4Q07
Results Presentation
São Paulo, March 31, 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.
2

2007 was a year of many challenges
High volatility (e.g. subprime crisis)
Macro Economy
Fuel prices
Airline Industry Scarcity of aircraft, seats, etc due to overall
growth in the sector
Conclusion of the “Varig” questionmark
Airlines Changes in the governing structure of the
Brazil industry
Collapse of BRA
Impact of infrastructure on operations
TAM
Accident
3

The domestic market growth reached 12% in 2007
and 13% in February 2008
Domestic Market - Variation
(vs previous period)
130
125
120
115
Current
110
period
105
100 Previous
95 period
Accum. market Accum. market Accum. market
90 growth 2005 growth 2006 growth 2007 Accum. market
growth 2008
85 19% 12% 12%
9.3%
80
J F M AM J J A S O N D J F M AM J J A S O N D J F MA M J J A S ON D J F
2005 2006 2007 2008
4 Source: ANAC

We have been domestic market leaders since
2003, reaching 51% in February 2008
Domestic Market Share (RPKs)
Domestic Market Share (RPKs)
48.0% 48.9%
43.5%
35.8%
33.0%
2003 2004 2005 2006 2007
Domestic Market Share – 4Q07
Domestic Market Share – 4Q07 Domestic Market Share – Feb/08
Domestic Market Share – Feb/08
TAM TAM
48.2% 50.6%
Outros Outros
7.2% 7.3%
Varig GOL Varig GOL
3.0% 41.7% 3.7% 38.4%
5 Source: ANAC

The international market (among Brazilian carriers)
is recuperating, and grew 50% in February 2008…
International Market - Variation
(vs previous period) Acum TAM 2007 Acum TAM 2008
71% 71%
200
180 Acum TAM 2006
Acum TAM 2005 41% TAM
160 40%
Market
140
120
Previous
100 period
Accum. market
80 growth 2005
Accum. market Accum. Market
7% decrease 2006 Accum. market growth 2008
60 30% decrease 2007 56%
5%
40
J F MAM J J A S O ND J F M AM J J A S ON D J F MA M J J A S ON D J F
2005 2006 2007 2008
6 Source: ANAC

…with higher growth anticipated for Brazilian carriers
due to the unbalance in the bilateral agreements
% international traffic
100%
80
53.3% 53.8%
65.0%
71.5%
60
40
Intl
46.7% 46.2% carriers
20 35.0%
28.5% Brazilian
carriers
0
2004 2005 2006 2007*
7 * estimates

Since July 2006, we are international market
leaders among the Brazilian companies
International Market Share
International Market Share
67.5%
37.5%
18.8%
12.0% 14.3%
2003 2004 2005 2006 2007
International Market Share – 4T07
International Market Share – 4T07 International Market Share – Feb/08
International Market Share – Feb/08
TAM TAM
71.5% 67.3%
Varig
Varig
15.4%
GOL 19.7%
GOL
11.8% 11.2%
8 Source: ANAC

4Q07 Highlights (1/2)
Steady strengthening of our fleet
Delivery of 2 A340, 2 A330, 7 A320 and 1 A321 (versus 3Q07)
Redelivery of 3 F100 (versus 3Q07)
BNP Paribas – loan to finance PDP (Pre-Delivery-Payment) for 30 aircraft
Operational efficiency
12.3 block hours per aircraft per day
13.3 block hours per aircraft per day, considering only the operating fleet
Average total load factor of 71.0% in 4Q07
Agreements:
Beginning of code-share flights with LAN Group and United Airlines (in
November 2007)
9

4Q07 Highlights (2/2)
Strengthening of our network
Beginning of international flights
Montevideo (Uruguay) – November 5
Frankfurt (Germany) – November 30
Madrid (Spain) – December 21
Awards received
Most Valuable Brands in Brazil - Interbrand
The Most Shareholder-Friendly Company in the sector – Institutional Investor
New branding
10

Our gross revenue increased 16%...
Domestic passenger revenue
Gross Revenue (R$ M)
16% grew 6%
2,500
RPK increased 10%
2,361
2,037
242
ASK increased 9%
2,000 137 225
147 International passenger revenue
1,500 467
537
grew 15%
RPK increased 65%
1,000
ASK increased 72%
1,285 1,357
500 Others
Cargo Cargo revenue grew 53%
Int.
Pax
Other revenue grew 76%
Dom.
Pax
0
4Q06 4Q07
11

