1

A Consistent Story with

Strong FundamentalsNon Deal Roadshow Asia - April, 2010

“Here Everyone Can Fly”

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

3

1| GOL - Evolution of the low cost and

low fare model

A Consistent Story with

Strong Fundamentals

4

TAM 46.3%

GOL 47.8% Oceanair

4.2%

Azul0.3%

Webjet0.6%

NHT 0.9%

Dominant Postion & Standardized B737 FleetWidest route network in Latin America: 50 destinations in Brazil and 10 in

South America and Caribbean Region

Standardized & Young B737NG Fleet

(108 aircraft ~150 – 190 seats)

“GOL’s Stronghold”

2 hour flight range

65% traffic

65% population

75% Brazilian GDP

Mainstream market demands

150-200 seat aircraft

Low cost and strong airport

position prevails

Avg.fleet age: 6 years

Congonhas Airport Slot-Share(São Paulo City) (2)

(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)

GOL42.6%

TAM38.2%

Other19.2%

High Frequency network (1) :

Next departure will probably be a GOL flight

Brazilian Market Rationale

No secondary airports

Unbalanced population and GDP Generation

Concentrated population density in few large cities

Slotted airports

GOL TAM Others

27% 43% 30%

Slots Distribution

Before VRG Aquisition

5

Strong Code Share and Loyalty Program Integration Agreements

with the dominant long haul players (2)

69% pax.

Brazil Spain

61% pax.

Brazil France

100% pax.

Brazil Holland

36% pax.

Brazil USA

85% pax.

Brazil Mexico

38% Pax.

Brazil N.America

31% Pax.

Brazil Europe

Cost Leadership and Intelligent Sales ChannelsStrong 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)

Largest Loyalty and Client Financing Programs in LATAM

4.4

5.9 5.7

90.0%

92.4%94.0%

2007 2008 2009

Online seat sales (R$ Bn) voegol.com % of net revenues

One of the Largest E-commerce Platforms

in LATAM w/ 40mm unique visitors per year

Financing

+

Educating

+

Marketing

Customer Loyalty

+

Corporate Partnerships

+

Value to GOL Shareholders

Increase operating margins by selling “empty seats”

(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

6

Fleet size management (demand x supply)

Maximize fleet utilization rate

Reduce fleet GAP

Next Generation Fleet

Reduce maintenance cost (spare parts inventory and

engine overhauls)

Reduce fuel cost

Higher utilization rate

Tap the new new middle class

Further penetrate in the business segment

Increase sales to international clients

Increase ancillary revenues (new products)

Develop cargo business

New e-commerce platform

Buy on Board

Wireless onboard entertainment

Simple Strategic RationalGOL will improve profitability by increasing passenger volume, generating

ancillary revenue and reducing fixed and variable cost in the short, medium and long run

Decrease CASKIncrease RASK

São Paulo – Fortaleza Interstate Bus GOL

Fare (one-way) R$347 R$358

Time 50 hours 3 hours

GOL x Interstate Bus Cost-Benefit Comparison

São Paulo – Salvador Interstate Bus GOL

Fare (one-way) R$317 R$261

Time 36 hours 2 hours

Inte

rsta

te b

us tra

nsport

s o

ver

60m

m p

assengers

/year

in B

razil

7

Evolution of the Low Cost Low Fare ConceptGOL combines an intelligent low-cost low-fare model with the Brazilian market

dynamics to achieve higher customer satisfaction and return to investors

Higher operating

margin and stronger

balance sheet

More customer

satisfaction and new

products

Optimize fleet utilization

and further dilute unit costs

Dynamic yield

management and new

ancillary revenues

8

2| Largest and less penetrated market in

the region

A Consistent Story with

Strong Fundamentals

9

Brazil is Growing ConsistentlyEconomy and consumer market growth is leading a larger addressable market

3.2%

4.0%

6.1%

5.1%

-0.2%

2005

2006

2007

2008

2009

Consistent Brazilian GDP Growth (%)

