2Q07 Results PresentationAugust 9, 2007

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GOL Webcast 2Q07

Highlights 2Q07Highlights 2Q07

Net loss of R$ 35.4 million in 2Q07Results consolidated including VRG since April 9th, 2007

Lowest-cost provider (Consolidated CASK = R$14.1 cents / ASK)

Solid Growth in 2Q0748 additional daily flight frequenciesLoad factor: 66%Volumes (RPK): + 65% y-o-yAverage market share 2Q07:• Domestic: 40% - GTA; 4% for VRG• International: 14% - GTA; 11% for VRG

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GOL Webcast 2Q07

MacapMacapáá

FortalezaFortaleza

NatalNatal

RecifeRecife

CuiabCuiabááSalvadorSalvador

VitVitóóriaria

Porto SeguroPorto Seguro

Campo GrandeCampo Grande

AssunAssunççãoão

Panama City

ManausManaus

MaringMaringáá

São LuisSão Luis

Boa VistaBoa Vista

Buenos AiresBuenos Aires

Rio BrancoRio Branco

Joao PessoaJoao PessoaPorto VelhoPorto Velho

Porto AlegrePorto AlegreRosarioRosario

Caxias do SulCaxias do Sul

AracajuAracaju

Santiago Santiago

TeresinaTeresina

LimaLima

GoiâniaGoiânia

Campina GrandeCampina Grande

PetrolinaPetrolina

CampinasCampinas

Santa CruzSanta Cruz

BelBeléémmSantarSantaréémm

Montevideo

Rio de Janeiro

Sao Paulo

IlhIlhééusus

Ribeirão PretoRibeirão Preto

CordobaCordoba

FozFoz do Iguado IguaççuuLondrinaLondrina

Juazeiro do NorteJuazeiro do Norte

CuritibaCuritibaJoinvilleJoinville

ChapecChapecóó

B. HorizonteB. Horizonte

ImperatrizImperatriz

PalmasPalmas

BrasBrasíílialia

MarabMarabáá

Florianópolis

UberlandiaUberlandiaSao J. Rio PretoSao J. Rio Preto

Navegantes

ItalyItaly

SpainSpain

FranceFrance

GermanyGermanyEnglandEngland

MexicoMexico

MiamiMiami

New YorkNew York

CancunCancun

CaracasCaracas

BogotaBogota

LimaLima

Fernando de NoronhaFernando de Noronha

CruzeiroCruzeiro do do SulSul

January 2001January 2002

July 2007Planned 2007

January 2003January 2004

January 2005January 2006

January 2007

Planned 2008

New Markets

Increase in Fleet

Highlights 2Q07Highlights 2Q07

Marabá – BrazilApr 1, 2007

Population: 168,000

Cruzeiro do Sul – Brazil May 27, 2007

Population: 63,000

GIP - 08/Apr - #68 GTA(737-800)

GTM - 20/Apr - #69 GTA(737-800 SFP)

VPV - 11/Jun - #19 VRG(767-300)

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GOL Webcast 2Q07

VRG AcquisitionVRG Acquisition

VARIG brand (80 years old)

Slots in Brazil’s major airports

Operating routes and route rights

Airport space

Smiles program (6mm clients)

Differentiated service

Direct flights

Mileage / lounges

Business-oriented

80-year old brand

Best Cost-Benefit

Low-Cost Operating Platform

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GOL Webcast 2Q07

Sourced 11 aircraft for deliveries in 2007737 maintenance performed in GOL hangars

Re-negotiated to GOL standards

Adjusted contracts to GOL standardsRe-designed organizational structure

Reduced catering expensesAdjusted sales commissions to GOL standards

Outsourced selected servicesRe-negotiating contractsUpdating systems

VRG –InitiativesVRG –Initiatives

International expansion

Expand 767 fleet

Re-launch VARIG brand

Modernize services offered

Improve internet channel sales

Launch web services

Revenues from VIP lounges

Generate cost savings

Fleet

Fuel

IT

People

Others

CurrentCurrent FutureFuture

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GOL Webcast 2Q07

Capacity and Network Expansion Capacity and Network Expansion Flights/Day

Number of Operating

Aircraft(average)

RPK (MM)

ASK (MM)

1Q07 2Q07

+85.2%

2Q06

+33.3%

66

87

47

1Q072Q06 2Q07

3,5234,894

5,800

+64.6%

+18.5%

1Q072Q06 2Q07

4,741

7,0108,824

+86.1%

+25.9%

Mar/07 Jun/07

630

750+19.0%

500+50.0%

Jun/06

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GOL Webcast 2Q07

Net RevenuesNet Revenues

Stimulating Higher Volumes (2Q07 vs 2Q06)

