GOL Investor Update

SAO PAULO, Brazil, July 2 /PRNewswire-FirstCall/ -- GOL Linhas Aereas Inteligentes S.A. , the parent company of GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., provides its updated investor.

  Current News

  GOL and VRG have recently added service to the following city pairs:

  GTA-City Pair                                   Weekly      Start Date
                                                   Freq.
  Brasilia - Recife                                 7x         12-may-08
  Recife - Juazeiro do Norte                        7x         12-may-08
  Juazeiro do Norte - Recife                        7x         12-may-08
  Recife - Brasilia                                 7x         12-may-08
  Sao Paulo/Guarulhos - Brasilia                    7x          2-jun-08
  Brasilia - Porto Velho                            7x          2-jun-08
  Porto Velho - Rio Branco                          7x          2-jun-08
  Rio Branco - Brasilia                             7x          2-jun-08
  Brasilia - Sao Paulo/Guarulhos                    7x          2-jun-08


  VRG-City Pair                                   Weekly      Start Date
                                                   Freq.
  Sao Paulo/Guarulhos - Recife                      7x          7-apr-08
  Recife - Sao Paulo/Guarulhos                      7x          8-apr-08
  Sao Paulo/Guarulhos - Manaus                      7x          9-jun-08
  Manaus - Sao Paulo/Guarulhos                      7x          9-jun-08


  Further details: http://www.voegol.com.br/ and http://www.varig.com/

  General Guidance
  General Comments 2Q08E:
  -- Brazilian domestic demand growth at 1.8x GDP
  -- Brazilian 2Q08e GDP Growth  at 5.2%
  -- Brazilian 2Q08e Domestic RPK Growth at 10.4%


  Industry Metrics                         1Q08A(+/-)      2Q08E(+/-)

  Brazilian GDP Growth(%)                     5.8             5.2
  Domestic RPK Growth(%)                     10.2            10.4
  Brazilian Inflation(%,IPCA)                 6.1             6.6
  BRL / USD (R$,average)                     1.74            1.65
  WTI (US$,average)                            98             124


  2Q08E
  General Comments:
  -- Average fuel price/liter: R$2.12
  -- Average Fare: R$194
  -- CASK: R$16.5e cents
  -- RASK: R$13.5e cents


  Consolidated               1Q08A(+/-)  2Q08G(+/-)  2Q08E(+/-)  2Q07A(+/-)

  ASK Growth                   58%          25%         23%         87%
  Load Factor                  62%       61-63%      64-65%         66%
  Yield(cents)                R$22         R$20        R$19        R$18
  Cask ex-fuel(cents)        R$8.8        R$8.5       R$9.4       R$8.6


  ASKs by Aircraft Type

                                                         2Q08
                                                   (quarter average)
                                                   B737         B767
  Available Seat Kilometers (ASK) - as a
   percentage of total ASKs (%)                     85%          15%

GOL's average stage length is projected to be approximately 940 kilometers in 2Q08 versus 958 kilometers in the 2Q07.

Aircraft Delivery Schedule

As of 03/31/2008, GOL's fleet was comprised of 103 Boeing 737 aircraft and 11 Boeing 767s and had on order 99 aircraft with options to acquire additional 40 aircraft. The 2008 delivery schedule and related financings are:

   B737-800 SFP firm                        Committed Financing
                                     Mortgage(Exim)     Sale/Leaseback

  2Q08                                     2                   0
  2008E                                    5                   4

During the 2Q, GOL received into its consolidated fleet 2 Boeing 737 aircraft, and returned 3 Boeing 737-300s and one 767-300.

Fuel Hedges

The Company continues to enter into advanced fuel derivative agreements to reduce its exposure to fluctuations in fuel price. Currently, the agreements covering 2008 are:

                                                      2Q08

  Estimated Fuel Liters Consumed(mm)                   357

  Estimated Fuel Price per Liter(R$)                  2.12

                                               150 million (42%)
  Liters(% of estimated consumption)    HO and WTI with average price of
                                                  US$95.6/bbl


  Operating Margin
  (Estimated EBIT margin, US GAAP)

                                            2Q08
  Estimated Operating Margin(%)           -23-21%


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

                                            2Q08
  Estimated Pre-Tax Margin(%)             -19-17%


  Tax Rate

GOL currently expects an annual effective tax rate in U.S. GAAP of approximately 25%. However, its actual tax rate in both 2Q and full year 2008 could differ due to the non-deductibility of certain items for tax purposes.

Weighted Average Shares Outstanding

Share count estimates for calculating basic and diluted earnings per share are: