March 2010

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

The domestic market grew 32% in the first month of 2010

Previous

Period

Market

TAM

J F MAM J J A S OND J FMAM J J ASOND J FMAM J J A SOND J FMAM J J ASOND J85

90

95

100

105

110

115

120

125

130

135

140

145

Domestic Market - Variation

(vs previous period)

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

2009

Source: ANAC

18% market growth

30% TAM’s growth 11% TAM’s growth 6.5% TAM’s growth14% TAM’s growth

201032% market growth

14% TAM’s growth

4

Brazilian domestic market is composed mainly by business passengers

Leisure

Business

2000 2001 2002 2003 2004 2005 2006 2007 2008*

17.9

26.6 27.025.2

28.2

35.4

39.7

44.4

47.5

0

10

20

30

40

50

Domestic Market Passenger Mix (RPK M)

CAGR

11%

20%

* TAM Estimates

5

High concentration of passengers in few airports

� Important barrier for

newcomers

� Limited ability for other

competitors to grow

� 10 main airports in Brazil

transport 70% of all

passenger traffic

� 15 main airports are

responsible for 80% of the

passengers

� TAM has in aggregate ~40%

of all slots available in these

airports

% Total Domestic Passengers Boarded - 2008

0% 2% 4% 6% 8% 10% 12% 14%

Florianópolis

Vitória

Manaus

Belém

Fortaleza

Rio de Janeiro4

Curitiba

Recife

Porto Alegre

Belo Horizonte

Salvador

Rio de Janeiro³

Brasília

São Paulo²

São Paulo¹

70%

10%

1-Congonhas 2-Guarulhos 3-Galeão 4-Santos Dumont Source: ANAC

6

Brazilian market

� We have regular flights to all

Brazilian capitals and major

cities reaching 42

destinations

� We operate approximately

730 daily flights

� Commercial agreements

with Brazilian Regional

Airlines (Trip, Passaredo and

NHT) allowing us to reach a

total of 79 destinations in

Brazil

Note: Based on Jan 2010 network

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

We have a defined approach to increase our load factors on off-peak flights

11

22

We are communicating the domestic market that besides we are the preferred airline company, we are competitive in price

Campaign started in August 2009

We help our passenger to find the best prices

Implementation of Amadeus platform in November 2009

We facilitate our passenger payment throw partnership with Banco do Brasil and Itaú

Payment in 48 months

We receive cash and the bank takes the credit risk and the interests

33

Because of the number of destinations, most of the people prefer TAM.

And now will prefer also because of the price.

TAM54%

Consult all our offers. Fly better. Fly TAM.

We acquired Pantanal Airlines

� Established in 1993

� Market share of 0.14% in 2009

� 245 employees

� 3 ATR-42 aircraft with 45 seats

� Hub at Congonhas Airport

� 90% of business passengers

� Gross revenues of

� R$72 million in 2006

� R$64 million in 2007

� R$56 million in 2008

45,6%42,6%46,4%GOL

Congonhas Airport has 3,176 weekly slots

44,1%50,3%42,4%TAM

6,2%3,8%6,8%Pantanal

4,2%3,3%4,4%Oceanair

TotalWeekendsWeekdays

About PantanalAbout Pantanal

According to ANAC’s 2008 annual report,

Brazil has 156 city pairs with a daily

demand between 40 and 149 passengers

Mid density marketsMid density markets

Position at CGH AirportPosition at CGH Airport

Source: HOTRAN ANAC’s file, from December 18, 2009

10

Previous

Period

Market

TAM

J FMAM J J A SOND J FMAM J J A SOND J FMAM J J ASOND J FMAM J J A SOND J40

60

80

100

120

140

160

180

200

International Market - Variation

(vs previous period)

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

1% market decrease

The international market (among Brazilian carriers) grew 13% in January of 2010

20072006 2008 2009 201013% market growth

9% TAM’s growth

11

The leading Brazilian international carrier

�Long haul market

� Miami 28x per week

� NY 18x per week

� Orlando 7x per week

� Paris 21x per week

� London 7x per week

� Milan 7x per week

� Frankfurt 7x per week

� Madrid 7x per week

�Latin American market

� Buenos Aires 63x per week*

� Cochabamba 4x per week**

� Santa Cruz de Sierra 8x per week**

� Santiago 14x per week*

� Asuncion 14x per week*

� Ciudad del Leste 7x per week*

� Montevideo 14x per week

� Caracas 7x per week

� Lima 7x per week

� La Paz 4x per week**

Note: Based on Jan 2010 network

* Consider only flights from Brazil

** Flights from other countries

12

Source: ANAC annual report

* estimates

57%

43%

58%

42%

58%

42%

67%

33%

71%

29%

66%

34%

64%

36%

2003 2004 2005 2006 2007 2008 2009*

7.7

8.99.9 10.2

11.4

13.0 12.8

International passenger - Million

BrazilianCarriers

IntlCarriers

CAGR 2003 – 2009

9%

CAGR 2003 – 2009

9%

Higher growth anticipated for Brazilian carriers due to the unbalance in the bilateral agreements