RPK: +64.6%Average Fleet: +85.2%ASK: +86.1%Load factor: -8.6 p.p. → 65.7%

Driving Low Fares (2Q07 vs 2Q06)

Average Fare: -11.5%Yield: -19.2%RASK: -26.7%

Growing Ancillary Revenues (2Q07 vs 2Q06)

R$ 105.5MM (84.4% increase over 2Q06)80%+ Contribution margins

Net RevenuesR$ MM

2T07

844.0

1,151.5+36.4%

2T06

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GOL Webcast 2Q07 City of São Paulo

State of São Paulo

São Paulo Air TerminalSão Paulo Air Terminal

Population: 11mm (1)

Greater São Paulo: 19mm (1)

GDP per capita: R$15k (2)

Business capital of Brazil

São Paulo Air Terminal

(1) IBGE, estimates of jul/06(2) IBGE, 2004

Population: 41mm (1)

GDP per capita: R$14k (2)

8

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GOL Webcast 2Q07

# of runways: 1Length: 1,500mDistance(1): 88km

# of runways: 1Length: 1,500mDistance(1): 48km

# of runways: 1Length: 3,000mDistance(1): 79km

# of runways: 1Length: 1,300mDistance(1): 64km

# of runways: 1Length: 3,300mDistance(1): 84km

# of runways: 2Length: 1,940m; 1,700mDistance(1): 9km

(1) Distance from the airport to downtown São Paulo

# of runways: 2Length: 3,500m; 3,000mDistance(1): 21km

# of runways: 1Length: 1,370mDistance(1): 54km

# of runways: 1Length: 1,600mDistance(1): 5km

São Paulo

São Paulo Air TerminalSão Paulo Air Terminal

9

9 airports: average of 50km from downtown SP

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GOL Webcast 2Q07

Flight Network ImprovementsFlight Network Improvements

Planned Structural ChangesCongonhas Airport (CGH):

• Reduction of daily flights from Congonhas City Airport• Focused on flights to major cities in Brazil and in São Paulo state

Other Airports:• Guarulhos and Campinas absorbing CGH connecting traffic

• Construction of third runway and new terminal in Guarulhos

• Brasília - hub to the North and Midwest

• Galeão - hub to the Northeast

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GOL Webcast 2Q07

Connecting / thru traffic

Airport InfrastructureAirport Infrastructure

Congonhas is the third busiest airport, after Galeão and Guarulhos3% of GOL’s total traffic is connecting or pass thru pax in Congonhas

Airport Revenues as a % of Total Revenues & Connecting / Thru Traffic

Rio de Janeiro City Belo Horizonte City

São Paulo City

0%

36%

32%

6%

42%

25%

Connecting /thru Pax

Connecting /thru Pax

Connecting /thru Pax

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2004 2005 2006 1S07

Galeão

Santos Dumont

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2004 2005 2006 1S07

Confins

Pampulha

% GOLRevenue

% GOL Revenue

% GOL Revenue

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

2004 2005 2006 1S07

Guarulhos

Congonhas

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GOL Webcast 2Q07

Highly Integrated Flight Network

The GOL Network ModelThe GOL Network Model

Permits flexibility to adapt to demand

Generates highest domestic load factors

Generates industry-leading aircraft utilization

Generate maximum traffic without negatively affecting yields

Permits service to low-density markets

Maximizes revenue contribution to overall network

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GOL Webcast 2Q07

Implications for GOLImplications for GOL

Short-Term (July – August ’07)11 daily flights moved to Guarulhos 12 daily flights temporarily suspended

Next 60 DaysRe-design of route network to reduce operations in CongonhasImprove productivity due to flight redistributions

R$ 25 million of added costs due to increased flight times, delays and cancellationsR$ 185 million of lost revenues due to demand suppressionJuly load factor: 2.3 point increase from June

Short-term Results and Impacts (2Q07)

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GOL Webcast 2Q07

CASK(R$ cents)

EBITDAR R$ million

RASK(R$ cents)

EBITDAR Margin

Profitability - 2Q06 x 2Q07Profitability - 2Q06 x 2Q07USGAAP

2Q06 2Q072Q06 2Q07 2Q06 2Q07

221.6

72.2

17.80

13.05

-26.7%

-67.4%

15.0314.10

CASK Ex-Fuel- 6.2%

-6.2%

26.2% 6.3%

2Q06 2Q07

5.99 5.62

-6.2%

Fuel / ASK

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GOL Webcast 2Q07

Net Financial ResultsNet Financial Results

Financial Expense (R$ MM)

Financial Income (R$ MM)

