3Q07 Results PresentationNovember 7, 2007

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GOL Webcast 3Q07

Highlights 3Q07Highlights 3Q07

Net income of R$ 45.5 million in 3Q07Consolidated resultsLowest-cost provider (Consolidated CASK = R$14.2 cents / ASK)

Solid Growth in 3Q0718 additional daily flight frequenciesLoad factor: 61%Volumes (RPK): + 33% y-o-yAverage fare: + 31% vs. 2Q07 (R$ 220 / US$ 120 vs. R$ 168 / US$ 85)

Average market share 3Q07:• Domestic: 38% - GTA; 3% - VRG• International: 13% - GTA; 13% - VRG

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GOL Webcast 3Q07

New Markets

Increase in Fleet

Highlights 3Q07Highlights 3Q07

Rome – ItalySep 20, 2007

Paris - FranceSep 20, 2007

GTN - 10/Jul - #70 GTA(737-800 SFP)

VPV - 4/Sep - #19 VRG(767-300)

GTO - 27/Jul - #71 GTA(737-800 SFP)

GTP - 10/Aug - #72 GTA(737-800 SFP)

GTQ - 28/Aug - #73 GTA(737-800 SFP)

GTR - 11/Sep - #74 GTA(737-800 SFP)

Planned 2007

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

RomeRome

MadridMadrid

ParisParis

FrankfurtFrankfurtLondonLondon

Mexico CityMexico City

MiamiMiami

New YorkNew York

CaracasCaracas

BogotaBogota

LimaLima

Fernando de NoronhaFernando de Noronha

CruzeiroCruzeiro do do SulSul

January 2001January 2002

October 2007

January 2003January 2004

January 2005January 2006

January 2007

Planned 2008

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GOL Webcast 3Q07

Varig: New Visual IdentityVarig: New Visual Identity

New logo

VIP lounge renovations4 airports

São Paulo, Rio de Janeiro, Curitiba and Porto Alegre

New uniforms

New in-flight servicesInternational:

Well-Being Concept: special menu / balanced food

Flat bed in executive class (170º)

Domestic:

Traditional Brazilian food and aromas

More spacePitch in business class: 60 inches

Pitch in economy class: 32-34 inches

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GOL Webcast 3Q07

Initiatives Results

Fuel

Fleet

Sales

HR

IT

VRG: Low Cost Operating PlatformVRG: Low Cost Operating Platform

CASK reduction of 21% (-29% ex-fuel) (1)

4% reduction in VRG’s fuel costs1% reduction in GOL’s fuel costs

VRG contracts adjusted to GOL standards

35% reduction in maintenance reserves4% reduction in leasing expenses

Leasing contracts re-negotiation Maintenance reserve reduction

3% reduction in distribution costsAdjustment in sales commissionsContracts re-negotiation

8% improvement in employee productivity/ASKRe-design of organizational structure

9% reduction in IT costsOutsourcing and contracts re-negotiation

(1) 3Q07 vs 2Q07

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GOL Webcast 3Q07

2007 Initiatives2007 InitiativesIncrease Revenues

Launch new markets (domestic and international)Add over 330 new daily flight frequencies in 2007Launch intercontinental routes to premium destinationsExpand interline and code-share agreementsRe-activation of Smiles clients (largest loyalty program in Latin America)Increase sales to mid/low income customers thru “Voe Fácil” (Fly Easy) ProgramIncrease corporate sales to small-medium companies with Corporate Card

Reduce Unit Costs Roll-out new larger, fuel-efficient SFP aircraftFleet padronization with B737 for short haul and 767 for long haulReduce fleet ageLower distribution costsIncrease aircraft stage lengthExpand in-house aircraft maintenance servicesReduce aircraft financing costs with SLBs + EXIM guaranteed financings

Drive Revenue Growth with Low Fares and Reduce Costs: Stimulate Demand and Increase Profitability

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GOL Webcast 3Q07

Comprehensive Interline NetworkComprehensive Interline Network

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GOL Webcast 3Q07

Capacity and Network Expansion Capacity and Network Expansion Flights/Day

Number of Operating

Aircraft(average)

RPK (MM)

ASK (MM)

2Q07 3Q07

+77.4%

3Q06

+4.1%

8791

51

2Q073Q06 3Q07

4,107

5,801 5,470

+33.2%

-5.7%

2Q073Q06 3Q07

5,210

8,824 8,941

+71.6%

+1.3%

Jun/07 Sep/07

750770

+2.7%

530+45.3%

Sep/06

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GOL Webcast 3Q07

Net RevenuesNet Revenues

Higher Volumes (3Q07 vs 3Q06)

RPK: +33.0%Average Fleet: +77.4%ASK: +71.6%Load factor: -17.6 p.p. → 61.2%

Low Fares (3Q07 vs 3Q06)

Average Fare: +1.1%Yield: -11.7%RASK: -29.9%Breakeven Load Factor: -2.0 p.p.

