A Consistent Story with
                           Strong Fundamentals
                             Non Deal Roadshow Asia...
A Consistent Story with
                             Strong Fundamentals

1| GOL | Evolution of the low cost and low fare ...
A Consistent Story with
                        Strong Fundamentals



1|   GOL - Evolution of the low cost and
     low f...
Dominant Postion & Standardized B737 Fleet
                         Widest route network in Latin America: 50 destinations...
Cost Leadership and Intelligent Sales Channels
                                                Strong position in Latin Am...
Simple Strategic Rational
                                                     GOL will improve profitability by increasin...
Evolution of the Low Cost Low Fare Concept
             GOL combines an intelligent low-cost low-fare model with the Brazi...
A Consistent Story with
                        Strong Fundamentals


2|   Largest and less penetrated market in
     the ...
Brazil is Growing Consistently
                             Economy and consumer market growth is leading a larger address...
Larger and High Potential Market...
                                                                     Although the low ...
Olympics & World Cup to Boost Traffic in Brazil
                                                                          ...
A Consistent Story with
                        Strong Fundamentals


3|   Consistent Story with Strong
     Fundamentals
...
2009: Delivered GOL Turnaround
                                                     GOL posted higher profitability growth...
A Consistent Story with Strong Fundamentals
                      Despite the recovery in 2009, GOL should continue to del...
GOL Investor Relations
Leonardo Pereira
VP, CFO and IR Officer


Rodrigo Alves, Raquel Kim & Mario Liao
Investor Relations...
A Consistent Story with
                 Strong Fundamentals


4|   Appendix




                                         ...
Mind the RASK – CASK Spread
                                  2010 results to improve cash flow generation and set GOL to ...
Domestic Market is Showing Clear Rationality
                           GOL was the most conservative company in the indus...
Flexible Strategy Optimizes Profitability
                             Higher yields are not necessarily good news: mind t...
Successfull Turnaround in 2009
                                        GOL: ready to grow and expand operating margins

Op...
4Q09: Good Results and Financial Adjustments
                        Operating                   4Q09      3Q09           ...
Improvement in Financial Indicators
                          Better operating results and cash-generating initiatives hav...
Confortable Debt Payment Schedule
                                    Comfortable debt repayment schedule and looking forw...
Competition and Fuel Price Correlation
                                           Fuel price and industry supply providing...
Dividends and Capital Increase
                                  Ensure that shareholders receive dividends without failin...
Strong Operational Support
                                   Financial strength and high corporate governance standards a...
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Gol Asia V1 Eng