...but total RASK reduced 7.3%...
R$ Cents 4Q07 vs
4Q07 vs 4Q07 vs
4Q07 vs
4Q06
4Q06 3Q07
3Q07 4Q07
4Q07 4Q06
4Q06 3Q07
3Q07
RASK Total 1 19.28 17.01 17.87 -7.3% 5.1%
RASK Scheduled Domestic2 17.53 15.43 16.69 -4.8% 8.2%
LF Scheduled Domestic - % 69.7 66.3 70.4 0.7 p.p. 4.1 p.p.
Yield Scheduled Domestic3 26.42 24.42 24.90 -5.8% 2.0%
RASK Scheduled Intl2 16.60 12.52 11.26 -32.2% -10.1%
LF Scheduled
73.7 70.8 71.0 -2.7 p.p. 0.2 p.p.
International - %
Yield Scheduled Intl3 22.58 17.69 15.88 -29.7% -10.2%
Yield Scheduled Intl3 10.56 9.62 8.96 -15.2% -6.8%
(cents of USD)
1 Includes charter, cargo and Other revenues, net of taxes
12 2 Net of taxes
3 Gross of taxes

...while total CASK increased 1.4%...
Total CASK
BR GAAP - R$ cents
4Q07 vs 4Q06
20
16.98 17.22
15 1.4%
10
CASK excl-fuel 4.1%
5
0
4Q06 4Q07
13

...reducing the spread (RASK-CASK)...
RASK/CASK (R$ Cents)
BR GAAP
20
15
10
5
CASK
RASK
0
4Q06 4Q07
Spread 2.3 0.7
EBIT
11.9% 3.6%
Margin
14

...impacting our margins in BR GAAP...
BR GAAP
EBITDAR - R$ M EBIT - R$ M Net Income - R$ M
500 300 150
-19% -64% 136 -63%
437
250
400 232
353
200 100
300
150
12%
200
23% 50
100 83 50
15% 7%
100
50 4%
2%
0 0 0
4Q06 4Q07 4Q06 4Q07 4Q06 4Q07
Margin over net revenue
15

...and in US GAAP...
US GAAP
EBITDAR - R$ M EBIT - R$ M Net Income - R$ M
400 300 200
372 -16%
-61% -28%
166
313 250
229
300 150
200
119
200 150 100
12%
100 90 9%
19%
100 50 5%
14%
50 4%
0 0 0
4Q06 4Q07 4Q06 4Q07 4Q06 4Q07
Margin over net revenue
16

...reducing our earnings per share
Earnings per share Earnings per share
BR GAAP (R$) US GAAP (R$)
-63% -29%
0.90 1.10
0.79
0.33
4Q06 4Q07 4Q06 4Q07
17

The main difference between BR and US GAAP is
the accounting treatment of aircraft leasing
Net Profit Reconciliation
44 aircrafts are
44 aircrafts are
to US GAAP reclassified as capital
reclassified as capital
leases as per SFAS nº 13
leases as per SFAS nº 13
200
103
150
119
-25
-10
100
50
50
0
BR GAAP Leasing Income Others US GAAP
Taxes
18

In an intra-year analysis we can see a strong
recovery in the domestic market...
Domestic - RASK and Yield Domestic Load Factor - %
R$ Cents
30 69% 72% 70% 75
66%
24.4 24.9
25
60
22.0 22.3
20
16.7
15.3 15.4 40
15 14.5
10
20
5
0 0
1Q07 2Q07 3Q07 4Q07
RASK Yield Load Factor
19

...increasing the total spread (RASK-CASK)
RASK/CASK (R$ Cents)
BR GAAP
18 RASK
CASK
17
16
15
1Q07 2Q07 3Q07 4Q07
Spread 0.8 0.3 0.4 0.7
EBIT
4.8% 1.7% 2.8% 3.6%
Margin
20

