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GOL Reports Net Revenues of R$863mm and EPS of R$0.92 for 1Q06
Brazil’s Low-cost, Low-fare Airline Reports Record Quarterly Net Income of R$180mm
62% increase in Earnings per ADS; 21% Net Margin

São Paulo, April 24, 2006 – GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), Brazil’s low-cost, low-fare airline, today announced financial results for the first quarter of 2006 (1Q06). The following financial and operating information, unless otherwise indicated, is presented pursuant to US GAAP and in Brazilian reais (R$), and comparisons refer to the first quarter of 2005 (1Q05). Additionally, financial statements in BR GAAP are made available at the end of this release.

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GOL’s performance in the first quarter of 2006 once again demonstrated the Company’s ability to significantly increase capacity while reducing costs and maintaining high profitability and high quality service, even during periods of extremely high fuel prices. “GOL remains committed to its virtuous cycle of maintaining low costs, allowing us to offer the lowest fares and achieve the highest load factors in the Brazilian market, thereby driving industry-leading profitability,” commented Constantino de Oliveira Junior, GOL’s CEO. Mr. Oliveira added, “Through the addition of aircraft and flight frequencies during the quarter, GOL significantly increased its domestic market share and further consolidated its position as the second-largest domestic airline in Brazil.”

GOL’s EPS in the first quarter of 2006 was above average market estimates and demonstrated the benefits of increased scale, high productivity, and strict cost control. GOL continued to show the highest load factors in the Brazilian market, and one of the highest aircraft utilization rates in the world, while maintaining market cost leadership. During the quarter, GOL’s load factor decreased 2.8 percentage

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points to 70.6%; aircraft utilization was at 14 block hours per day (increasing 3% over 1Q05), while operating costs per ASK decreased 10.1%, excluding fuel.

While fuel costs per available seat kilometer (ASK) increased 7.9% year-over-year, GOL’s operating cost per seat kilometer (CASK) decreased by 3.7% to 14.73 cents (R$). Cost reductions were driven by increased scale, productivity and stage length; reductions in sales, marketing and aircraft leasing expenses; and a 17.6% appreciation of the Brazilian Real against the US dollar. The 10% increase in employees over 4Q05, related to planned capacity expansion, was balanced by higher overall productivity.

Demand for GOL’s passenger air transportation services grew at high rates during the quarter, with passengers transported increasing 33% over 1Q05. The 10.1% reduction in non-fuel CASK, partially offset by the 7.9% increase in fuel CASK (fuel CASK represented 40% of total CASK), resulted in an operating income increase of 26.3% in the year-over-year comparison. Fuel-neutral operating income was R$245.5mm in 1Q06, representing an EBIT margin of 28.4% . The Company has hedged approximately 55% of its fuel price exposure, 65% of its U.S. dollar exposure for 2Q06, and 22% of its fuel exposure for 3Q06-4Q06. “Our absolute market cost leadership, represented by a stage-length adjusted CASK over 25% lower than our closest competitor, is key to our virtuous cycle, and allows us to provide the lowest fares and the best customer value proposition in the market,” commented Richard Lark, GOL’s CFO.

In terms of future perspectives, besides maintaining high levels of productivity and profitability, short-term growth will be driven by the addition of new aircraft, new destinations and new frequencies. The addition of four Boeing 737 aircraft to the fleet in the second quarter of 2006 will increase seat capacity by approximately 45% year-over-year.

GOL remains committed to its strategy of profitable expansion through a low cost structure and high quality customer service. “We are very proud that more than 40 million passengers have chosen to fly GOL, and we continue to make every effort to offer them the best in air travel: new planes, frequent flights in the main markets, an ever-expanding integrated route system and lower prices; all of which is delivered by our dedicated team of employees who are key to our success," stated Mr. Oliveira. “By remaining focused on our business model, while continuing to grow, be innovative and provide the lowest fares, we will continue to create value for our customers, employees and shareholders.”

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Net operating revenues, principally revenues from passenger transportation, increased 46.5% to R$863.0mm, primarily due to higher revenue passenger kilometers (RPK), offset by a lower yield. RPK growth was driven by a 40.7% increase in departures and a 15.0% increase in stage length, partially offset by a decrease in load factor from 73.4% to 70.6% . RPKs grew 55.1% to 3,066mm, and revenue passengers grew 33.0% to 3.7mm.

Average fares increased 10.1% from R$212 to R$233. Yields declined 5.3% to 27.07 cents (R$) per passenger kilometer, principally due to a 15.0% increase in average stage length.

Complementing net operating revenues, cargo transportation activities primarily contributed to the expansion of other operating revenues, which increased from R$24.0mm to R$33.2mm.