Growing Ancillary Revenues (3Q07 vs 3Q06)

R$ 114.8MM (57.7% increase over 3Q06)80%+ Contribution margins

Net RevenuesR$ MM

3QT07

1,083.0

1,303.5+20.4%

3QT06

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GOL Webcast 3Q07

Congonhas Airport: Changes and ImpactsCongonhas Airport: Changes and Impacts

Maximum stage of 1000 Km

Direct flights

Reduction in slots (from 44 to 34

operations per hour for regular flights

Runway limitations for increased safety area

Main runway from 1,940 meters to 1,640 meters (300m less)

Auxiliary runway from 1,435 meters to 1,195 meters (240m less)

Changes Impacts

Load factor reduction on flights departing from CGH

ASK reduction at CGH (between 5 and 10%)

VRG: New frequencies between GIG, POA, VIX, SSA, CWB, CNF, BSB, REC and FOR

GTA: Transfer of PAX / CNX to GRU (flights to CGB, SSA, BPS and REC)

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GOL Webcast 3Q07

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 3Q07

CASK(R$ cents)

EBITDAR R$ million

RASK(R$ cents)

EBITDAR Margin

Profitability - 3Q06 x 3Q07Profitability - 3Q06 x 3Q07USGAAP

3Q06 3Q073Q06 3Q07 3Q06 3Q07

317.3

193.4

20.79

14.58

-29.9%-39.0%

16.31

14.24

CASK Ex-Fuel- 7.9%

-12.7%

29.3% 14.9%

3Q06 3Q07

6.87 5.54

-19.4%

Fuel / ASK

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GOL Webcast 3Q07

Net Financial ResultsNet Financial Results

Financial Expense (R$ MM)

Financial Income (R$ MM)

3Q07 Net Financial Results: R$ 31.6 MM

3Q073Q06

42.662.0

+45.7%

2Q07

24.5

33.2+35.5%

2Q06

Investment of Cash Balances• R$1,542mm of cash invested • Average earning rate of 10.7% in BRL

Increase in Long-term Financing• Increase in average maturity to 6 years• Average interest rate of 7.0% in USD

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GOL Webcast 3Q07

Net Income CompositionNet Income Composition

Net Income3Q07

Net Income3Q06

TaxesNet Financial Results

Net Revenues Fuel Costs

Commercial Expenses

Other Operating Expenses

-76.0%

Salary Expenses

3Q07 EPS: R$0.22/shareUS$0.12/ADSNet Income Margin: 17.5% Net Income Margin: 3.5%

45.5190.0

R$ million USGAAP

-88.5

+10.6

+220.6+27.0

-137.5

-223.9+47.2

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GOL Webcast 3Q07

Cash Flow EvolutionCash Flow Evolution

Operating Activities

2Q07Cash, Cash

Equivalents and Short-term

Investments: 1,759.1

Net Decreasein Cash (3Q07)

Investing Activities

Financing Activities

3Q07Cash, Cash

Equivalents and Short-term

Investments: 1,542.2

R$ million USGAAP

-217.0+75.4

-268.2 (1)

-24.2

(1) Excluding R$11.8mm in change in available-for-sale securities in 3Q07, as defined by SFAS 115

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GOL Webcast 3Q07

Fleet PlanFleet Plan

Fleet plan to facilitate profitable growth and reduce costs

Order for 121 737-800NGs

Seat CAGR 2007-2012 = 9%

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

103111

118126

132143

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

24G33G

49G65G

78G86G

4V4V

4V

4V

4V

2V12G

13G

11G

7G

6G5G

5V

10V

10V

11V

13V15V

30G

28G

21G

20G10G

10G

4V

8V

10V12V

14V

5G

8G

13G

9V

4V

0

20

40

60

80

100

120

140

160

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

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GOL Webcast 3Q07

Share Performance: (1)

• GOL ADR x XAL +20.6%• GOL ADR x Tier 1 LCCs (2) -20.2%• GOLL4 PN x IBovespa -48.4%

Trading Volume: (1)

• GOL ADR – Avg. Daily US$ 24 MM• GOLL4 PN – Avg. Daily R$ 37 MM

(1) YTD November 5, 2007.(2) Tier 1 LCCs: Southwest, Ryanair, JetBlue and West Jet

Relative Performance and LiquidityRelative Performance and Liquidity

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GOL Webcast 3Q07

Looking ForwardLooking Forward

+/- 80% increase in ASKs+/- 64-66% load factorYields +/- R$22-24 centsNon-fuel CASK +/- R$8.4 cents

Guidance

Earnings per Share

Net Revenues

ASK Growth

CASK ex-fuel

Operating Margin

Load Factor

4Q07

2007 Updated

R$ 1.40 – R$ 1.80

+/- R$5.2 - R$ 5.3 billion

+/- 76%

+/- 5% - 8%

+/- 64% - 66%

+/- R$ 8.4 cents

2007 Previous

R$ 1.60 - R$ 2.10

+/- R$5.2 - R$ 5.4 billion

+/- 75%

+/- 7% - 11%

+/- 64% - 66%

+/- R$ 8.3 cents

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GOL Webcast 3Q07

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.