SAO PAULO, Brazil, March 31 /PRNewswire/ —

TAM S.A. (BOVESPA: TAMM4, NYSE: TAM), reports its fourth quarter results
for 2007 (4Q07). 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: http://www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO )

Operational Performance

Highlights
— 7.3 million passengers transported — an increase of 10ACIORFIPROCENTE

— Decrease in block hours/day per aircraft from 13.0 to 12.3

— Gross Revenues of R$ 2.4 billion, an increase of 15.9ACIORFIPROCENTE

— Begin operations of 2 A340, 2 A330, 7 A320 and 1 A321 compensated by 3
F100 returned in 4Q07 vs. 3Q07

— New daily flight to Frankfurt since November 30

— New daily flight to Madrid since December 21

— Begin of code share operations with United Airlines, LAN and signature
of contract with Lufthansa

— Loan agreement with BNP Paribas to finance up to US$ 117 million in
pre-delivery payment (PDP) operations for 30 Airbus aircraft

— R$ 83 million EBIT and R$ 353 million EBITDAR,
margins of 3.6ACIORFIPROCENTE and 15.4ACIORFIPROCENTE respectively in 4Q07 Domestic Operations

Domestic Operations
— TAM reached 48.2ACIORFIPROCENTE average market share in 4Q07.

— ASKs (capacity) increased 9.3ACIORFIPROCENTE in 4Q07 compared to 4Q06 as a result of
the increase in the operating fleet of 20 A320, 1 A319 and 3 A321,
compensated by 9 F100 returned and other 5 in redelivery and the
reduction in block hours by aircraft from 13.0 hours/day to 12.3
hours/day (total operation).

— RPKs (demand) increased 9.9ACIORFIPROCENTE in 4Q07 compared to 4Q06.

— TAM’s domestic load factor increased to 71.1ACIORFIPROCENTE in 4Q07, compared to
70.7ACIORFIPROCENTE in 4Q06.

International Operations

— TAM reached 71.5ACIORFIPROCENTE average market share in 4Q07

— ASKs (capacity) increased 71.6ACIORFIPROCENTE in 4Q07, due to the increase of 2
A340, 2 A330 and 3 MD11 into our international operating fleet
allowing the beginning of daily flights to Milan, Frankfurt and Madrid
and the third daily flight to Paris. In South America we started daily
flights to Cordoba, Caracas and Montevideo through the increase in the
narrow body fleet in the region.

— RPKs (demand) increased 65.3ACIORFIPROCENTE comparing 4Q07 with 4Q06.

— TAM’s international load factor decreased 2.7p.p. to 70.8ACIORFIPROCENTE in 4Q07
compared to 73.5ACIORFIPROCENTE in 4Q06.

Financial Performance
— Total CASK increased by 1.4ACIORFIPROCENTE in 4Q07 compared to 4Q06.

— EBIT and EBITDAR margins of 3.6ACIORFIPROCENTE and 15.4ACIORFIPROCENTE respectively.

— Net income of R$ 49.8 million, a positive margin of 2.2ACIORFIPROCENTE.

— Our total cash and cash equivalents equalled R$2,607 million.

— Return on Assets (ROA) of 2.0ACIORFIPROCENTE

— Return on Equity (ROE) of 8.4ACIORFIPROCENTE

To see the full press release, visit the company’s website:
www.tam.com.br/ir

About TAM:

TAM (www.tam.com.br) has been the leader in the Brazilian domestic market
for more than four years, and held a 50.6ACIORFIPROCENTE domestic market share and 67.3ACIORFIPROCENTE
international market share at the end of February 2007. 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 4.5 million subscribers and has awarded more
than 5.2 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.

Web site: http://www.tam.com.br
http://www.tam.com.br/ir

TAM S.A.