June 04 – 05, 2009

Non Deal Road Show – South AmericaBradesco

2

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 forward looking 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.

3

PreviousPeriod

CurrentPeriod

J FMAM J J ASONDJ FMAMJ JASOND J FMAMJ JASONDJ FMAMJ J ASOND J FMA90

95

100

105

110

115

120

125

130

Domestic Market - Variation(vs previous period)

The Brazilian domestic market grew 4% until April 2009

20072005 2006 200819% market growth 12% market growth 12% market growth 7% market growth

20094% market growth

Source: ANAC

4

Brazilian domestic market is composed mainly by business passengers

Leis

ure

Busi

nes

s

2000 2001 2002 2003 2004 2005 2006 2007 2008

17.9

26.6 27.025.2

28.2

35.4

39.7

44.447.7

0

10

20

30

40

50

Domestic Market Passenger Mix (RPK M)

CAGR

11%

20%

* TAM Estimates

5

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 Janeiro4

Recife

Curitiba

Porto Alegre

Belo Horizonte

Salvador

Rio de Janeiro³

Brasília

São Paulo²

São Paulo¹

% Total Domestic Passengers Boarded

0% 5% 10% 15% 20%

20062007

1 Congonhas2 Guarulhos3 Galeão4 Santos Dumont

6

We have a comprehensive domestic network covering the main airports

We have regular flights to all Brazilian capitals and major cities reaching 42 destinations

We operate approximately 700 daily flights

Commercial agreements with Brazilian Regional Airlines (Trip/Total, Passaredo and NHT) allowing us to reach a total of 79 destinations in Brazil

7

We have been domestic market leaders since 2003, reaching 49% in April 2009

Domestic Market Share – Apr/09Domestic Market Share – Apr/09Domestic Market Share – 1Q09Domestic Market Share – 1Q09

Other 10,2%

TAM 49,5%

GOL/VRG

40,3%

Other 12,0%

TAM 49,2%

GOL/VRG 38,8%

TAM’s Domestic Market Share*

Source: ANAC

*RPK – Revenue passenger kilometer

TAM’s Domestic Market Share*

33,0%35,8%

48,0% 48,9% 50,3% 49,5%43,5%

2003 2004 2005 2006 2007 2008 Jan-Apr 09

8

PreviousPeriod

Market

TAM

J FMAM J J ASONDJ FMAM J J ASOND J FMAMJ J ASOND J FMAMJ JASOND J FMA40

60

80

100

120

140

160

180

200

International Market - Variation(vs previous period)

40% TAM’s growth 41% TAM’s growth 71% TAM’s growth 40% TAM’s growth

7% market growth 30% market decrease 5% market decrease 26% market growth

Source: ANAC

The international market (among Brazilian carriers) decreased 7% in 2009, while we grew 15%

20072005 2006 2008 2009

15% TAM’s growth

7% market decrease

9

Higher growth anticipated for Brazilian carriers due to the unbalance in the bilateral agreements…

Source: ANAC annual report

* estimates

57.4%

42.6%

58.2%

41.8%

57.7%

42.3%

66.9%

33.1%

71.2%

28.8%

66.5%

33.5%

2003 2004 2005 2006 2007 2008*

7.78.9

9.9 10.211.4

12.1

0

3

6

9

12

International passenger - Million

BrazilianCarriers

IntlCarriers

CAGR 2003 – 20089%

CAGR 2003 – 20089%

10

…observed in many countries, as the example between Brazil and USA

97

107

127

2721

297

10853

Italy

England

Germany

France

Spain

USA

1414

1414

2121

3030

5151

126126

150 100 50 0 50 100 150

Weekly Frequencies*

Brazilian Carriers Foreign Carriers

* May 25, 2009 HOTRANs

Available space on bilateral Operated by Brazilian Carriers Operated by Foreign Carriers

