GOL Intelligent AirlinesSeptember 2019

2

Disclaimer

Source: Appraiser blue books as of July 30, 2019

This presentation has been prepared by GOL Linhas Aéreas Inteligentes S.A. (together with its subsidiaries, “GOL” or the “Company”).

Statements in this presentation that are not historical facts are forward-looking statements and involve risks and uncertainties, including those described in the Company’s

public filings with the U.S. Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions.

These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those

indicated in such forward-looking statements are those risks and uncertainties described in the Company’s Form 20-F and Form 6-K reports (including all amendments to

those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new

information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it

will make additional updates with respect to those other forward-looking statements. Actual results may vary from projected results and such variations may be material.

This presentation has been prepared solely for informational purposes only and no information should be construed as legal, tax, accounting or investment advice or a

recommendation.

3

+16 Million• Customers in Leading FFP

Program

Brazilian Market Leader

• ASKs

• Passengers Transported

• Corporate Sales

• Customer Satisfaction

+127 Aircraft• Order for 130 Boeing 737MAX

15.500

+450 Million• Passengers Transported

+77 Destinations

18 years

popularizing

air travel

in Brazil

Source: GOL

• Employees

• 1,600 Pilots

• 9 Regional Destinations

• 15 International Destinations

4

GOL | Brazil’s Best Sponsored Airline

Note: (1) Market data as of September 2, 2019.

Boeing U.S. Exim Bank

Constantino Family Public Market Delta Air France/KLM

40 aircraft financed in total (11 current)

MRO and Wi-fi maintenance

One of Boeing’s most important 737 customers

Over 250 737 aircraft operated to date

Order for 130 B737 MAX 8/10

Europe’s #1 airline

Total PAX in 2018: 102MM

Operating fleet: 548

Market cap: US$5 BN

Invested $100 MM

High liquidity

US$45 mm daily trading volume

High standards of disclosure

Quarterly IFRS financials

Supplementary disclosures

IR Website

Independent audit committee

Market cap of free float: US$1 BN

America’s largest airline

Total PAX in 2018: 192MM

Operating fleet: 904

Market cap: US$37 BN

Invested US$150 MM

GOL Board seat

Brazil’s largest transportation operators

Started GOL in 2001

Board members with significant experience and complementary profiles

Invested US$ 250 MM

53% 9% 1% 37%

5

• Experience: over 60 years of combined tenure at GOL

• Consistency: experience managing through all economic cycles

• Commitment: only all-Brazilian team

• Productivity: highly efficient; unique corporate culture

Years of Business

Experience

Paulo Kakinoff

Chief Executive Officer9

Richard Lark

Chief Financial Officer17

Eduardo Bernardes

Vice President, Sales and Marketing18

Captain Celso Ferrer

Vice President, Operations17

22

30

23

19

• CEO 2012 – present

• Board member 2011 – 2012

• CFO 2003 – 2008, 2016 – present

• Board member 2008 – 2016

• VP Sales & Marketing, 2015 – present

• VP, Planning 2015 – 2019

• Active GOL B737 Pilot

Years at GOL

5

GOL | Strong Management Team

6

Market Leader with Irreplaceable, Highly Defendable Network1

World-Class Low Cost Operator: Significantly Better than All South American Peers2

Right-sized Balance Sheet with Strong Liquidity Position5

Best Track Record in Delivering Results and Guiding Investors6

Best-in-Class Operations and Service: Driving Customer Loyalty3

GOL | Investment Highlights

Best Positioned to Benefit from Brazil Economic Recovery and to Deal with Adverse Macro Scenarios

4

7

¹ Bankrupted/Acquired Airlines

² Source: LF - ANAC YTD May and ASK - ANAC and Diio.

