Gol Linhas Aereas Inteligentes : Announces Preliminary Outlook and Investor Guidance for 2018

GOL Announces Preliminary Outlook and Investor Guidance for 2018

São Paulo, December 7, 2017 - GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, today provides general outlook and guidance for full year 2017 (revised) and 2018 (preliminary).

The Company's guidance highlights key metrics which impact financial results and drive long-term shareholder value. GOL provides forward-looking information that is focused on the main metrics the Company uses to measure business performance.

For full year 2017, GOL has adjusted its fuel and currency assumptions. The Company's full year 2017 and 2018 general guidance is presented below. These indicators are useful for analysts and investors who project GOL's results.

(1) Excluding perpetual notes. (2) After minority interest. (3) 2017E Previous adjusted for change in share to ADR ratio from 5:1 to 2:1.

In comparison with 4Q16, the Company expects an available seat capacity sequential increase in 4Q17 of approximately 2% in the domestic market and 9% in the international market. For the 4Q17, GOL expects consolidated load factors in the range of 81% with consolidated passenger yields in the range of R$26 cents (up 5% versus 3Q17). For the fourth quarter, the Company expects consolidated non-fuel CASK to be in the range of R$14.5 cents (down 4.5% versus 4Q16). GOL expects that its hedging program will partially offset eventual increases in fuel prices due to higher oil prices; the Company has hedged approximately 40% of its fourth quarter fuel consumption and over 15% of its 2018 needs.

GOL Announces Preliminary Outlook and Investor Guidance for 2018

In the third quarter of 2018, the Company will receive its first Boeing 737 MAX, part of an order of 120 aircraft destined to replace GOL's existing fleet over time. The 737 MAX allows longer non-stop flights and reduces fuel consumption by up to 15%, which will allow GOL to reduce its costs and fly to more destinations. GOL's fleet modernization plan ensures that GOL's fleet will maintain its status as one of the youngest and most modern in the world. By the end of 2022, over 30% of the fleet will be comprised of Boeing 737 MAXs, reducing average fleet age to below 7 years. The table below details the fleet plan through 2022:

The current guidance for 2018 may be adjusted in order to incorporate the evolution of GOL's operating and financial performance and any eventual changes to the Brazilian economy and GOL's broader economic environment, including variations in such variables as GDP growth, interest rate, exchange rate, and WTI and Brent oil price trends.

Investor Relationsri@voegol.com.brwww.voegol.com.br/ir+55 (11) 2128-4700

About GOL Linhas Aéreas Inteligentes S.A.

Brazil's largest airline group. GOL is Brazil's largest airline, carrying 33 million passengers annually on more than 700 daily flights to 63 destinations, 52 in Brazil and 11 in South America and the Caribbean, on a fleet of 120 Boeing 737 aircraft, with a further 120 Boeing 737 MAX on order. GOLLOG is a leading cargo transportation and logistics business serving more than 2,200 Brazilian municipalities and, through partners, 205 international destinations in 95 countries. SMILES is one of the largest coalition loyalty programs in Latin America, with over 12 million registered participants, allowing clients to accumulate miles and redeem tickets for more than 700 locations worldwide. GOL has a team of more than 15,000 highly skilled aviation professionals delivering Brazil's top on-time performance, and an industry leading 16 year safety record. GOL's shares are traded on the NYSE (GOL) and the B3 (GOLL4).

Disclaimer

This release 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. Such forward- looking statements depend, substantially, on external factors, in addition to the risks disclosed in GOL's

GOL Announces Preliminary Outlook and Investor Guidance for 2018

filed disclosure documents and are, therefore, subject to change without prior notice. The Company's non-financial information was not reviewed by the independent auditors.

Non-GAAP Measures

To be consistent with industry practice, we disclose so-called non-GAAP financial measures which are not recognized under IFRS or U.S. GAAP, including "Net Debt", "Adjusted Net Debt", "total liquidity", "EBITDA" and EBITDAR". Our management believes that disclosure of non-GAAP measures provides useful information to investors, financial analysts and the public in their review of our operating performance and their comparison of our operating performance to the operating performance of other companies in the same industry and other industries. However, these non-GAAP items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other companies. Potential investors should not rely on information not recognized under IFRS as a substitute for the GAAP measures of earnings or liquidity in making an investment decision.

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