TAM Announces 4Q08 Results

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

SAO PAULO, March 30 /PRNewswire-FirstCall/ -- We (BOVESPA: TAMM4, NYSE: TAM),
report our fourth quarter results for 2008 (4Q08). 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.

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

Operational Performance

Domestic Operations

-- We reached 50.7% average market share in 4Q08.

-- ASKs (capacity) increased 15.6% in 4Q08 compared to 4Q07 as a result
of
the increase of 5 A319 aircraft and 11 A320, compensated by the
elimination of the Fokker 100 (in 4Q07 we had 5 F-100 in our operating
fleet) and the reduction in the hours from 12.3 hours/day in 4Q07 to
12.2 flown hours per aircraft per day in 4Q08 (total operation).

-- RPKs (demand) increased 6.4% in 4Q08 compared to 4Q07.

-- Our domestic load factor decreased to 65.5% in 4Q08, compared to 71.1%
in 4Q07.

International Operations

-- We reached 84.7% average market share in 4Q08.

-- ASKs (capacity) increased 24.2% in 4Q08, due to the increase of 4 B777
aircraft, 4 A330 and 3 B767 into our international operating fleet and
by elimination of MD11s from our fleet, allowing the beginning of long
haul flights from Rio de Janeiro to Miami and New York and from Sao
Paulo to Orlando. In South America we started daily flights to Buenos
Aires (via Brasilia) in addition to Bariloche and Lima (from Sao
Paulo)
through the increase in the narrow body fleet in the region. Also in
South America, we increase our supply operating the B777 to Santiago
and
substituting all TAM Mercosur's F100 to A320 aircraft.

-- RPKs (demand) increased 27.5% comparing 4Q08 with 4Q07.

-- Our international load factor increased 1.9 p.p. to 72.7% in 4Q08
compared to 70.8% in 4Q07.

Financial Performance

-- Total CASK decreased by 0.3% in 4Q08 compared to 4Q07, and CASK
excluding fuel decreased 11.3%.

-- EBIT and EBITDAR margins of 11.2% and 17.9% respectively.

-- Net loss of R$ 1,122.7 million, a negative margin of 38.4%.

-- Our total cash and cash equivalents equalled R$ 1,914 million.

-- Return on Equity (ROE) of (82.3)%.

-- Return on Assets (ROA) of (12.2)%.

Conference calls

Portuguese English
March 31, 2009 March 31, 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: +1 857 350 1674
Password: 70564824 Password: 35540875

Replay: +1 617-801-6888 Replay: +1 617-801-6888
Available from Available from
03/31/2009 until 04/07/2009 03/31/2009 until 04/07/2009
Code: 90072409 Code: 91795866
Code: 982

About TAM:
TAM (www.tam.com.br) has been the domestic market leader since July of 2003,
and closed February 2009 with 49.8% 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 85.1% in
June. 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. 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, +011-55-11-5582-9715, fax,
+011-55-11-5582-8149, invest@tam.com.br