The GOL Effect

Fare liberalization in 2002

GOL | Popularized Air Travel in Brazil

02

Domestic LF (%)

Industry

Domestic ASK

GOL

Domestic ASK

ASK - Billion

8

Correlation Between Quantity of Flights and Brazil GDP(7)

Perspective in Terms of Flights

and Seats

Domestic Available Seat Kilometers in Brazil(8)

13,013,514,014,515,015,516,0

600 700 800 900 1000 1100 1200Bra

zil G

DP

Per

Cap

ita

(US$

mm

)

Quantity of Flights (thousands)

2007

2008 2009

2016 2017

2010

2015

2011

20142013

2012

75,486,3

102,7116,1 119,3 115,9 117,1 118,2 111,3 112,8

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CAGR(11-18)

0.2%

(Billions)

Underpenetrated Market with High GrowthPotential

20-Year Annual Passenger Growth(4) Flights per capita(3)

4,8% 3,7% 3,6%2,4% 2,0%

Asia-Pacific Brazil LatAm North America Europe

1,76

1,21 1,17

0,53 0,52 0,43 0,43 0,39 0,38 0,360,09

North America has over 4x the number of flights per capita compared to Brazil

55%58%61%64%67%70%73%76%79%82%85%

20

70

120ASK RPK LF

Brazil Domestic Traffic(3)

5th Largest Domestic

Market After the U.S., China, India

and Russia(1)

World’s Largest Domestic Markets - Capacity Growth(2)

(12%)

(2%)

8%

18%

Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18

BrazilJapãoAustralia

IndiaChina

USARussia

(% ASK Growth (y.o.y) - Top 7 World Domestic Markets) (Bn Seat km)Load Factor

ASK > RPK

ASK < RPK

+

+

Brazil – Worldwide Relevant Market Primed for Growth in Coming Years

Notes: (1) Capacity growth in Brazil has been one of the most rational among large domestic markets; (2) IATA December 2018 (Top 7 domestic market), responsible for 82% of total World Domestic Market; (3) ANAC December 2018; (4) Airbus - 2018 – 2037; (5) ABEAR; (6) Airbus Global Market Forecasts 2017-2036; (7) ANAC and IBGE; (8) ANAC

Projected 2019-2023 Brazilian Domestic Market

CAGR of 6.8% per year(5)

118,0

2018

8

Brazil | The Right Market

9

(1) Source Airbus Global Market Forecasts 2017-2036

(2) United States and Canada

(3) Airbus - 2016 – 2036

1,76

1,21

1,17

0,53

0,52

0,43

0,43

0,39

0,38

0,36

0,09

- 0,5 1,0 1,5 2,0 2,5

North America

Japan

Europe

Chile

Colombia

Brazil

Peru

Mexico

Argentina

China

India

North America has over 4.1x the number of flights per capita compared to Brazil

20-Year Annual Growth 3Flights per capita 1

5,6%

4,8%

4,1%

3,4%

2,4%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

Asia-Pacific Brazil LatinAmerica

Europe NorthAmerica

2

9

Brazil | Underpenetrated Market with High Growth

10

Brazil | Improving fundamentals and demand

GDP Growth (%)Inflation Rate (%)

Interest Rates (%) Domestic Passenger Demand Growth (% RPK)

5,9% 6.3% 5,8% 5,9% 6,4%

10,7%

6,9%

3,0%4,2% 4,1%

2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E

Inflation at historic lows… 7,5%

4,0%1,9% 3,0% 0,5%

-3,5% -3,5%

1,0% 1,5% 2,5%

2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E

… GDP growth normalizing

23,6%

15,9%

6,9%1,4%

5,8%1,1%

-5,7%

3,2% 3-6% 5-9%

2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E

10,7% 10,8% 10,9%9,8%

11,6%

14,1% 13,6%

7,0% 6,5%8,0%

2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E

Source : IBGE, Bacen, ANAC and Focus10

Interest rates at lowest levels…

Demand ~2-4 x GDP Growth

3.1x 4.0x 3.6x 0.5x nm nm11.6x 3.2x

11

37.6%32.6%

22.8%96,4

58,5

32,518,3 17,6 15,7

25% of

customers: >

50% of

revenues

(Millions of passengers carried in 2017)

Type # of planes

Lowest costs

Scheduling and maintenance efficiency

Flexibility

High utilization

GOL has over

37% market share YTD

GOL’s main airports cover

79% of

Brazil’s GDP

B737 127

Simplified fleet enables Gol’s:

Average seats per plane

177

Highly liquid and marketable, residual value stays consistent

GOL | Brazil’s Market Leader and Best Positioned Airline

Unique Profile in Brazilian Air Transport All Boeing Narrow-Body Fleet

Brazil is the #1 Country(1) in LAC(2) Air Transport Company with the Largest Domestic Market Share(3)