4.5%

5.6%

4.9%

7.5%

3.9%

2005

2006

2007

2008

2009

Strong and Continuous Brazilian Real Wages Growth (%YoY)

19.4%

12.3%

11.7%

7.4%

17.6%

2005

2006

2007

2008

2009

Domestic Air Transportation Demand Consistently Grows at Least 2x the Brazilian GDP (% YoY)

10.7%

10.8%

12.7%

12.5%

4.9%

2005

2006

2007

2008

2009

Strong Expansion of Disposable Income (%YoY)

Domestic Traffic Grows Consistently Above GDP

Source: Banco Bank and ANAC (Brazilian Civil Aviation Regulator)

100 107 96115 119

141 131 128140

127155

159

99 00 01 02 03 04 05 06 07 08 09 10/jan

Brazilian Consumer Confidence Reached the Highest Level In History

10

Larger and High Potential Market...Although the low penetration, the Brazilian consumer base is

growing and pushing the addressable market

2.6 2.2 2.1

0.3 0.4 0.4 0.2

1.5 1.4 1.2

0.8

Canada USA Australia Mexico Chile Argentina Brazil

Flights per Capita Flights per capita adjusted by GDP per capita

Brazil is Still is Under Penetrated Market

Flights per capita – Annual Average

1.3%

11.0%

5.6%

3.4%

7.6%

2004

2005

2006

2007

2008

Adressable Market (%YoY) Growing Very Strong

76

98

2003

2009

Brazilian New Middle Class Growth (mm)

98mm

128mm

+30%

+29%

22.6%

19.3%

18.3%

16.0%

2005

2006

2007

2008

Poverty Ratio (%YoY) Playing a Key Role to Expand Market Opportunities in Brazil

Source: IBGE – Brazilian Geography and Statistics Institute and Bradesco Bank

11

8.0 9.1

9.8

11.8 11.5 11.4 11.5

2002 2003 2004 2005 2006 2007 2008

29 32 35 38 43 43 53 57

46 46

63 68

89 98 100 96

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Main benefits to GOL:

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

World Cup hosting cities

Olympics & World Cup to Boost Traffic in BrazilPast events raised air traffic demand to new levels

31 31 41 43 40 43 44 51 59

71 86

120 137

156

180 186

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

China Germany South Africa

Air Travel Passengers Transported (mm)

Source: ICAO (International Civil Aviation Organization) – considers domestic carriers for both international and domestic flights

12

3| Consistent Story with Strong

Fundamentals

A Consistent Story with

Strong Fundamentals

13

7,382

7,936

7,689

2007 2,008 2009

Divida Bruta Ajustada Divida Bruta Ajust./EBITDAR+ Rec Fin

2009: Delivered GOL Turnaround

27.8%

20.9%

5.50%

3.3%

3.8%

34.1%

Copa

LAN

EasyJet

Sowthwest

JetBlue

GOL

Return on Equity 2009(%)

Source:Companies reports and Reuters

TAM and Ryanair were not included as full year results were not yet disclosed

GOL posted higher profitability growth rate compared to peers

3Q08 Turnaround: Main Targets

Improve cost structure

Increase profitability in the next years

Improve quality of services

Develop new products / ancillary revenues

20% of cash versus LTM Net Revenues

Reduce leverage ratios

Further align management and shareholders

1,393

592

1,442

2007 2008 2009

Disponibilidades (R$MM) Disponibilidades/Receita Líquida

Cash and Equivalents (R$MM)

Cash and Equivalents (R$MM)

Gross Adjusted Debt (R$MM) and Leverage Ratio

Adj. Gross Debt/EBITDAR + Fin. Rev.Adjusted Gross Debt

Cash /LTM Net Revenues

0.4

-2.6

-1.6

1.6

6.0

8.2

Copa

LAN

EasyJet

Sowthwest

JetBlue

GOL

EBIT Margin Growth 08-09 (percentage points YoY)

