São Paulo, August 14, 2009

2Q09 Results Presentation

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

Historical record quarterly net income of R$ 789 million

Operational efficiencyPunctuality index of 93.4%

11.6 block hours per aircraft per day (-8% versus 2Q08)

12.2 block hours per aircraft per day, considering only the operating fleet (-10% versus 2Q08)

AgreementsBeginning of code-share operations and integration of Loyalty programs with SwissIntegration of our TAM Fidelidade with Aeroplan - Air Canada’s mileage programAnnouncement of code-share with Air China

Strengthening the operations at Santos Dumont Airport – Rio de JaneiroTAM Viagens updates its line of products and services

MRO – contracts for LAN Group’s aircraft maintenance

Airbus Operational Excellence Award for the A320 family

Highlights

4

We launched the Multiplus

Fidelidade aiming to explore all potential of the customers loyalty

Hotel

Bank

CreditCard

Retail

Bank

TAM Loyalty Program – Unilateral approach

Client

Sales of points to partners

Partners award clients with point

Clients redeem points to fly with TAM

Multiplus Fidelidade – Multilateral approach

ClientTelco

Bookstore

Products

Advantages

Cellular

Book

Package

Sales of points to partners

Partners award clients with point

Clients redeem points with several partners

Clients will be able to accrue points from different partners in

the same account

5

$ $

Multiplus

Fidelidade cash flow model and levers

Cash InSales of points to partners

Cash OutBuying awards to members when points are redeemed

PhoneCompany

Retail

Bookstores

Travel packages

Phonesor

discounts

Airline tickets

Products

Books

Profit fromSpread between point sales and acquisition of awardsBreakageCRMOutsourcing

6

Working capital strength

Increase in Company’s liquidity

Guarantee credit conditions

Total offer of R$ 600 million

600 regular debentures

Unitary par value of R$ 1 million

Not convertible into shares

Amortization

As of July 24, 2010

13 quarterly and consecutive payments

Expire date – July 24, 2013

Remunerative interest rate of 126.5% of the Daily Interbank Deposit

Guaranteed by fiduciary assignment of receivables

We strengthened our cash with a debenture offer of R$ 600 million

Offer details

Offer details

RationalRational

7

Gross revenue

Domestic passenger revenue reduced 16%

RPK decreased 0.5%

ASK increased 11%

International passenger revenue reduced 3%

RPK increased 15%

ASK increased 23%

Cargo revenue decreased 16%

Other revenue grew 37%Domestic Pax International Pax Cargo Other

226

256

603

1,530

310

215

584

1,286

2Q08 2Q09

2,6152,395

0

500

1,000

1,500

2,000

2,500

3,000

Gross Revenue (R$ M)

BR GAAP

8%

8

Our total RASK decreased 21%

RASK Total ¹ ²

RASK scheduled domestic ²

Scheduled load factor (%)

Scheduled yield ³

RASK scheduled international ²

Scheduled load factor (%)

Scheduled yield ³

RASK scheduled international ²(USD cents)

Scheduled yield ³(USD cents)

2Q082Q08

18.40

17.66

68.1

27.23

11.48

73.4

15.64

7.21

9.83

1Q091Q09

16.39

14.21

63.1

23.59

12.48

71.7

17.40

5.39

7.52

2Q092Q09

14.55

13.21

61.4

22.60

8.99

68.5

13.13

4.61

6.73

2Q09 vs 2Q08

-20.9%

-25.2%

-6.7

p.p.

-17.0%

-21.7%

-4.9

p.p.

-16.1%

-36.1%

-31.6%

2Q09 vs 1Q09

-11.2%

-7.6%

-1.7

p.p.

-4.2%

-28.0%

-3.2

p.p.

