GOL management presentation - non-deal roadshow in London - May-2010

1. A Consistent Story with
Strong Fundamentals
May, 2010
“Here Everyone Can Fly”
1

2. A Consistent Story with
Strong Fundamentals
1| Largest and less penetrated market in the region
2| GOL | Evolution of the low cost and low fare model
3| Consistent story with strong fundamentals
4| Appendix
2

3. A Consistent Story with
Strong Fundamentals
1| Largest and less penetrated market in
the region
3

4. 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)
4

5. 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
2009 98
+29%
2003 76
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
5

6. 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
6

7. A Consistent Story with
Strong Fundamentals
2| GOL - Evolution of the low cost and
low fare model
7

8. Dominant Postion & Standardized B737 Fleet
Widest route network in Latin America: 50 destinations in Brazil and 11 in
South America and Caribbean Region
Congonhas Airport Slot-Share Standardized & Young B737NG Fleet
Brazilian Market Rationale (São Paulo City) (2) (108 aircraft ~150 – 190 seats)
 No secondary airports
 Unbalanced population and GDP Generation
GOL
 Concentrated population density in few large cities
47.8% Oceanair
 Slotted airports 4.2%
Azul
0.3%
Highlights 1Q10 Webjet
 Net Revenue (LTM) – R$6.2Bn 0.6%
TAM
 EBIT (LTM) – R$500mm (8.0%) 46.3% NHT
0.9%
 Flights per day – 860 Avg.fleet age: 6 years
 Destinations – 61 GOL TAM Others
Slots Distribution
 Operational fleet – 108 Before VRG Aquisition 27% 43% 30%
High Frequency network (1) :
Next departure will probably be a GOL flight
“GOL’s Stronghold”
Other
2 hour flight range
19.2%
GOL  65% traffic
42.6%
 65% population
 75% Brazilian GDP
TAM Mainstream market demands
38.2% 150-200 seat aircraft
Low cost and strong airport
position prevails
(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) 8

9. 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$) (1) One of the Largest E-commerce Platforms
in LATAM w/ 40mm unique visitors per year
190.9
178.3 5.9 5.7
4.4 94.0%
110.0 112.2 92.4%
90.0%
2007 2008 2009
GOL Low Cost Peers TAM LATAM Peers
Online seat sales (R$ Bn) voegol.com % of net revenues
Largest Loyalty and Client Financing Programs in LATAM Strong Code Share and Loyalty Program Integration Agreements
with dominant long haul players (2)
69% pax.
36% pax. Brazil Spain
Customer Loyalty Financing Brazil USA 31% Pax.
+ + Brazil  Europe
Corporate Partnerships Educating
+ + 15% pax.
Value to GOL Shareholders Marketing Brazil USA 47% 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 9

10. Simple Strategic Rationale
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 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
10

11. A Consistent Story with
Strong Fundamentals
3| Consistent Story with Strong
Fundamentals
11

12. 2010 Results to Post Profitability Growth
GOL posted higher profitability growth rate compared to peers
GOL Milestones 2010 Guidance 2009 (A) 2010 Range
Brazilian GDP Growth -0,2% 5.0% 6.0%
 2001-2003: pre-ipo & nationwide coverage
Domestic Demand Growth (% RPKs) 17,6% 12.5% 18.0%
 2004-2006: IPO and network expansion
Supply and Demand Growth in relation to GDP NM 2.5x 3.0x
 2007-2008: VRG Acquisition
Passengers Transported (GOL million) 28.4 31.5 36.5
 2009-Post VRG Merge ASKs, System (billion) 40.0 45.0 47.2
Load Factor (%) 65% ~70% ~70%
Main Targets Fleet (End of the period) 108 111 111
 Increase profitability in the next years Yield (R$ cents) 20,34 19.50 21.00
 Improve cost structure RPK, System (billion) 26.1 31.5 33.0
Departures (000) 274 290 300
 Upgrade quality of services
CASK ex-fuel (R$ cents) 9.5 8.9 8.5
 Develop new products / ancillary revenues
Fuel litters consumed (billion) 1.29 1.45 1.47
 25% of cash versus LTM net Revenues
Fuel Price (R$/ liter) 1.40 1.70 1.58
 Reduce leverage ratios Average WTI (US$ / barrel) 62 82 77
 Further align management and Average Exchange Rate (R$/ US$) 1.99 1.85 1.72
shareholders Operating Margin (EBIT) 6.9% 10% 13%
12