The 61.1% year-over-year capacity expansion, represented by ASKs, facilitated the addition of 55 new daily flight frequencies (including 16 night flights) and four new destinations in 1Q06. The addition of three average operating aircraft during the quarter (from 40 to 43 aircraft) drove the ASK increase.

Operating revenue per available seat kilometer (RASK) decreased 9.1% to R$19.88 cents in 1Q06, from R$21.87 cents in 1Q05.

The growth in RPKs resulted in a higher domestic market share for GOL, reaching 30% in the end of 1Q06, compared to 26% in the end of 1Q05. Through its regular international flights to Buenos Aires, (Argentina) and Santa Cruz de la Sierra (Bolivia) and the addition of new regular flights to Cordoba and Rosario (Argentina), Montevideo (Uruguay) and Asuncion (Paraguay), GOL achieved an international market share of 5% (share of Brazilian airline RPK) in the same period. Approximately 9% of GOL’s total RPKs were related to international passenger traffic.

Operating expenses per ASK decreased by 10.1%, excluding fuel, in the quarter. Total CASK decreased 3.7%, to 14.73 cents (R$), due to higher productivity, a longer average stage length, and a greater dilution of fixed costs over a higher number of ASKs, offset by increases in aircraft fuel expenses per ASK. Total operating expenses increased 55.2%, reaching R$639.2mm, due to high fuel prices and the expansion of our operations (fleet and employee expansion, a higher volume of landing fees and marketing activities). Fuel price increases during 1Q06 accounted for 20% of the R$108.1mm increase in fuel expenses. Breakeven load factor increased 1.0 percentage point to 52.3% versus 51.3% in 1Q05.

Results from GOL’s operating expense (jet fuel and USD-related) hedging programs are accounted for in accordance with SFAS 133 (Statement of Financial Accounting Standards No 133), “Accounting for Derivatives and Hedging Activities.”

The breakdown of our costs and operational expenses for 1Q06, 1Q05 and 4Q05 is as follows:

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Salaries, wages and benefits expenses per available seat kilometer (ASK) decreased 7.4% to 1.88 cents, mainly due to increased productivity, partially offset by a 66.1% increase - from 3,607 to 5,991 - in the number of full-time equivalent employees related to capacity expansion and by an increase of R$1.5mm in provisions for our employee profit sharing program (R$6.0mm in 1Q06, versus R$4.5mm in 1Q05).

Aircraft fuel expenses per ASK increased 7.9% over 1Q05 to 5.86 cents (R$), due to higher fuel prices per liter. The 9% increase in average fuel cost per liter over 1Q05 was primarily due to the 27% increase in the international price for crude oil (WTI) (and a 28% increase in Gulf Coast jet fuel prices), partially offset by the 17.6% Brazilian Real appreciation against the U.S. dollar. The Company has hedged approximately 55% of its fuel requirements for 2Q06 at an average price of US$60 per barrel and 22% for 3Q-4Q06 at an average price of US$61 per barrel.

Aircraft rent per ASK decreased 20.7% to 1.53 cents (R$) in 1Q06, primarily due to a high aircraft utilization rate (14 block hours per day, resulting in a 4.1% increase in ASKs/aircraft versus 1Q05), and a 17.6% appreciation of the Brazilian Real during the same period.

Sales and marketing expenses per ASK decreased 14.6% to 2.29 cents (R$) primarily due to reductions in incentives, an increase in ticket sales on GOL’s website and higher aircraft utilization rates. GOL booked a majority of its ticket sales through a combination of its website (85% during 1Q06) and its call center (9% during 1Q06). Marketing expenses totaled R$14mm during 1Q06, mainly due to institutional advertising campaigns and the launch of four new destinations (Cordoba, Rosario, Montevideo and Asuncion).

Landing fees per ASK increased 2.8% to 0.73 cents (R$), due to an increase in international flight frequencies, partially offset by increased average stage length and by a higher aircraft utilization rate (4.1% increase in ASKs/aircraft).

Aircraft and traffic servicing expenses per ASK increased 6.1% to 0.70 cents (R$), as a result of increased average stage length and an increase in consulting and technology services.

Maintenance, materials and repairs per ASK increased 17.6% to 0.60 cents (R$), primarily due to a 17.6% appreciation of the Brazilian Real against the U.S. dollar. Main expenses during the quarter were related to the maintenance of four engines, in the amount of R$11.1mm, the use of spare parts inventory and repair of rotable materials, in the amount of R$8.0mm.

Depreciation per ASK increased 16.0% to 0.29 cents (R$), due to higher volume of fixed assets, particularly spare parts inventory, and the increase of technology equipment, due to our expansion of operations.

