Gol Announces Initial Public Offering of Its Preferred Shares

Business Wire, June 24, 2004

SAO PAULO, Brazil -- Gol Linhas Aereas Inteligentes S.A. (NYSE:GOL) announced today that it priced its initial public offering of 33,050,000 preferred shares at a price of US $17.00 per American Depositary Share (ADS; each ADS represents 2 preferred shares), of which 18,750,000 preferred shares were offered by Gol and 14,300,000 preferred shares were offered by existing shareholders.

The offer is comprised of an international offering of ADSs and a Brazilian offering of preferred shares. The ADSs will trade on the NYSE under the symbol "GOL" and the preferred shares will trade on the Bovespa under the symbol "GOLL4."

The global offering is being lead-managed by Morgan Stanley, the global coordinator and sole bookrunner of the international offering. Merrill Lynch & Co. is the joint lead manager, and JPMorgan, Raymond James and UBS Investment Bank are co-managers of the international offering. The Brazilian offering is being led by Unibanco - Uniao de Bancos Brasileiros S.A., Banco Morgan Stanley and Banco Santander Brasil S.A. as joint-bookrunners. The international underwriters have been granted an option for a period of 30 days to purchase up to an additional 4,957,500 preferred shares, in the form of ADSs, solely to cover over-allotments, if any.

A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. The public offering is being made by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the final prospectus related to the international offering can be obtained from Morgan Stanley at 1585 Broadway, New York, NY 10036, (212) 761-4000.

Gol, through its operating subsidiary, is the only low-fare, low-cost airline operating in Brazil providing frequent service on routes between all of Brazil's major cities. Gol currently operates 22 Boeing 737-700/800 Next Generation aircraft serving 29 cities throughout Brazil.