5 GOL LINHAS AÉREAS INTELIGENTES S.A.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of Brazilian Reais, except amounts per share)

The accompanying notes are an integral part of these condensed consolidated financial statements. Note

s Three-month period ended September 30, Nine-month period ended September 30,

2009 2008 2009 2008

Operating revenues

Passenger 1,268,513 1,610,313 3,901,400 4,449,736 Cargo and other 228,144 177,958 506,333 407,824 Total operating revenues 1,496,657 1,788,271 4,407,733 4,857,560

Expenditures on operation

Salaries 5 (278,015) (246,558) (801,165) (734,898)

Aircraft fuel (485,372) (748,504) (1,361,232) (2,146,278)

Aircraft rent (152,345) (124,300) (506,239) (436,074)

Aircraft insurance (13,299) (11,030) (44,513) (32,037) Sales and marketing (101,824) (193,884) (270,472) (456,469) Landing fees (77,596) (86,095) (238,024) (266,507) Aircraft and traffic servicing (100,669) (90,789) (278,399) (317,716) Maintenance materials and repairs (69,508) (90,267) (268,918) (233,003) Depreciation and amortization (47,245) (25,879) (116,407) (91,494) Other operating expenses (71,697) (67,409) (228,237) (285,595) Total expenditures on operation (1,397,570) (1,684,715) (4,113,606) (5,000,071)

Income (loss) before finance income and expenses 99,087 103,556 294,127 (142,511)

Income and finance costs Interest expense (75,747) (60,584) (213,416) (178,732) Capitalized interest 2,674 6,850 5,198 21,094

Exchange variation gain (loss) 163,520 (482,349) 697,992 (255,587)

Interest income 22,058 28,061 157,396 79,607 Other expense, net (54,016) (48,238) (231,608) (70,992)

Total income and finance cost 58,489 (556,260) 415,562 (404,610)

Income (loss) before income taxes 157,576 (452,704) 709,689 (547,121)

Income taxes 6 (79,691) (58,029) (216,681) (150,651)

Net income (loss) for the period 77,885 (510,733) 493,008 (697,772)

Basic and diluted earnings (loss) per

share 14 0.34 (2.54) 2.27 (3.47)6 GOL LINHAS AÉREAS INTELIGENTES S.A.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands of Brazilian Reais)

Notes Three-month period ended September 30, Nine-month period ended September 30,

2009 2008 2009 2008

Income (loss) for the period 77,885 (510,733) 493,008 (697,772)

Other comprehensive income (loss)

Available for sale financial assets 18a 10,695
- 5,624 10,190
Cash flow hedges 17 (3,600) (50,624) 17,659 (33,288)

Income tax (2,412) 17,212 (7,916) 7,853

4,683 (33,412) 15,367 (15,245)

Total comprehensive income (loss) for the period 82,568 (544,145) 508,375 713,017

The accompanying notes are an integral part of these interim condensed consolidated financial statements.7 GOL LINHAS AÉREAS INTELIGENTES S.A.

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2009 (In thousands of Brazilian Reais)

Notes September 30,

2009 December 31,

2008

Assets

Non-current assets Property, plant and equipment 7 3,141,799 2,998,756 Intangible assets 8 1,225,073 1,210,320

Other non-current assets Prepaid expenses 65,917 58,793 Deposits 726,200 507,428

Deferred income tax 6 687,683 729,784

Restricted cash 7,112 6,589

Other non-current assets 18,795 84,987

Total other non-current assets 1,505,707 1,387,581

Total non-current assets 5,872,579 5,596,657

Current assets

Inventories 9 195,156 200,514

Other current assets 53,426 52,386 Prepaid expenses 95,893 123,801 Deposits 181,282 237,914

Recoverable taxes 6 66,420 110,767

Trade and other receivables 10 553,165 344,927

Restricted cash 17 16,678 176,697

Short-term investments 18a 483,806 245,585 Cash and cash equivalents 11 162,341 169,330

Total current assets 1,808,167 1,661,921

Total assets 7,680,746 7,258,578

The accompanying notes are an integral part of these condensed consolidated financial statements.8 GOL LINHAS AÉREAS INTELIGENTES S.A.

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2009 (In thousands of Brazilian Reais)

Notes September 30,

2009 December 31,

2008

Shareholders' equity and liabilities Shareholders' equity

Issued capital 12 1,454,149 1,250,618 Capital reserves 89,556 89,556 Treasury shares (41,180) (41,180) Retained earnings (accumulated losses) 284,518 (227,386)
Total shareholders' equity 1,787,043 1,071,608

Non-current liabilities

Other non-current liabilities 198,135 196,894

Provisions 15 75,885 157,310

Deferred taxes 6 761,839 548,680

Smiles deferred revenue 301,275 262,626 Long-term debt 18b 2,148,654 2,438,881

Total non-current liabilities 3,485,788 3,604,391

Current liabilities

Other current liabilities 124,537 219,885

Smiles deferred revenue 136,631 90,043

Provisions 15 32,966 165,287

Advance ticket sales 20 538,581 572,573 Sales taxes and landing fees 69,753 97,210

Current taxes 26,191 39,605 Salaries, wages and benefits 240,607 146,805 Accounts payable 342,845 283,719

Short-term debt 18b 895,804 967,452

Total current liabilities 2,407,915 2,582,579

Total shareholders' equity and liabilities 7,680,746 7,258,578

The accompanying notes are an integral part of these condensed consolidated financial statements