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Gol Asia V1 Eng

  1. 1. A Consistent Story with Strong Fundamentals Non Deal Roadshow Asia - April, 2010 “Here Everyone Can Fly” 1
  2. 2. A Consistent Story with Strong Fundamentals 1| GOL | Evolution of the low cost and low fare model 2| Largest and less penetrated market in the region 3| Consistent Story with Strong Fundamentals 4| Appendix 2
  3. 3. A Consistent Story with Strong Fundamentals 1| GOL - Evolution of the low cost and low fare model 3
  4. 4. Dominant Postion & Standardized B737 Fleet Widest route network in Latin America: 50 destinations in Brazil and 10 in South America and Caribbean Region Brazilian Market Rationale High Frequency network (1) :  No secondary airports Next departure will probably be a GOL flight “GOL’s Stronghold”  Unbalanced population and GDP Generation 2 hour flight range  Concentrated population density in few large cities Other  65% traffic  Slotted airports 19.2% GOL  65% population 42.6%  75% Brazilian GDP Mainstream market demands 150-200 seat aircraft TAM 38.2% Low cost and strong airport position prevails Congonhas Airport Slot-Share Standardized & Young B737NG Fleet (São Paulo City) (2) (108 aircraft ~150 – 190 seats) GOL 47.8% Oceanair 4.2% Azul 0.3% Webjet 0.6% TAM 46.3% NHT 0.9% Avg.fleet age: 6 years Slots Distribution GOL TAM Others Before VRG Aquisition 27% 43% 30% (1) Considering Pantanal’s redistribution: Azul and Webjet slots are weekends only and NHT 10 out of 28 slots’ are weekdays (2) Source: Infraero Brazilian Airport Authority From Jul-Oct/09 – Congonhas, Brasilia, Recife, Santos Dumont, Confins, Salvador, Galeão, Porto Alegre and Curitiba) 4
  5. 5. Cost Leadership and Intelligent Sales Channels Strong position in Latin America and low cost high efficient sales channels, generates cross sales and improves GOL’s dynamic yield management 2009 Total Cost / Passenger (US$) (1) One of the Largest E-commerce Platforms in LATAM w/ 40mm unique visitors per year 5.9 5.7 4.4 94.0% 92.4% 90.0% 2007 2008 2009 Online seat sales (R$ Bn) voegol.com % of net revenues Largest Loyalty and Client Financing Programs in LATAM Strong Code Share and Loyalty Program Integration Agreements with the dominant long haul players (2) 69% pax. Customer Loyalty Financing Brazil Spain 31% Pax. + + 36% pax. Brazil  Europe Corporate Partnerships Educating Brazil USA + + Value to GOL Shareholders Marketing 38% Pax. Brazil  N.America 61% pax. 100% pax. Brazil France Brazil Holland 85% pax. Increase operating margins by selling “empty seats” Brazil Mexico (1) Source: Companies reports: considers COPA, LAN and TAM as LATAM peers, and RyanAir, SowthWest, EasyJet, Westjet and JetBlue, as low cost peers (2) Source: ANAC – Brazilian Airlines Regulator, 2008 Annual Report 5
  6. 6. Simple Strategic Rational GOL will improve profitability by increasing passenger volume, generating ancillary revenue and reducing fixed and variable cost in the short, medium and long run Increase RASK Decrease CASK Tap the new new middle class Fleet size management (demand x supply) Further penetrate in the business segment Maximize fleet utilization rate 60mm passengers/year in Brazil Interstate bus transports over Increase sales to international clients Reduce fleet GAP Increase ancillary revenues (new products) Next Generation Fleet  Develop cargo business  Reduce maintenance cost (spare parts inventory and engine overhauls)  New e-commerce platform  Reduce fuel cost  Buy on Board  Higher utilization rate  Wireless onboard entertainment GOL x Interstate Bus Cost-Benefit Comparison São Paulo – Fortaleza Interstate Bus GOL São Paulo – Salvador Interstate Bus GOL Fare (one-way) R$347 R$358 Fare (one-way) R$317 R$261 Time 50 hours 3 hours Time 36 hours 2 hours 6