-24.5%

-14.5%

-10.5%

1 Includes charter, cargo and Other revenues, net of taxes2 Net of taxes3 Gross of taxes

R$ Cents

BR GAAP

9

Our CASK reduced 11%

RASK(R$ Cents)

CASK(R$ Cents)

CASK excl Fuel(R$ Cents)

CASK(USD Cents)

CASK excl Fuel(USD Cents)

USD average rate

2Q082Q08

18.40

17.32

10.08

10.46

6.09

1.66

14.55

15.52

11.59

7.49

5.60

2.07

2Q09 vs 2Q08

-21%

-11%

15%

-28%

-8%

25%

2Q092Q09BR GAAP

10

Exchange variation and hedge impacted our financial result

Financial income Interest income from financial investments Exchange variation Financial instrument/gains –

WTI* Realized Unrealized

Other

Financial expense Exchange variation Interest expense Financial instrument/loss –

WTI* Realized

Other

Financial result, net

2Q082Q08

46.1 563.2

43.9 41.6 2.9

697.7

(227.3)(76.2)(3.5)(7.1)(9.8)

(323.9)

373.8

2Q092Q09

14.1 1,249.4

-471.6 11.9

1,747.0

(193.3)(99.6)

-(160.4)(9.8)

(463.1)

1,283.9

R$ Million

BR GAAP

*WTI West Texas Intermediate

11

EBITDAR, EBIT and Net Income in BR GAAP and IFRS

Margin over net revenue

2Q08 2Q09

318

192

EBITDAR - R$ M

-40%

13%

8%

BR GAAP

2Q08 2Q09

142

-95

EBIT - R$ M

6%

-4%

2Q08 2Q09

337

789

Net Income - R$ M

13%

34%

2Q08 2Q09

255

175

EBITDAR - R$ M

-31%

10%

8%

2Q08 2Q09

75

-143

EBIT - R$ M

3%

-6%

2Q08 2Q09

241

540

Net Income - R$ M

24%

10%

IFRS

12

Flight equipment impairment represented the main difference between BR GAAP and IFRS

Net incomeBR GAAP

Loyalty FlightEquipmentImpairment

Deferred Taxes Net incomeIFRS

788.9

-26.9

-331.5

109.1 539.6

0

200

400

600

800

1,000

Net income reconciliation - 2Q09R$ Million

13

The cash consumption was mainly due to hedge and operations

OpeningBalanceMar/09

Hedge Operating Investing Financing ClosingBalanceJun/09

Debentures Cashincluding

debentures

1,327

-160

203

-76

-2361,057

600 1,657

0

500

1,000

1,500

2,000

CashR$ Million

BR GAAP Restrict cash

14

Our hedge position remains unchanged

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

107113110109109114115114113114107

Coverage³

52%33%30%22%34%23%25%22%19%22%4%

Original positionOriginal position

Volume¹

2,730 1,980

Strike²

105 112

Coverage³

73%53%

1 – Volume in thousand barrels2 – Average strike (USD/barrel)3 – Projected consumption covered

The hedge renegotiation avoided a cash outflow of USD 95 million in the first

half of the year

15

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

125

79

58

43

29

49

32

16

54

37

21

59

41

23

51

36

20

44

31

178 5 2

0

50

100

150

Hedge Cash Impact Sensitivity(USD million)

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

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

16

Positive with the domestic market growth, we revised our guidance

TAMTAM

Domestic Market

Domestic Market

Realized Jan -Jul

Realized Jan -Jul

Demand growth (RPK)

Maintain market share leadership in both markets

Domestic

International

Supply growth (ASK)

Domestic

International

Average overall load factor at approximately

Additional international destinations or frequencies in 2009

Guidance 2009

Guidance 2009

7% - 10%

- - -

- - -

8%

20%

67%

1

6.6%

47.1%

86.4%

10.6%

22.6%

66.9%

- - -

17

43

A340 2

A330 - 16

A321 - 5

A32082

A31920

43

18

107

43

20

110

43

22

113

83

22

115

103

22

117

2Q09 2009 2010 2011 2012 2013

132 132137

142148 152

Total Fleet(End of Period)

Our fleet size will be maintained until the end of this year

B767 Airbus wide-body Airbus narrow-bodyB777

Average fleet age of 5.8 years by the end of

2Q09

Average fleet age of 5.8 years by the end of

2Q09

Standardization of narrow body fleet:

A320 family

Standardization of narrow body fleet:

A320 family

Aircraft to be received in 2009 will replace the ones that will be redelivered and already

have pre committed financing

Aircraft to be received in 2009 will replace the ones that will be redelivered and already

have pre committed financing

18

February 19, 2008