3Q04 Results PresentationNovember 9, 2004

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

2

HighlightsHighlights

Disciplined Profitable Growth

Focus on ProfitabilityFuel cost increases compensated with higher productivity and fare adjustmentsFuel hedge to protect against short-term volatilityStable operating margins, even if hedge is not considered

High Double-Digit GrowthVolumes (RPK) grew by nearly 20% y-o-yAll-time high load factor: 70%Market share increased 100 percentage points to 21.5%

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

3

Net RevenuesNet RevenuesNet Revenues

R$ MM

3Q03 3Q04

403.0517.2

+28.4%

Higher Volumes

Improved Pricing

RPK: +19.4% Yield: +7.9%

ASK: +14.3% Average Fare: +6.5%

RASK: +12.3%Load Factor: +3 p.p. → 70.0%

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

4

Fuel CostsFuel CostsFuel / ASK (R$ cents)

2Q04 3Q04

41.9%

2Q04 3Q04

2Q04 3Q04

EBITDAR Margin

Average Fares (R$)

5.45

221.3

4.70

38.1%

+20.3%

+16.0%

+3.7 p.p.

RASK (R$ cents)

184.018.7

22.7+21.4%

2Q04 3Q04

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

5

Financial HighlightsFinancial Highlights

RASK(R$ cents)

CASK(R$ cents)

EBITDAR R$ million

3Q03 3Q04

200.1216.9

3Q03 3Q04 3Q03 3Q04

15.620.222.7

+12.3%+22.8% +8.4%

12.7

Fuel 3.6Fuel5.5

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

6

Net Income TrendsNet Income Trends

Net Income 3Q04

Net Income3Q03

R$ million USGAAPNet

Revenues+114.3

FuelCosts-51.4

Net Fin. Inc. (Exp.)

22.7

-50.7

Other Op.Costs IPO

Hedge + FX

Variation Losses + Others

-34.6

Taxes-0.1

96.996.7

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

7

Industry Benchmarks – LTM(1)Industry Benchmarks – LTM(1)

250(2) 169LTM EBITDAR (US$ MM) 2731,143 519(2)

LTM EBITDAR Margin 40.7% 22.8%17.9% 35.3% 19.6%

36(2)LTM Net Income (US$ MM) 65324 292(2)114(2)

LTM Net Income Margin 18.5% 5.4%5.1% 19.8% 4.1%

15.3 x 19.9 x 57.4 x37.0 xP/E 2004( 3,4) 37.3 x

P/E 2005( 3,5) 12.6 x 41.3 x29.0 x 17.8 x 19.1 x

Stock performance (6) -10%+24% +11% +5% -20%

(1) Public information considering last twelve months (LTM), available on each company’s website (2) Translated to US Dollars at rates R$2,86 / US$1.00, €0.81 / US$1.00 and Can$1.18 / US$1.00(3) Market Value as of November 5, 2004(4) P/E = Market Capitalization / Net Income of Estimated Calendar Year 2004 (IBES/WS)(5) P/E = Market Capitalization / Net Income of Estimated Calendar Year 2005 (IBES/WS)(6) Period represented: The date of GOL’s pricing (6/23/04) through November 6, 2004

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

8

Looking ForwardLooking ForwardExcellent Growth Prospects

26% Increase in Fleet: 23 → 29 airplanes (from 3Q04 to 1Q05)19% Increase in Destinations Served: 31 → 37 bases (from 3Q04 to 1Q05)First Regular International Service: São Paulo – Buenos Aires (Argentina)

Guidance 2004 (Re-iterated) 2005 (Preliminary)

Net Revenues +/-R$ 1.9 billion +/-R$ 2.6 billion

Earnings per share R$ 2.05 – R$ 2.30 R$ 2.55 – R$ 2.80

EBITDAR Margin 41% - 43% 39% - 41%

Operating Margin 28% - 30% 26% - 28%

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’smanagement 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.