GOL Announces Preliminary Outlook and Investor Guidance for 2008

SAO PAULO, Brazil, Nov. 11 /PRNewswire-FirstCall/ -- GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), Brazil's low-cost airline, today provides a preliminary outlook and general guidance for the full years 2008 and 2009.

The Company's guidance highlights key metrics which impact financial results and drive long-term shareholder value. GOL provides forward-looking information that is focused on the main metrics the Company uses to measure business performance.

For the full year 2008, we have adjusted our fuel and currency assumptions. The Company's full-year 2008 and 2009 general guidance is presented below. These indicators are useful for analysts and investors who project GOL's results.

In 4Q08, the Company expects an available seat capacity sequential decrease of approximately 2% from 3Q08 (+1% in the domestic market and -16% the international market). For the fourth quarter of 2008, reflecting the recent network integration, GOL expects consolidated load factors in the range of 63% with consolidated passenger yields in the range of R$27 cents. For the fourth quarter, GOL expects consolidated non-fuel CASK to be in the range of R$9.7 cents (flat versus 3Q08) as the Company expects it will continue to incur costs related to aircraft returns. It's expected that the incorporation of larger, more fuel-efficient aircraft and GOL's hedging program will partially offset eventual increases in fuel prices.

The Company is in the final phase of its plan to replace its 737-300 and 767-300 aircraft with 737-700s and 737-800s for operations on short- and medium-haul routes. These aircraft have lower operating costs, are more fuel efficient, and will reduce the fleet's average age. The 737-700 NG aircraft provide GOL with more flexibility to operate in airports with operating restrictions and to offer more direct flights to medium-sized cities with lower traffic volumes. The 737 NGs are also equipped with winglets, a technology that improves aircraft performance during takeoff, allows longer non-stop flights and reduces fuel costs by more than three percent per year. All Boeing 737 model aircraft adhere to international safety rules and are certified by U.S. and Brazilian authorities for takeoffs and landings on short runways.

The fleet modernization plan guarantees that GOL's fleet will maintain its status as one of the youngest and most modern in the world. By the end of 2008, it is expected that the fleet will be mostly comprised of Boeing 737 NGs, reducing the average age of the fleet to 6.8 years. By the end of 2009, the fleet will be entirely comprised of Boeing 737 NGs, reducing average fleet age to 5.5 years. At the end of 2012, 65% of the fleet will be comprised of 737-800 SFP aircraft, maintaining the average age at 5.5 years. The table below details the revised fleet plan through 2012.

About GOL Linhas Aereas Inteligentes S.A

GOL Linhas Aereas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), Brazil's low-cost airline, offers nearly 800 daily flights to 49 destinations connecting the most important cities in Brazil and ten major destinations in South America. The Company operates a young, modern fleet of Boeing 737 Next Generation, the safest and most comfortable aircraft of its class that provides low maintenance, fuel and training costs, as well as high aircraft utilization and efficiency ratios. The Company's service is recognized as the best value proposition in the market.