GOL Foreign Currency Rating Upgraded to B by Fitch

São Paulo, November 13, 2017 - GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, announced today that Fitch Ratings - one of three major corporate credit rating agencies - upgraded GOL's credit rating, as well as that of notes issued by us and by our fully-owned subsidiaries. The foreign and local currency IDRs (Issuer Default Ratings) have been upgraded to B, with stable outlook (from CCC). GOL's unsecured 2022 and 2023 notes, and GOL's perpetual bonds were upgraded to B with stable outlook (from CCC-), and are now rated at the same level as the Company's IDR. The rating of GOL's 2018, 2021 and 2028 secured notes was upgraded to B+ with stable outlook (from CCC+). GOL's national scale rating was upgraded to BBB- (bra) with stable outlook, from CCC(bra). "This ratings upgrade reflects GOL's solid credit and was made possible by the hard work and dedication of all our GOL employees. It is a testament to the results of our successful transformation, which has driven five consecutive quarters of positive operating margin and significantly strengthened our balance sheet," said Richard Lark, Executive Vice President and Chief Financial Officer.