TAM S.A. 4th 2008 Quarter Results Announcement

SÃO PAULO, BRAZIL--(Marketwire - March 30, 2009) - We (BOVESPA: TAMM4) (NYSE: TAM) report our fourth quarter results for 2008 (4Q08). Operational and financial data, except where otherwise indicated, are presented based on amounts consolidated in Reais (R$) and prepared in accordance with accounting principles generally accepted in United States (US GAAP) non audited. Additionally, financial statements summary in accordance with the changes in accounting practices provided by Law No. 11,638 are made available at the end of this release.

Highlights

- 7.4 million passengers transported -- an increase of 2%
- Gross Revenues of R$ 3 billion, an increase of 28.8%
- Elimination of MD11s from our fleet
- Delivery of three A319, four A320, three A330 and three B777 in 4Q08 vs.
  3Q08
- "Best in Travel and Tourism" Award -- the best Brazilian airline for the
  sixth consecutive time
- Folha Top of Mind 2008 in the Airline category
- "Aircraft Leasing Deal of The Year" for the finance of four B777-300ER

Institutional Investor

- The best CFO in the Aerospace, Transportation and Industrial sector in
  Brazil (Líbano)
- The second best CEO in the Aerospace, Transportation and Industrial
  sector in Brazil (Barioni)
- The second most shareholders-friendly company
- New nonstop flights to New York, via Rio de Janeiro and to Orlando from
  São Paulo
- Beginning codeshare with Air Canada
- Star Alliance entrance announcement
- 601,900 shares bought back

Operational Performance

Domestic Operations

- We reached 50.7% average market share in 4Q08.
- ASKs (capacity) increased 15.6% in 4Q08 compared to 4Q07 as a result of
  the increase of 5 A319 aircraft and 11 A320, compensated by the
  elimination of the Fokker 100 (in 4Q07 we had 5 F-100 in our operating
  fleet) and the reduction in the hours from 12.3 hours/day in 4Q07 to 12.2
  flown hours per aircraft per day in 4Q08 (total operation).
- RPKs (demand) increased 6.4% in 4Q08 compared to 4Q07.
- Our domestic load factor decreased to 65.5% in 4Q08, compared to 71.1% in
  4Q07.

International Operations

- We reached 84.7% average market share in 4Q08.
- ASKs (capacity) increased 24.2% in 4Q08, due to the increase of 4 B777
  aircraft, 4 A330 and 3 B767 into our international operating fleet and by
  elimination of MD11s from our fleet, allowing the beginning of long haul
  flights from Rio de Janeiro to Miami and New York and from Sao Paulo to
  Orlando. In South America we started daily flights to Buenos Aires (via
  Brasilia) in addition to Bariloche and Lima (from São Paulo) through the
  increase in the narrow body fleet in the region. Also in South America,
  we increase our supply operating the B777 to Santiago and substituting
  all TAM Mercosur's F100 to A320 aircraft.
- RPKs (demand) increased 27.5% comparing 4Q08 with 4Q07.
- Our international load factor increased 1.9 p.p. to 72.7% in 4Q08
  compared to 70.8% in 4Q07.

Financial Performance

- Total CASK decreased by 0.3% in 4Q08 compared to 4Q07, and CASK excluding
  fuel decreased 11.3%.
- EBIT and EBITDAR margins of 11.2% and 17.9% respectively.
- Net loss of R$ 1,122.7 million, a negative margin of 38.4%.
- Our total cash and cash equivalents equalled R$ 1,914 million.
- Return on Equity (ROE) of (82.3)%.
- Return on Assets (ROA) of (12.2)%.

Conference calls

Portuguese
March 31, 2009
11:00 am (Brazil time)
10:00 am (US EDT)
Phone: 0800 891-5822
Password: 70564824

Replay: +1 617-801-6888
Available from 03/31/2009 until 04/07/2009
Code: 90072409
(Click www.tam.com.br/ri to access)


English
March 31, 2009
12:30 pm (Brazil time)
11:30 am (US EDT)
Phone: +1 857 350 1674
Password: 35540875

Replay: +1 617-801-6888
Available from 03/31/2009 until 04/07/2009
Code: 91795866
(Click www.tam.com.br/ir to access)

Contact Information: Investor Relation contacts: Libano Miranda Barroso (CFO) Roberta Noronha (Manager Investor Relations) Jorge Helito (Investor Relations Coordinator) Andre Ferreira (Investor Relations Analyst) Tel.: (5511) 5582-9715 Fax: (5511) 5582-8149 invest@tam.com.br www.tam.com.br/ri