11

We are the leading Brazilian international carrierLong haul market

Miami 35x per weekNY 18x per weekOrlando 7x per weekParis 21x per weekLondon 7x per weekMilan 7x per weekFrankfurt 7x per weekMadrid 7x per week

Latin American marketBuenos Aires 63x per weekBariloche 2x per weekCochabamba 4x per weekSanta Cruz de Sierra 4x per weekSantiago 14x per weekAsuncion 21x per weekCiudad del Leste 7x per weekMontevideo 7x per weekCaracas 7x per weekLima 7x per week

Note: Based on Jan 2009 network

12

Since July 2006, we are international market leaders among the Brazilian companies

International Market Share – Apr/09International Market Share – Apr/09International Market Share – 1Q09International Market Share – 1Q09

Other 0,2%

TAM 85,5%GOL/VRG

14,4%GOL/VRG

13,6%

TAM 86,2%

Other 0,1%

TAM’s International Market Share* – Among Brazilian carriersTAM’s International Market Share* – Among Brazilian carriers

12,0% 14,3%

37,5%

67,5%75,2%

85,7%

18,8%

2003 2004 2005 2006 2007 2008 Jan-Apr 09

Source: ANAC

*RPK – Revenue passenger kilometer

13

In 2008, revenues increased 30% given increased operations and costs increased 28% mainly due to fuel

8%9%

25%

57%

9%

9%

26%

56%

13%

17%

33%

38%

10%

18%

40%

32%

2007 2008 2007 2008

8,454

10,963

7,714

9,859

Revenues (R$ M) Costs (R$ M)

PersonnelFuelOther Costs

Selling and marketingDomestic PaxInternational Pax

CargoOther

14

On a quarterly basis, our gross revenue increased 17%...

189

214

613

1,321

288

208

797

1,443

1Q08 1Q09

2,337

2,736

0

500

1,000

1,500

2,000

2,500

3,000

Gross Revenue (R$ M)

17%

Domestic passenger revenue grew 9%

RPK increased 5%

ASK increased 16%

International passenger revenue grew 30%

RPK increased 10%

ASK increased 18%

Cargo revenue decreased 3%

Other revenue grew 53%Domestic Pax International Pax Cargo Other

US GAAP non audited

15

...and our total RASK increased 0.5%...

RASK Total ¹ ²

RASK scheduled domestic ²

Scheduled load factor (%)

Scheduled yeild ³

RASK scheduled international ²

Scheduled load factor (%)

Scheduled yeild ³

RASK scheduled international ²(USD cents)

Scheduled yeild ³(USD cents)

1Q081Q08

16.31

15.37

69.9

23.09

11.39

76.9

14.82

6.51

8.47

4Q084Q08

19.21

16.97

64.5

27.65

14.62

72.7

20.10

6.26

8.60

1Q091Q09

16.39

14.21

63.1

23.59

12.48

71.7

17.40

5.39

7.52

1Q09 vs 1Q08

0.5%

-7.6%

-6.8 p.p.

2.2%

9.5%

-5.2 p.p.

17.4%

-17.3%

-11.3%

1Q09 vs 4Q08

-14.7%

-16.3%

-1.3 p.p.

-14.7%

-14.7%

-1.0 p.p.

-13.4%

-13.9%

-12.6%

1 Includes charter, cargo and Other revenues, net of taxes2 Net of taxes3 Gross of taxes

US GAAP non audited

R$ Cents

16

...leading the CASK to a reduction of 3%, increasing the spread

RASK(R$ Cents)

CASK(R$ Cents)

CASK ex-combustível(R$ Cents)

Spread(RASK - CASK)

1Q081Q08

16.31

15.71

9.58

0.60

1Q091Q09

16.39

15.23

10.91

1.17

1Q09 vs 1Q08

0.5%

-3.1%

13.9%

93.0%

US GAAP non audited

17

Interest expense and hedge impacted our financial result

*WTI West Texas Intermediate

Financial income Interest income from financial investments Exchange variation Financial instrument/gains – FX Financial instrument/gains – WTI*

