Apresentação do PowerPoint · 7 Solid June Quarter Non recurring expenses reduced operating income by R$12 million. Net debt1 was R$ 4.9 billion (down R$108 million vs. 1Q17). 7.0%

Results – 2Q17 August 9, 2017

Indicators 2Q17 Var. x 2Q16

ASK (BN) 10.4 -3.0%

Traffic (000) 7,261 -1.3%

RPK (BN) 8.1 +0.5%

Load Factor 77.9% +2.7 p.p.

Yield (R$ cents) 23.2 +4.8%

Pax Revenue (R$ MM) 1,886 +5.3%

RASK (R$ cents) 21.4 +10.2%

CASK (R$ cents)1 21.0 +1.1%

2

2Q17 Highlights

Net operating revenues of R$2.2 billion (+7.0% vs. 2Q16)

Recurring operating result of R$37 million and margin of 1.7%

Net income of R$(475) million and margin of -21.2%

EPS: -R$1.37/share | -US$2.12/ADS

CASK ex-fuel1 decreased by 2.0%

Aircraft utilization: 11.3 block hours/day (+4.8% vs. 2Q16)

Net Debt2/LTM EBITDA: 4.2x

1. Excluding non-recurring results 2. Excludes perpetual bonds (R$ 438.2 million)

3

Capacity and Network Rationalization

Number of Operating Aircraft

(average)

Flights/Day

119

116 116

2Q16 1Q17 2Q17

-2.5%

10.8 12.0

10.4

-3.0%

ASK (MM)

8.10

9.6

8.14

+0.5%

-14.9%

RPK (MM)

2Q16 1Q17 2Q17

2Q16 1Q17 2Q17

670

712

637

-5.0%

2Q16 1Q17 2Q17

-13.1%

-10.5%

4

Best Customer Experience

Campaign #NOVAGOL combines maturity with vigor, modernity and energy for new and more attractive flights

Commitment and the most advanced technology in the world to deliver an ever better experience to customers

GOL Online in 1/3 of the fleet allows access to the internet and a complete entertainment platform

More legroom and comfortable seats, VIP lounges and new app (check-in with facial recognition, pushes when to leave home/office and flight anticipation/postponement)

5

The Most Competitive Airline in Brazil

(1) Information published by companies for 2016 (stage-length adjusted). (2) Excludes perpetual bonds (R$ 438.2 million).

1. Brazil’s lowest cost for 16 years: - Single fleet of 120 B-737 (120 MAX 8 orders) - B-737 MAX 8 is 13% better fuel efficient - Lean and productive operations (best aircraft

utilization) - Low fixed costs (efficient

administrative structure) - Smart spare parts management - Best-in-class maintenance

2. Brazil’s best customer experience: - Most on-time airline for the 4th year in a row

- Most comfort and leg room

- Most convenient flight network for businesses

- Friendly service, Wi-Fi & on-board entertainment

- Greater supply of comfortable seats

- #1 loyalty program: Smiles

3. Brazil’s most profitable airline:

- 7.8% recurring operating (EBIT) margin (6M17)

- 4.2x Net debt2/LTM EBITDA (2Q17)

- Two-thirds of total debt is asset-based; average maturity 3.2 years

4. Brazil’s market leader: - Leader in Brazil’s main airports (66% of total

passenger traffic)

- Strong brand

- Continuous innovation: #NOVAGOL

- 396 ASK/aircraft (MM, 2016)

- 35% market share (June/17)

21% lower CASK1 than

closest airline

Productivity & efficiency 2,138 PAX/employee; 3,036 ASK/employee

6

2017 Full Year Guidance

Downside risks: Q4 fares External shocks Capacity growth

(1) Fleet of 120 aircraft at the end of June 2017 (four of them are sub-leased to another airline).

(2) After participation of minority interest in Smiles S.A.

(3) Net Debt of R$4,868 MM, excluding perpetual bonds , and LTM EBITDA of R$1,158MM (as of June 30, 2017).

Indicator 2017 Full-year 6M17 (actual)

Average operating fleet 115 1161

Variation in capacity vs. 2016 (ASK) 0% to -2% -2.4%

Variation in capacity vs. 2016 (Seats) -3% to -5% -9.4%

Variation in volume of departures (vs. 2016) -3% to -5% -9.8%

Average load factor 77% to 79% 79%

Net Revenues (R$ billion) +/- 10 4.9

CASK-ex fuel (R$ cents) +/- 14 14.4

Aircraft Rent (R$ billion) +/- 1 0.5

EBITDA margin 12% to 14% 10%

Operating (EBIT) margin 7% to 9% 6%

Fully-diluted shares outstanding (million) 347.2 347.5

Earning per share – fully diluted2 R$ 0.38 to R$ 0.52 -R$ 0.90

Fully-diluted ADS outstanding (million) 69.4 69.5

Earning per ADS – fully diluted2 US$ 0.57 to US$ 0.78 -US$ 1.42

Net Debt / LTM EBITDA +/- 4.2x 4.2x3

7

Solid June Quarter

Non recurring expenses reduced operating income by R$12 million.

