Gol Linhas Aereas Inteligentes : Third Quarter of 2017 Earnings Release

São Paulo, November 8, 2017 - GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, announces its consolidated results for the third quarter of 2017 (3Q17) and for the nine months through September 30, 2017 (9M17). All information is presented in accordance with IFRS, in Brazilian Real (R$), and all comparisons are with the third quarter of 2016 (3Q16) and for the corresponding nine months of 2016 (9M16), unless otherwise stated.

Email: ri @vo egol .c om .br Phone: +55 (11) 2128-4700

Site: www .vo eg ol .co m .br /ri

3Q17 Earnings Calls Date: Wednesday November 8th, 2017

11:30 a.m. (US EDT)

02:30 p.m. (Brazil)

Phone: +1 (412) 317-5453

Code: GOL

Replay: +1 (412) 317-0088

Replay Code: 10099790

04:00 p.m. (Brazil) 01:00 p.m. (US EDT)

Phone: +55 (11) 3193-1001

+55 (11) 2820-4001

Code: GOL

Replay: +55 (11) 3193-1012

Replay Code: 9497748#

| Net revenue reached R$2.7 billion, an increase of 13.2% compared to 3Q16. In the accumulated 9M17, GOL achieved net revenue of R$7.6 billion, an increase of 5.5% in relation to 9M16.

| GOL provides new 2017 full year EBITDA margin guidance of 14%, at the top of the previously disclosed range of 12 - 14%.

| GOL transported a total of 8.3 million passengers in 3Q17, an increase of 2.2% over 3Q16. In 9M17, the total number of passengers transported was

23.8 million, a decrease of 3.0% over 9M16. Passenger revenue increased by 14.1% in 3Q17, reaching R$2.4 billion.

| The Company's operating fleet, excluding sub-leased aircraft, at the end of 3Q17 was 116 Boeing 737 aircraft, stable compared to the same period in 2016. Net revenue per aircraft was R$23.4 million (US$7.4 million) this quarter.

| Cargo revenues and others increased by 7.0% in 3Q17 when compared to 3Q16, reaching R$323.3 million or 11.9% of net operating revenue. In 9M17, they totaled R$1.0 billion, an increase of 16.7% compared to 9M16.

| In 3Q17, Smiles' net income was R$339.5 million, an increase of 134.6% compared to 3Q16, due to the use of deferred tax credits arising from its incorporation by Webjet. Net revenue increased 10.7% reaching R$440.8 million, compared to R$398.3 million in 3Q16.

| Recurring operating income (EBIT) in 3Q17 was R$326.9 million, an increase of 49.3% over 3Q16. Recurring EBIT margin was 12.0% in 3Q17, an increase of 2.9 p.p. compared to the same period of 2016.

| Net income in the period was a profit of R$327.6 million, after the minority interest, representing a net margin of 12.1%, a positive result in comparison of a loss of R$0.9 million in 3Q16. In this quarter, the EPS was of R$0.94 and the EPADS was of US$1.49. Total liquidity, including cash, financial

investments, restricted cash, and accounts receivable, totaled R$2,118.1 million, increasing 19.6% over the prior quarter and 15.8% over 3Q16 figures.

| Adjusted total net debt, excluding the perpetuals, decreased by R$3.4 billion when compared to 3Q16, reaching R$10.2 billion in 3Q17. The adjusted net debt ratio to annualized EBITDAR was 4.8x as of September 30, 2017, down from 5.6x at June 30, 2017 and 6.5x as of a year ago.

| Recurring total CASK increased by 5.0% in 3Q17 compared to 3Q16, reaching 19.90 cents (R$). For 9M17, this indicator decreased by 0.1% to 19.98 cents (R$) compared to 9M16.

| RPKs increased by 5.1%, from 9,173 million in 3Q16 to 9,638 million in 3Q17, largely due to the increase in the average stage length by 2.3%. In 9M17, demand reached 27,334 million, an increase of 2.1% compared to 9M16, also largely attributable to the increase of average stage length by 5.9%.

| In the quarter, ASKs totaled 12,015 million, an increase of 4.5% compared to 3Q16. This increase is a reflection of an increase in the number of departures by 2.0% in relation to 3Q16, in addition to the growth in average stage length by 2.3%. In 9M17, there was a decrease in ASKs of 0.1% in relation to 9M16, reaching 34,481 million.

| The average load factor in 3Q17 increased by 0.4 p.p. compared to 3Q16, reaching 80.2%. In the 9M17, this ratio was 79.3%, an increase of 1.8 p.p. over 9M16. The average yield per passenger increased by 8.6% in the quarter compared to 3Q16, reaching 24.85 cents (R$). In 9M17, yield increased by 1.8% compared to 9M16.

| RASK increased 8.3% in relation to 3Q16 with 22.62 cents (R$), and an increase of 5.6% in 9M17 compared to 9M16, reaching 22.03 cents (R$). Average fare was R$288, an increase of 11.6% in relation to 3Q16 (R$259). For the 9M17, the average fare increased by 7.2% compared to 9M16, reaching R$277.

| According to ANAC, the National Civil Aviation Agency, GOL maintained its market leadership in the domestic air transport sector at the end of 3Q17 achieving a share of 36.0%. In the international market, the company registered a market share of 10.8%.

| GOL is a leading airline considering its on-time departures of 95.6%, during 3Q17 (INFRAERO data). In terms of average flight completion, in this quarter, the company stood at 98.3%. The number of passenger claims and lost baggage per 1,000 passengers was 1.38 and 1.93, during 3Q17 and 9M17 respectively.

| GOL's ADRs had an average daily trading volume on the NYSE of US$4.9 million (R$15.4 million) in 3Q17, compared to US$4.1 million (R$13.3 million) in 3Q16. Preferred shares had an average daily trading volume on the B3 of R$32.1 million in 3Q17, compared to R$20.8 million in 3Q16.