Other

Financial expense Interest expense from financial investmentsInterest expenseExchange variation Financial instrument/loss – FX Financial instrument/loss – WTI*

Realized Unrealized

Other

Financial result, net

1Q081Q08

55.1 92.6 40.7

3.4 218.5

-(88.4)(62.2)(0.3)

-(63.7)(3.3)

(217.9)

0.6

1Q091Q09

30.0 219.1

-

8.7 485.5

(4.2)(117.3)(177.4)

-

(290.0)-

(7.0)(595.9)

(110.4)

Realized 26.7 -Unrealized - 227.7

R$ Million

US GAAP non audited

18

We improved our marginsMargin over net revenueUS GAAP non audited

1Q08 1Q09

283

475EBITDAR - R$ M

68%

13%

18%

1Q08 1Q09

83

188EBIT - R$ M

125%

4%

7%

1Q08 1Q09

47

57

Net Income - R$ M

2,2%2,1%

1Q08 1Q09

0.31

0.38

Earnings per Share - R$ Cents

22% 22%

19

The cash consumption was mainly due to hedge and operations

OpeningBalance Jan/09

Hedge Operating Investing Financing ClosingBalance Mar/09

withrestricted cash

Restricted cash ClosingBalance Mar/09

1,914

-290-160 -57

-801,327

-2421,085

0

500

1,000

1,500

2,000

2,500

CashR$ Million

US GAAP non audited

20

More than 1/3 of our hedge positions for 2009, were realized in the 1Q09

1Q09 2Q09 3Q09 4Q09 Total 2009 1Q10 2Q10 3Q10 4Q10 Total 2010 1Q11

Volume (Thousand barrels)

Volume (Thousand barrels)

1,927 1,245 1,145 830

5,146 890 955 865 720

3,429 145

Average Strike (USD/bbl)

Average Strike (USD/bbl)

107113110109109114115114113114107

Projected Consumption Covered

Projected Consumption Covered

52%33%30%22%34%23%25%22%19%22%4%

21

The hedge impact in our cash will be lower in the next quarters

1Q09 2Q09 3Q09 4Q09

125

7969

49

0

50

100

150

Hedge Impact on Cash(USD million)

Assuming a WTI price of 50 USD per barrel until the end of 2009, the cash impact from

the hedge would reduce significantly.

Assuming a WTI price of 50 USD per barrel until the end of 2009, the cash impact from

the hedge would reduce significantly.

22

Guidance 2009

TAMTAM

MarketMarket

Realized Jan-Apr

Realized Jan-Apr

Domestic market demand growth (RPK)

Maintain market share leadership in both markets

Domestic

International

Supply growth (ASK)

Domestic

International

Average overall load factor at approximately

Additional international destinations or frequencies in 2009

Guidance 2009

Guidance 2009

1% - 5%

- - -

- - -

8%

20%

67%

1*

4.0%

49.5%

85.7%

13.8%

21.8%

67.2%

- - -

* Flight to Johannesburg estimated to be launched on September

23

43

A340 2

A330 - 16

A321 - 5

A32082

A31920

43

18

107

43

20

110

43

22

113

83

22

115

103

22

117

1Q09 2009 2010 2011 2012 2013

132 132137

142148 152

Total Fleet(End of Period)

Our fleet size will be maintained until the end of this year

B767 Airbus wide-body Airbus narrow-bodyB777

Average fleet age of 5.7 years by the end of

1Q09

Average fleet age of 5.7 years by the end of

1Q09

Standardization of narrow body fleet:

A320 family

Standardization of narrow body fleet:

A320 family

Aircraft to be received in 2009 will replace the ones that will be redelivered and already

have pre committed financing

Aircraft to be received in 2009 will replace the ones that will be redelivered and already

have pre committed financing

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February 19, 2008