TAM is Among the Top Ten Companies in the Country When It Comes to Information Transparency

A study from Standard & Poor's shows that the average score obtained by companies in the Bovespa Index is 66.1%

SAO PAULO, November 30 - An original study performed by the Corporate Governance Score area from
Standard & Poor's (S&P) ranked TAM (Bovespa:TAMM4; NYSE: TAM) among the top
ten Brazilian companies in information transparency and disclosure (T&D).

(Logo: www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO )

Developed with its own methodology, the data search took into account the
56 companies whose stocks are the most traded in the Sao Paulo Stocks
Exchange (Bovespa) and were part of the Bovespa index until August, 31st 2009
– 34 are also present in the New York Stock Exchange (NYSE).

The study revealed that the average transparency score of the companies
which are part of the Bovespa Index is 66.1%, ranging from 44% to 88.3%.

All the analyses of the information transparency took into consideration
data included in the main sources of public information: annual reports,
information disclosed through the companies' websites and reports published
in the websites of capital market regulatory agencies.

For S&P, this average T&D score is absolutely satisfactory, especially
when compared to those in other researched emerging markets. For example, in
2008 the average score of the 90 biggest Russian open capital companies was
56%, and that of the 300 biggest Chinese companies was 46%.

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