GOL: Investor Update

ão Paulo, November 4, 2020 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest domestic airline, provides an Investor Update. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.

GOL's current capacity planning scenario assumes 100% growth in 4Q20 compared to 3Q20. In October 2020, the Company operated approximately 376 daily flights (53% from the same period in 2019), reaching peaks of 500 daily flights, serving 95% of the market. By the end of December 2020, GOL expects to re-establish the domestic market operated in the pre-pandemic period, which represents about 80% of the total capacity in 2019. The Company expects to end December with an average of 94 aircraft operating in the network, representing more than 75% of the operating fleet in the same period last year, maintaining a consistent load factor of approximately 80% in the quarter.

In 4Q20, the Company estimates an average operating fleet of 92 aircraft, which will represent 78% of the average fleet operated in the same quarter last year. Revenue for the quarter ended December 2020 is expected to increase approximately 130% compared to the quarter ended September 2020. Total expenses in 4Q20 are expected to decrease by approximately 16% compared to 4Q19, due to initiatives to reduce costs, lower capacity and fuel consumption.

GOL expects around R$2.4 billion in liquidity and R$13.1 billion in adjusted net debt at quarter end 4Q20. Several important initiatives are relevant to ensure that GOL maintains liquidity at the levels expected for the end of 4Q20.

With the objective of assisting investors and analysts in understanding how GOL is approaching its short-term planning, the Company is also sharing these metrics for the 1Q21:

(1) Sequential; Source: Brazilian Central Bank.
(2) Cash and cash equivalents, restricted cash, accounts receivable, securities and receivables.
(3) Excluding perpetual bonds and exchangeable notes.
(4) Pro-forma, excluding non-operating expenses and depreciation.