Gol Linhas Aereas Inteligentes : announces Investor Update

Investor Update

São Paulo, January 7, 2019 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, provides its Investor Update. The information below for the quarter ended in December 2018 is preliminary and unaudited.

Overall Commentary¹

•  GOL expects an operating margin for the quarter ended in December of 19.5%-20.0%, approximately 6 p.p. up in relation to the quarter ended in December 2017 (13.3%), including operating results from NG aircraft. Operating cash flow in the December quarter is expected to be R$450-500 million.

•  Passenger unit revenue (PRASK)² for the fourth quarter is expected to be up 6.0%-6.5% year over year, as GOL's capacity discipline and revenue management strategies continue to benefit results. For the quarter ended in December, GOL expects unit revenue (RASK) to increase 5.5%-6.0%.

•  Non-fuel unit costs (CASK ex-fuel), are expected to reduce by approximately 17% in relation to the fourth quarter of the prior year. CASK ex-fuel and NG results are expected to increase by approximately 12% in relation to 4Q17, due to the 17% devaluation of the Brazilian real in the year-over-year comparison.

•  GOL reduced its financial leverage, as measured by the Net Debt³/LTM EBITDA ratio, to approximately 2.3x at the end of the December 2018 quarter. Total liquidity at the end of the quarter is expected to be at R$2.9 billion, in line with the R$2.9 billion at the end of the previous quarter.

Preliminary and Unaudited Projection

EBITDA Margin EBIT Margin

Ancillary Revenue (cargo and other)4 Aircraft Rent

Average fuel price per liter Average exchange rateDecember Quarter 2018 25.0% - 25.5% 19.5% - 20.0% 6.0% - 6.5% of total net revenues ~ R$300 million R$3.25 - R$3.30

R$3.81

December Quarter 2018 vs. December Quarter 2017

Passenger unit revenue (PRASK)² CASK Ex-fuel and NG results Total Capacity - ASK

Up 6.0% - 6.5%

Up ~12.0%

Up ~3%

Total Capacity - Seats

Up ~2%

• 1. 4Q17 results adjusted in accordance with IFRS 15.

• 2. Considering IFRS 15, 4Q17 PRASK was R$22.17 cents.

• 3. Excluding perpetual notes.

• 4. Considering IFRS 15, 4Q17 Ancillary Revenue was 6.8% of total net revenues.

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GOL Linhas Aéreas Inteligentes S.A.

Investor Update

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About GOL Linhas Aéreas Inteligentes S.A.

GOL serves more than 30 million passengers annually. With Brazil's largest network, GOL offers customers more than 700 daily flights to 69 destinations in 10 countries in South America, Caribbean and the United States. GOLLOG is a leading cargo transportation and logistics business serving more than 3,400 Brazilian municipalities and, through partners, more than 200 international destinations in 95 countries. SMILES is one of the largest coalition loyalty programs in Latin America, with over 14 million registered participants, allowing clients to accumulate miles and redeem tickets for more than 700 locations worldwide, Headquartered in São Paulo. GOL has a team of more than 15,000 highly skilled aviation professionals and operates a fleet of 120 Boeing 737 aircraft, with a further 133 Boeing 737 MAX on order, delivering Brazil's top on-time performance and an industry leading 17 year safety record. GOL has invested billions of Reais in facilities, products and services and technology to enhance the customer experience in the air and on the ground. GOL's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information, visitwww.voegol.com.br/ir.

Disclaimer

The information contained in this press release has not been subject to any independent audit or review and contains "forward-looking" statements, estimates and projections that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements other than statements of historical fact contained in this press release including, without limitation, those regarding GOL's future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets in which GOL operates or is seeking to operate, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "will", "may", "project", "estimate", "anticipate", "predict", "seek", "should" or similar words or expressions, are forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond GOL's control, that may cause actual results, performance or events to differ materially from those expressed or implied in these statements. These forward-looking statements are based on numerous assumptions regarding GOL's present and future business strategies and the environment in which GOL will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as at the date on which they are made. None of GOL or any of its affiliates, officers, directors, employees and agents undertakes any duty or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. None of GOL or any of its affiliates, officers, directors, employees, professional advisors and agents make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Although GOL believes that the estimates and projections in these forward-looking statements are reasonable, they may prove materially incorrect and actual results may materially differ. As a result, you should not rely on these forward-looking statements.

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GOL Linhas Aéreas Inteligentes S.A.

Investor Update

Non-GAAP Measures

To be consistent with industry practice, we disclose so-called non-GAAP financial measures which are not recognized under IFRS or U.S. GAAP, including "Net Debt", "Adjusted Net Debt", "total liquidity", "EBITDA" and "EBITDAR". Our management believes that disclosure of non-GAAP measures provides useful information to investors, financial analysts and the public in their review of our operating performance and their comparison of our operating performance to the operating performance of other companies in the same industry and other industries. However, these non-GAAP items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other companies. Potential investors should not rely on information not recognized under IFRS as a substitute for the GAAP measures of earnings or liquidity in making an investment decision.

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GOL Linhas Aéreas Inteligentes S.A.