Guarujá, August 19, 2009

10th

Annual Conference Santander

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 M A M J J A S O N D 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 MA M J J90

95

100

105

110

115

120

125

130

Domestic Market - Variation(vs previous period)

The domestic market grew 26% in July 2009

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

2009

Source: ANAC

6.6% market growth

4

Brazilian market

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

We operate approximately 700 daily flights

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

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

Brazilian domestic market is composed mainly by business passengers

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%

* TAM Estimates

7

Opportunity for low fare passengers on off-peak flights

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2355

60

65

70

75%

Load Factor per hour

Off Peak Peak Off Peak Peak Off Peak

8

PreviousPeriod

Market

TAM

J F MA M J J A S O ND J F M AM J J A SO N D J FM A M J J AS ON D J F M AM J J40

60

80

100

120

140

160

180

200

International Market - Variation(vs previous period)

The international market (among Brazilian carriers) decreased 6% 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

6% market decrease20072006 2008 2009

9

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 10x 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

10

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%

11

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%47,1%

43,5%

2003 2004 2005 2006 2007 2008 Jan - Jul 2009

12,0% 14,3%

37,5%

67,5%75,2%

83,6%

18,8%

2003 2004 2005 2006 2007 2008 Jan - Jul 2009

12

Gross revenue

Domestic passenger revenue reduced 16%

RPK decreased 0.5%

ASK increased 11%

International passenger revenue reduced 3%

RPK increased 15%

ASK increased 23%

Cargo revenue decreased 16%

Other revenue grew 37%Domestic Pax International Pax Cargo Other

226

256

603

1,530

310

215

584

1,286

2Q08 2Q09

2,6152,395

0

500

1,000

1,500

2,000

2,500

3,000

Gross Revenue (R$ M)

BR GAAP

8%

13

Our total RASK decreased 21%

RASK Total ¹ ²

RASK scheduled domestic ²

Scheduled load factor (%)

Scheduled yield ³

RASK scheduled international ²

Scheduled load factor (%)

Scheduled yield ³

RASK scheduled international ²(USD cents)

Scheduled yield ³(USD cents)

2Q082Q08

18.40

17.66

68.1

27.23

11.48

73.4

15.64

7.21

9.83

1Q091Q09

16.39

14.21

63.1

23.59

12.48

71.7

17.40

5.39

7.52

2Q092Q09

14.55

13.21

61.4

22.60

8.99

68.5

13.13

4.61

6.73

2Q09 vs 2Q08

-20.9%

-25.2%

-6.7

p.p.

-17.0%

-21.7%

-4.9

p.p.

-16.1%

-36.1%

-31.6%

2Q09 vs 1Q09

-11.2%

-7.6%

-1.7

p.p.

-4.2%

-28.0%

-3.2

p.p.

-24.5%

-14.5%

-10.5%

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

R$ Cents

BR GAAP

14

Our CASK reduced 11%

RASK(R$ Cents)

CASK(R$ Cents)

CASK excl Fuel(R$ Cents)

CASK(USD Cents)

CASK excl Fuel(USD Cents)

USD average rate

2Q082Q08

18.40

17.32

10.08

10.46

6.09

1.66

14.55

15.52

11.59

7.49

5.60

2.07

2Q09 vs 2Q08

-21%

-11%

15%

-28%

-8%

25%

2Q092Q09BR GAAP

15

Exchange variation and hedge impacted our financial result

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

WTI* Realized Unrealized

Other

Financial expense Exchange variation Interest expense Financial instrument/loss –

WTI* Realized

Other

Financial result, net

2Q082Q08

46.1 563.2

43.9 41.6 2.9

697.7

(227.3)(76.2)(3.5)(7.1)(9.8)

(323.9)

373.8

2Q092Q09

14.1 1,249.4

-471.6 11.9

1,747.0

(193.3)(99.6)

-(160.4)(9.8)

(463.1)