Our balance sheet remains solid
R$ million - BRGAAP 2007 2006 2005 2004
Cash 2,607 2,453 995 297
Short-Term Debt 1,005 363 216 204
Long-Term Debt 1,345 895 425 399
Total Debt 2,350 1,258 641 603
Shareholder's Equity 1,492 1,449 760 191
Capitalization 2,837 2,344 1,185 590
Aircraft and flight equipment leases 6,166 5,032 4,389 4,557
Total Debt Adjusted 8,516 6,290 5,030 5,160
Total Capitalization Adjusted 9,003 7,376 5,574 5,147
Debt / Capitalization 83% 54% 54% 102%
Adjusted Debt / Adjusted Capitalization 95% 85% 90% 100%
Adjusted Net Debt / Adjusted Capitalization 66% 52% 72% 94%
21

Even with the appreciation of the Real, revenue in
foreign currencies increased
Revenue
(Passenger + Cargo) Approximately 50%
Approximately 50%
of our costs
of our costs
100%
(including fuel) are
(including fuel) are
28% 31% exposed to foreign
exposed to foreign
80
currencies
currencies
60
40
72% 69%
20
International
Domestic
0
4Q06 4Q07
ASK proportion
International 28% 38%
Domestic 72% 62%
Dollar
exchange -17%
2.138 1.771
rate
22

Stocks performance since follow-on
Stocks performance Variation
Variation
TAMM4 = -35%
TAMM4 = -35%
IBOV = 44%
IBOV = 44%
TAMN = -22%
TAMN = -22%
350% DJBR20 = 63%
DJBR20 = 63%
Variation
Variation
TAMM4 = 133%
TAMM4 = 133%
250% IBOV = 43%
IBOV = 43%
Variation
Variation
TAMM4 = 56%
TAMM4 = 56%
150% IBOV = 21%
IBOV = 21%
TAMN = 62%
TAMN = 62%
DJBR20 = 12%
DJBR20 = 12%
50%
-50%
IPO Follow-on 12/28/2006 12/28/2007
Jun/14/2005 Mar/10/2006
TAMM4 TAMN IBOV DJBR20
23
www.tam.com.br/ir

On January 30, 2008 we announced a share buy-
back program
The program has the following characteristics
Shares will be held in treasury and subsequently cancelled or transferred,
without reducing the company's capital stock.
The acquisition will respect the limit of up to 4,000,000 preferred shares,
equivalent to 5.56% of the total of this class of shares in circulation
Will remain in effect for a maximum period of 365 days
UBS Pactual Corretora and Credit Suisse will mediate the operations
We already started the purchase
24

Our guidance for 2007, released in the end of 2006
2007 Guidance 2007 Realized
Market demand growth from 10% to 15%
Market (in RPK terms) 11.9%
Average domestic market share above 50% 48.9%
Average domestic load factor at approximately 70.5%
70%
Aircraft utilization per day (block hour) higher 12.6
than 13 hours
TAM Reduction of 7% in total CASK ex-fuel in BR 5.2%
GAAP yoy
Opportunity in the international market
Third frequency to Paris • Since January
• Milan (Mar)
Inauguration of two new international long
haul frequencies • Frankfurt (Nov)
• Madrid (Dec)
25

CASK reduction reached 74% of the target due to
block hours and additional international destinations
CASK ex-fuel BR GAAP
(R$ Cents)
-7,1%
12.0 -5,2%
11.86
11.5
11.25
-0.62
-0.14 11.02
11.0 -0.08
10.5
10.0
2006 Actual Actual 2007 Block hours International 2007
reduction Destinations Adjusted
26

We have a positive outlook for 2008
2008 Guidance
Market Domestic market demand growth from 8% to 12% (in RPK terms)
Maintain leadership in both domestic and international markets
ASK growth of
Domestic 14%
International 40%
TAM
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
27

Our growth plan is supported by a flexible fleet plan
Total fleet
150 147
141 8
136 4
128 4
3 123 4 24 24
115 4 22
20
18
14
100
Since
Since
dec/07 we
dec/07 we
are
are
110 113 115
88 104 monofleet in
monofleet in
50 101
domestic
domestic
operations
operations
10
0
2007 2008 2009 2010 2011 2012
B777 MD11 Airbus wide-body Airbus narrow-body F100
28

We signed a commitment
To be the preferred airline company
Excellence Excellence
Excellence
in Technical- in
in Service
Operational Management
PASSION FOR AVIATION
PASSION FOR AVIATION
29

4Q07
Results Presentation
São Paulo, March 31, 2008
30