São Paulo, June 24, 2009

Citi's

2nd

Annual Brazil Conference

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 F MA M J J A SOND J FMA M J J A S ON D J F MAM J J A SON D J F MA M90

95

100

105

110

115

120

125

130

Domestic Market - Variation(vs previous period)

The domestic market grew 2% until May 2009

20072006 200812% market growth 12% market growth 7% market growth

2009

Source: ANAC

2% market growth

4

PreviousPeriod

Market

TAM

J F M A M J J A S O N D J F M A M J J A S ON D J F M A M J J A S O N D J F M A M40

60

80

100

120

140

160

180

200

International Market - Variation(vs previous period)

The international market (among Brazilian carriers) decreased 7% in 2009, while we grew 14%

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

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

Source: ANAC

14% TAM’s growth

7% market decrease20072006 2008 2009

5

We are both domestic and international market leaders

TAM’s Domestic Market Share*TAM’s Domestic Market Share*

Source: ANAC

* RPK – Revenue passenger kilometer

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

33,0%35,8%

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

2003 2004 2005 2006 2007 2008 Jan - May 2009

12,0% 14,3%

37,5%

67,5%75,2%

85,9%

18,8%

2003 2004 2005 2006 2007 2008 Jan - May 2009

6

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%

7

We consumed cash in 1Q09 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

8

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%

9

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.

10

Guidance

2009

TAMTAM

MarketMarket

Realized Jan-May Realized Jan-May

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*

2.0%

48.6%

85.8%

13.2%

22.6%

65.8%

- - -

* Flight to Johannesburg estimated to be launched on September

11

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

2008

Average fleet age of 5.7 years by the end of

2008

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

12

Expansion of a loyalty program concept

Tool to assist partner companies to capture, retain customers and increase sales

Coalition of loyalty programs for accrual of points and redemption of products or services with different partners

Multiplus Fidelidade is a brand owned by TAM and will be utilized to connect loyalty programs and partners with exclusive advantages for its members

We launched the Multiplus

Fidelidade

aiming to explore all potential of the customers loyalty

13

Hotels

Banks

Credit Cards

Focus on retention and profitability from

frequent flyers

TAM Fidelidade

leverages TAM’s

business through points sales to partners

14

Retail

PhoneCompany

Bookstores

Suppliers

Banks

Focus on retention and acquisition of partner’s customers increasing sales

Multiplus

Fidelidade

will work as a “hub”

of several partners and programs

15

February 19, 2008