9M16 Re Resul ults ts Novem ember r 7, 2016 Solid d Th Third - - PowerPoint PPT Presentation

9M16 Re Resul ults ts

Novem ember r 7, 2016

Lower industry capacity, stronger currency, fuel savings Traffic growth of 10% vs. 2Q16, Load factor of 80% Avg fare increase of 15.8% YoY and 6.1% vs 2Q16 Unit costs down by 6.4% Fleet reduction of 4 acft Ancillary revenues of R$302 million Profits of R$66 million Olympic Games: 7,200 athletes and 49 delegations transported

Solid d Th Third Qu Quarter ter

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Brazil’s Best Fare - Lowest Cost Carrier Nº1, Traffic 9M15 – 25 million pax Nº1 at Main Airports - 52 bases in Brazil Nº1, Service - Low Fares/On-time/Smiles Fwd Bookings and Load Factors increasing Order for 120 MAX new aircraft 15 years of GOL low fares in Brazil

Brazil’s Favorite Airline

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Brazil’s Nº1Customer Experience

Premium Lounge at at Guarulhos

• s Airport
• rt

On-board rd Intern rnet et First t in S South th America On On-Time e Perfor formance

• Leather seats
• Gourmet menu
• Made-to-order bar drinks
• Free Wi-Fi
• Free showers
• Entertainment
• Streaming media
• Live TV
• Movies
• Cartoons
• Sitcoms
• Flight maps

GOL online

CONNECTIVITY, CONTENT AND FUN ON BOARD

More e Codesh share res

• Copa
• Aeroméxico
• Emirates

More e Milea eage e Benefits fits

• Expansion of

miles accum. to promotional fares

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Brazil’s Lowest Costs

(1) Source: 2015 Company reports - ANAC. (2) Stage-length adjusted.

5 CASK ex-fuel and CASK in cents of R$

25.7 18.2 24.5 17.4 23.3 15.5 20.0 13.4

% > GOL

+16% +23% +29%

OALA LAB ALAB

63 63 bases 52 52 airports served in Brazil 9 countries 140 40+ routes 34 34 million customers per year 33 33 B737-7 NG’s 102 02 B737-8 NG’s 120 20 B737-8 MAX’s on order

Brazil’s Nº1 º1Network twork

Colocar mapa maior sem oceanos 6

State

GDP%¹ #1 #2 Share

São

• Paul

ulo

• CGH GRU VCP PPB

32.1% .1% 35% 35% Rio

• de Janei

neiro ro GIG SDU 11.8% .8% 46% 46% Mina nas Gera rais s CNF JDF MOC UDI 9.2% 2% 27% 27% Para raná ná CWB IGU LDB MGF 6.3% 3% 37% 37% Rio

• Gra

rand nde e do Sul ul POA CXJ 6.2% 2% 37% 37% Sant nta Cata tari rina na FLN JOI NVT XAP 4.0% 0% 36% 36% Bahi hia SSA BPS IOS 3.8% 8% 30% 30% Dis istr trito to Federa eral l BSB 3.3% 3% 32% 32%

Brazil’s Nº1 Market Share(*)

(*)

(*) At main airports, in number of seats as of Sep, 2016 ¹ IBGE 2013 Brazilian GDP by state

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Smil iles: R$398.3 million, +14.1% Cargo go: R$77.2 million Other her: R$224.8 million GOL+ L+Com Comfo fort: 100% of fleet Buy-on

• n Boar
• ard: 3.3 mm products sold

Nº1 º1 in non-pa passen ssenge ger r reve venue nues

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Net Revenu enue 2,401.4 .4 2,489.6 6

• 3.5%

5%

7,203.3 3 7,126.0 7,126.0

1.1%

EBIT 232.6 232.6 8.9 8.9

2,524%

498.3 498.3 (88.4) 88.4)

n.m.

EBIT Margin 9.7% 7% 0.4%

9.3 pp

6.9% 9%

• 1.2%

8.1 pp

Net Income (loss) s) 65.9 65.9 (2,133)

n.m.

1,132 1,132 (3,161)

n.m.

Net Margin 2.7% 7%

• 85.7%

88.4 pp

15.7% .7%

• 44.4%

60.1 pp

EPS (R$) 0.19 0.19 (6.14)

n.m.

3.26 3.26 (9.10)

n.m.

(R$ million)

3Q16 3Q16 3Q15

% Var.

9M16 16 9M15 % Var.

3Q 3Q16 16 P Profi fits ts reached ched R$ R$66 66 million lion

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(1) Before minority interest

(1)

ASKs (in billion of KM) 11.5 .5 12.3

• 6.7%

34.5 .5 37.2

• 7.2%

Seats (in million) 10.4 .4 13.0

• 20.1%

32.9 .9 39.3

• 16.2%

RPKs (in billion of KM) 9.2 9.2 9.7

• 5.3%

26.8 .8 29.0

• 7.6%

Load Factor 79.8% .8% 78.6%

1.2 pp

77.5% .5% 77.8%

• 0.3 pp

Traffic (in million) 8.1 8.1 9.8

• 16.9%

24.5 .5 29.3

• 16.3%
• Avg. Fare (R$)

258.5 8.5 223.3

15.8%

258.2 8.2 213.7

20.8%

Net YIELD (R$ cents) 22.9 .9 22.5

1.5%

23.7 .7 21.6

9.5%

Net PRASK (R$ cents) 18.3 .3 17.7

3.0%

18.3 .3 16.8

9.0%

Net RASK (R$ cents) 20.9 .9 20.2

3.3%

20.9 .9 19.1

9.0%

CASK (R$ cents) 18.8 .8 20.1

• 6.4%

19.4 .4 19.4

0.2%

CASK ex-fuel (R$ cents) 13.0 .0 13.5

• 3.1%

13.6 .6 12.8

5.6%

Operating Profit per ASK (R$ cents) 2.0 2.0 0.1

n.m.

