GOL Gol Linhas Aereas Inteligentes SA

GOL s international demand declined by 21.1% year on year , chiefly due to network differences between the periods.

LOAD FACTOR AND YIELDS

In the period, GOL s total load factor came to 64.3% , 4.5 percentage points lower than in the same month last year, chiefly due to carnival which fell in March in 2011, as opposed to February in 2012.

In March, GOL s yields were virtually flat over the same period the year before, at between 18.0 and 18.5 cents (R$), while quarterly yields increased by 4% year on year. PRASK fell by 6% over March 2011.

*2011 RPK adjusted in accordance with the operating data recalculated based on the current DCA Manual.

WEBJET

Webjet continued to post a load factor consistent with its business proposal and its supply grew by 25.3% in March due to the operation of 4 737-800 aircraft sub-leased from GOL in the period. The table below shows Webjet s traffic figures and consolidates these with GOL's in the presented periods.

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ABOUT GOL LINHAS AÉREAS INTELIGENTES S.A.

u GOL Linhas Aéreas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, offers around 900 daily flights to 63 destinations in Brazil and 13 in South America and the Caribbean under the GOL and VARIG brands, using a young, modern fleet of Boeing 737-700 and 737-800 Next Generation aircraft, the safest, most efficient and most economical of their type. It also offers its clients a further 12 Brazilian destinations through agreements with local regional airlines. In addition, the SMILES loyalty program, the biggest in Brazil, allows members to accumulate miles and redeem tickets to more than 560 locations around the world via flights with foreign partner airlines. The Company also operates Gollog, a logistics service which retrieves and delivers cargo and packages to and from more than 1800 cities in Brazil and eight abroad. With its portfolio of innovative products and services, GOL Linhas Aéreas Inteligentes offers the best cost-benefit ratio in the market.

ABOUT WEBJET LINHAS AÉREAS S.A.

u Webjet Linhas Aéreas S.A., controlled by VRG Linhas Aéreas S.A., offers around 155 daily flights to 18 Brazilian destinations, using a fleet of Boeing 737-300 and 737-800 Next Generation aircraft. In July 2011, GOL announced the acquisition of Webjet. The companies are continuing to operate separately while awaiting the approval of CADE, Brazil s anti-trust authority.

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GLOSSARY OF AIRLINE INDUSTRY TERMS

u AIRCRAFT LEASING :   an agreement through which a company (the lessor), acquires a resource chosen by its client (the lessee) for subsequent rental to the latter for a determined period.

u AIRCRAFT UTILIZATION :   the average number of hours operated per day by the aircraft.

u AVAILABLE SEAT KILOMETERS (ASK) :   the aircraft seating capacity multiplied by the number of kilometers flown.

u AVERAGE STAGE LENGTH :   the average number of kilometers flown per flight.

u BLOCK HOURS :   refers to the time an aircraft is in flight plus taxiing time.

u BREAKEVEN LOAD FACTOR :   the passenger load factor that will result in passenger revenues being equal to operating expenses.

u CHARTER :   a flight operated by an airline outside its normal or regular operations.

u EBITDAR :   earnings before interest, taxes, depreciation, amortization and rent. Airlines normally present EBITDAR, since aircraft leasing represents a significant operating expense for their business.

u LESSOR :   the party renting a property or other asset to another party, the lessee.

u LOAD FACTOR :   the percentage of aircraft seating capacity that is actually utilized (calculated by dividing RPK by ASK).

u LONG-HAUL FLIGHTS :   long-distance flights (in GOL s case, flights of more than four hours duration).

u OPERATING COST PER AVAILABLE SEAT KILOMETER (CASK) :   operating expenses divided by the total number of available seat kilometers.

u OPERATING COST PER AVAILABLE SEAT KILOMETER EX-FUEL (CASK EX-FUEL):   operating cost divided by the total number of available seat kilometers excluding fuel expenses.

u OPERATING REVENUE PER AVAILABLE SEAT KILOMETER (RASK) :   total operating revenue divided by the total number of available seat kilometers.

u PASSENGER REVENUE PER AVAILABLE SEAT KILOMETER (PRASK) :   total passenger revenue divided by the total number of available seat kilometers.

u PDP FACILITY (PRE-DELIVERY PAYMENT FACILITY) :   credit for the prepayment of aircraft acquisitions.

u REVENUE PASSENGERS :   the total number of passengers on board who have paid more than 25% of the full flight fare.

u REVENUE PASSENGER KILOMETERS (RPK) :   the sum of the products of the number of paying passengers on a given flight and the length of the flight.

u SALE-LEASEBACK :   a financial transaction whereby a resource is sold and then leased back for a long period, enabling use of the resource without owning it.

u SLOT :   the right of an aircraft to take off or land at a given airport for a determined period of time.

u SUB-LEASE :   an arrangement whereby a lessor in a rent agreement leases the item rented to a third party.

u WET-LEASE :   a leasing agreement whereby an airline (lessor) provides an aircraft, maintenance, insurance (ACMI) and a complete crew to another airline (lessor), which pays in accordance with the number of hours flown.

u WTI BARREL :   stands for West Texas Intermediate the West Texas region is where U.S. oil exploration is concentrated. Serves as a reference for the U.S. petroleum byproduct markets.

u YIELD PER PASSENGER KILOMETER :   the average amount a passenger pays to fly one kilometer.  

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.