GOL was recognized as the most trusted brand in the Brazilian airline industry, receiving the "Brands of Trust Award 2017", promoted by Seleções Readers Digest magazine and conducted by Datafolha. This 16th edition of the survey included 37 categories of products and services, as well as institutions, professions, NGOs and Brazilian personalities. Awards such as this validate our employees' dedication to making GOL the first choice for air travel in Brazil.

In another recognition of its brand strength, the Company won the "Top of Mind 2017" award from Datafolha, the research institute of Folha de São Paulo. This recognition in the airline segment reveals the strength of the brand in the minds of consumers. In addition, this award also indicates that GOL can further strengthen its brand presence through excellent customer service.

In October, GOL announced the first regular international operation from the Aracaju International Airport in Sergipe, where customers will have a Saturday flight to Buenos Aires. This is GOL's eighth base in northeastern Brazil with flights to Argentina. Currently, the Company has the largest number of flights to Argentina from Brazil, providing operations to Buenos Aires (Aeroparque and Ezeiza), Cordoba, Rosario and Mendoza with departures from 12 Brazilian cities: São Paulo, Rio de Janeiro, Florianópolis, Belo Horizonte, Manaus, João Pessoa, Recife, Salvador, Fortaleza, Natal, Porto Seguro and Maceió.

"We once again renewed our commitment to continuous improvement in customer experience, strong discipline in the supply of seats, high load factors, and unrelenting cost control to generate significant results. As a result of our efforts and discipline, recurring EBITDA margin increased by 3.7 p.p. in relation to 3Q16," commented the Company's CEO, Paulo Kakinoff.

With a 5.1% increase in demand in the quarter, net revenue for the period grew 13.2% to R$2.7 billion. Such positive result was also consequence of capacity rationalization, accurate yield management and improved aircraft utilization, which increased by 7.4% in the quarter.

"The Company recorded recurring operating income (EBIT) of R$327 million in 3Q17, with a recurring operating margin of 12.0%. We have had five consecutive quarters with positive operating results, and have now begun to show strong net income generation as well" added Richard Lark, Chief Financial Officer.

We have now been the lowest cost carrier in Brazil for 16 consecutive years, due to our unique and standardized fleet (lower costs with crew, management of spare parts and "best-in-class" maintenance), in addition to lean and productive operations with reduced exposure to fixed costs. Aircraft usage was 12.3 block hours per day (an increase of 7.4% over 3Q16). The number of transported passengers in 3Q17 increased 2.5% in relation to 3Q16. GOL's Load Factor increased by 0.4 p.p. to 80.2%. "Such advantages establish us as the largest Brazilian airline and the pioneer in new technologies and customer services", concluded Richard Lark.

Reinforcing our commitment to customer satisfaction and operations safety, in August, we opened the new Training Center, located at our Congonhas Airport Headquarters. The building that once housed propeller repair shops on the Electra II aircraft, now houses knowledge that will help develop our technical and commercial crews. The new center has the capacity to train up to 400 people per day, with a total of six classrooms, one computer room and two airplane mockups: one open, located in the auditorium with 114 seats, and the other closed, a reconstruction of a Boeing 737, where fire, smoke, depressurizing simulations will be conducted, among others.

We are focused on providing the best flight experience to GOL's clients. According to INFRAERO, in the quarter ended September 2017, the Company remained the leader in on-time flights in Brazil, for the 9th consecutive semester, with a rate of 95.6% of flights departing on time, that is, more than 61,000 flights in the period. One of the reasons that confirms us as a dedicated and reliable company that values people's time is our commitment to being on-time. We will continue working hard to remain as the most on-time company.

For the future, our expectation is to further improve our efficiency, incorporating the new Boeing 737 MAX 8s, which will begin arriving in the second half of 2018, and reconfiguring our 737-800NGs from 177 to 186 seats.

In the quarter, GOL announced a sale and leaseback transaction with GE Capital Aviation Services ("GECAS") for five 737 MAX 8 aircraft, with capacity for 186 customers and configured with GOL+Conforto seats for domestic flights and GOL Premium Class for international flights. With flight autonomy of up to 6,500 km, the new 737 MAX 8 aircraft allow GOL to offer non-stop flights from Brazil to any destination in Latin America as well as to Florida. The Company also formalized a sale and leaseback transaction, also with GECAS, of two Boeing 737-800NG aircraft.

Furthermore, the Company announced the Fortaleza airport as a new hub with Air France-KLM. The choice for Fortaleza took into account its economic potential and its location, not only because of its proximity to Europe, but also because it is strategically positioned in a region close to other cities in the North and Northeast. This brings us the opportunity to provide customers with faster and more efficient connections, making the flights from this hub more attractive due to the shortest travel time.

"We remain focused on offering the best air travel experience with exclusive services to our customers, with new and modern aircraft with frequent flights and integrated routes in the main markets. Over 50% of our fleet already has eco leather seats and Wi-Fi on board, as well as selfie check-in, low fares, GOL+Conforto seats and a broader menu of products offered in our Onboard Service, which caters to diverse customer preferences", concluded Kakinoff.

1. Source: Central Bank; 2. Source: Bloomberg; 3. Fuel expenses/liters consumed; 4. Excluding non-recurring results on return of aircraft under finance lease contracts and sale-leaseback transactions; 5. Change on methodology from flight hours to block hours per day between 1Q17 and 2Q17; and 6. Average operating fleet excluding sub- leased aircraft and those under MRO.

*Certain variation calculations in this report may not match due to rounding.