Other operating expenses per ASK were 0.85 cents (R$), a 22.7% decrease when compared to the same period of the previous year, due to a decrease in insurance expenses, interrupted flights expenses, lodging of flight crews and direct passenger expenses. Insurance expenses, at 0.15 cents (R$) per ASK (R$6.4mm total) decreased 31.8%, due to a reduction in average premium rates, a 17.6% appreciation of the Brazilian Real against the U.S. dollar, and a higher aircraft utilization rate (4.1% increase in ASKs/aircraft).

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The impact of a 1.99 cent (R$) RASK decrease, partially compensated by a CASK decrease of 0.57 cents (R$), resulted in a reduction of EBITDA per available seat kilometer to 5.44 cents (R$) in 1Q06. Compared to 4Q05, EBITDA per ASK increased 12.2% . 1Q06 EBITDA was affected by the 9.1% decrease in RASK, and totaled R$236.3mm in the period compared to R$184.0mm in 1Q05 (a 28.4% increase) and R$187.3mm in 4Q05 (a 26.2% increase).

Aircraft rent represents a significant operating expense for GOL. As GOL leases all of its aircraft, we believe that EBITDAR, equivalent to EBITDA before aircraft rent expenses (which are USD-denominated) is an important measure of relative operating performance. On a per available seat kilometer basis, EBITDAR was 6.97 cents (R$) in 1Q06, compared to 8.75 cents (R$) in 1Q05. EBITDAR amounted to R$302.8mm in 1Q06, compared to R$235.9mm in the same period last year and R$251.8mm in 4Q05.

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Financial expenses increased R$3.5mm due to a negative variation on dollar-denominated deposits (a non-cash effect). Financial income increased R$4.7mm, primarily due to an R$157.1mm increase in cash, cash equivalents and short term investments.

Net income in 1Q06 was R$179.8mm, representing a 20.8% net income margin, vs. R$131.1mm of net income in 1Q05.

Net earnings per share, basic, was R$0.92 in 1Q06 compared to R$0.70 in 1Q05. Basic weighted average shares outstanding were 195,972,633 in 1Q06 and 187,543,243 in 1Q05. Net earnings per share, diluted, was R$0.92 in 1Q06 compared to R$0.70 in 1Q05. Fully-diluted weighted average shares outstanding were 196,076,887 in 1Q06 and 188,387,872 in 1Q05.

Net earnings per ADS, basic, was US$0.42 in 1Q06 compared to US$0.26 in 1Q05. Basic weighted average ADS outstanding were 195,972,633 in 1Q06 and 187,543,243 in 1Q05. Net earnings per ADS, diluted, was US$0.42 in 1Q06 compared to US$0.26 in 1Q05. Fully-diluted weighted average ADS outstanding were 196,076,887 in 1Q06 and 188,387,872 in 1Q05.

Based on GOL’s quarterly dividend policy for fiscal 2006, Management recommended payment to common and preferred shareholders of 25% of the quarter’s net distributable income determined in accordance with Brazilian corporation law (BR GAAP). The total payout approved for 1Q06 is R$43.5mm (R$38.2mm net of withholding tax – consisting of R$30.1mm paid as interest on shareholders’ equity, to shareholders of record on March 21, 2006, and R$8.1mm paid in dividends, to shareholders of record on May 8, 2006) equivalent to R$0.1947 per share and US$0.0897 per ADS.

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Cash, cash equivalents and short-term investments increased R$43.8mm during 1Q06. Cash from operating activities was R$93.8mm, mainly due to increased earnings from operations (R$179.8mm) and partially offset by a decrease in air traffic liability (R$32.3mm), an increase in deposits for aircraft and engine maintenance (R$22.7mm) and an increase in accounts receivable (R$15.0mm) . The amount deposited for future maintenance was US$188mm at March 31, 2006.

Cash used in investing activities was R$109.1mm, consisting primarily of advances for aircraft acquisition (R$62.9mm) and acquisition of property and equipment (R$40.0mm) .

Cash provided by financing activities during 1Q06 was R$59.1mm, mainly due to an increase in short term borrowings (R$50.4mm) .

GOL’s liquidity remained solid during 1Q06. The net cash position at March 31, 2006 was R$912.8mm, an increase of R$43.8mm vs. 4Q05. The Company’s total liquidity was R$1,491mm (cash, short-term investments and accounts receivable) at the end of 1Q06. On March 31, 2006, the Company had eleven revolving lines of credit secured by receivables and promissory notes, which allowed for borrowings of up to R$403mm. On March 31, 2006, the outstanding amount under these lines of credit was R$104.5mm.

Currently, GOL leases all of its aircraft, as well as airport terminal space, other airport facilities, office space and other equipment. On March 31, 2006, the Company leased 45 aircraft under operating leases, with initial lease term expiration dates ranging from 2006 to 2012.