#1 34mm PAX

/ year; 750+ flights / day; 77 destinations, including 15 int’l

(by Revenue Passenger Kilometers (RPK), 2018)

GOL is the #1 Player in the #1 Market in Latin America

Brazil is 1.6x the next largest country

Notes: (1) World Bank, 2017

(2) LatAm & Caribbean

(3) ANAC and GOL, 2018

Leader in business passengers

12

GOL Network Evolution | 2019 x 2018

From 61 domestic destinations served in 2018 to104 in 2019

+34 New Destinations

Regional code-shareagreements

+9 New DestinationsOperated by GOL

+R$ 420 MMAdditional investments

in regional markets

GOL Network: the broadest domestic and

most extensive regional in Brazil

13

GOL | The Most Complete Service for a Low-Cost Airline in the World

13

Smiles Diamond Premium Economy Entertainment

On-board Services Premium LoungeWi-Fi and +Pitch

14

GOL | Best-in-Class Operations and Service

Note: (1) First class

Best-in-class product positioning…

CUSTOMER MIXLeisure /

Business / SMEs

LeisureLeisure /

SMEsLeisure / Business

Leisure / Business

Leisure / Business

Leisure / Business

On-board Wi-Fi

Live TV

Free beverages (non-alcoholic)

Free snacks

On-board sales

Tier Elite

Cabin segmentation

Airport lounges

Designated seats

Seat pitch 34’’ / 30’’ 28’’ / 30’’ 30’’ 29’’ 34’’ / 30’’36’’(1) / 34’’

/ 31’’33’’ / 31’’

…combined with leadership across all brand metrics in the eyes of HVC’s

Top of Mind HVC – 1Q’19

BRAND PREFERENCE HVC – 1st Mention 1Q’19

BRAND MOMENTUM HVC – 1Q’19

14

15

Passengers claims for each 100

thousand passengers transported1Regularity 2018 1

98,5%

97,9%INDÚSTRIAEX- GOL

17,5

30,8INDÚSTRIAEX- GOL

Source: https://www.anac.gov.br/noticias/2019/anac-divulga-

dados-de-manifestacoes-de-passageiros-do-transporte-aereo

http://panorama.abear.com.br/1ANAC 2018

2 ICAO 2018 and GOL Database

98,5%

97,9%INDÚSTRIAEX- GOL

17,5

30,8INDÚSTRIAEX- GOL

GOL | Operational Efficiency and Safety

Lost and damaged baggage for

each 1.000 passengers¹

IndustryEx-GOL

IndustryEx-GOL

EuropeAsiaNorth

AmericaBrazil Global

Average

16

GOL is the only LCC model operating in Brazil:

· Efficient single type fleet of B737s (aircraft

configuration, type and size optimizes cost

per seat and creates market flexibility)

· High aircraft utilization (13 BH/day GOL)

· The LCC model always wins (increased

network scale and passenger flow)

· Competitors don’t have cost structure to

offer the lowest fares

· Lower CASK (global standards of

competitiveness)

Based on 1Q19LTM

Sources: Company’s earnings release

GOL | The Most Competitive Airline in Brazil

Fixed Variable Fuel

(in Brazil)

17

428

812

400

500

600

700

800

900

2012 2013 2014 2015 2016 2017 2018 2Q19

$19,7

$29,2

$19,0

$21,0

$23,0

$25,0

$27,0

$29,0

2012 2013 2014 2015 2016 2017 2018 2Q19

70,2%

82,0%

69,0%

72,0%

75,0%

78,0%

81,0%

84,0%

2012 2013 2014 2015 2016 2017 2018 2Q19

Implemented Operational Improvements Generated Significant EBITDA Growth

(R$ thousands)

Average LTM Net Yield per Passenger Kilometer (2)

(%)

(R$) (centiliter/ASK)

Note: (1) Calculated by dividing LTM RPK by ASK; (2) Average value paid by passenger to fly one kilometer

GOL | Drivers of Margin Expansion

3,2

2,9

2,8

2,9

3,0

3,1

3,2

3,3

2012 2013 2014 2015 2016 2017 2018 2Q19

LTM Net Revenue per Employee Total Load Factor (1)

LTM Fuel Consumption (Liters/ASK)

18

0

5

10

15

20

25

2018: 18.1% EBITDA margin and 12.3% operating margin, up 3.6 p.p. and 2.7 p.p, respectively, vs 2017 margins

Recurring operating (EBIT) margin

Ancillary revenue

Passenger unit revenue (PRASK) change q.o.q

CASK ex-fuel expenses (change q.o.q) R$ cents

R$ centsGOL system capacity (ASK) change q.o.q.