GOL Milestones

2001-2003: pre-ipo & nationwide coverage years

2004-2006: IPO and network expansion years

2007-2008: VRG Acquisition years

2009-Post VRG Merge Years

14

0

2

4

6

8

10

12

14

16

18

GOL Share Evolution Last 12 Months

US$3.4

US$12.4

+244%

A Consistent Story with Strong Fundamentals

Market has high growth potential

Still strong space to generate more value

in short, medium and long terms

2010 guidance already implies strong EBIT

margin growth

Management has been delivering very

consistent results

Management is 100% aligned with

shareholders

Management holds strong knowledge of the

Brazilian market dynamics and regulation

Controller shareholder is buying shares

(again) – reinvesting 2009 dividends

Despite the recovery in 2009, GOL should continue to delivery strong

growth, while still way undervalued versus other maturated investment stories

10.5

12.7

11.3

12.3

7.7

7.5

Copa

LAN

EasyJet

Sowthwest

JetBlue

GOL

EV / LTM EBITDAR

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

twitter.com/GOLinvestThis 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.

16

4| Appendix

A Consistent Story with

Strong Fundamentals

17

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%

2010 results to improve cash flow generation and set GOL to be

one of the highest growing airlines worldwide

Mind the RASK – CASK Spread

18

32.5

20.3

34,8

23.3

ASK GOL RPK GOL

2008 2009

Domestic Market is Showing Clear Rationality

40.6

27.6

49.5

33.0

67.9%

66.6%

ASK Indústria (ex-GOL) RPK Indústria (ex-GOL)

2008 2009

RPK Industry (ex-GOL)

62.4%

66.9%

Demand (RPK bn), Capacity (ASK bn) and Load Factor (%) 2009 x 2008

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 (%): Jan and Feb 2010 x Jan and Feb 2009

5.3

3.5

6.5

4.9

65.9%

75.0%

ASK GOL RPK GOL

2008 2009

7.7

5.1

9.3

6.9

66.8%74.6%

ASK Indústria (ex-GOL) RPK Indústria (ex-GOL)

2008 2009

ASK Industry (ex-GOL) RPK Industry (ex-GOL)

2009 2010

+7.2%

+14.9%

+21.5%

+22.0%

+19.7%

+38.4%+21.0%

+35.1%

ASK Industry (ex-GOL)

2009 2010

Brazil Showing Strength in 2010: GOL added 21% capacity vs. 38% demand growth

19

Flexible Strategy Optimizes Profitability

Strong Economy Scenario

High GDP growth

Strong consumer confidence

Consumer base growth (new middle class)

Leisure and tourism industry growth

Boost Intelligent LCC Model (e.g. 1H10)

Stimulate demand to further penetrate the market

Increase fleet utilization rate (unit cost dilution)

Increase profitability through increasing RASK-CASK spread

Market share trends to increase

Focus on “GOL’s Stronghold” (e.g. 1H09)

Cautious yield management

Focus on business segment and mainstream airports

Reduce fleet utilization rate

Market share trends to decrease

Weak Economy Scenario

High volatility in currency and oil prices

Declining GDP

Low consumer confidence

Higher yields are not necessarily good news: mind the RASK – CASK spread

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

20

Successfull Turnaround in 2009GOL: 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%

Income tax (R$MM) 135 (44) Nm (34) Nm

Net Income (loss) (R$MM) 891 (1,239) Nm 167 Nm

Net Margin 14.8% -19,3% Nm 3,4% +11.4pp

21

Competitive

Advantages

Brazilian Economy

Services Quality

Yields

4Q09: Good Results and Financial Adjustments

Operating 4Q09 3Q09 Ch% 4Q08 Ch%

Demand (RPK - bn) 7.8 6.7 15.9% 5.6 38.0%

Supply (ASK - bn) 10.6 10.2 3.7% 9.5 12.0%

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 213 228 -6.8% 108 96.3%

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%

Total Costs –Ex fuel () (1,047) (912) 14.7% (1,010) 3.6%

EBIT 119.2 99.1 20.3% 53.9 121.2%

EBIT Margin 7.4% 6.6% +0.7pp 3.5% +3.9pp

EBITDAR 290.1 298.7 -2.9% 296.5 -2.2%

EBITDAR Margin 17.9% 20.0% -2.0pp 19.1% -1.2pp

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

Ancillary Revenues

(Cargo, Baggages and

737 Spare Parts)

Fuel

Depreciation

Accounting, systems

and REFIS()

