GOL Investor Update

SAO PAULO, Brazil, March 28 /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 investor update.

    General Guidance

    General Comments 1Q08E:
    --  Brazilian domestic demand growth at 2.1x GDP
    --  Brazilian 1Q08e GDP Growth  at 4.6% (1)(3)
    --  Brazilian 1Q08e Domestic RPK Growth  at 9.5% (1)(4)



    Industry Metrics                          4T07A           1Q08E
                                              (+/-)           (+/-)

    Brazilian GDP Growth (%)                   6.2 (3)         4.6 (1)(6)
    Domestic RPK Growth (%)                   16.0 (2)(4)      9.5 (1)(7)
    Brazilian Inflation (%, IPCA)              5.7 (3)         5.1 (6)
    BRL / USD (R$, average)                   1.79 (3)        1.74 (6)
    WTI (US$, average)                          90 (5)          98 (8)

    (1) 1Q08 vs. 1Q07
    (2) 4Q07 vs. 4Q06
    (3) Source: Brazilian Central Bank
    (4) Source: ANAC
    (5) Source: Bloomberg
    (6) Source: MCM Consultores
    (7) Source: GOL
    (8) Source: Bank Analyst Projections



    1T08E

    General Comments:
    --  Average fuel price/liter: R$ 1.81
    --  Average Fare: R$ 236
    --  CASK: R$14.7e cents
    --  RASK: R$14.5e cents



    Consolidated               4Q07A      1Q08G       1Q08E       1Q07A
                               (+/-)      (+/-)       (+/-)       (+/-)
    ASK Growth                    60%       65%         57%         62%
    Load Factor                   68%    67-69%      62-63%         70%
    Yield (cents)               R$21       R$21        R$21        R$20
    Cask ex-fuel (cents)     R$ 10.1     R$ 8.5      R$ 8.5      R$ 7.9



    ASKs by Aircraft Type
                                                       1Q08
                                                 (quarter average)
                                                 B737         B767
    Available Seat Kilometers
    (ASK) - as a percentage of                    86%          14%
    total ASKs (%)



    Aircraft Delivery Schedule

    B737-800 SFP firm                           Committed Financing
                                        Mortgage(Exim)        Sale/Leaseback
    1Q08                                      1                      0
    2008E                                     5                      4



    Fuel Hedges
                                                         1Q08

    Estimated Fuel Liters Consumed (mm)                   376
    Estimated Fuel Price per Liter (R$)                  1.81
    Liters (% of estimated consumption)              226 million (60%)
                                              HO and WTI with average price
                                                      of US$90/bbl



    Operating Margin
    (Estimated EBIT margin, US GAAP)
                                                         1Q08

    Estimated Operating Margin (%)                    -2 - 0%



    Income Before Income Taxes
    (Estimated EBT Margin, US GAAP)
                                                         1Q08

    Estimated Pre-Tax Margin (%)                       1 - 3%