Net debt1 was R$ 4.9 billion (down R$108 million vs. 1Q17).

7.0% recurring EBITDA margin and 1.7% recurring operating margin, both 8.8 percentage points above 2Q16 margins, despite industry stagnation, fleet restructuring, and volatile currency and fuel prices

June Quarter 2017

Recurring operating (EBIT) margin 1.7% (up 8.8 p.p.)

Ancillary revenue (cargo and other) and change q-o-q 15.6% of Total Rev. (up 1.3 p.p.)

Passenger unit revenue (PRASK) change quarter over quarter Up 8.5%

Fuel price (change q-o-q ) | Average exchange rate to US$ R$2.03 (up 10.7%) | R$3.22

CASK ex-fuel (excluding non-recurring expenses) change q-o-q Down 2.0%

GOL System capacity (ASK) change quarter over quarter Down 3.0%

GOL System capacity (Seats) change quarter over quarter Down 4.7%

1. Excludes perpetual bonds (R$ 438.2 million)

8

Load Factor and Forward Bookings

2015 2016 Chg. (pp)

Jan 83% 82% -1

Feb 76% 76% 0

Mar 74% 73% -1

Apr 79% 76% -3

May* 76% 75% -1

Jun 76% 75% -1

Jul 83% 83% 0

Aug 76% 78% +2

Sep 76% 78% +2

Oct 75% 76% +1

Nov 73% 78% +5

Dec 77% 79% +2

2016 2017 Chg. (pp)

Jan 82% 83% +1

Feb 76% 78% +2

Mar 73% 76% +3

Apr 76% 79% +3

May 75% 77% +2

Jun 75% 78% +3

Jul 83% 0

Aug 78% 0

Sep 78% +1

Oct 76% +2

Nov 78% +1

Dec 79% +1

(*) New network rolled out in May 2016

9

Profitability (EBITDA) | 2Q16 vs 2Q17

19.4

21.4

2Q16 2Q17

RASK (R$ cents)

(39.5)

156.2

2Q16

2Q17

EBITDA1

(R$ million)

2Q16 2Q17

CASK1

(R$ cents)

5.5 6.0

2Q16 2Q17

+9.7%

Fuel CASK1

7.0%

-1.9%

EBITDA Margin1

21.0 20.8

+1.1%

CASK Ex-combust.1

-2.0%

(1) Recurring

+10.2%

10

Net Financial Results

269.6

2Q16 2Q17

Financial Expense (R$ MM)

812.6

2Q16 2Q17

Financial Income (R$ MM)

Net Financial Results:

2Q17: expense of R$425 MM

2Q16: income of R$543 MM

Reduction in receivables factoring

Increase in portion of long-term financing

778.81

225.71

(1) Exchange and monetary variations

445.0

19.7

Net Income Composition (R$ MM)

2Q17 EPS: -R$1.37/share

-US$2.12/ADS

11

Excluding Smiles S/A minority interest

Net margin: -21.2% 2Q17 Net income Net

revenues

Fuel costs

Aircraft rent

Maintenance materials and

repairs

Other operating expenses

Net financial results (ex-FX)

F/X Losses

Income taxes

Smiles minority interest

+146

(38) +45 +25

(1,008)

+253

(475)

+40

+56 (11)

+17

Net margin: 12.1% 2Q16 Net income

12

Cash Flow Breakdown

in R$ million 2015 2016 1Q17 2Q17

Operating cash flow (669.5) 803.6 0.0 503.9

Investing cash flow (600.9) 95.6 (143.4) (110.4)

Financing cash flow2 750.2 (1,062.8) (261.8) (140.3)

Net increase (decrease) in cash and cash equivalents (520.2) (163.6) (405.2) 253.3

Total liquidity1 1,623.4 1,922.41 1,517.21 1,770.51

Operating Cash Flow Margin

(1) Consolidated cash, cash equivalents and account receivables beginning in 2016. (2) Includes foreign exchange variation on foreign subsidiaries.

-6,8%

8,1% 0,0%

22,6%

-10%

-5%

0%

5%

10%

15%

20%

25%

2015

2016 1Q17 2Q17

quarter annual

Liquidity and Leverage

13

Net Debt2 (R$ billion) Net Debt2/LTM EBITDA (x)

Total Liquidity1 (R$ billion) Total Liquidity1/LTM Revenues (%)

(1) Consolidated cash, cash equivalents and accounts receivable (2) Excludes perpetual bonds (i.e.: R$ 438.2 million for 2Q17).

