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ANACEU – Latin America Civil Aviation Summit 2010

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Now any destination fits in your pocketWith GOL you can fly, wherever you want, always with great tariffs. We fly to 49 destinations in Brazil and 8 in South America, with several time options. Besides the convenience of buying online. Always chose GOL. Here everyone can fly.

Agenda

Brazil Airline Industry

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Strong Brazilian GDP and Airline Industry Growth

Brazilian GDP Growth vs. Airline Industry Growth (by RPK)Annual Growth

GDP Growth Estimate

Demand Measured by RPK Growth

RPK Growth

Africa

LatAm

North America Europe

Middle EastAsia / Pacific

2008 vs 2007 2009 vs 2008

Industry

3%

-6%

10%

0%

2%

-5%

-4%-7%

7%11%

-2%

-6%8%

18%

2%

-4%

With high growth potential based on an under penetrated market

6%

“Demand on Brazil grows rapidly comparing to the other countries”

Source: Brazilian Central Bank, ANAC (Brazilian Civil Aviation Regulator) and IATA (The Air Transport Association).

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2009’s Most Profitable Companies in Latin America

Source: Economatica

Company Profit in 2009

TAM (Brazil) US$ 771 mi

GOL (Brazil) US$ 493 mi

Lan Chile (Chile) US$ 231,4 mi

Southwest Airlines (USA) US$ 99 mi

Skywest (USA) US$ 83.6 mi

Jetblue Airways (USA) US$ 58 mi

US Airways (USA) -US$ 205 mi

Continental Airlines (USA) -US$ 282 mi

UAL Corp (USA) -US$ 651 mi

Delta Air Lines (USA) -US$ 1.24 bi

AMR (USA) -US$ 1.47 bi

Most Profitable Airlines in the USA and Latin America

Position Company Country Sector Profit (in US$ million)

1 Petrobras Brazil Oil and Gas 16,6452 America Movil Mexico Telecommunications 5,8873 Vale Brazil Mining 5,8864 Brasil Brazil Banks 5,8285 ItauUnibanco Brazil Banks 5,7816 Bradesco Brazil Banks 4,6027 Ambev Brazil Food and Drink 3,4388 Ecopetrol Colombia Oil and Gas 2,6019 Telefs de Mex Mexico Telecommunications 1,567

10 Siderúrgica Nacional Brazil Steel 1,492

11 Enersis Chile Electricity 1,30412 Wal Mart Mexico Commerce 1,28613 Telesp Brazil Telecommunications 1,24814 Endesa Chile Electricity 1,23815 Tenaris S.A. Argentina Steel 1,16216 Ceee-D Brazil Electricity 1,09417 Cemig Brazil Electricity 1,06918 Santander BR Brazil Finance and Insurance 1,03719 Cantv Venezuela Telecommunications 99120 Ceee-Gt Brazil Electricity 91321 Neoenergia Brazil Electricity 91122 Ypf Argentina Oil and Gas 910

23 Santander Serfin GF Mexico Banks 905

24 Gmexico Mexico Mining 89525 Cielo Brazil Credit Cards 88126 Souza Cruz Brazil Outros 85327 Bsantander Chile Banks 85228 Redecard Brazil Credit Cards 80129 Sabesp Brazil Others 78930 Usiminas Brazil Steel 772

Total 73,638

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Expansion of Brazilian Consumer Confidence and Disposable Income

Strong Expansion of Disposable Income (%YoY)

Brazilian Consumer Confidence Reached the Highest Level In History

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

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Strong and Continuous Brazilian Economy Growth Rates…

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

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... Making Brazilian New Middle Class Grow in a Under Penetrated Market

+29%

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

Brazil is Still is Under Penetrated Market Flights per capita – Annual Average

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Evolution of Domestic Market Demand

History of Domestic Market Demand in the Industry (RPK bn)

Passanger Transported in the Industry (000)

Source: ANAC – Brazilian Regulator, 2008 Annual Report

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Tourists in Brazil

Source: Departamento de Polícia Federal e Ministério do Turismo (Federal Police Department and the Ministry of Tourism)* Maritime, land and river transportation

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Airline Sector Development

Source: ANAC – Brazilian Regulator, 2008 Annual Report

Airline Sector Headcount (000)

48.5%

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Airline Industry’s Operating Revenue Evolution

Source: ANAC – Brazilian Regulator, 2008 Annual Report

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“Questions & Answers”

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