  7. 7. Evolution of the Low Cost Low Fare Concept GOL combines an intelligent low-cost low-fare model with the Brazilian market dynamics to achieve higher customer satisfaction and return to investors Dynamic yield management and new ancillary revenues Higher operating More customer margin and stronger satisfaction and new balance sheet products Optimize fleet utilization and further dilute unit costs 7
  8. 8. A Consistent Story with Strong Fundamentals 2| Largest and less penetrated market in the region 8
  9. 9. Brazil is Growing Consistently Economy and consumer market growth is leading a larger addressable market Brazilian Consumer Confidence Reached the Highest Domestic Traffic Grows Consistently Above GDP Level In History 159 155 141 131 140 Consistent Brazilian GDP Growth (%) 119 128 127 107 115 100 96 2009 -0.2% 2008 5.1% 99 00 01 02 03 04 05 06 07 08 09 10/jan 2007 6.1% Strong Expansion of Disposable Income (%YoY) 2006 4.0% 4.9% 2009 2005 3.2% 2008 12.5% 2007 12.7% Domestic Air Transportation Demand Consistently Grows 2006 10.8% at Least 2x the Brazilian GDP (% YoY) 2005 10.7% 2009 17.6% Strong and Continuous Brazilian Real Wages Growth 2008 7.4% (%YoY) 2009 3.9% 2007 11.7% 2008 7.5% 2006 12.3% 2007 4.9% 2005 19.4% 2006 5.6% 2005 4.5% Source: Banco Bank and ANAC (Brazilian Civil Aviation Regulator) 9
  10. 10. Larger and High Potential Market... Although the low penetration, the Brazilian consumer base is growing and pushing the addressable market Brazil is Still is Under Penetrated Market Brazilian New Middle Class Growth (mm) Flights per capita – Annual Average 2.6 2.2 2.1 1.5 2009 98 1.4 1.2 0.8 0.3 0.4 0.4 0.2 +29% 2003 76 Canada USA Australia Mexico Chile Argentina Brazil Flights per Capita Flights per capita adjusted by GDP per capita Poverty Ratio (%YoY) Playing a Key Role to Expand Adressable Market (%YoY) Growing Very Strong Market Opportunities in Brazil 128mm 2008 16.0% 2008 7.6% 2007 3.4% 2007 18.3% +30% 2006 5.6% 2006 19.3% 2005 11.0% 2005 22.6% 2004 1.3% 98mm Source: IBGE – Brazilian Geography and Statistics Institute and Bradesco Bank 10
  11. 11. Olympics & World Cup to Boost Traffic in Brazil Past events raised air traffic demand to new levels Main benefits to GOL: World Cup hosting cities  Boosts international and domestic traffic  Strengthens country's exposure to the travel and tourism industries  Brazilian Government committed R$5 billion to invest in airport infrastructure  Private sector and Government entities are already discussing infrastructure alternatives  No significant infrastructure short term risk Air Travel Passengers Transported (mm) China Germany South Africa 186 180 156 9810096 137 89 11.8 11.5 11.4 11.5 120 9.8 86 63 68 9.1 71 53 57 8.0 46 46 59 38 43 43 43 43 44 51 29 32 35 31 31 41 40 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2002 2003 2004 2005 2006 2007 2008 Source: ICAO (International Civil Aviation Organization) – considers domestic carriers for both international and domestic flights 11
  12. 12. A Consistent Story with Strong Fundamentals 3| Consistent Story with Strong Fundamentals 12
  13. 13. 2009: Delivered GOL Turnaround GOL posted higher profitability growth rate compared to peers GOL Milestones EBIT Margin Growth 08-09 (percentage points YoY)  2001-2003: pre-ipo & nationwide coverage years GOL 8.2  2004-2006: IPO and network expansion years JetBlue 6.0  2007-2008: VRG Acquisition years Sowthwest 1.6  2009-Post VRG Merge Years EasyJet -1.6 LAN -2.6 3Q08 Turnaround: Main Targets Copa 0.4  Improve cost structure  Increase profitability in the next years Cash and Equivalents (R$MM) 1,393  Improve quality of services 1,442  Develop new products / ancillary revenues 592  20% of cash versus LTM Net Revenues  Reduce leverage ratios 2007 2008 2009  Further align management and shareholders Disponibilidades (R$MM) Cash and Equivalents (R$MM) Cash /LTM Net Revenues Líquida Disponibilidades/Receita Gross Adjusted Debt (R$MM) and Leverage Ratio Return on Equity 2009(%) 7,936 GOL 34.1% 7,689 JetBlue 3.8% 7,382 Sowthwest 3.3% EasyJet 5.50% LAN 20.9% 2007 2,008 2009 Divida Bruta Ajustada Divida Bruta Ajust./EBITDAR+ Rec Fin Adj. Gross Debt/EBITDAR + Fin. Rev. Copa 27.8% Adjusted Gross Debt Source:Companies reports and Reuters TAM and Ryanair were not included as full year results were not yet disclosed 13
