CEO ConferenceUBS Pactual

February 19, 2008

22

Information and ProjectionThis 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.

33

2007 was a year of many challenges

Macro Economy

Airline Industry

AirlinesBrazil

TAM

High volatility (e.g. subprime crisis)

Fuel prices

Scarcity of aircraft, seats, etc due to overall growth in the sector

Conclusion of the “Varig” questionmarkChanges in the governing structure of theindustryCollapse of BRA

Impact of infrastructure on operations

Accident

44

We have continued to be the leading domesticcarrier

14.4

20.3

42.4

20.7

8.5

14.5

40.3

30.6

13.5

38.9

11.7

34.6

12.2

33.6

19.4

33.0

8.8

31.1

22.3

35.8

25.5

25.9

41.3

10.0

25.9

48.0

39.6

48.9

39.6

48.6

2000 2001 2002 2003 2004 2005 2006 2007 Jan/080

20

40

60

80

100%

Domestic Market Share (RPKs)

TAMGOLVARIGVASPTRANSBRASILBRAOceanairOther

55

Previousperiod

Currentperiod

J F M A M J J A S O ND J F M AM J J A S ON D J F M A M J J A S O ND J8085

9095

100105110

115120125

130

Domestic Market - Variation

Source: ANAC

Accum. marketgrowth 2006

12%

The domestic market growth reached 12% in 2007 and 7% in January, 2008

Accum. marketgrowth 2005

19%

Accum. marketgrowth 2007

12%

2005 2006 2007 2008

66

We have also become the leading Brazilian carrierin the international market

75.0

7.4

82.1

13.9

87.4

12.5

87.9

12.0

85.4

14.5

77.0

18.4

50.4

7.3

37.3

13.1

14.2

67.5

19.5

11.1

67.0

2000 2001 2002 2003 2004 2005 2006 2007 Jan/080

20

40

60

80

100%

International Market Share (RPKs)

TAMGOLVARIGVASPTRANSBRASILOther

77

Previousperiod

Market

TAM

J F MA M J J A SO N D J F MA M J J A SO ND J FM AM J J AS OND J40

60

80

100

120

140

160

180

200

International Market - Variation(vs previous year)

Source: ANAC

The international market (among Brazilian carriers) is recuperating and grew 55% in Jan/08

Accum. marketgrowth 2005

7%Accum. marketdecrease 2006

30%Accum. marketdecrease 2007

5%

Acum TAM 200641%

Acum TAM 200771%

Acum TAM 200540%

20072005 2006 2008

88

53.3%

46.7%

53.8%

46.2%

71.5%

28.5%

65.0%

35.0%

2004 2005 2006 2007*0

20

40

60

80

100%

% International traffic

Braziliancarriers

Intlcarriers

The growth potential for Brazilian carriers is higher due to the unbalance in the bilateral agreements

* estimates

99

We are strengthening our product in the international market through fleet and network...

Increased widebody fleet plan for the next 10 years, substituting older aircraft

2 A340s (delivered in 2007)8 B777-300ERs (4 in 2008, 4 in 2012)22 A350s (as of 2013)New A330 reducing fleet average ageComplete phase-out of F100 (impact on intra South American routes)

Expansion of network through additional destinations and frequencies

New full code share agreements at each major country

Focus on South American coverage – integration of TAM Mercosur activities

1010

21%

79%

33%

67%

34%

66%

34%

66%

3Q06 1Q07 2Q07 3Q070

20

40

60

80

100%

Revenues(Passenger + Cargo)

DomesticInternational

% ASK Int

% ASK Dom

Dollarexchangerate

27%

73%

R$2.174

33%

67%

R$2.050

37%

63%

R$1.926

37%

63%

R$1.839Approximately 50%

of our costs (including fuel) are exposed to foreign

currencies

The international operations works as a natural hedge

Approximately 50% of our costs

(including fuel) are exposed to foreign

currencies

Revenues originated in the

international operations are

expected to reach 45% - 50% in the next 12 months

Revenues originated in the

international operations are

expected to reach 45% - 50% in the next 12 months

1111

As Brazil becomes “stable”, the leisure segmentwill become increasingly more important

Leis

ure

Busi

nes

s

2000 2001 2002 2003 2004 2005 2006 2007

17.9

26.6 27.025.2

28.2

35.4

39.7

44.4

0

10

20

30

40

50

Domestic Market Passenger Mix (RPK M)

CAGR

11%

22%

Travelling is one of the top “desire” items for consumption

* TAM Estimates

1212

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

Addition of extra features in the segmented bundles

Ability to “sell up”categories

Potential for further revenue increase

Harmonization of the fare bundle strategy to TAM Fidelidade growth

1313

...increasing capillarity of sales through our new methods of payments... Launched new methods of payment in May 2007

Payment at lottery storesApproximately 9,000 stores in Brazil

Already functioning as bank correspondent

Billing slipsAutomatic debit Financing for passengers via direct consumer credit with the main retail banks

Focus on leisure/lower income segments

1414

...optimizing the utilization of our aircraft on offpeak hours

* Average day in October, 2007

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2350

55

60

65

70

75

80%

Domestic load factor per hour

Off Peak Off Peak Off PeakPeakPeak

1515

TAM had its origin as a regional carrier…

TAM

Premium / Business

Commodity / Leisure

Reg

iona

lInternational

TAM’s OriginTAM’s Origin

1616

… until 1998, was focused in domestic transportation of business passengers…

TAM

Premium / Business

TAM up to 1998

Commodity / Leisure

Reg

iona

lInternational

TAM up to 1998

1717

… and now, it serves a full spectrum of passengers under one brand

TAM

Premium / Business

Commodity / Leisure

Reg

iona

lInternational

First classFirst class

Business class

Business class

Economy class

Economy class

Commercial

agreements

with

regional

carriers

Commercial

agreements

with

regional

carriers

1818

We are beginning to evaluate new potential business units in the company

TAM Linhas AéreasTAM Linhas Aéreas

MRO(São Carlos)

MRO(São Carlos)

Loyalty ProgramLoyalty

Program HandlingHandlingCargoCargo

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

1919

Average domestic market share above 50%Average domestic load factor at approximately 70%Aircraft utilization per day (block hour) higher than 13 hoursReduction of 7% in total CASK ex-fuel in BR GAAP yoyOpportunity in the international market

Third frequency to ParisInauguration of two new international long haul frequencies

Market demand growth from 10% to 15% (in RPK terms)

Guidance 2007Guidance 2007

TAMTAM

MarketMarket11.9%

2007

We continue with our 2007 guidance, disclosed Dec 2006, demonstrating our commitment to investors

2007

• Since January• Milan, Frankfurt and

Madrid

48.9%

70.5%

12.8*

8.5%*

* Jan – Sep Accumulated

2020

3

14

88

4

4

18

101

4

20

104

4

22

110

4

24

113

8

24

115

2007 2008 2009 2010 2011 2012

109

123128

136141

147

0

50

100

150

Total Fleet

Our growth plan is supported by a flexible fleet plan

B777 MD11 Airbus wide-body Airbus narrow-body F100

TAM will be

monofleetin the

domestic operations by 1Q08

TAM will be

monofleetin the

domestic operations by 1Q08

2121

Maintain the 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)

Guidance 2008Guidance 2008

TAMTAM

MarketMarket

We have a positive outlook for 2008

2222

CEO ConferenceUBS Pactual

February 19, 2008