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 (http://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. http://www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGODATASOURCE: TAM CONTACT: Libano Miranda Barroso, TAM Investor Relations, +011-55-11-5582-9715, fax, +011-55-11-5582-8149, Web Site: http://www.tam.com.br/

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