São Paulo, May 10, 2017 – GOL Linhas Aéreas Inteligentes S.A. (“GOL”), (NYSE: GOL and B3: GOLL4), Brazil’s #1 airline, announces today its consolidated results for the first quarter (1Q17). All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reals (R$), and all comparisons are with the first quarter of 2016 unless otherwise stated.

Operating and Financial Highlights

Net income after minority interest for the quarter was R$160.4 million (US$51.3 million), representing a 6.1% net margin. Earnings per share (EPS) after minority interest were R$0.46 and earnings per ADS after minority interest were US$0.007. Gross Revenue in 1Q17 was R$2.8 billion.

Operating result (EBIT) in 1Q17 was R$253.2 million, representing an EBIT margin of 9.6%. Adjusted operating result excluding non-recurring expenses was R$345.4 million, representing a margin of 13.1%.

Net cash flow in 1Q17 was negative R$175.1 million. Cash, cash equivalents, short-term investments and accounts receivable totaled R$1,517.2 million.

Excluding non-recurring expenses in 1Q17, total adjusted CASK was 19.14 cents (R$). Total adjusted CASK in the quarter decreased 5.6% when compared to the adjusted CASK in 1Q16. In 1Q17, total CASK increased by 7.4%, to 19.91 cents (R$), and total operating expenses increased by 5.3%, to R$2,392.8 million. Total cost in 1Q16 was lower due to gains on sale-leaseback operations in that quarter. | Adjusted CASK ex-fuel, excluding non-operating expenses, decreased 7.6% to 13.02 cents (R$). CASK ex-fuel increased 11.6%, achieving 13.79 cents (R$).

RPKs increased 0.7% from 9,497 million in 1Q16 to 9,561 million in 1Q17.

ASKs decreased by 2% from 12,262 million in 1Q16 to 12,019 million in 1Q17. Average load factor increased 2.1 percentage points to 79.6% and average passenger yields decreased 6.5% to 24.02 cents (R$), resulting in RASK of 22.01 cents (R$), a 0.5% reduction versus 1Q16. Average fares were R$279.7, a 2.6% increase in comparison with the average fares in the 1Q16 (R$272.5).

Net revenues reached R$2.6 billion, representing a reduction of 2.5%. Revenue per aircraft was R$23.1 million (US$7.3 million). Ancillary and cargo revenues increased by 27% quarter over quarter to R$349.2 million, which represents 13.2% of net revenues and an increase of 3.1 percentage points over 1Q16.

GOL transported a total of 8.2 million passengers in 1Q17, an 8.3% decrease over 1Q16. GOL’s market share of the domestic and international regular air transportation at the end of 1Q17 was 35.0% and 11.7%. Such shares were 32.6% and 13.5% at the end of 1Q16.

On-time departures and flight completion were, respectively, 94.6% and 98.8% (ANAC data) during 1Q17. Passenger complaints and lost baggage per 1,000 passengers achieved 1.43 and 2.17, respectively.

Total adjusted net debt, excluding aircraft in return and the perpetual notes, reduced by R$918 million during 1T17 to R$10.8 billion. The ratio of net adjusted debt to annualized EBITDAR, proforma for aircraft in return, was 4.6x at March 31, 2017.

GOL’s ADRs had an average daily trading volume of US$4.5 million during 1Q17, as compared to US$1.4 million in 1Q16. GOL’s preferred shares (PN) had an average daily trading volume of R$27.7 million during 1Q17, as compared to R$10.3 million in 1Q16.

Management’s Comments on Results

As previously guided, GOL’s load factors in the Brazilian summer remained high. The Company responded to the weaker environment by continuing to improve customer experience and cutting costs.

In the first quarter of 2017 GOL improved its high service quality and achieved net revenues of R$2.6 billion and continued to rationalize operations. While reducing the number of seats available for sale by 13%, 1Q17 net revenues were reduced by 2.5%, a result made possible due the rationalization of capacity and optimization of aircraft utilization.

“GOL further consolidated its position as Brazil’s #1 airline. The dedication and teamwork of GOL’s employees contributed to improved operating results in the first quarter,” commented GOL’s CEO Paulo Kakinoff. GOL is proud of its status as Brazil’s lowest cost carrier for the 16th consecutive year based on its standardized single fleet generating smaller crew costs, smart spare parts management and best-in-class maintenance, and on lean and productive operations with low exposure to fixed costs. The Company’s order for new B-737 MAX 8s and investments in technology will strengthen its cost leadership.

The Company strives to provide the best overall flying experience to its passengers. According to ANAC, in March 2017, GOL remained the most on-time Brazilian airline with a 96.8% rate of flights taking off on schedule, or more than 21,000 flights.

The Company’s 1Q17 recurring operating profit (EBIT) registered R$345.4 million with an operating margin of 13.1%. In 1Q17, GOL increased aircraft utilization rates while maintaining market cost leadership. Passengers transported in 1Q17 decreased 8.3% over 1Q16. GOL’s load factor increased 2 percentage points to 79.6% due to the maturity of the new network launched in May 2016 that achieved a 13.2% reduction in seats availability in the period. Aircraft utilization was at 10.5 flight hours per day (16.7% increase over 1Q16). Operating costs per ASK, excluding fuel and non-recurring expenses, decreased approximately 7.6% to 13.02 cents (R$). Fuel costs per available seat kilometer (ASK) decreased 0.8% to 6.12 cents (R$). Cost reductions per ASK were driven by lower aircraft rent expenses due to fleet restructuring. “Our absolute market cost leadership is key to our value proposition and allowed us to provide the best fares and service in the market, even during a challenging industry environment,” added Richard Lark, GOL’s CFO.

In terms of future perspectives, besides maintain high levels of productivity and profitability, short-term results will be driven by the maintenance of capacity discipline. GOL remains committed to its strategy of profitable growth based on a low cost structure and high quality customer service. “We are proud that almost 400 million passengers have chosen to fly GOL, and we continue to make every effort to offer our customers the best experience in air travel: new and modern aircraft, frequent flights in major markets, an integrated route system and low fares. All of which is made possible by our dedicated team of employees who are the key to our success,” stated Kakinoff. “By remaining focused on our low-cost business model, while continuing to grow, innovate and provide low fares, we will create value for our customers, employees and shareholders.”