13. Demand Continues to Grow Above Capacity
Industry continues to show signs of focus on results in 2010
Capacity (ASK bn) and Load Factor(%) Capacity (ASK bn) and Load Factor (%)
GOL Industry (ex-GOL)
13,554 13,938
9,396 9,817
11,666
8,086
74.2% 72.4%
71.6%
71.6%
62.8% +21.4% 63.8% +19.5%
1Q09
1T09 4Q09
4T09 1Q10
1T10 1Q09
1T09 4Q09
4T09 1Q10
1T10
ASK GOL - Domestic
ASK Doméstico GOL ASK Doméstico (ex-GOL) (ex-GOL)
ASK Industry Indústria - Domestic
Taxa de Ocupação -Doméstico GOL
Load Factor GOL Domestic Load Factor Industry (ex-GOL) - Domestic
Taxa de Ocupação Doméstico Indústria
Demand (RPK bn) - Industry (ex-GOL)
Demand (RPK bn) - GOL
6,972 7,032 9,643 9,987
7,524
5,079
+38.4% +32.7%
1Q09
1T09 4Q09
4T09 1Q10
1T10 1Q09
1T09 4Q09
4T09 1Q10
1T10
RPK GOL - Domestic
RPK Doméstico GOL
RPK Doméstico(ex-GOL) (ex-GOL)
RPK Industry Indústria - Domestic
13

14. 1Q10: GOL’s Traffic Record
CASK ex-fuel of 1Q10 in line with the Guidance of 2010
Operating 1Q10 4Q09 Var% 1Q09 Var%
Demand (RPK - bn) 8.0 7.8 3.3% 5.8 37.9%
Capacity (ASK - bn) 11.2 10.6 5.5% 9.5 17.0%
Fare Options Load Factor 71.8% 73.4% -1.5 p.p. 61.0% +10.9 p.p.
 Brazilian Economy
Break-Even Load Factor (BELF) 63.9% 68.0% -4.1p.p. 56.7% +7.2p.p.
 New routes to Caribe
Aircraft Utilization (Block Hours/Day) 13.0 12.2 6.6% 11.3 14.3%
Yield (R$ cents) 19.53 18.08 8.0% 23.82 -18.0%
Growing Yields
 CASK Fuel RASK (R$ cents) 15.48 15.27 1.4% 15.89 -2.5%
 CASK Depreciation CASK (R$ cents) 13.77 14.15 -2.7% 14.79 -6.9%
 CASK Leasing
CASK Ex-Fuel. (R$ cents) 8.84 9.88 -10.6% 10.12 -12.6%
Departures 72,531 71,187 1.9% 66,224 9.5%
 Higher frequency Average Stage Length (km) 895 894 0.1% 877 2.1%
 Higher Aircraft Utilization
Employees at period end 18,235 17,963 1.5% 16,799 8.5%
WTI (avg. per barrel, US$) 78.88 76.03 3.8% 43.18 82.7%
Average Exchange Rate (R$/US$) 1.80 1.74 3.5% 2.31 -22.1%
14

15. 1Q10: Solid Results
Company reaches operating margin of 11.1%, going in line
with its financial guidance for 2010
Financial 1Q10 4Q09 Var% 1Q09 Var%
 Charter revenue Net operating revenues (R$MM) 1,730 1,618 6.9% 1,517 14.0%
 Other Ancillary Revenues
(cargo, no show and Ancillary Revenue 162 213 -23.8% 131 24.0%
cancelation taxes)
Passenger 1,568 1,405 11.6% 1,386 13.1%
% Ancillary Revenue 9.4% 13.1% -3.8 p.p. 8.6% +0.8 p.p.
 Aircraft Leasing
 Aircraft Insurance Total Costs (1,538.4) (1,498.5) 2.7% (1,411.9) 9.0%
 Depretiation
 Fuel Total Costs Ex-Fuel (987.4) (1,046.6) -5.7% (965.9) 2.2%
EBIT 191.4 119.2 60.7% 105.1 82.1%
 EBIT (higher since the EBIT Margin 11.1% 7.4% +3.7p.p. 6.9% +4.1 p.p.
first quarter of 2007)
 EBITDAR EBITDAR 405.0 290.1 39.6% 359.3 12.7%
EBITDAR Margin 23.4% 17.9% +5.5 p.p. 23.7% -0.3 p.p.
 Exchange Variation Net Financial Result (133.7) (72.7) 83.9% (12.9) 939.7%
Expenses (R$ 60MM)
 Ineffective Hedge Income taxes (33.8) 351.4 nm (30.8) 9.6%
Expenses (R$ 16MM)
Net income (loss) 23.9 397.8 -94.0% 61.4 -61.1%
Net margin 1.4% 24.6% -23.2 p.p. 4.0% -2.7 p.p.
15

16. Healthier Financial Indicators
Increase on operating results and the initiatives to add cash
made a stronger balance sheet, ready to support the accelerated growth
8,184
1,441 1,523
7,688
2.7
2.4
7,317
394
0.4
1Q09
1T09 4Q09
4T09 1Q10
1T10 1Q09 4Q09 1Q10
1T09 4T09 1T10
Disponibilidades Equivalents (R$ MM)
Cash and Cash (R$MM) Divida Bruta Ajustada
Adjusted Gross Debt
Disponibilidades/Receita Líquida Revenue (R$MM)
Cash and Cash Equivalents/Net Adjusted Gross Debt/EBITDAR + Fin. Rev.
Divida Bruta Ajustada / EBIDAR + Rec. Fin. 12m
DisponibilidadesEquivalents/Short TermPrazo
Cash and Cash / Endividamento Curto Debt
500 2,936
413
1,692 1,740
-32.8 1Q09
1T09 4Q09
4T09 1Q10
1T10
1Q09
1T09 4Q09
4T09 1Q10
1T10
Net Debt
Dívida Liquida (R$MM) Net Debt / EBITDAR
Dívida Líquida/EBITDAR
EBIT 12m (R$MM)
Disponibilidades/Receita LíquidaRevenue (R$MM)
Cash and Cash Equivalents/Net
16

