GOL announces readjustment of the transfer price of airline tickets and miles for its Loyalty Program

São Paulo, December 20, 2019 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's largest domestic airline, informs its shareholders and the market in general that the readjustment of transfer prices of airline tickets and miles under its loyalty program was calculated as provided in the Miles and Airline Ticket Purchase Agreement ("Agreement"), dated December 28, 2012, among (i) GOL Linhas Aéreas Inteligentes S.A. ("GLAI"), controlling shareholder of Smiles Fidelidade S.A. ("Smiles") and GOL Linhas Aéreas S.A. ("GLA"), (ii) GLA, as provider and client of, and party controlled by, GLAI, and (iii) Smiles, as party controlled by GLAI. The readjustment of transfer prices will be as follows: (i) the price of standard airline tickets sold by GLA to Smiles will increase by 41% and (ii) the price of miles sold to GLA by Smiles will increase by 2.7%. Smiles' Board of Directors unanimously approved these readjustments, which will come into effect as of January 1, 2020.