1,283.9

R$ Million

BR GAAP

*WTI West Texas Intermediate

16

EBITDAR, EBIT and Net Income in BR GAAP and IFRS

Margin over net revenue

2Q08 2Q09

318

192

EBITDAR - R$ M

-40%

13%

8%

BR GAAP

2Q08 2Q09

142

-95

EBIT - R$ M

6%

-4%

2Q08 2Q09

337

789

Net Income - R$ M

13%

34%

2Q08 2Q09

255

175

EBITDAR - R$ M

-31%

10%

8%

2Q08 2Q09

75

-143

EBIT - R$ M

3%

-6%

2Q08 2Q09

241

540

Net Income - R$ M

24%

10%

IFRS

17

Flight equipment impairment represented the main difference between BR GAAP and IFRS

Net incomeBR GAAP

Loyalty FlightEquipmentImpairment

Deferred Taxes Net incomeIFRS

788.9

-26.9

-331.5

109.1 539.6

0

200

400

600

800

1,000

Net income reconciliation - 2Q09R$ Million

18

The cash consumption was mainly due to hedge and operations

OpeningBalanceMar/09

Hedge Operating Investing Financing ClosingBalanceJun/09

Debentures Cashincluding

debentures

1,327

-160

203

-76

-2361,057

600 1,657

0

500

1,000

1,500

2,000

CashR$ Million

BR GAAP Restrict cash

19

Our hedge position remains unchanged

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

Renegotiated positionRenegotiated position

Volume¹

1,927 1,245 1,145 830

5,146 890 955 865 720

3,429 145

Strike²

107113110109109114115114113114107

Coverage³

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

Original positionOriginal position

Volume¹

2,730 1,980

Strike²

105 112

Coverage³

73%53%

1 – Volume in thousand barrels2 – Average strike (USD/barrel)3 – Projected consumption covered

The hedge renegotiation avoided a cash outflow of USD 95 million in the first

half of the year

20

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

125

79

58

43

29

49

32

16

54

37

21

59

41

23

51

36

20

44

31

178 5 2

0

50

100

150

Hedge Cash Impact Sensitivity(USD million)

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

50 USD/barrel 70 USD/barrel 90 USD/barrelRealized

21

Positive with the domestic market growth, we revised our guidance

TAMTAM

Domestic Market

Domestic Market

Realized Jan -Jul

Realized Jan -Jul

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

7% - 10%

- - -

- - -

8%

20%

67%

1

6.6%

47.1%

86.4%

10.6%

22.6%

66.9%

- - -

22

43

A340 2

A330 - 16

A321 - 5

A32082

A31920

43

18

107

43

20

110

43

22

113

83

22

115

103

22

117

2Q09 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 5.8 years by the end of

2008

Average fleet age of 5.8 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

23

Working capital strength

Increase in Company’s liquidity

Guarantee credit conditions

Total offer of R$ 600 million

600 regular debentures

Unitary par value of R$ 1 million

Not convertible into shares

Amortization

As of July 24, 2010

13 quarterly and consecutive payments

Expire date – July 24, 2013

Remunerative interest rate of 126.5% of the Daily Interbank Deposit

Guaranteed by fiduciary assignment of receivables

We strengthened our cash with a debenture offer of R$ 600 million

Offer details

Offer details

RationalRational

24

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

25

Hotels

Banks

Credit Cards

Focus on retention and profitability from

frequent flyers

TAM Fidelidade leverages TAM’s

business through points sales to partners

58,3 85,1

290,0

528,2

207,3 209,5

2004 2005 2006 2007 2008 1Q09

Revenues($ Million)

Growth (vs previous period)

46% 144% 40% 82% 160%*

* Versus 1Q08

26

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

27

We launched the Multiplus

Fidelidade aiming to explore all potential of the customers loyalty

Hotel

Bank

CreditCard

Retail

Bank

TAM Loyalty Program – Unilateral approach

Client

Sales of points to partners

Partners award clients with point

Clients redeem points to fly with TAM

Multiplus Fidelidade – Multilateral approach

ClientTelco

Bookstore

Products

Advantages

Cellular

Book

Package

Sales of points to partners

Partners award clients with point

Clients redeem points with several partners

Clients will be able to accrue points from different partners in

the same account

28

$ $

Multiplus

Fidelidade cash flow model and levers

Cash InSales of points to partners

Cash OutBuying awards to members when points are redeemed

PhoneCompany

Retail

Bookstores

Travel packages

Phonesor

discounts

Airline tickets

Products

Books

Profit fromSpread between point sales and acquisition of awardsBreakageCRMOutsourcing

29

February 19, 2008