GOL system capacity (seats) change q.o.q.

Total liquidity

Net debt/EBITDA UDM(IFRS 16

2018

12.3% (up 2.7 p.p)

7.5 % of totalrevenues

Up 8.0%

12.78 (down 7.5%)

Up 2.9%

Up 3.0%

R$3.2 bn

3.2x

2Q19

12.7%

5.8% of totalrevenues

Up 29.5%

16.24 (up 24.8%)

Up 6.5%

Up 3.2%

R$3.7bn

3.1x

Fuel price (change q.o.q) | End of period exchange rate to US$ R$ 2.91 (up 35.2%) | R$ 3.87R$ 2.98 | R$ 3.83

GOL ADS Performance and High Consistency in Results

August 16,2016

April 04,2017

“1Q17 preliminary results: good

Price in

US

$

“Constructive outlook andadvancement of restructuring confirmthat skies are clearing. GOL’smanagement introduced an EBIT marginrange of 4%-6% in its outlook for 2016at the same time that it reiterated itscommitment to capacity cuts.”

August 16, 2016

profitability; lower than-expected yields.“

April 4, 2017

“GOL reported decent non-audited 2Q18 main financials,slightly above our expectations…”

July 5,2018

“Better-than-expected op.results; EPS beat boosted byFX/tax credit.

November 8, 2017

“3Q18 First Blush - Better ThanExpected Operating Results andOutlook (…) Looking ahead, theoutlook is better than wewould have anticipated”

November 1, 2018

GOL | Consistency in Delivering Results

Note: (1) Excluding non-recurring expenses

“Better than expected Q1 due toa combination of bettermaintenance and other airlinecosts management.”

April 30, 2019

19

473

649

1.154

912

734 650

20%22%

36%28% 23%

-100

-50

0

2Q18 3Q18 4Q18 1Q19 2Q19A 2Q19E

22%

GOL | Strong Margins and Cash Flow Generation

Net Revenues (R$mm)

19

EBITDA & EBITDA Margin (R$mm, %)

EBIT & EBIT Margin (R$mm, %) Cash Flow(2)(R$mm)

2.354

2.892 3.201 3.211 3.141

2.959

2Q18 3Q18 4Q18 1Q19 2Q19A 2Q19E

GOL delivered on the market’s consensus expectations for 2Q19

YoY growth: +33.4% YoY growth: +110.5%

173

345

808

506

319 315

7% 12%25%

16%10%

-100

-50

0

2Q18 3Q18 4Q18 1Q19 2Q19A 2Q19E

11%

$87(1)

YoY growth: +110.5%

$387(1)$8151)

$399(1)

In R$ million 2Q18 2Q19

Operating Cash Flow 588.7 872.7

Investing Cash Flow(3) (430.4) (266.7)

Financing Cash Flow (245.9) (470.8)

Net Increase (Decrease) in Total Liquidity(4) (87.7) 135.2

Quarterly results restated to IFRS 16.(1) Considering recurring results only; (2) Some items reclassified for clearer presentation; (3) Includes part of the restricted cash with deposit in guarantee of hedge margin; (4) Consolidated cash, cash equivalents and account receivables.

20

GOL | Capital Structure

20

2019 – 2023 Plan

Liability

management

Optimizing

balance sheet

Fleet

transformation

• +R$2 Bn debt reduction in

next 2 years

• +R$300 MM interest

expense reduction in 2019

• No relevant maturities in

next 5 years

• Access to diverse funding

sources

• 100% CAPEX financing for

PDPs and engine overhaul

• Improving working capital

and availability of hedging

• Maximize use of capital

deployed and tax credits

• Improved interest coverage

ratio

• Credit rating back to BB-

• Maintenance capex: lower

by modernization of fleet

• Building free equity on MAX

order

21

Corporate Rating (global): B1

Local Rating: n/a

Outlook: Stable

Corporate Rating (global): B+

Local Rating: A-

Outlook: Stable

Corporate Rating (global): B

Local Rating: brA

Outlook: Stable

Long-term USD debt

finances

Long-term USD assets

1 Operating lease debt capitalized at 7x for 2013-2018

2 On January 1, 2019, the Company adopted CPC 06 (R2) – “Leases” (equivalent to IFRS 16)

6.3114.661

5.6306.444

7.635

2.994

1.7181.476 641

578

7.744

6.9796.578

7.790 5.348

10.5x

5.5x4.5x

3.8x

3.1x

2015 2016 2017 2018 2Q19

Loans and Financings Finance Leases Operating Leases Net debt / EBITDA UDM

21

GOL | Balance Sheet Deleveraging and Improving Credit Profile

(In R$MM)

22

Operated by GOL Operated by GOLCode-Share

Agreement

Code-Share

Agreement

Code-Share

Agreement

Boeing 737-800Boeing 737 MAX-8

Boeing 737-700ATR42ATR72

Grand Caravan Various Widebodies

186 PAX 138 PAX 46-67 PAX 9 PAX < 220 PAX

Core domestic airportsInternational expansion

SP-RJ Shuttle

Regional marketsoperated by GOL

Small Regional Markets+

Connectivity

Ultra-small Regional Markets +

Connectivity

InternationalConnectivity

All markets covered, without deviating from the single-fleet concept, through partnerships and codeshare agreements

GOL’s Market Position – An Aircraft for Every Market

+10 Partners

Single type fleet

23

117 107 97 86 78

15 32 46 59 71

132 139 143 145 149

2019 2020 2021 2022 2023

B737-NG B737-8/10 MAX

GOL’s Fleet Plan provides sustainable cost advantage and flexibility

Fleet Plan (EoY)

Average age of the fleet

138148 152 155 159

119130 134 138 142

132139 143 145 149

2019 2020 2021 2022 2023

Scheduled 737NG Redeliveries (net)

4

910

11

9 9

2019 2020 2021 2022 2023 2024

Redelivery Plan

Fleet Flexibility

GOL has a mature and well-structured aircraft redelivery process

+3% Fleet plan matches capacity with demand

Fleet growth tracks Brazilian GDP growth

Contracts structured to provide flexibility for higher or lower market growth and emerging opportunities

Ability to flex Boeing order and re-deliveries

Average age of 6 years by 2024

24

2019E 2020E

Total fleet (average) 125 to 127 131 to 136

Total operational fleet (average) 119 127

ASKs, System (% change) 9 to 11 6 to 8

- Domestic 5 to 6 5 to 6

- International 35 to 40 15 to 25

Seats, System (% change) 8 to 9 5 to 7

Departures, System (% change) 6 to 7 5 to 7

Average load factor (%) 79 to 81 80 to 82

Ancillary revenues, net1

(R$ bn) ~1.2 ~1.3

Total net revenues (R$ billion) ~13.5 ~15.5

Non-fuel CASK (R$ cents) ~14 ~14

Fuel liters consumed (mm) ~1,500 ~1,600

Fuel price (R$/liter) ~2.9 ~3.1

EBITDA margin (%) ~28 ~29

EBIT margin (%) ~18 ~19

Net financial expense2

(R$ bn) ~1.2 ~1.2

Pre-tax margin² (%) ~10 ~12

Effective income tax rate (%) ~22 ~22

Minority interest3

(R$ mm) ~293 ~320

Capex, net (R$ mm) ~700 ~650

Aircraft Aquisition4

(R$ mm) - ~600

Net Debt5

/ EBITDA (x) ~2.8x ~2.4x

Fully-diluted shares out.6

(mm) 391 391

Diluted EPS (R$)² 1.40 to 1.70 2.00 to 2.50

Fully-diluted ADS out.6

(mm) 195.5 195.5

Diluted EPADS (US$)² 0.80 to 0.95 1.20 to 1.50

Outlook

(1) Gross revenue of cargo, loyalty, buy-on-board and other ancillary revenues

(2) Excluding currency gains and losses and unrealized losses on Exchangeable Senior Notes

(3) Source: average of analyst estimates reported on Bloomberg

(4) Gross PDPs

(5) Excluding perpetual bonds