ASK increased 14%

International passenger revenue grew 13%

RPK increased 29%

ASK increased 22%

Cargo revenue grew 31%

Other revenue grew 45%

27% Domestic Pax International Pax Cargo Other

...and total RASK increased 9.5%...

RASK total ¹ ²

RASK scheduled domestic²

Domestic load factor - %

Yield scheduled domestic³

RASK scheduled international²

International load factor - %

Yield scheduled international³

Yield scheduled international³ (USD cents)

2Q 07 1Q 0 8 2Q 08 vs 2Q 07 2Q 08 vs 1Q 0 8 1 Includes charter. cargo and Other revenues. net of taxes 2 Net of taxes 3 Gross of taxes 16.80 15.26 71.9 22.25 12.30 69.1 17.83 9.26 16.38 15.37 69.9 23.09 11.39 76.9 14.82 8.47 18.40 17.66 68.1 27.23 11.48 73.4 15.64 9.82 9.5 15.7 -3.9 p.p. 22.4 -6.7 4.3 p.p. -12.3 6.1 12.3 14.9 -1.8 p.p. 17.9 0.8 -3.5 p.p. 5.5 16.0 6.39 6.51 7.21 12.9 10.7

RASK scheduled international ² (USD cents)

2Q 08 R$ Cents

...and the total CASK increased 8.4%...

...improving our margins… Margin over net revenue 103% 2% 3% -1% 2% 34% 3% 4% 4% 9% 209% BR GAAP US GAAP

...increasing our earnings per share

The main difference between BR and US GAAP is the accounting treatment of aircraft leasing 46 aircrafts are reclassified as capital leases as per SFAS nº 13

Our balance sheet remains solid * LTM ** Aircraft and flight equipment leases of the last twelve months x 7

Debt deals

Debentures – R$ 500 million (September 2006)

Subscription of 50,000 nominative, registered, non convertible debentures with a nominal unit value of R$ 10 thousand

6 years term with the first payment in 2010

Bonds – US$ 300 million (April 2007)

7.375% Senior Notes due 2017

Loan agreements to finance pre-delivery payment

Calyon and other banks to finance up to US$ 331 for 4 B777-300ERs

BNP Paribas to finance up to US$ 117 for 30 Airbus aircraft until 2010

Guaranties to support the financing of aircraft

Ex-Im Bank for the Boeing fleet

ECAs for the Airbus fleet

We are beginning to evaluate new potential business units in the company TAM Linhas Aéreas MRO (São Carlos) Loyalty Program Handling Cargo

Already structured as a business unit with focus in maximizing assets

None or little focus on selling services to third-parties

Not structured as business units

We have a positive outlook for 2008

Maintain leadership in both domestic and international markets

ASK growth of

Domestic 14%

International 40%

Average load factor at approximately 70% overall

Reduction of 7% in total CASK ex-fuel in BR GAAP yoy

Three additional international destinations or frequencies in 2008

Domestic market demand growth from 8% to 12% (in RPK terms)

2008 Guidance TAM Market Jan – Aug 2008 10.9% 49.9% dom 71.3% intl 13.8% 33.1% 72.3% -4.5%* * Accumulated from January to June, 2008 ** In final approval phase by ANAC

Brasília – Buenos Aires

Rio de Janeiro – Miami

São Paulo – Lima

Rio de Janeiro – NY**

São Paulo – Orlando**

Our growth plan is supported by a flexible fleet plan B777 MD11 Airbus wide-body Airbus narrow-body F100 Since dec/07 we are monofleet in domestic operations B767

Brazilian domestic market has high growth potential Boardings per capita Boardings per capita, adjusted by GDP per capita at PPP Source: World Bank Data, Credit Suisse Research as of 2006 Annual Trips / Person 1.70 1.85 2.32 0.62 0.60 0.55 0.50 0.82 Japan US Argentina Chile Mexico Russia Brazil Germany Market’s RPK GDP TAM’s RPK Growth of Brazilian Domestic Market

High concentration of passengers in 11 airports Source: ANAC

Important barrier to entry for newcomers

Limited ability for other competitors to grow

11 main airports in Brazil carry 72% of all passenger traffic

TAM has in aggregate ~40% of all slots available in these airports

% TAM slots 43% 34% 39% 32% 44% 42% 27% 26% 40% 32% 46% Fortaleza Rio de Janeiro 4 Recife Curitiba Porto Alegre Belo Horizonte Salvador Rio de Janeiro³ Brasília São Paulo² São Paulo¹ 1 Congonhas 2 Guarulhos 3 Galeão 4 Santos Dumont % Total Domestic Passengers Boarded 0% 5% 10% 15% 20% 2006 2007

As Brazil becomes “stable”, the leisure segment will become increasingly more important * TAM Estimates Traveling is one of the top “desire” items for consumption

We will be expanding our fare bundle strategy for the domestic market in 2008...