TAM S.A. (TAM)

28 TAM Loyalty Program - Consolidated

At September 30, 2008, the TAM Loyalty Program had 3,044,378 (06.30.2008 – 2,793,590) (unaudited) one way domestic trip tickets earned by its clients but not redeemed. The TLA currently records the incremental costs, i. e., the additional cost per transported passenger, when it is incurred.

For the three and nine month periods ended September 30, 2008, 598,661 and 1,374,630 (09.30.2007 — 272,483 and 717,402) free tickets were granted and used by our clients.

The provision for incremental costs of points earned under the Loyalty Program for the year ended September 30, 2008 was approximately R$ 41,348 (06.30.2008 - R$ 24,713). The base to calculate the incremental costs accrual is an estimative of the ticket redemptions by others airlines companies, quantity of points accumulated, tickets redeemed estimation for expired points, non-redeemed accumulated points and valued by the incremental costs of in-flight service, fuel, insurance and boarding pass.

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The points earned by our clients through the TAM Loyalty Program are valid for two years for the conversion into tickets. This limits the growth of the program’s cost, which tends to stabilize in relation to the number of passengers transported.

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28 TAM Loyalty Program - Consolidated

At June 30, 2008, the TAM Loyalty Program had 2,793,590 (03.31.2008 – 2,575,652) (unaudited) one way domestic trip tickets earned by its clients but not redeemed. The TLA currently records the incremental costs, i. e., the additional cost per transported passenger, when it is incurred.

For the three and six month periods ended June 30, 2008, 429,195 and 775,969 (06.30.2007 — 237,569 and 444,919) free tickets were granted and used by our clients.

On June 30, 2008, the provision for the program’s future liabilities was approximately R$ 24,713 (03.31.2008 - R$ 21,122). The base to calculate the provision is achieved by means of an estimate of the amount of courtesy miles flown by other airlines, the amount of points already accrued converted into courtesy miles, a provision for expired points not converted into tickets and appreciated by the incremental costs of board service , fuel, insurance and boarding pass.

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The points earned by our clients through the TAM Loyalty Program are valid for two years for the conversion into tickets. This limits the growth of the program’s cost, which tends to stabilize in relation to the number of passengers transported.

28 TAM Loyalty Program - Consolidated

On March 31, 2008, the TAM Loyalty Program carried 2,575,652 (12.31.2007 – 2,400,632) (unaudited) one way domestic trip tickets earned by its clients but not redeemed. The TLA currently records the incremental costs, i. e., the additional cost per transported passenger, when it is incurred.

For the quarter ended March 31, 2008, 367,320 (03.31.2007 — 207,350) free tickets were granted and used by our clients.

On March 31, 2008, the provision for the program’s future liabilities was approximately R$ 21,122 (12.31.2007 - R$ 20,614). The base to calculate the provision is achieved by means of an estimate of the amount of courtesy miles flown by other airlines, the amount of points already accrued converted into courtesy miles, a provision for expired points not converted into tickets and appreciated by the incremental costs of board service , fuel, insurance and boarding pass.

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The points earned by our clients through the TAM Loyalty Program are valid for two years for the conversion into tickets. This limits the growth of the program’s cost, which tends to stabilize in relation to the number of passengers transported.

28 TAM Loyalty Program - Consolidated

On December 31, 2007, the TAM Loyalty Program carried 2,400,632 (2006 – 1,782,397) (unaudited) one way domestic trip tickets earned by its clients but not redeemed. The TLA currently records the incremental costs, i. e., the additional cost per transported passenger, when it is incurred.

For the year ended December 31, 2007, 1,090,734 (2006 — 756,040) free tickets were granted and used by our clients.

On December 31, 2007, the provision for the program’s future liabilities was approximately R$ 20,614 (2006 - R$ 19,039). The base to calculate the provision is achieved by means of an estimate of the amount of courtesy miles flown by other airlines, the amount of points already accrued converted into courtesy miles, a provision for expired points not converted into tickets and appreciated by the incremental costs of board service , fuel, insurance and boarding pass.

The points earned by our clients through the TAM Loyalty Program are valid for two years for the conversion into tickets. This limits the growth of the program’s cost, which tends to stabilize in relation to the number of passengers transported.

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