Conference Call 1Q14 Results. Investor Relations May 15, 2014

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1 Conference Call Results Investor Relations May 15,

2 Highlights 2

3 Highlights Net revenues of R$2.5 billion in the quarter, an increase of 20% or R$411 million quarter-over-quarter; EBIT totaled R$144 million in, an increase of 43% against 1Q13, with margin of 5.8%; EBITDAR totaled R$493 million, achieving a 76% reduction in financial leverage, which moved from 27.9x to 6.5x; net revenues (last twelve months) reached the highest historical level for the Company, R$9.4 billion; EBIT recorded R$ 309 million, an increase of R$1.1 billion versus 1Q13 ; CASK recorded an increase of 3%, while RASK grew 18%; EBITDAR reached the R$1.7 billion mark, the highest level in the Company's history; Total cash accounted for R$2.8 billion in, representing 30% of net revenues in the last twelve months. 3 3

4 Operating Margin recorded 5.8% in Strong Recovery over the Last Twelve Months Net Revenues +20% 2,083 2,493 1Q13 8,020 (1Q13) +17% 9,367 () EBIT and EBIT Margin % 5.8% Q % (1Q13 +1, % 309 () Operating Costs +18% 1,982 2,348 1Q13 8,832 (1Q13) +3% 9,057 LMT () EBITDAR and EBITDAR Margin 17.6% % % 1Q13 (1Q13) +1, % () 4

5 EBIT and EBITDAR Improvement over the Last Twelve Months EBIT and EBIT Margin EBITDAR and EBITDAR Margin % 3.3% CAGR 47% 17.0% 17.6% % 8.1% 11.1% % -6.1% 4.4% Q13 2Q13 3Q13 4Q13 1Q13 2Q13 3Q13 4Q13 Consistency in Delivering the Results Improvement 5

6 Operational Performance and Efficiency Gains Human Resources Operations Net Revenue /Employes (000) Net Revenues / Flights (BRL) Employes (000) Flights (000) % 23,122 23,247 28,301 29, % RPK / Employes Liters / RPK 21 Employes (000) Fuel Liters (in millions) % 0,047 0,045 0,044 0, %

7 Industry 7

8 GOL IAG Alaska Delta Southwest LATAM Spirit United Copa AF / KLM JetBlue Allegiant Westjet Lufthansa GOL Achieved the Highest Improvement in EBIT Margin EBIT Margin Development (percentage points) 13,4 10,6 6,4 4,5 4,1 3,7 3,6 2,9 2,2 2,1 0,7-0,2-0,8-1,3-1,4 AeroMexico 8

9 GOL Alaska United Southwest Copa JetBlue Delta Spirit LATAM Allegiant AF / KLM Westjet Lufthansa IAG AeroMexico RASK Evolution GOL Leads RASK Growth over the last twelve months 17,7% 4,0% 2,9% 2,1% 2,1% 2,1% 1,9% 1,6% 0,6% 0,5% -2,2% -2,3% -2,7% -4,3% -4,6% 9 9

10 Domestic Market Share and Operational Figures on Total 1Q13 % 4Q13 % ASK (million) 12,529 12, % 12, % RPK (million) 9,539 8, % 9, % Load Factor 76.1% 67.2% 8.9 p.p 74.8% 1.3 p.p Domestic International ASK (million) 11,075 10, % 11, % RPK (million) 8,502 7, % 8, % Load Factor 76.8% 68.0% 8.7 p.p 75.6% 1.1 p.p ASK (million) 1,453 1, % 1, % RPK (million) 1, % % Load Factor 71.4% 61.2% 10.2 p.p 68.0% 3.4 p.p Market Share Development 1Q % 0.6% 6.7% 34.8% 7.9% 16.7% 0.7% 36.6% 41.2% 38.1% Source: ANAC GOL TAM Azul + Trip Avianca Others 10 10

11 New level of Load Factor combined with an Increase on Yield Yield and Load Factor Yield Load Factor (%) Yield: Increase of 18,2% vs. 1Q12; Load Factor: 9 p.p. higher vs 1Q13. 20,26 68,0 1Q12 18,40 69,5 2Q12 Yield 18,35 73,8 3Q12 21,76 69,7 4Q12 +18,2% 22,99 67,2 1Q13 20,88 67,7 2Q13 Yield 23,58 69,6 3Q13 25,85 74,8 4Q13 23,95 76,1 load factor +9pp PRASK and Domestic ASK PRASK (centavos/r$) ASK Doméstico PRASK: Increase of 18% vs 1Q13; ASK Domestic: Decrease of 12% since 1Q , , , ,17 ASK -12% , , , , ,23 PRASK 18% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 11

