Safe Harbor. This presentation is subject to copyright and may not be copied or used without GOL s express consent 1

(1)

29

29 th

th

_{Annual Institutional Investors Conference}

March 3, 2008

(2)

The material contained in this presentation about GOL is of the date of this presentation. No representation

or warranty, expressed or implied is made concerning, and no reliance should be placed on the accuracy,

fairness, or completeness of this information. This presentation contains forward-looking statements relating

to the prospects of the business, estimates for operating and financial results, and those related to growth

prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of

GOL’s management concerning the future of the business and its continued access to capital to fund the

Company’s business plan. Such forward-looking statements depend, substantially, on changes in market

conditions, government regulations, competitive pressures, the performance of the Brazilian economy and

Safe Harbor

(3)

This presentation is subject to copyright and may not be copied or used without GOL’s express consent

• 52 domestic Brazil destinations

(1)

• 12 international destinations

(1)

• Over 80 million passengers carried

(1)

• High aircraft utilization

• Low operating costs

• 68% compounded yearly net revenue growth

(2)

• Modern fleet:

• Leading brands:

2

(1) At January 31, 2008.

(2) From inception to December 31, 2007

GOL Profile

111

111 total

10

9

767

101

102

737 2008E

2007

(4)

Low Cost Provider

GOL’s Non-Fuel Unit Cost Trend

R$ Cents

0.04

0.06

0.08

0.10

0.12 2004

2005

2006

2007

4 Driving costs lower

4 High aircraft utilization

4 Young fleet

4 Controlled distribution

costs

4 Technology to improve

efficiency

4 Productive workforce

(5)

1.50 1.60 1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50 2.60

60

70

80

90

100

110

120

130

140

Fuel Price Impacts

BRL/USD

Dec07

10% EBITDA

Margin

Break Even

B-e to +10%

B-e to -10%

+10% to +20%

+20% to +30%

-10% to -20%

-20% to -30%

WTI / USDBRL

history

WTI

4 At forecast levels for 2008 revenues and expenses, historical WTI-USD/BRL pairs

imply 10% to 20% EBITDA margins

4 1% rise in FX rate = R$ 40MM reduction in EBITDA

(6)

Maintaining Cost Advantage

4 Fleet standardization

4 B737NGs for short haul

4 B767ERs for long haul

4 Smaller spare parts inventory

4 Phased maintenance reduces ground time

4 Reduce fleet age

4 New, larger, fuel efficient SFP aircraft

4 Returning B737-300 aircraft

4 Lower distribution costs

4 Increase in sales through internet channel

4 GDS cost reductions

4 Expand in-house aircraft maintenance services

4 Doubling capacity in GOL Aircraft Maintenance Center

(7)

Best Value Proposition

Segmentation & Differentiation

4 Direct flights to first-rate

destinations

4 Single-class domestic

&

dual-class international

4 Miles and Lounges

4 80-year old brand (40 years

of international service)

4 Highly-integrated Network

4 Single-class domestic &

international service

4 Popularizing air travel

4 First-time fliers

Value

Premium

Low-Cost Operating Platform

Best Cost-Benefit

“Here everyone can fly”

“The pleasure is in flying”

6

(8)

GOL Moving Forward

4 Lower costs

4 Narrow-body fleet entirely NGs (800s at GOL, 700s at VRG)

4 Continually improving quality service and punctuality

4 Strengthen position in key markets and re-defining network strategy

4 Increase direct sales and partnerships

4 Grow Smiles loyalty program and build Varig premium brand

4 Increase sales to lower-income customers thru installment program

4 Increase corporate sales to small/medium-sized companies

(9)

Re-defining Long-Haul Network

(10)

Macap Macapáá Fortaleza Fortaleza Natal Natal Recife Recife Cuiab Cuiabáá Salvador Salvador Vit

Vitóóriaria

Porto Seguro Porto Seguro Manaus Manaus Maring Maringáá Porto Alegre Porto Alegre Teresina Teresina Goiânia Goiânia Campinas Campinas Bel Beléémm Rio de Janeiro Sao Paulo Curitiba Curitiba B. Horizonte B. Horizonte Bras

Brasíílialia

Florianópolis Navegantes Navegantes

200

3

MacapMacapáá Fortaleza Fortaleza Natal Natal Recife Recife Cuiab Cuiabáá Salvador Salvador Vit Vitóóriaria Porto Seguro Porto Seguro Campo Grande Campo Grande Manaus Manaus Maring Maringáá São Luis São Luis Buenos Aires Buenos Aires Rio Branco Rio Branco Joao Pessoa Joao Pessoa Porto Velho Porto Velho Porto Alegre Porto Alegre Caxias do Sul Caxias do Sul Aracaju Aracaju Teresina Teresina Goiânia Goiânia Petrolina Petrolina Campinas Campinas Bel Beléémm Rio de Janeiro Sao Paulo Ribeirão Preto Ribeirão Preto Foz Fozdo Iguado Iguaççuu

