Gol Linhas Aereas Inteligentes S A : Mesa Redonda com Investidores - Nyse

21 Years

Investor

Roundtable

June 24, 2022

Disclaimer

Cautionary Statement Regarding Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include, without limitation, statements related to (i) the Company's financial outlook, goals, strategies, expectations, and projected results of operations, and the Company's related operational and financial strategies and goals; (ii) the Company's fleet plans, expectations, and opportunities, including with respect to fleet modernization; (iii) the Company's plans, opportunities, and expectations with respect to its reservation system; and (iv) the Company's vision. These forward-looking statements are based on the Company's current intent, expectations, and projections and are not guarantees of future performance. These statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of governmental regulations and other governmental actions related to the Company and its operations, in particular with respect to the Boeing 737 MAX aircraft, and any related changes in consumer behavior; (ii) the Company's dependence on third parties, in particular with respect to its fleet and technology plans and expectations, and the impact on the Company's operations and results of operations of any related third party delays or non-performance; (iii) developments relating to the spread of COVID-19, such as the duration and extent of quarantine measures and travel restrictions and the impact on overall demand for air travel,(iv) the impact of changes in consumer behavior, economic conditions, actions of competitors (including without limitation pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), extreme or severe weather and natural disasters, fears of terrorism or war, and other factors beyond the Company's control, on the Company's business decisions, plans, strategies, and results; (v) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; (vi) the impact of fuel price volatility, volatility of commodities used by the Company for hedging jet fuel, and any changes to the Company's fuel hedging strategies and positions, on the Company's business plans and results of operations; (vii) the Company's ability to timely and effectively prioritize its initiatives and related expenditures; (viii) the impact of labor matters on the Company's costs and related business decisions, plans, strategies, and projections; and (ix) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 20-F

Notice Regarding Third Party Content

This presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as S&P Global Ratings. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

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Brazil's best-in-class airline

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Proven Flexibility in Capacity Management; Experienced Management

Less Leveraged than Competitors; Unencumbered Assets

GOL and Smiles are Top of Mind - Valuable Brands and Loyalty

1Q22 Delivered the lowest CASK and highest Y-o-Y Increase on Yields

Capacity Discipline and Liquidity Management

737 MAX Fleet to Increase Productivity

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Competitive CASK

(In U$ cents)				8.0
			6.2			6.5
			5.7	3.4		5.8
	5.5
	4.9
		1.8			3.5
	2.0			2.3		3.1
	1.6
			4.4		4.3
	3.5	3.4	3.5
			3.0	2.7
					0.3
	2019	2020	2021	1Q22	2Q22E	3Q22E	4Q22E
Operating	113	71	73	101	98	111	116
Fleet
			CASK Fuel	CASK Ex-Fuel	Non-Recurring

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Economic Equilibrium

Cash Flow Management (R$mm)

Equity

Smiles acquisition (including R$0.3 dividends)

						6,249
						5,827	5,316
6,241
				1,382	1,626	422	1,069
			1,163
						-6,384
	3,043	1,137						3,036			3,270
									1,395	531
Liquidity 4Q19	Cash 4Q19	Operating	Working	Aircraft Sales	Capex	New Funds	Amort.	Aircraft Leases	Interest	Cash 1Q22	Liquidity 1Q22
		Results	Capital						& Others

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