GOL announces revised fleet plan and reduces growth

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SAO PAULO, Brazil (August 6, 2008) – GOL Linhas Aereas Inteligentes S.A., the parent company of Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., announced that the company has revised its fleet plan to continue its fleet renewal and modernization strategy in accordance with its disciplined growth plan.

The company reviewed and adjusted its fleet plan to better adapt to recent fuel price increases and higher competition in the air transportation industry, while also accelerating its fleet renewal program (announced in December 2007) and improving its low-cost structure. In addition to operational changes to reduce fuel consumption, such as reducing cruise flight speed and shutting down one engine after landing, the company is reducing its capacity growth.

In the third and fourth quarters of 2008, consolidated domestic ASKs are projected to be approximately 8.0 and 8.1 billion, respectively, a 5% sequential reduction and a 1% sequential increase, respectively. In the international market, consolidated ASKs are projected to be approximately 1.6 billion for the third and fourth quarters 2008. For 2008, total ASKs are projected to be approximately 41.0 billion, 32.5 billion in the domestic market, and 8.5 billion in the international market, a 5% reduction versus the company’s previous guidance.

The company has reduced its fleet plan by two leased 737-800s in 2008. For 2009, the fleet plan has been reduced by five leased 737-800s. The fleet modernization plan guarantees that GOL’s fleet will maintain its status as one of the youngest and most modern in the world. By the end of 2008, it is expected that the fleet will be comprised entirely of Boeing 737 NGs, reducing the average age of the fleet to 5.6 years. At the end of 2012, 65 percent of the fleet will be comprised of 737-800 SFP aircraft, reducing the average age to 5.5 years.