12 GOL Strategy 12

13 Strengthening Partnerships Codeshare Alliances 7 agreements signed. GOL Shareholder (3.0% of capital stock) GOL Shareholder (1.5% of capital stock) Interline Alliances 78 interline agreements signed by the end of. Strategic Alliances Delta Air France-KLM Two-Way Codeshare: allows for approximately 400 destinations in over 62 countries served by both companies to be interconnected and available for purchase on the Companies' sales channels; Exclusive Benefits for SMILES Diamante and SkyMiles Passengers; Codeshare agreement: allowing new flight options for all clients and connecting 318 destinations in more than 115 countries served by the Companies; More benefits for clients registered on loyalty programs; 13

14 New Flights: Income Opportunities Opportunity for increase in Dollar Revenues with new international routes (Chile, Argentina and Miami); 4 Campinas (SP) - Miami (USA) Three times per week, with stopover at Santo Domingo and option to continue to Orlando Reduction in the ICMS tax rate in the state of Ceará on jet fuel, from 25% to 12%, applicable to all domestic flights for Companies that also operate regular international flights to this destination; Increase in frequency between São Paulo and Rio de Janeiro, via Campinas and Santos do Dumont airports, totaling 130 daily flights between these two cities; São Paulo (GRU) Santiago (Chile) Resumption of flights between São Paulo and Santiago in Jul/ Campinas (SP) - Rio de Janeiro (SDU) 12 daily flights between Campinas and Rio de Janeiro (Santos Dumont Airport) Fortaleza Buenos Aires (Argentina) Direct flight between Fortaleza and Buenos Aires 14

15 39% up to R$159 75% up to R$299 90% up to R$499 98% up to R$899 FIFA World Cup Operation GOL: Official Carrier of the Brazilian National Team GOL requested 974 extra flights and schedule changes in order to attract passengers flying to host cities on soccer match days; Price per flight ticket [World Cup season] Up to R$99 14% A total of 4.5 million seats are available to host city destinations during the World Cup period, corresponding to 85% of the total capacity of the stadiums during the first-phase of the competition; R$100 - R$159 R$160 - R$299 25% 36% New visual identity and electronic kiosks at the airports, website and mobile platform available in three new languages; R$300 - R$499 R$500 - R$899 8% 15% Specific training programs and employees with language skills at the host-cities. >R$900 2% 15

16 GOL+ Expansion: More Space between Seats : Superior Flying Experience Expansion of the GOL+ product, according to customer perception GOL+ Comfort Seats offered free of charge to Smiles Diamante and Elite Delta Air Lines clients and from R$30.00 to other customer; Standardization and improvements in operating efficiency, focusing on flexibility and income generation; With these changes GOL will offer the largest number of category A seats according to ANAC classification, equivalent to 42% of the domestic market; By the end of May, 80% of GOL's total fleet will have the new configuration. Currently, 80 Airplanes already with the New Configuration: 70% of the Schedule Completed Phase 1: Nov/2013 Carnival: Mar/2014 Phase 2: May/2014 7% of the fleet 10 airplanes 24% of the fleet 33 airplanes 80% of the fleet 116 airplanes 16

17 Smiles: Highlights Voted the best loyalty program in Brazil by Melhores Destinos ( Best Destinations ) readers in April Capital reduction of R$1 billion, without reducing the number of shares; Approval of R$160.3 million in dividends relating to 2013; Exercise of call option of Smiles shares by General Atlantic; Approval of participation by Smiles in Netpoints equity of R$25 million; Partnership with Aerolíneas Argentinas and TAP, allowing accumulation and redemption of air miles; Launch of the ticket reservation product for flights operated by GOL; SMILES Financial Highlights Net Revenue Operating Profit Operating Margin Net Profit Net Margin R$ million R$ 69.0 million 36.7% R$ 78.3 million 41.6% 17

