GOL Linhas Aereas Inteligentes S.A. News

GOL Investor Update

SAO PAULO, Brazil, July 2 PRNewswire-FirstCall — GOL Linhas Aereas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), the parent company of GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., provides its updated investor.

Current News GOL and VRG have recently added service to the following city pairs: GTA-City Pair Weekly Start Date Freq. Brasilia - Recife 7x 12-may-08 Recife - Juazeiro do Norte 7x 12-may-08 Juazeiro do Norte - Recife 7x 12-may-08 Recife - Brasilia 7x 12-may-08 Sao Paulo/Guarulhos - Brasilia 7x 2-jun-08 Brasilia - Porto Velho 7x 2-jun-08 Porto Velho - Rio Branco 7x 2-jun-08 Rio Branco - Brasilia 7x 2-jun-08 Brasilia - Sao Paulo/Guarulhos 7x 2-jun-08 VRG-City Pair Weekly Start Date Freq. Sao Paulo/Guarulhos - Recife 7x 7-apr-08 Recife - Sao Paulo/Guarulhos 7x 8-apr-08 Sao Paulo/Guarulhos - Manaus 7x 9-jun-08 Manaus - Sao Paulo/Guarulhos 7x 9-jun-08 Further details: www.voegol.com.br and www.varig.com General Guidance General Comments 2Q08E: — Brazilian domestic demand growth at 1.8x GDP — Brazilian 2Q08e GDP Growth at 5.2% — Brazilian 2Q08e Domestic RPK Growth at 10.4% Industry Metrics 1Q08A(+/-) 2Q08E(+/-) Brazilian GDP Growth(%) 5.8 5.2 Domestic RPK Growth(%) 10.2 10.4 Brazilian Inflation(%,IPCA) 6.1 6.6 BRL / USD (R$,average) 1.74 1.65 WTI (US$,average) 98 124 2Q08E General Comments: — Average fuel price/liter: R$2.12 — Average Fare: R$194 — CASK: R$16.5e cents — RASK: R$13.5e cents Consolidated 1Q08A(+/-) 2Q08G(+/-) 2Q08E(+/-) 2Q07A(+/-) ASK Growth 58% 25% 23% 87% Load Factor 62% 61-63% 64-65% 66% Yield(cents) R$22 R$20 R$19 R$18 Cask ex-fuel(cents) R$8.8 R$8.5 R$9.4 R$8.6 ASKs by Aircraft Type 2Q08 (quarter average) B737 B767 Available Seat Kilometers (ASK) - as a percentage of total ASKs (%) 85% 15%

GOL's average stage length is projected to be approximately 940 kilometers in 2Q08 versus 958 kilometers in the 2Q07.

Aircraft Delivery Schedule

As of 03/31/2008, GOL's fleet was comprised of 103 Boeing 737 aircraft and 11 Boeing 767s and had on order 99 aircraft with options to acquire additional 40 aircraft. The 2008 delivery schedule and related financings are:

B737-800 SFP firm Committed Financing Mortgage(Exim) Sale/Leaseback 2Q08 2 0 2008E 5 4

During the 2Q, GOL received into its consolidated fleet 2 Boeing 737 aircraft, and returned 3 Boeing 737-300s and one 767-300.

Fuel Hedges

The Company continues to enter into advanced fuel derivative agreements to reduce its exposure to fluctuations in fuel price. Currently, the agreements covering 2008 are:

2Q08 Estimated Fuel Liters Consumed(mm) 357 Estimated Fuel Price per Liter(R$) 2.12 150 million (42%) Liters(% of estimated consumption) HO and WTI with average price of US$95.6/bbl Operating Margin (Estimated EBIT margin, US GAAP) 2Q08 Estimated Operating Margin(%) -23-21% Income Before Income Taxes (Estimated EBT Margin, US GAAP) 2Q08 Estimated Pre-Tax Margin(%) -19-17%

Tax Rate

GOL currently expects an annual effective tax rate in U.S. GAAP of approximately 25%. However, its actual tax rate in both 2Q and full year 2008 could differ due to the non-deductibility of certain items for tax purposes.

Weighted Average Shares Outstanding

Share count estimates for calculating basic and diluted earnings per share are: 2Q08 Basic Diluted 201.2mm 201.2mm

The number of shares used in our actual earnings per share calculations will likely be different from those stated above.

About GOL Linhas Aereas Inteligentes S.A.

GOL Linhas Aereas Inteligentes S.A. is the parent company of Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A. GTA offers over 640 daily flights to 57 destinations connecting the most important cities in Brazil as well as the main destinations in South America.

SOURCE GOL Linhas Aereas Inteligentes S.A.

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