São Paulo, March 18, 2021 - 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 a 7% reduction in 1Q21 compared to 4Q20. In January 2021, the Company operated approximately 493 daily flights (59% of the same period in 2020). In February 2021, GOL operated approximately 355 flight/day, placing the Company's operations at approximately 48% of the flight schedule in February 2020. In March/21, GOL implemented an even greater reduction and operates approximately 250 flights/day, placing its operations at approximately 40% of March/20. During this current month, GOL is adapting its fleet and will operate 59 aircraft in its network to control capacity and costs during this period of lower demand.

In 1Q21, the Company estimates an average operating fleet of 74 aircraft, which will represent 67% of the average fleet operated in the same quarter of 2019. Revenue for the quarter ended March 2021 is expected to decrease approximately 10% compared to the quarter ended December 2020.

GOL expects to end 1Q21 with R$1.9 billion in liquidity and R$14.3 billion in adjusted net debt. Several important initiatives are relevant to ensure that the Company maintains liquidity at the levels expected for the end of 1Q21.

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


(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.