18 Financial and Operating Results 18

19 Main Indicators Highlights 1Q13 Var% Var% 4Q13 /1Q13 /1Q13 Total RPK (mm) 9,539 8, % 9, % Total ASK (mm) 12,529 12, % 12, % Total Load Factor 76.1% 67.2% 8.9 p.p 74.8% 1.3 p.p Net YIELD (cent. R$) % % Net PRASK (cent. R$) % % Net RASK (cent. R$) % % CASK (cent. R$) % % CASK ex-fuel (cent. R$) % % Net Revenue 2, , % 2, % Domestic Market 2, , % 2, % International Market % % Operating Costs and Expenses (2,348,5) (1,981.5) 18.5% (2,565.4) -8.5% Operating Profit (EBIT) % % Operating Margin (EBIT) 5.8% 4.9% +0.9 p.p. 6.0% -0.2p.p. EBITDA % % EBITDA Margin 11.2% 10.2% +1.0 p.p. 12.6% -1.4p.p. EBITDAR % % EBITDAR Margin 19.8% 17.6% +2.2 p.p. 20.2% -0.5 p.p. Financial Results, Hedge and Exchange (193.8) (106.9) 81.2% (200.5) -3.4% Variation Net Profit (Loss) (96.1) (75.3) 27.7% (19.3) 398.1% Net Margin -3.9% -3.6% -0.3 p.p. -0.7% -3.2 p.p. 19

20 Increase on Fuel Prices in 8% and Real Depreciation in 18%, in a Scenario of 12% Capacity Reduction accumulated since 2012 Total CASK +16.6% +3.3% Average Cost of Fuel +8.3% +4.7% Q13 (1Q13) () 1Q13 (1Q13) () CASK Ex-fuel +22.5% +4.9% Average Exchange Rate +18.5% +11.9% Q (1Q13) () Q (1Q13) 2.25 () 20

21 Main Items that Impacted Costs on vs 1Q13 Operating Expenses (R$ MM) Total Main Variations CASK CASK % Aircraft fuel and Lubricants 1, % Fuel % Salaries. wages and benefits % INSS Provision write-down 1Q % Collective pay rise % Profit sharing + Variable compensation % Total effect (Salaries. wages and benefits) % Aircraft rent % Sales and Marketing % Commission increase related to Sales % Loss on Sales % Total effect (Sales and Marketing) % Landing Fees % Aircraft and traffic servicing % New IT services % Services contracts adjustment % Total effect (Aircraft and traffic servicing) % Maintenance. materials and Repairs % Depreciation and Amortization % Other Operating Expenses % Total operating expenses 2,

22 Cash and Debt Evolution of total cash position [R$ billion) Cash/Rec. Cash 19.6% % % % % % 2.8 4Q12 1Q13 2Q13 3Q13 4Q13 Amortization Profile - ex-leasing and ex-interest (R$ million) In R$ In US$ After 2019 Perpetual Total 22

23 Dollar and Fuel Hedge Position Fuel Hedge 4Q13 Fixed Price Average Price per Barrel (USD) Notional Volume in Barrels ('000) M M M M Period Volume in Barrel (000) 1 to 3 months to 6 months to 9 months 151 Dollar Hedge Average Rate 2,43 2,37 2,44 2,37 2,42 4Q13 Notional Value in US$ million M 4-6M 7-9M 10-12M 23

24 Impact on Financial Results [R$ milhões] Exchange Variation Hedge USD Operating Results Exchange Net Financial Expenses Income Tax Subtotal Venezuela Exchange Interest Hedge Net Income (Loss) 24

25 Guidance 25

26 2014 Guidance 2014 Guidance From To Actual Jan-Mar14 Variation in Brazilian GDP 1.5% 2.0% - Annual RASK Variation Equal to or higher than 10% Annual Domestic Supply (ASK) Variation -3% -1% 2% Annual International Supply (ASK) Variation Up to + 8% 1% 18% Annual CASK Ex-fuel Variation Equal to or less than 10% 22% Average Exchange Rate (R$/US$) Fuel Price (QAV)* Operating Margin (EBIT) 3% 6% 5.8% GOL Reaffirms 2014 Guidance (*) Fuel price considers total fuel and lubricant expenses divided by estimated period consumption. 26

27 GOL Linhas Aéreas Inteligentes S.A. Investor Relations

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