2Q07 Net Financial Results: R$45.0 MM

2Q072Q06

35.972.9+103.1%

2Q07

23.6

41.0+73.3%

2Q06

Investment of Higher Cash Balances• R$1,759mm of cash invested • Average earning rate of 12.1% in BRL

Increase in Long-term Financing• Increase in average maturity to 6.3y• Average interest rate of 7.3% in USD

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GOL Webcast 2Q07

Net Income CompositionNet Income Composition

Net Income2Q07

Net Income2Q06

TaxesNet

Financial Results

Net Revenues Fuel Costs

Commercial Expenses

Other Operating Expenses

-133.2%

Salary Expenses

2Q07 EPS: -R$0.18/share-US$0.09/ADSNet Income Margin: 12.6% Net Income Margin: -3.1%

-35.4106.7

-88.0

+16.4

+307.5

+17.8

-212.4

-250.6+67.2

R$ million USGAAP

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GOL Webcast 2Q07

Cash Flow EvolutionCash Flow Evolution

Operating Activities

1Q07Cash, Cash

Equivalents and Short-term

Investments: 1,962.3

Net Decreasein Cash (2Q07)

Investing Activities

Financing Activities

2Q07Cash, Cash

Equivalents and Short-term

Investments: 1,759.1

R$ million USGAAP

-203.2

-23.0

-253.0

+72.8

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GOL Webcast 2Q07

Fleet PlanFleet Plan

Fleet plan to facilitate profitable growth and reduce costs

Order for 121 737-800NGs

Seat CAGR 2007-2012 = 9%

103112 118

126 132143

10V 14V 16V 16V 17V 18V

24G33G

49G65G

78G 86G

12G

13G

11G

7G

6G5G

5V

10V

10V

11V

13V15V

30G

28G

21G

20G10G

10G

4V8V

10V12V

14V

5G

8G

13G9V

4V

0

20

40

60

80

100

120

140

160

180

2007E 2008E 2009E 2010E 2011E 2012E

737 – 800s 737 – 700s 737 – 300s737 – 800 SFPs767 – 300s

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GOL Webcast 2Q07

Share Performance: (1)

• GOL ADR x XAL +13.4%• GOL ADR x Tier 1 LCCs (2) -13.4%• GOLL4 PN x IBovespa -38.4%

Trading Volume: (1)

• GOL ADR – Avg. Daily US$ 27 MM• GOLL4 PN – Avg. Daily R$ 36 MM

(1) YTD August 6, 2007.(2) Tier 1 LCCs: Southwest, Ryanair, JetBlue and West Jet

Relative Performance and LiquidityRelative Performance and Liquidity

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GOL Webcast 2Q07

Industry BenchmarksIndustry Benchmarks

2007 P/E multiple(1)

Discount17.9x 32.4x27.4x31.8x

Tier 1 LCC(2)GOL Infrastructure(3)

BrazilConsumer(4)

Brazil

The lowest cost providerThe best balance sheetThe highest liquidityThe most growth options

GOL:

(1) P/E = Share prices as of Aug 6, 2007(2) Southwest, Ryanair, West Jet and JetBlue(3) ALL, CCR and OHL(4) Guararapes, CBD, AmBev and Lojas Americanas

- 45%- 35%- 44%

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GOL Webcast 2Q07

Looking ForwardLooking Forward

Excellent Growth Prospects

+/- 85% increase in ASKs+/- 67-69% load factorsYields +/- R$21-22 centsNon-fuel CASK +/- R$8.0 cents

Guidance

Earnings per Share

Net Revenues

ASK Growth

CASK ex-fuel

Operating Margin

Load Factor

2007 Previous

R$ 3.70 - R$ 4.20

+/-R$ 6.0 billion

+/- 80%

+/- R$ 8.1 cents

+/- 18%

+/- 72%

3Q07

2007 Revised

R$ 3.00 - R$ 3.50

+/- R$5.5 - R$ 5.7 bilhões

+/- 80%

+/- 12% - 15%

+/- 68% - 70%

+/- R$ 8.0 centavos

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GOL Webcast 2Q07

GOL’s Competitive StrengthsGOL’s Competitive Strengths

Proven management

Proven management

Low fares and high profitability

Low fares and high profitability

Strong brandsStrong brands

Efficient sales distribution

Efficient sales distribution

Highly productive workforce

Highly productive workforce

Modern and efficient fleetModern and efficient fleet

Lowest-cost provider

Lowest-cost provider

Quality customer service

Quality customer service

Unique cultureUnique culture

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 the industry, among other factors and risks disclosed in GOL’s filed disclosure documents and are, therefore, subject to change without prior notice.