13

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%45,6%

42,90%43,5%

2003 2004 2005 2006 2007 2008 2009 jan/10

12,0% 14,3%

37,5%

67,5%75,2%

86,5%81,5%

18,8%

2003 2004 2005 2006 2007 2008 2009 jan/10

14

Liquidity and Debt Profile

83%

17%

2005 2006 2007 2008 3Q09

995

2.4532.607

1.914 1.983

0

500

1.000

1.500

2.000

2.500

3.000

Adequate debt profile (pro-forma)Adequate debt profile (pro-forma)

R$ Million

Debt mix by currency

Strategic liquidity positionStrategic liquidity position

R$ Million

2005 2006 2007 2008 3T09

3.9

2.2

5.76.2 6.3

0

2

4

6

8

Net Debt Adjusted / EBITDARNet Debt Adjusted / EBITDAR

3.9 x

2.2 x

5.7 x6.2 x 6.1 x

Obs.: Cash Considers R$ 510MM in Bonds issued in October of 2009

Obs.2: Net Debt Adjusted includes annual operating leases x 7

BONDS

R$

US$

Cas

h20

0920

1020

1120

1220

1320

1420

1520

16

201720

1820

1920

2020

2120

2220

2320

2420

25

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

Debentures, bonds and othersLeasings on the balance sheet

15

With our hedge renegotiation, we avoided a USD 117 million cash outflow

1 – Volume in thousands of barrels2 – Average Strike (USD/barrel)3 – Projected consumption coverage

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

107

113

110

109

109

114

115

114

113

114

107

Coverage³

52%

33%

30%

22%

34%

23%

25%

22%

19%

22%

4%

Original PositionOriginal Position

Volume¹

2,730

1,980

1,580

Strike²

105

112

111

Coverage³

73%

53%

41%

830 110 22%

7.120

370

210

170

50

800

-

109

112

115

111

108

112

-

47%

10%

5%

4%

1%

5%

-

16

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

125

79

48 49

32

16

54

37

21

59

41

23

51

36

20

44

31

178 5 2

(USD million)

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

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

Sensitivity of the hedge impact on our cashSensitivity of the hedge impact on our cash

17

TAMTAM

Domestic Market

Domestic Market

� Demand Growth (RPK)

� We will maintain market leadership

�Domestic

� International

� Supply Growth (ASK)

�Domestic

� International

� Total approximate load factor

� New international frequency or destination 2009

� 7% - 10%

�

� - - -

� - - -

�

� 8%

� 20%

� 67%

� 1

�17.7%

�

�45.6%

�86.5%

�

�10.4%

�19.0%

�68.5%

�- - -

Guidance

for 2009

Guidance

for 2009Realized

2009

Realized

2009

2009 Guidance

18

43

A340 2

A330

16

A321 - 5

A32082

A319

21

43

18

107

43

20

110

43

22

113

83

22

115

103

22

117

3Q09 2009 2010 2011 2012 2013

133 132137

142148

152

Total Fleet

(end of period)

B767 Airbus wide-body Airbus narrow-bodyB777

Average fleet age of 6 years by the end of

3Q09

Average fleet age of 6 years by the end of

3Q09

Standardization of narrow body fleet:

A320 family

Standardization of narrow body fleet:

A320 family

Aircraft to be received in 2010 will replace the ones that will be redelivered and already have pre committed financing

Aircraft to be received in 2010 will replace the ones that will be redelivered and already have pre committed financing

Fleet Plan

We continue to increase the scope of our MRO

AuthoritiesAuthorities

Airframe andComponents

Airframe andComponents

ComponentsComponents

� Airbus: A318; A319; A320; A321; A330

� Boeing: B767

� Fokker: F100

� Airbus: A340

� Boeing: B777

20

February 19, 2008

Contact

suzana.michelin@tam.com.br+55 11 5582-9358Suzana Michelin Ramos

Investor Relations Analyst

marcus.rodrigues@tam.com.br+55 11 5582-8191Marcus Rodrigues

Investor Relations Coordinator

jorge.helito@tam.com.br+55 11 5582-8147Jorge Helito

Investor Relations Manager

invest@tam.com.br

www.tam.com.br/ir+55 11 5582-9715Investor Relations Department

PhonePhone E-mailE-mail