17. GOL Investor Relations
Rodrigo Alves
Head of Investor Relations
+55 11 2128-4700
ri@golnaweb.com.br
www.voegol.com.br/ir
twitter.com/GOLinvest
This presentation contains forward-looking statements relating to the prospects of the
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.
17

18. A Consistent Story with
Strong Fundamentals
4| Appendix
18

19. 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 72.7%
72.3% 72.2% 102
28.3%
81 80 37.1% 43.0% 42.4% 41.4% 41.3%
68.1% 68.1%
43.0%
66.8%
31 49.1% 45.6% 42.7%
48.8% 50.4%
28.8%
13.8% 8.2% 7.2% 13.0% 16.1%
2005 2006 2007 2008 2009 1T10 2005 2006 2007 2008 2009 2M10
Industry Suppy Industry Load Factor GOL TAM Others
19

20. GOL Alliance
GOL’s code-shares created the largest network of foreign airlines in number of
passengers transported to Brazil
GOL Alliance - USA
GOL Alliance - Global 41% of total international
passengers
The code-share agreements generate greater
awareness of the SMILES value, reflecting increased 35% 67%
GOL penetration in the business segment.
100% pax
Brasil Holanda GOL Alliance (Brazil-Global)
GOL Alliance (Brasil-Mundo) GOL Alliance … (Brazil-USA)
GOL Alliance
61% pax Holanda
Brasil França
França
Espanha
15% pax
Brasil EUA
36% pax 69% pax
Brasil EUA Brasil Espanha
47% pax
Brasil América do Norte 31% pax
Brasil Europa 17%
29% 27%
85%pax
Brasil México
Brasil
Star Alliance One World Sky Team
Source: ANAC – Brazilian Airlines Regulator, 2008 Annual Report
Graphs consider only foreign companies carrying passengers to Brazil
20

21. 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
21

22. Fleet Plan
Fleet Management Operating Fleet, Seats and Average Fleet Age
n Seats (‘000s)
New, larger, fuel efficient SFP aircraft
18.2 17.4 18.1 18.2 18.9 19.6 20.4
n Fleet standardization of Boeing 737NGs ’07-12E Seat CAGR 2.2%
– Lower spare parts inventory needed
– Phased maintenance reduces ground time
119
115
111 109 111
108
n Boeing 737 -700 NG: low density markets or 106
9 5
restricted airports 14 40
40
40
28 42
n Boeing 737 -800 NG:Medium to high densities and 43
flexibility to land in short runways 37
15 17
15
n Average fleet age 5.5 years 31
21
21
n Installing winglets in all Boeing 737 -700s 22
19 62
56 60
n Expand in-house aircraft maintenance services to 40 45
33
achieve additional savings 24
n Returning all Boeing 737 -300 to be grounded until 2007 2008 3Q09
2Q09 2009E 2010E 2011E 2012E
december 2009 in process to be returned
737-800 SFPs 737-800s 737-700s 737-300s 767-300s
22

23. Confortable Debt Payment Schedule
Comfortable debt repayment schedule and looking forward to rollover
2010 debt maturities
R$ MM – as of December 31, 2009
1.080
1,010
260
117 120 112 101
2010 2011 2012 2013 2014 After 2014 Total
Debt Repayment Schedule (R$MM) 2010 2011 2012 2013 2014 After 2014 Total
Capital de giro 185.0 - - - - - 185.0
BDMG I e II 2.9 3.3 3.3 6.1 4.0 12.6 32.2
BNDES 14.3 10.8 8.4 - - - 33.5
BNDES-Safra 6.3 9.5 12.7 12.7 3.2 44.4
Debêntures - 93.7 93.5 93.5 93.6 - 374.3
IFC 51.7 - - - - - 51.7
Senior Notes - - - - - 369.8 369.8
Total 260.2 117.3 117.9 112.3 100.8 382.4 1,090.9
23

24. Current Shareholding Position
Composição Acionária ON % ON PN % PN Total % Total
Acionista Controlador 137,032,718 100.0% 36,635,380 27.5% 173,668,098 64.3%
Board of Directors 16 0.0% 1,865,686 1.4% 1,865,702 0.7%
Free Float - 0.0% 94,242,981 70.7% 94,242,981 34.9%
Treasury - 0.0% 454,425 0.3% 454,425 0.2%
Total 137,032,734 100.0% 133,198,472 100.0% 270,231,206 100.0%
24

25. 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
25