  14. 14. A Consistent Story with Strong Fundamentals Despite the recovery in 2009, GOL should continue to delivery strong growth, while still way undervalued versus other maturated investment stories Market has high growth potential EV / LTM EBITDAR Still strong space to generate more value GOL 7.5 in short, medium and long terms JetBlue 7.7 Sowthwest 12.3 2010 guidance already implies strong EBIT EasyJet 11.3 margin growth LAN 12.7 Management has been delivering very Copa 10.5 consistent results Management is 100% aligned with GOL Share Evolution Last 12 Months shareholders 18 16 14 Management holds strong knowledge of the 12 Brazilian market dynamics and regulation 10 US$12.4 8 6 Controller shareholder is buying shares 4 +244% (again) – reinvesting 2009 dividends 2 US$3.4 0 14
  15. 15. GOL Investor Relations Leonardo Pereira VP, CFO and IR Officer Rodrigo Alves, Raquel Kim & Mario Liao Investor Relations +55 11 2128-4700 ri@golnaweb.com.br www.voegol.com.br/ir This presentation contains forward-looking statements relating to the prospects of the twitter.com/GOLinvest business. estimates for operating and financial results. and those related to growth prospects of GOL. These are merely projections and. as such. are based exclusively on the expectations of GOL’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward- looking statements depend. substantially. on changes in market conditions. government regulations. competitive pressures. the performance of the Brazilian economy and the industry. among other factors and risks disclosed in GOL’s filed disclosure documents and are. therefore. subject to change without prior notice. 15
  16. 16. A Consistent Story with Strong Fundamentals 4| Appendix 16
  17. 17. Mind the RASK – CASK Spread 2010 results to improve cash flow generation and set GOL to be one of the highest growing airlines worldwide 2010 Guidance 2009 (A) Worst Case Best Case Brazilian GDP Growth -0,2% 5.0% 6.0% Domestic Demand Growth (% RPKs) 17,6% 12.5% 18.0% Supply and Demand Growth in relation to GDP NM 2.5x 3.0x Passengers Transported (GOL million) 28.4 31.5 36.5 ASKs, System (billion) 40.0 45.0 47.2 Load Factor (%) 65% Approx. 70% Approx. 70% Fleet (End of the period) 108 111 111 Yield (R$ cents) 20,34 19.50 21.00 RPK, System (billion) 26.1 31.5 33.0 Departures (000) 274 290 300 CASK ex-fuel (R$ cents) 9.5 8.9 8.5 Fuel litters consumed (billion) 1.29 1.45 1.47 Fuel Price (R$/ liter) 1.40 1.70 1.58 Average WTI (US$ / barrel) 62 82 77 Average Exchange Rate (R$/ US$) 1.99 1.85 1.72 Operating Margin (EBIT) 6.9% 10% 13% 17
  18. 18. Domestic Market is Showing Clear Rationality GOL was the most conservative company in the industry in 2009 and 2010, adding capacity according to demand growth in its network Demand (RPK bn), Capacity (ASK bn) and Load Factor (%) 2009 x 2008 +7.2% +22.0% 34,8 49.5 +19.7% 32.5 40.6 +14.9% 33.0 66.9% 27.6 23.3 67.9% 62.4% 20.3 66.6% ASK GOL RPK GOL ASK Industry (ex-GOL) ASK Indústria (ex-GOL) RPK Indústria(ex-GOL) RPK Industry (ex-GOL) 2008 2009 2008 2009 Brazil Showing Strength in 2010: GOL added 21% capacity vs. 38% demand growth Demand (RPK bn), Capacity (ASK bn) and Load Factor (%): Jan and Feb 2010 x Jan and Feb 2009 +21.5% +21.0% +38.4% 9.3 6.5 +35.1% 5.3 4.9 7.7 6.9 75.0% 3.5 5.1 65.9% 74.6% 66.8% ASK GOL RPK GOL ASK Indústria(ex-GOL) ASK Industry (ex-GOL) RPK Industry (ex-GOL) RPK Indústria (ex-GOL) 2008 2009 2009 2010 2008 2009 2009 2010 18