1.5 1.5

• 0.2

n.m.

3Q16 Q16 3Q15

% Var.

9M16 9M15

% Var.

3Q1 Q16 R 6 RASK +3. 3.3% 3% & C & CASK K -6. 6.4% 4%

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Assets (incl. aircraft) 6,487 7,570 Cash and Accounts Receivable 1,829 3,554 Total al 8,316 11,124 24

In R$ million

Sep/16 Sep/15 Liabilities 5,206 4,823 Debt 6,347 9,489 Shareholder’s Equity (3,237) (3,188) Total 8,316 11,124 24 Financial ial Debt 3Q16

22% 22% 78% 78%

BR BRL US USD

* Exchange rate of 3.2462 for amounts in US$.

Free Cash Smiles Cash Restricted Cash

9M 9M16 16 B Bal alanc ance e Shee eet

Values in R$ million

Accounts Receivable

 R$3.1 R$3.1 billion debt reductio tion

290 470 Cash

1,829

681 389 477 68 885 228 1.322 75 76 5 After 2023 2023 2022 2021 2020 2019 621 17 603 2018 475 71 405 4Q17 19 14 3Q17 2Q17 247 242 5 1Q17 4Q16 76 70 6 Debt in USD (R$) Debt in Reais (R$)

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Forward Booking and Load Factor rising 2016 traffic at 33 million – 4Q yields to increase Industry cutting capacity to same level as 2011 49 additional routes in 4Q Fuel 4Q16: 27% hedged at US$49.25 WTI

Curren ent t Developments elopments

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LF & F & Forwar ard d Booki kings ngs

2015 2016

• Chg. (pp)

Jan 83% 82%

• 1

Feb 76% 76% Mar 74% 73%

• 1

Apr 79% 76%

• 3

May 76% 75%

• 1

Jun 76% 75%

• 1

Jul 83% 83% Aug 76% 78% +2 Sep 76% 78% +2 Oct Nov +3 Dec +3 2014 2015

• Chg. (pp)

Jan 78% 83% +5 Feb 77% 76%

• 1

Mar 74% 74% Apr 76% 79% +3 May 75% 76% +1 Jun 75% 76% +1 Jul 79% 83% +4 Aug 77% 76%

• 1

Sep 76% 76% Oct 79% 76%

• 3

Nov 79% 73%

• 6

Dec 79% 77%

• 2

2016 2017 Chg. (pp) Jan +2 Feb +3 Mar +4

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• 4.4%
• 13.2%

.-7.5% +7.9% Jan/16 Mar/16 May/16 Jul/16 Sep/16

• 3%

OALA ALAB LAB 2016 UDM 112.9 1.2 11.7 19.6 38.7 41.6 2015 118.2 1.3 10.7 20.3 42.5 43.5 2014 117.1 1.0 9.4 19.6 43.7 43.4 2013 115.9 0.8 7.7 18.9 44.3 44.1 2012 119.3 3.1 5.9 14.5 48.2 47.6 2011 116.1 11.3 3.2 8.6 48.7 44.3

ALAB OALA

(ASK in billion) (seats)

Domesti mestic c Mar arket ket Ca Capac acity ity

LAB

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2017 2017E LAB OALA ALAB Industr try Aircraf aft +8 A320s +8 A320s +16 A A320s ASKs +10 to 15% +10 to 15% +3 to to 5% 5%

Others

FY 20 2016 16 Ou Outloo look

Load Factor up 1 p.p. to 78% Traffic of 33 million passengers Unit cost down in 4Q16 Average fares increasing in 4Q16 Jet fuel in Reais at same level as 3Q16 Margin at upper end of guidance

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Stati tisti tic His isto tori rical Resu sults ts Prev eviou ious Guid idanc nce Full ll-yea year r 2016 Revise sed Guid idanc nce Full ll-yea year r 2016 +/ +/-

9M16 9M16 From To Total supply variation (ASK)

• 7.2%
• 5%
• 8%

8% 8% Total seats

• 16.2%
• 15%
• 18%

17% 17% Total volume of departures

• 16.6%
• 15%
• 18%

17% 17% Operating Margin (EBIT) 6.9% 4% 6% 6% 6%

FY 20 2016 16 Ou Outloo look

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94 92 91 88 84 117 5 24 120 20 129 28 122 25 2016 2017 2018 2019 2020 13 23 124 25 700 MAX 800

B73 737 F 7 Flee eet Plan an

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Investo estor r Relation

• ns

ri@voegol.com.br +55 11 2128 4700 www.voegol.com.br/ri

GOL OL Linhas nhas Aéreas Inte teli ligente gentes s S.A.

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Discl claimer aimer

This presentation may contain certain statements that express GOL Linhas Aéreas Inteligentes S.A. (“GOL”) management’s expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data, and on current projections about the industries in which GOL operates. The verbs “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “plan”, “predict”, “project”, “target” and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future GOL performance. The factors that might affect performance include, but are not limited to: (i) market acceptance of GOL services; (ii) volatility related to (a) the Brazilian economy and financial and securities markets and (b) the highly competitive industries GOL operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the transportation markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment; (vi) ability to maintain an ongoing process for introducing competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract customers in domestic and foreign jurisdictions. Other factors that could materially affect results can be found in GOL’s annual report on Form 20-F for the year ended December 31, 2015 as filed with the U.S. Securities and Exchange Commission on April 28, 2016, including under “Item 3. Key Information—D. Risk Factors”. All forward-looking statements in this presentation are based on information and data available as of the date they were made, and GOL undertakes no obligation to update them in light of new information or future development.

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