R$1.9 R$1.5 R$1.8

19,5%

15,5% 17,8%

4Q16 1Q17 2Q17

R$4.8 R$5.0

R$4.9

4Q16 1Q17 2Q17

4.2x 5.2x

4.2x

14

Value Gap and Stock Liquidity

US$ 27.2 B

US$ 33.6 B

US$ 2.3 B

US$ 10.5 B

US$ 5.3 B

US$ 1.0 B

US$ 7.1 B

US$ 0.9 B

US$ 2.9 B

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

4 5 6 7 8 9 10 11 12 13 14 15

EV/EBITDA

US$ 7.2 B

Pri

ce u

psi

de

(%)

Source: iQ Value Index (iQVI) and iQ Value Gap (iQVG) calculated according to their own methodology, where: iQVI = [actual EV/EBITDA multiple / (1 + Price upside from sell-side analysts’ average)], for price upside > 0 iQVG (%) = 1- [iQVI (company) / iQIV (best valued company)] (1) Potential market cap is calculated assuming iQVG = 0, in relation to the best valued company

7/31/17 iQVI iQVG

Ryanair 12.6 0%

Copa 12.1 4%

Azul 9.7 23%

Latam 9.1 28%

GOL 7.1 44%

Avianca 6.7 47%

Southwest 5.8 54%

AlaskaAir 5.8 54%

Westjet 4.6 64%

JetBlue 4.2 67%

Daily trade volume

2Q17 (MM)

Change vs 2Q16

NYSE-GOL US$4.9 +123%

B3-GOLL4 R$23.8 +83%

iQVGGOL = 44%

15

Fleet Plan

Aircraft Type Configuration 2016 2017 2018 2019 2020

Capacity: 138 pax Range: 5,570 km Type: 737-700

28 24 25 22 21

Capacity: 177 pax1

Range: 5,440 km Type: 737-800

93 91 91 89 86

Capacity: 186 pax Range: 6,510 km Type: 737-800 MAX

- - 5 13 21

TOTAL 121 115 121 124 128

(1) Reconfiguration in the first half 2018 to increase the number of seats by 5% to 186, maintaining Gol+Conforto spaces.

Appendices – 2Q17 August 9, 2017

17

Unit Costs | 2016 CASK (USD cents, stage-length adjusted)

Source: Financial information published by companies (IR websites, SEC and CVM), converted by the exchange rate of each period. Alaska Air and Air Asia do not disclose variable cost.

Variable Costs

Fixed Costs

Fuel Costs

LCC Benchmarks Latin American Companies

3,64 3,16

4,16 4,21

2,69 3,69

3,04

5,45

2,32

1,09

2,85

2,89 3,33

2,23 1,69

2,79 1,70

2,53

1,69

1,37

1,95 1,65 1,62 1,65

2,04 1,77 1,46 1,17

1,67

1,52 1,12

8,48 8,14 8,01 7,55 7.52

7,16 7,03 6,62

5,68

3,98 3,96

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2016 KPIs | Productivity

7.511 6.889

6.007 5.828 4.603 4.403 3.845 3.583

2.917 2.701 1.425

25,7% 24,4% 28,9% 30,5%

16,0% 19,6% 19,2%

40,4%

12,8% 11,6% 9,7%

-20,0%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

466 445 410 396 390

358 335 322 286 260

180

29,4% 19,8%

0,7% 8,6% 11,4% 15,3%

11,0% 7,2% 13,7%

1,1% -1,9%

-45,0%

-35,0%

-25,0%

-15,0%

-5,0%

5,0%

15,0%

25,0%

35,0%

EBITDA / Aircraft (USD 000)

& EBITDA Margin

(%)

ASK (MM) / Average Number

of Operating Aircraft

& Net Margin (%)

LCC Benchmarks | Latin American Companies

19

2016 KPIs | Leasing and Maintenance

0,95

0,65 0,55

0,44 0,39 0,38 0,35 0,33 0,27 0,10 0,08

10,6% 8,5%

6,3% 5,1% 6,0% 4,6% 5,5% 5,1%

3,8% 2,1%

4,2%

-10,0%

-5,0%

0,0%

5,0%

10,0%

15,0%

1,56

0,67 0,66 0,42 0,34 0,28

0,16 0,13 0,13 0,10 0,06

17,4%

7,6% 10,1%

6,0% 5,4% 4,3% 1,9%

6,9%

1,7% 1,1% 1,3%

-4,0%

1,0%

6,0%

11,0%

16,0%

Lease Expense / ASK (USD cents)

& Lease Expenses /

Net Revenues (%)

Maintenance Expense / ASK

(USD cents) &

Maintenance Expenses / Net Revenues (%)

LCC Benchmarks | Latin American Companies

Disclaimer

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 the Brazilian economy and

financial and securities markets, and the highly competitive industries GOL operates in; (iii) changes in domestic and foreign legislation

and taxation, and 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 as filed with the U.S. Securities and Exchange Commission, particularly under “Risk Factors” session.

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.

20

Investor Relations [email protected] +55 11 2128 4700 www.voegol.com.br/ir