Londrina Londrina Curitiba Curitiba Chapec Chapecóó B. Horizonte B. Horizonte Palmas Palmas Bras Brasíílialia

Florianópolis Uberlandia Uberlandia Navegantes Navegantes

200

5

Vitóóriaria

Porto Seguro

Porto Seguro Campo Grande

Campo Grande

Assun

Assunççãoão

Panama City Manaus Manaus Maring Maringáá São Luis São Luis Boa Vista Boa Vista Buenos Aires Buenos Aires Rio Branco Rio Branco Joao Pessoa Joao Pessoa Porto Velho Porto Velho Porto Alegre Porto Alegre Rosario Rosario Caxias do Sul Caxias do Sul Aracaju Aracaju Teresina Teresina Goiânia Goiânia Petrolina Petrolina Campinas Campinas Santa Cruz Santa Cruz Bel Beléémm Montevideo Rio de Janeiro Sao Paulo Ribeirão Preto Ribeirão Preto Cordoba Cordoba Foz

Fozdo Iguado Iguaççuu

Londrina Londrina Curitiba Curitiba Joinville Joinville Chapec Chapecóó B. Horizonte B. Horizonte Palmas Palmas Bras

Brasíílialia

Florianópolis Uberlandia

Uberlandia

Sao J. Rio Preto

Navegantes Navegantes

200

6

Vitóóriaria

Porto Seguro Porto Seguro Manaus Manaus Maring Maringáá São Luis São Luis Porto Alegre Porto Alegre Aracaju Aracaju Goiânia Goiânia Campinas Campinas Bel Beléémm Rio de Janeiro Sao Paulo Ribeirão Preto Ribeirão Preto Curitiba Curitiba B. Horizonte B. Horizonte Palmas Palmas Bras

Brasíílialia

Florianópolis Navegantes Navegantes

200

4

200 7-8

GOL Network

23 Aircraft

27 Aircraft

41 Aircraft

65 Aircraft

_{109 Aircraft}

Macap Macapáá Fortaleza Fortaleza Natal Natal Recife Recife Cuiab Cuiabáá Salvador Salvador Vit Vitóóriaria Porto Seguro Porto Seguro Campo Grande

Campo Grande Assun Assunççãoão Panama City Manaus Manaus Maring Maringáá São Luis São Luis Boa Vista Boa Vista Buenos Aires Buenos Aires Rio Branco Rio Branco Joao Pessoa Joao Pessoa Porto Velho Porto Velho Porto Alegre Porto Alegre Rosario Rosario Caxias do Sul Caxias do Sul Aracaju Aracaju Santiago Santiago Teresina Teresina Lima Lima Goiânia Goiânia Campina Grande Campina Grande Petrolina Petrolina Campinas Campinas Santa Cruz Santa Cruz Bel Beléémm Santar Santaréémm Montevideo Rio de Janeiro Sao Paulo Ilh Ilhééusus Ribeirão Preto Ribeirão Preto Cordoba Cordoba Foz Fozdo Iguado Iguaççuu

Londrina Londrina Juazeiro do Norte Juazeiro do Norte Curitiba Curitiba Joinville Joinville Chapec Chapecóó B. Horizonte B. Horizonte Imperatriz Imperatriz Palmas Palmas Bras Brasíílialia Marab Marabáá

Florianópolis Uberlandia Uberlandia Sao J. Rio Preto Sao J. Rio Preto

Navegantes Madrid Madrid Paris Paris Mexico City Mexico City New York New York Bogota Bogota Lima Lima Fernando de Noronha Fernando de Noronha Cruzeiro

Cruzeirodo do SulSul

January 2001 January 2002 January 2008 January 2003 January 2004 January 2005 January 2006 January 2007 Planned 2008 Pres.

