GOL Monthly Investor Update: Capacity, Cash Generation and Liquidity

São Paulo, December 7, 2020 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest airline, today provides its Investor Update for the month of November of 2020. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.

Since the last monthly update on November 18, 2020, GOL increased its capacity to an average of 369 flights per day, a 2% increase from an average of 363 daily flights in October. On peak days, the Company operated 450 daily flights in November to service the increase in demand for air travel. GOL's consolidated gross sales for the month were R$886 million and the average load factor was 84.5%, notably higher than the previous months.

During GOL's Black Friday campaign in November, more than half a million tickets were sold. These advanced sales work in tandem with GOL's network capacity management to plan for demand in a sustainable and cost-effective way, while increasing operating profitability and cash flow generation at superior levels to its peers. Furthermore, these sales are a favorable indicator of consumer behavior with respect to domestic air travel.

"The good results in November, stimulated by strong Black Friday sales, adds to our confidence that we will see continued demand for travel during Brazil's summer season. We planned our flight network to ensure capacity is adequately matched with market demand," said Paulo Kakinoff, CEO. "GOL has continuously proved itself to be a leader in the aviation industry when it comes to flexibility and speed of adaptability in face of the adversities deriving from this pandemic."

The Company ended November 2020 with a total fleet of 127 B737s. With 94 aircraft operating in its network, daily flight operations increased 2% over October 2020 and were equivalent to 51% of the same period last year. During the month, GOL increased frequencies in its hubs at Congonhas, Santos Dumont and Salvador. The current network represents even higher levels of connectivity compared to the beginning of the year, with more destinations and faster connections. As a result, GOL is positioned for growth in both major and regional markets.

After approximately 20 months of tests and investigations, the FAA authorized airlines to resume Boeing 737 MAX flights in the USA, and on November 25, ANAC approved the return of the aircraft operation in Brazil. GOL estimates that its seven MAX-8 will return to operation in its fleet by the end of 2020.

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