TAM S.A. 1st Quarter Results Announcement

SAO PAULO, Brazil, May 12 /PRNewswire-FirstCall/ -- TAM S.A.
(BOVESPA: TAMM4, NYSE: TAM), reports its first quarter results for 2008
(1Q08). 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 Brazil (BR GAAP).
(Logo: here )
To see the full press release, visit the company's website:
www.tam.com.br/ir.

Conference calls

Portuguese English
May 13, 2008 May 13, 2008
10:00 am (Brazil time) 11:30 am (Brazil time)
09:00 am (US EDT) 10:30 am (US EDT)

Phone: +55 (11) 2188-0188 Phone: +1 (973) 935-8893
Password: TAM Password: 46701383

Replay: +55 (11) 2188-0188 Replay: +1 (706) 645-9291
Available from 05/13/2008 until Available from 05/13/2008 until
05/20/2008 05/20/2008
Code: TAM Code: 46701383

Highlights
-- 7.6 million passengers transported - an increase of 13%
-- Decrease in block hours/day per aircraft from 13.0 to 12.6
-- Gross Revenues of R$ 2.3 billion, an increase of 22.7%
-- Redelivery of two F100s, compensated by the delivery of 1 A320 in 1Q08
vs. 4Q07
-- Begin of code share operations with LAN Peru
-- IOSA certificate (IATA Operational Safety Audit) renewed until January
2010
-- Firm contract for acquisition of 22 A350 XWBs, four A330-200s and 20
A320 aircraft
-- Easy Web Check-in expanded for international Destinations
-- Conclusion of 30 business agreements (SPAs), reaching 64 airline
partners abroad
-- 153 thousand shares bought back

Combination of TAM's Loyalty Program with Lufthansa's Miles & More

Operational Performance

Domestic Operations
-- TAM reached 50.0% average market share in 1Q08.
-- ASKs (capacity) increased 14.2% in 1Q08 compared to 1Q07 as a result of
the increase in the operating fleet of 16 A320 and 3 A321, compensated
by 13 F100 reduction and other 3 in redelivery and the reduction in
block hours by aircraft from 13.0 hours/day to 12.6 hours/day (total
operation).
-- RPKs (demand) increased 14.6% in 1Q08 compared to 1Q07.
-- TAM's domestic load factor increased to 70.9% in 1Q08, compared to
70.7% in 1Q07.

International Operations
-- TAM reached 67.7% average market share in 1Q08.
-- ASKs (capacity) increased 49.7% in 1Q08, due to the increase of 2 A340
and 2 A330 and into our international operating fleet allowing the
beginning of long haul daily flights to Frankfurt and Madrid. In South
America we started daily flights to Caracas and Montevideo through the
increase in the narrow body fleet in the region.
-- RPKs (demand) increased 61.3% comparing 1Q08 with 1Q07.
-- TAM's international load factor increased 5.6p.p. to 76.8% in 1Q08
compared to 71.2% in 1Q07.

Financial Performance
-- Total CASK increased by 2.1% in 1Q08 compared to 1Q07, and CASK
excluding fuel decreased 5.5%.
-- EBIT and EBITDAR margins of 0.8% and 12% respectively.
-- Net income of R$ 2.6 million, a positive margin of 0.1%.
-- Our total cash and cash equivalents equaled R$ 2,226 million.
-- Return on Assets (ROA) of 1.1%
-- Return on Equity (ROE) of 4.9%

Investor Relation contacts:
Tel.: (5511) 5582-9715
Fax: (5511) 5582-8149
invest@tam.com.br
www.tam.com.br/ri

About TAM:
TAM (www.tam.com.br) has been the leader in the Brazilian domestic market
for more than four years, and held a 47.1% domestic market share and 72.4%
international market share at the end of April 2008. TAM operates regular
flights to 42 destinations throughout Brazil. It serves 79 different cities
in the domestic market through regional alliances. Additionally, it maintains
code-share agreements with international airline companies that allow
passengers to travel to a large number of destinations throughout the world.
TAM was the first Brazilian airline company to launch a loyalty program.
Currently, the program has over 4.7 million subscribers and has awarded more
than 5.5 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 S.A.

Investor Relations, Libano Miranda Barroso (CFO), or Roberta Noronha (Manager
Investor Relations), or Jorge Helito (Investor Relations Analyst), or Andre
Ferreira (Investor Relations Analyst), all of TAM, +5511-5582-9715, Fax,
+5511-5582-8149, invest@tam.com.br