Gol Linhas Aereas Inteligentes : Increases 2017 Guidance

GOL believes it has matched the Company's supply of seats with demand for its air transportation services, as indicated by GOL's consistently high load factors. The 2017 revised guidance (table below) reflects the continuity of this strategy.

(1) After participation of minority interest. (2) Net Debt excluding perpetual bonds.

The Company's guidance for the full year 2017 is: a variation in ASK of approximately 0.5%, a variation in total seats of 2% and an average load factor of 79%. Full-year CASK ex-fuel is expected to be around R$13.70 cents. GOL expects EBITDA margin near 14%, operating margin of approximately 9%, earnings per share of R$0.80 to R$0.90 and earnings per ADS between R$1.25 and R$1.40. The Company's leverage (Net Debt/EBITDA) is expected to be around 3.4x.

GOL believes that its leadership in rational capacity and yield management, combined with its lowest cost operations and a highest quality passenger service, will enable the Company to increase its competitive advantages and effectively manage passenger demand.

Investor Relations ri@voegol.com.br www.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 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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