Future minimum lease payments under non-cancelable operating leases are denominated in US dollars. Such leases with initial or remaining terms at March 31, 2006, were as follows:

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As of March 31, 2006, the Company had 67 firm orders and 34 options to purchase new Boeing 737-800 Next Generation aircraft. The firm orders had an approximate value of US$4.7 billion (based on aircraft list price) and are scheduled to be delivered between 2006 and 2012. As of March 31, 2006, GOL has made deposits in the amount of US$193.4mm related to the orders described below:

GOL’s expected fleet growth from 2006 to 2011 is as follows (includes firm orders only):

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GOL will continue to invest in its successful low-cost, low-fare business model. We will continue to evaluate opportunities to expand our operations by adding new flights in Brazil, where sufficient market demand exists, and expanding into other high-traffic centers across South America. We expect to benefit from economies of scale and reduce our average non-fuel cost per available seat kilometer (CASK) as we add additional aircraft to a well-established and highly-efficient operating infrastructure. We anticipate a solid second quarter, thanks to the dedicated effort of our employees to improve productivity throughout the Company.

The scheduled addition of four new aircraft to our fleet in the second quarter of 2006 should allow a 45% increase in available seat capacity over the same period of 2005. For the second quarter we expect a load factor in the range of 71-73%, with yields in the range of R$25-27 cents. We expect a stable foreign exchange rate environment for the near term, supported by good economic fundamentals in the Brazilian economy. We expect that high oil prices will continue to impact our fuel costs, but will be partially mitigated by our hedging program. For the second quarter, we expect non-fuel CASK to be in the range of R$9-10 cents.

Guidance for 2006 is based on GOL’s planned capacity expansion and the expected high demand for our passenger transportation services, driven by strong Brazilian economic fundamentals and GOL’s demand-stimulating low fares. Our projections are for a 2006 full-year EPS in the range of R$3.90 to R$4.30, representing annual earnings growth of over 50%. We plan to continue to popularize air travel in South America through expansion, technological innovation, improved operating efficiency, strict cost management, the lowest prices and high quality passenger service.

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Revenue passengers represents the total number of paying passengers flown on all flight segments.

Revenue passenger kilometers (RPK) represents the numbers of kilometers flown by revenue passengers.

Available seat kilometers (ASK) represents the aircraft seating capacity multiplied by the number of kilometers the seats are flown.

Load factor represents the percentage of aircraft seating capacity that is actually utilized (calculated by dividing RPK by ASK).

Breakeven load factor is the passenger load factor that will result in passenger revenues being equal to operating expenses.

Aircraft utilization represents the average number of block hours operated per day per aircraft for the total aircraft fleet.

Block hours refers to the elapsed time between an aircraft leaving an airport gate and arriving at an airport gate.

Yield per passenger kilometer represents the average amount one passenger pays to fly one kilometer.

Passenger revenue per available seat kilometer represents passenger revenue divided by available seat kilometers.

Operating revenue per available seat kilometer (RASK) represents operating revenues divided by available seat kilometers.

Average stage length represents the average number of kilometers flown per flight.

Operating expense per available seat kilometer (CASK) represents operating expenses divided by available seat kilometers.

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About GOL Linhas Aéreas Inteligentes
GOL Linhas Aéreas Inteligentes, a “low-cost, low-fare” airline, is one of the most profitable and fastest growing airlines in the industry worldwide. GOL operates a simplified fleet with a single class of service. It also has one of the youngest and most modern fleets in the industry that results in low maintenance, fuel and training costs, with high aircraft utilization and efficiency ratios. In addition, safe and reliable services, which stimulate GOL’s brand recognition and customer satisfaction, allow GOL to have the best value proposition in the market. GOL currently offers over 470 daily flights to 49 major business and travel destinations in Brazil, Argentina, Bolivia, Paraguay and Uruguay, with substantial expansion opportunities. GOL growth plans include increasing frequencies in existing markets and adding service to additional markets in both Brazil and other high-traffic South American travel destinations. GOL shares are listed on the NYSE and the Bovespa. For more information, flight times and fares, please access our site at www.voegol.com.br or call 0300-789-2121 in Brazil, 0810-266-3131 in Argentina, 800-1001 21 in Bolivia, or 55 11 2125-3200 from overseas. GOL: here everyone can fly!

CONTACT: GOL Linhas Aéreas Inteligentes S.A.
Investor Relations:
Ph: (5511) 5033 4393
e-mail: ri@golnaweb.com.br
site: www.voegol.com.br/ir

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL’s filed disclosure documents and are, therefore, subject to change without prior notice.

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.