TAM Announces 1Q09 Results

SAO PAULO - To see full report, access www.tam.com.br/ir

(BOVESPA: TAMM4, NYSE: TAM) First quarter results report of 2009 (1Q09). 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.

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Operational Performance Domestic Operations - We reached 49.5% average market share in 1Q09. - Our capacity (ASK) increased 15.5% in 1Q09 compared to 1Q08 as a result of the net increase in our operating fleet of 2 A321, 11 A320 and 5 A319, compensated by the phase-out of the Fokker 100s (in 1Q09 we had 3 F-100 in our operating fleet) the reduction in the block hours by aircraft from 12.6 hours/day in 1Q08 to 12.0 flown hours per day in 1Q09 (total operation). - Demand (RPK) increased 4.5% in 1Q09 compared to 1Q08. - Our domestic load factor decreased to 64.2% in 1Q09, compared to 70.9% in 1Q08. International Operations - We had 85.5% average market share in 1Q09. - Capacity increased 18.5% in 1Q09, due to the increase of 4 B777, 4 A330 and 3 B767 into our international operating fleet (partially compensated by the phase-out of the MD11s from our fleet) making possible the beginning of long haul flights from Rio de Janeiro to Miami (daily) and New York (4 times per week) and from Sao Paulo to Orlando (daily). In South America we started daily flights from Buenos Aires to Brasilia and from Sao Paulo to Lima and Bariloche through the increase in the narrow body fleet in the region. Also in South America, we increase the capacity operating the B777 to Santiago. - Our demand increased 10.5% comparing 1Q09 with 1Q08. - The international load factor decreased 5.2 p.p. to 71.6% in 1Q09 compared to 76.8% in 1Q08. Financial Performance - Total CASK decreased by 3.1% in 1Q09 compared to 1Q08, and CASK excluding fuel increased 13.9%. - EBIT and EBITDAR margins of 7.1% and 18.0% respectively. - Net income of R$ 56.9 million, a positive margin of 2.2%. - Our total cash and cash equivalents equaled R$ 1,085 million. - Return on Equity (ROE) of (103.8)%. - Return on Assets (ROA) of (11.4)%. Conference calls Portuguese English May 7, 2009 May 7, 2009 11:00 am (Brazil time) 12:30 pm (Brazil time) 10:00 am (US EDT) 11:30 am (US EDT) Phone: +0800-891-5822 Phone: +1-617-213-8062 Password: 77952312 Password: 47451413 Replay: +1-617-801-6888 Replay: +1-617-801-6888 Available from 05/07/2009 until Available from 05/07/2009 until 05/14/2009 05/14/2009 Code: 84468177 Code: 90531131

About TAM:

TAM (www.tam.com.br) has been the domestic market leader since July of 2003, and closed March 2009 with 49.3% of market share. The company flies to 42 destinations in Brazil. Through business agreements signed with regional companies, it reaches 79 different destinations in Brazil. TAM’s market share among Brazilian companies that operate international flights stood at 86.8% in March. Operations abroad include TAM flights to 18 destinations in the United States, Europe and South America: New York , Miami and Orlando (USA), Paris (France), London (England), Milan (Italy), Frankfurt (Germany), Madrid (Spain), Buenos Aires and Bariloche (Argentina), Cochabamba and Santa Cruz de la Sierra (Bolivia), Santiago (Chile), Asuncion and Ciudad del Este (Paraguay), Montevideo (Uruguay), Caracas (Venezuela) and Lima (Peru). It has code-share agreements that make possible the sharing of seats on flights with international airlines, enabling passengers to travel to 64 other destinations in the U.S., Europe and South America. TAM was the first Brazilian airline company to launch a loyalty program. Currently, the program has over 5.5 million subscribers and has awarded more than 7.4 million tickets.

Forward-looking statement:

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 herein. These estimates are subject to changes without prior notice.

Source: TAM

Libano Miranda Barroso, TAM Investor Relations, +55-11-5582-9715, fax, +55-11-5582-8149, invest at tam.com.br