GOL announces approval of sale of the Company’s preferred shares held in treasury

SÃO PAULO, DECEMBER 21, 2012 – GOL Linhas Aéreas Inteligentes S.A. (BM&FBovespa: GOLL4 and NYSE: GOL), (S&P: B, Fitch: B+, Moody’s: B3), the largest low-cost and low-fare airline in Latin America, in compliance with the provisions set forth in CVM Instruction n.° 358/2002, hereby announces to its shareholders and the market that its Board of Directors approved at a meeting held today the sale of the Company’s preferred shares held in treasury, pursuant to the CVM Instruction n.° 10, dated February 14, 1980, as amended, under the conditions below.

The purpose is the sale of preferred shares of the Company held in treasury, given the termination of the Company’s stock repurchase program, approved at the Board of Directors’ Meeting held on August 11, 2011, due to the fact that the circumstances which resulted in the shares being held in treasury no longer prevail. The maximum term for the sale of shares as authorized shall be February 13, 2013, counted as from this date.

The number of shares to be sold is of up to 3,724,225 preferred shares of the Company held in treasury.

The number of outstanding shares of the Company is ninety-eight million, one hundred and twenty-nine thousand, four hundred and thirty-seven (98,129,437) preferred shares, as recorded in the stock deposit account informed by the depositary financial institution on December 20, 2012.

The sales shall be carried out at the BM&FBOVESPA, at market prices, and shall be intermediated by the following financial institution:
 BANCO SANTANDER (BRASIL) S.A., with head office at Av. Presidente Juscelino Kubitschek, 2.041/2.235, Vila Olímpia, São Paulo, SP, CEP 04543-011.