  19. 19. Flexible Strategy Optimizes Profitability Higher yields are not necessarily good news: mind the RASK – CASK spread Weak Economy Scenario Strong Economy Scenario  High volatility in currency and oil prices  High GDP growth  Declining GDP  Strong consumer confidence  Low consumer confidence  Consumer base growth (new middle class)  Leisure and tourism industry growth Focus on “GOL’s Stronghold” (e.g. 1H09) Boost Intelligent LCC Model (e.g. 1H10)  Cautious yield management  Stimulate demand to further penetrate the market  Focus on business segment and mainstream airports  Increase fleet utilization rate (unit cost dilution)  Reduce fleet utilization rate  Increase profitability through increasing RASK-CASK spread Market share trends to decrease  Market share trends to increase Sensitivity Analisys vs. 2010 Guidance Trend vs. Guidance (1) or reflect in operations (2) Assumption / Scenario Weaker Economy Stronger Economy Demand (1) Bottom Top Yield (1) Top Bottom Load Factor (1) Bottom Top Fleet Average Utilization Rate (2) Decrease Increase Average Stage Length (2) Decrease Increase RASK (2) Increase Increase CASK (2) Stable / Increase Decrease Operating Margin (RASK – CASK) (1) Bottom Top Cash Flow Generation (2) Smaller Larger 19
  20. 20. Successfull Turnaround in 2009 GOL: ready to grow and expand operating margins Operating 2009 2008 Ch% 2007 Ch% Demand (RPK - bn) 26.1 25.3 3.1% 29.2 -10.8% Supply (ASK - bn) 40.0 40.1 -2.7% 44.1 -9.2% Load Factor 65.2% 61.6% +3.7pp 66.4% -1.1pp Net Revenue(R$MM) 6,025 6,406 -5.9% 4,941 21.9% Ancillary Revenues 719 516 39.3% 374 92.1% Passangers Revenues 5,307 5,890 -9,9% 4,567 16.2% Ancillary Revenues Share 11.9% 8.1% -3.9pp 7.6% +4.4pp Total Costs (R$MM) (5,612) (6,495) -13.6% (4,931) 13.8% Total Costs –Ex fuel (3,799) (3,864) -1.7% (3,032) 25.3% EBIT (R$MM) 413 89 566.2% 10 nm EBIT Margin 6.9% -1,4% Nm 0.2% +6,7pp EBITDAR (R$MM) 1.207 682 77.1% 598 101.7% EBITDAR Margin 20.0% 10.6% +9.4pp 12.1% +7.9pp Net financial result (R$MM) 343 (1,106) Nm (191) 79.5% Nm Income tax (R$MM) 135 (44) Nm (34) Net Income (loss) (R$MM) 891 (1,239) Nm 167 Nm Net Margin 14.8% -19,3% Nm 3,4% +11.4pp 20
  21. 21. 4Q09: Good Results and Financial Adjustments Operating 4Q09 3Q09 Ch% 4Q08 Ch%  Competitive Advantages Demand (RPK - bn) 7.8 6.7 15.9% 5.6 38.0%  Brazilian Economy  Services Quality Supply (ASK - bn) 10.6 10.2 3.7% 9.5 12.0%  Yields Load Factor 73.4% 65.7% +7.7% 59.5% +13.9% Operating Income (R$MM) 1,618 1,497 8.1% 1,549 4.5%  Ancillary Revenues (Cargo, Baggages and Ancillary Revenues 213 228 -6.8% 108 96.3% 737 Spare Parts) Passangers Revenues 1.405 1.269 +10.8% 1.440 -2.4% Ancillary Revenues Share 13.1% 15.2% -2.1pp 7.0% +6.1pp Total Costs (1,498) (1,398) 7.2% (1,495) 0.2%  Fuel  Depreciation Total Costs –Ex fuel () (1,047) (912) 14.7% (1,010) 3.6%  Accounting, systems EBIT 119.2 99.1 20.3% 53.9 121.2% and REFIS() EBIT Margin 7.4% 6.6% +0.7pp 3.5% +3.9pp EBITDAR 290.1 298.7 -2.9% 296.5 -2.2%  Adjusted EBIT: R$174.2MM (10.8%) EBITDAR Margin 17.9% 20.0% -2.0pp 19.1% -1.2pp  Adjusted EBITDAR : R$345.1MM (21.3%) Net financial result() (72.7) 58.5 Nm (701.8) -89.6% Income tax 351.4 (79.7) Nm 106.3 230.4% Net Income (loss) 397.8 77.9 410.8% (541.6) Nm Net Margin 24.6% 5.2% +19.4% -35.0% +59.6pp () Lines that where impacted by REFIS 21
  22. 22. Improvement in Financial Indicators Better operating results and cash-generating initiatives have strengthened GOL’s balance sheet, preparing it to support accelerated growth Cash and Equivalents (R$MM) Net Debt (R$MM) 1,393 2,828 1,442 1,692 1,213 592 2007 2008 2009 2007 2008 2009 Cash and Equivalents Disponibilidades (R$MM) as % of LTM net revenues Disponibilidades/Receita Líquida Dívida Liquida (R$MM) Net Debt (R$MM) Net Debt/EBITDAR Dívida Líquida/EBITDAR (R$MM) EBITDA/Financial Expenses Gross Adjusted Debt (R$MM) 1.9 7,936 7,689 7,382 0.5 0.1 2007 2,008 2008 2009 2007 2008 2,008 2009 Adjusted Gross Debt Divida Bruta Ajustada Divida Bruta Ajust./EBITDAR+ Rec FinRev. Adjusted Gross Debt/EBITDAR + Fin. 22