Adjusted EBIT:

R$174.2MM (10.8%)

Adjusted EBITDAR :

R$345.1MM (21.3%)

() Lines that where impacted by REFIS

22

7,382

7,936

7,689

2007 2,008 2009

Divida Bruta Ajustada

Divida Bruta Ajust./EBITDAR+ Rec Fin

Improvement in Financial IndicatorsBetter operating results and cash-generating initiatives have strengthened

GOL’s balance sheet, preparing it to support accelerated growth

1,393

592

1,442

2007 2008 2009

Disponibilidades (R$MM) Disponibilidades/Receita Líquida

1,213

2,828

1,692

2007 2008 2009

Dívida Liquida (R$MM) Dívida Líquida/EBITDARas % of LTM net revenues

0.5

0.1

1.9

2007 2,008 2009

Cash and Equivalents

(R$MM)

2008 2008

Gross Adjusted Debt (R$MM)EBITDA/Financial Expenses

Net Debt/EBITDARNet Debt (R$MM)

Adjusted Gross Debt/EBITDAR + Fin. Rev.

Adjusted Gross Debt

Net Debt (R$MM)Cash and Equivalents (R$MM)

23

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

R$ MM – as of December 31, 2009

Confortable Debt Payment ScheduleComfortable debt repayment schedule and looking forward to rollover

2010 debt maturities

24

Competition and Fuel Price CorrelationFuel price and industry supply providing much better scenario for GOL

1.70 1.72

1.26

1.93

1.4017.2%1.2%

-26.7%

53.2%

-27.5%

2005 2006 2007 2008 2009

Average Fuel Price (GOL R$)

Average Fuel Price Change (GOL %YoY)

Fuel Price Evolution

396 377

287

418

315

2.4%-4.7%

-24.0%

45.8%

-24.5%

2005 2006 2007 2008 2009

Industry Domestic Average Fare (R$)Industry Domestic Average Fare (%YoY)

Industry Domestic Average Fare Evolution

28.8%13.8% 8.2% 7.2% 13.0% 16.1%

43.0%

49.1%48.8% 50.4% 45.6% 42.7%

28.3% 37.1% 43.0% 42.4% 41.4% 41.3%

2005 2006 2007 2008 2009 2M10

GOL TAM Others

GOL Focuses on Market Strength not Leadership

81 80

114102

114

16

72.3% 72.2%68.1%

66.8%68.1%

74.8%

2005 2006 2007 2008 2009 2M10

Industry Suppy Industry Load Factor

Demand is Surpassing Supply Since 2H09

25

Dividends and Capital IncreaseEnsure 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

(pro forma 100% subscription)

ON % ON PN % PN Total % Total

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%

26

Strong Operational Support

Cash & equivalents higher than 23.9% of LTM net

revenues (R$1.4 billion)

Comfortable debt amortization schedule

Significant improvement in all financial ratios in 2009

Positive operating cash flow generation in the last 7

quarters (including 1Q10)

Strong Exim-Bank Support: US$280 Final Commitment

100% tag-along rights for non-voting PN shareholders

25% minimum dividend payout ratio

Active Board of Directors

4 independent members, including Chairman

Proactive advisory committees

Risk & Finance, Audit, Corporate Governance &

People Management & Strategy

Management compensation aligned with shareholders

and linked to share price

3m average trading volume R$71 MM

Financial strength and high corporate governance standards are key to

ensure long term profitability

2010

Ranked #1 (Market Pool)

Best Managed LATAM 2010 – Airlines & Aviation

Most convincing coherent business strategy

Sound practice of corporate governance