Pres. PrudentePrudente

S. J. dos Campos Cabo Frio

(11)

10

Brazilian Air Transport Trends

4 Expansion of Long-haul International Service

• Congestion at main European airports and JFK

• Increased competition

• Bilateral alliances

4 Stabilization of Domestic Service

• Increasing Loads & Demand Stimulating Low Fares

• Industry Consolidation + Moderate Growth

• More Focused Competition

4 Fleet Enhancements / Replacements

4 Booming Economy

• Increasing Leisure and Economic Traffic

4 Improvements in Aeronautical Infrastructure Management

(12)

18.2%

29.2%

41.9%

47.5%

9.1%

53.3%

47.8%

43.5%

35.7%

33.1%

34.9%

49.0%

3.1%

34.0%

27.3%

22.4%

19.4%

11.8%

39.5%

0

5

10

15

20

25

30

35

40

45 2002

2003

2004

2005

2006

2007

The

“GOL Effect”

Increasing Scale & Driving Market Growth

Driving Industry Demand Growth

Continued Domestic Market Gains

RPKs (BN)

26.8

25.2

28.2

33.7

39.8

44.6

18.6

13.5

9.7

3.2

4.8

6.3

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0 2002

2003

2004

2005

2006

2007

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0 RPKs (BN)

RPKs (MM)

Brazil Domestic RPKs

The “GOL Effect”: as GOL increases the size of its network and capacity, it drives market

growth with more seats at low fares

29%

CA

GR

in C

omp

any

sha

re

11%

Ind

ustr

y CA

GR

42 %

G

O

L

C

A

G

R

(13)

21.5 _21.1

23.0

24.9

17.8

16.7

4.6

1.4

0.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0 2002

2003

2004

2005

2006

2007

0.0

2.0

4.0

6.0

8.0

10.0

12 4.8%

4.7%

67.4%

12.0%

14.5%

18.8%

37.5%

78.9%

85.5%

88.0%

50.0%

0.5%

13.1%

14.3%

2.3%

7.3%

0

5

10

15

20

25

30 2002

2003

2004

2005

2006

2007

Growing Brazil’s Share

Continued International Market Gains

RPKs (BN)

Source: ANAC

1_{Grupo Varig ceased operations on December 14, 2006}

RPKs (BN)

Brazilian Carrier International RPKs

GOL International RPKs (consolidated)

GOL

VRG

TAM

Varig

1

Other

20 3%

G

OL

C

AG

R

-5% Brazilian

_{Carrier CAG}

R

24 5%

CA

GR

in

Co

mp

an

y s

ha

re

VARIG’s international service was recently re-launched and is re-establishing its historical

position as a leading brand for international travel

Increasing Scale & Driving Market Growth

(14)

Positive Macroeconomic Outlook in Brazil

Healthy GDP Growth

Stable Exchange Rate (R$/US$)

Growth in Average Income (R$)

Reducing Interest Rates

4.9% 5.2% 3.7% 2.3% 0.5% 4.5% 2003 2004 2005 2006 2007E 2008E

• High correlation with yields

• Fuel / Aircraft Rental Expenses in US$; Revenues in R$

• Increase in overall economic activity

• Increase in air traffic demand (high elasticity)

• Consumer credit expansion should benefit spending

• Increase in disposable income

16.2% 11.2% 13.2% 19.0% 23.3% 11.4% 2003 2004 2005 2006 2007 2008E 1.5 2.0 2.5 3.0 3.5 4.0 J a n - 0 3 S e p - 0 3 J u n - 0 4 F e b - 0 5 N o v - 0 5 J u l - 0 6 A p r - 0 7 J a n - 0 8 9,498 12,437 11,662 10,692 8,378 2002 2003 2004 2005 2006

(15)

4 Fleet plan to facilitate profitable growth and reduce costs

4 Order for 161 737-800NGs

Seat CAGR

2008-2012

= 6%

Fleet Plan

14

9

10

11

12

13

14

26

37

52

68

80

95

17

33

22

19

14

13

31

27

25

16

28

111

116

126

138

132 2007A

2008E

2009E

2010E

2011E

2012E

737 – 800s

737 – 700s

737 – 300s

737 – 800 SFPs

767 – 300s

(16)

2008 Capacity Plan

Estimated ASK

Growth

(Full-year ’08 vs. 4Q07 annualized)

(+/-)

(1)

Total System

Domestic

18%

International

33%

21%

Industry

Domestic

18%

(17)

Taking Steps to Compete in Different Environment

4 Fleet renewal

4 Slower capacity growth

4 Continued cost discipline

4 Re-definition of long-haul network

4 Growth in cargo and ancillary revenues

4 Share buybacks

(18)

High Standards of Corporate Governance

4 NYSE and BOVESPA listing

4 High Liquidity: ~US$41mm

daily trading volume

(1)

4 High standards of disclosure:

• Simultaneous release of

quarterly BR GAAP and

US GAAP financials

• Supplementary disclosures

• Website

4 Independent Audit Committee

4 Experienced Management