GOL Investor Update

SAO PAULO, Brazil, Jan. 30 /PRNewswire-FirstCall/ -- GOL Linhas Aereas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), the parent company of Brazilian airlines GOL Transportes Aereos S.A. ("GTA," Brazil's low-cost, low-fare airline) and VRG Linhas Aereas S.A. ("VRG," Brazil's premium service airline), provides its updated investor guidance.

    4Q07
    General Comments:
    * Re-launch of VARIG Brand and premium service (marketing)
    * Re-activation of Smiles program clients (marketing)
    * Preparation/Launch of Santiago, Madrid, Mexico City service
      (bases, crews, IT)
    * Delayed delivery of three 767-300s to January 2008 (6% ASK Reduction)
    * Fleet restructuring/modernization costs (VRG)
    * Flight network adjustments (reduced utilization and LFs in CGH)
    * Avg. fuel price/liter: R$ 1.64; Average fare: R$214 (+3% y-o-y)
    * CASK:  R$14.6e (1); RASK: R$15.0e



    GOL Consolidated  3Q07A          4Q07G          4Q07E           4Q06A
                      (+/-)          (+/-)          (+/-)           (+/-)
    ASK Growth         72%            78%            60%             53%
    Load Factor        61%          66% - 67%        68%             68%
    Yield            R$22 cents    R$21 - R$22     R$21 cents     R$23 cents
                                      cents
    Cask Ex-Fuel    R$ 8.7 cents   R$ 8.5 cents  R$ 8.9 cents(1)  R$ 9.4 cents

     (1) Excluding non-recurring expenses and restructuring costs.



    General Guidance
    Comments 4Q07:
    * Brazilian domestic passenger demand growth of 3.1x GDP (1) (3)
    * 4Q07 Brazil GDP growth of 5.2% (1) (4)
    * 4Q07 Brazil Domestic RPK growth of 16.0% (4)



    Industry Drivers
    and Metrics           2006A    2007G    2007E    2008G
                          (+/-)    (+/-)    (+/-)    (+/-)
    Brazil GDP Growth(%)   3.7      4.7      5.2      4.4
    Brazil Domestic
     RPK Growth (%)(2)    12.3      9.3     11.3 (4)  11.7
    Brazil Inflation       3.1      3.9     4.4 (3)    3.9
    BRL / USD (R$, avg.)  2.18     1.95      1.95     1.82
    WTI (US$, avg.)        66       71        72       90

     (1) 4Q07 vs. 4Q06
     (2) 2007 vs. 2006
     (3) Source: Central Bank
     (4) Source: ANAC



    General Guidance
    Comments 2007 EoY:
    * Smiles Mileage Program Customers: 5.8mm
    * Voe Facil (Fly Easy) Installment Program cards issued: 649,000
    * Increased Ancillary Revenues
    * 30% of 1Q08 Fuel Consumption Hedged at US$ 65
    * Early Redemption of VRG Convertible Debentures
    * Exercise of 34 Purchase Options on 737-800 NGs
    * Accelerated delivery of 1 737-800 NG (Dec/07)
    * Initiated return of 737-300s



    GOL Drivers &
    Metrics                2006A     2007G     2007E    2008G
                           (+/-)     (+/-)     (+/-)   (+/-)
    Pax Transported (000)  17,700    24,100   23,690   32,000
    ASKs, System (mm)      20,200    35,600   34,348   47,000
    International ASK
     (% of total system)     10        22        21       25
    RPKs, System (mm)      14,800    23,400    22,670   31,000
    Cargo & Other
     Revenues (R$ mm)       126       380       380      750
    Departures (000)        165       242       237      290
    CASK ex-fuel
     (R$ cents) (1)         9.2       8.5       8.9      8.4
    Fuel cost per
     liter (R$ / liter)     1.72      1.65      1.61     1.62
    Fuel liters
     consumed (mm)          713      1,190     1,177    1,500
    Pre-tax margins
     (%) (2)                 21      6 - 7       3      8 - 10
    Estimated tax
     rate (%) (2)            29        27       22        25
    Capital expenditures
     (R$ mm) (2)            1,244     960      820      1,100
    Total Cash
     Balance (R$ bn)         1.7      1.6      1.5       1.6
    Total Net
     Adj. Debt (3)/
     Total Cap. (%) (2)      27        50       69        55
    Total Net
     Adj. Debt (3)/
     EBITDAR (x) (2)         1.4      5.0      7.9       3.0
    Dividends per Share
     (R$ cents per Q)        21        35       35        18
    Total Shares
     Outstanding (mm) (4)   196.2     200.3    202.3     202.3

     (1) CASK ex-fuel is a non-USGAAP financial measure
     (2) US GAAP
     (3) Balance sheet debt and capital leases plus 7x annual rent less cash
     (4) US GAAP. Total shares outstanding are based on general estimates and
         assumptions. The number of shares in the actual calculation of EPS
         will likely be different from those set forth above



    Fleet Plan
    General Comments:
    * The Company currently operates 99 Boeing 737 aircraft, including the
      300, 700NG and 800NG
    * In 2008, the Company plans to replace 737-300s with 737-700s and
      737-800s.



    Combined Fleet Plan
     (Operating, EOP)     2007  2008  2009  2010  2011  2012  2013  2014
    B737-300               27    0     0     0     0     0     0     0
    B737-700 NG            31   31    31    27    25    16     8     0
    B737-800 NG            17   33    22    19    15    13    11     8
    B737-800 NG SFP        24   37    52    68    80    95   116    129
    B767-300 ER             7   10    11    12    13    14    14    14
    Total                 106  111   116   126   132   138   149    151

    Investor Relations
    (5511) 3169 6800
    ri@golnaweb.com.br
    http://www.voegol.com.br/ir

    Media
    (5511) 3169 6967
    comcorp@golnaweb.com.br
    Edelman; G. Juncadella and M. Smith
    +1 (212) 704-4448 / 704-8196
    gabriela.juncadella@edelman.com;
    meaghan.smith@edelman.com