  23. 23. Confortable Debt Payment Schedule Comfortable debt repayment schedule and looking forward to rollover 2010 debt maturities R$ MM – as of December 31, 2009 Debt Amortization 2010 2011 2012 2013 After 2013 Total Working Capital 160.0 - - - - 160.0 BDMG loan 2.8 2.8 2.8 2.8 0.2 11.4 BNDES loan 14.4 14.4 8.4 - - 37.1 Debentures - 94.4 94.4 94.4 94.4 377.8 IFC loan 14.5 14.5 14.5 14.5 - 58.0 Senior notes * - - - - 365.7 365.7 Total 191.7 126.1 120.1 111.8 460.3 1,010.0 23
  24. 24. Competition and Fuel Price Correlation Fuel price and industry supply providing much better scenario for GOL Fuel Price Evolution Industry Domestic Average Fare Evolution 53.2% 396 418 1.93 377 1.70 1.72 45.8% 315 17.2% 1.40 287 1.26 1.2% 2.4% -4.7% -26.7% -27.5% -24.0% -24.5% 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Average Fuel Price (GOL R$) Industry Domestic Average Fare (R$) Average Fuel Price Change (GOL %YoY) Industry Domestic Average Fare (%YoY) Demand is Surpassing Supply Since 2H09 GOL Focuses on Market Strength not Leadership 114 114 74.8% 102 28.3% 37.1% 43.0% 42.4% 41.4% 41.3% 81 80 72.3% 72.2% 68.1% 68.1% 43.0% 66.8% 49.1% 45.6% 42.7% 48.8% 50.4% 16 28.8% 13.8% 8.2% 7.2% 13.0% 16.1% 2005 2006 2007 2008 2009 2M10 2005 2006 2007 2008 2009 2M10 Industry Suppy Industry Load Factor GOL TAM Others 24
  25. 25. Dividends and Capital Increase Ensure that shareholders receive dividends without failing to comply with the commitment to these same shareholders to strengthen the Company’s balance sheet Shareholding breakdown - Before Offering ON % ON PN % PN Total % Total Fundo ASAS 133,199,642 100.0% 35,610,616 26.9% 168,810,258 63.6% Board of Directors and Executive Members 16 0.0% 1,865,686 1.4% 1,865,702 0.7% Free-float - 0.0% 94,209,315 71.3% 94,209,315 35.5% Treasury - 0.0% 454,425 0.3% 454,425 0.2% Total 133,199,658 100.0% 132,140,042 100.0% 265,339,700 100.0% Total ex-Treasury 133,199,658 131,685,617 264,885,275 Shares to be issued ON % ON PN % PN Total % Total Total 3,833,077 100,0% 3,789,507 100,0% 7,622,584 100,0% Shareholding breakdown – After the Offering ON % ON PN % PN Total % Total (pro forma 100% subscription) Fundo ASAS 137,032,718 100.0% 36,635,380 27.0% 173,668,098 63.6% Board of Directors and Executive Members 16 0.0% 1,919,375 1.4% 1,919,391 0.7% Free-float - 0.0% 96,920,370 71.3% 96,920,370 35.5% Treasury - 0.0% 454,425 0.3% 454,425 0.2% Total 137,032,735 100.0% 135,929,549 100.0% 272,962,284 100.0% 25
  26. 26. Strong Operational Support Financial strength and high corporate governance standards are key to ensure long term profitability  Cash & equivalents higher than 23.9% of LTM net  100% tag-along rights for non-voting PN shareholders revenues (R$1.4 billion)  25% minimum dividend payout ratio  Comfortable debt amortization schedule  Active Board of Directors  4 independent members, including Chairman  Significant improvement in all financial ratios in 2009  Proactive advisory committees  Positive operating cash flow generation in the last 7 quarters (including 1Q10)  Risk & Finance, Audit, Corporate Governance & People Management & Strategy  Strong Exim-Bank Support: US$280 Final Commitment  Management compensation aligned with shareholders and linked to share price  3m average trading volume R$71 MM Ranked #1 (Market Pool) Best Managed LATAM 2010 – Airlines & Aviation 2010  Most convincing coherent business strategy  Sound practice of corporate governance 26

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