GOL: In 4Q13, PRASK Grew by 24% Year-over- Year, with a 5.1 p.p. Increment in Load Factor and a 15% Upturn in Yield

GOLL4 and NYSE: GOL), (S&P: B, Fitch: B-, Moody’s: B3), the largest low-cost and low-fare airline in Latin America, hereby announces its preliminary air traffic figures for the month of December, consolidated results for the fourth quarter and full year of 2013.

The 4Q13 result reflects the Company’s strategy of adjusting its supply in a dynamic manner throughout the year. Given demand and high seasonality in the quarter, the Company maintained domestic supply stable in 4Q13 over the same period in 2012. In 2013 as a whole, domestic supply reduction reached 7.4%. The Company demonstrated flexibility and responded rapidly to the opportunity to increase its revenue, reflected in the growth of extra flights and charter flights in December. This strategy is also reflected in the increase in Yield and PRASK, indicators which presented strong evolution on an annual comparison.

PRASK, Yield, Load Factor and Fuel Prices
Net PRASK moved up by 24% year-over-year in 4Q13. In 2013 as a whole, growth reached 18%. In December, GOL recorded a PRASK increase of 26% over the same month in 2012.

Net yield grew by 15% in the quarter. In the year as a whole, the increase reached 18%. In the month, yield moved up by 19% over December/12, to between R$25.9 and R$26.4 cents.

The fourth-quarter load factor climbed by 5.1 percentage points over 4Q12. In the year, the rate remained flat over 2012. Growth in December came to 4.5 percentage points.

In 4Q13, the average jet fuel price* moved up by around 2% over 4Q12. The average fuel price for the full year increased by approximately 4%. In December, the price grew by around 3% year-over-year, due to the depreciation of the Real in the price formation period.

Domestic Market
In 4Q13, domestic supply remained virtually flat over the same quarter last year, while demand moved up by 7.3% and the load factor increased by 4.9 percentage points to 75.6%. In the year as a whole, supply and demand fell by 7.4% and 7.3%, respectively, so that the load factor remained stable. Due to the opportunity for additional revenue observed in December and the increase in ASKs in this month, the reduction in supply was 1.6 percentage points below the projection announced for 2013. In the month, supply moved up by 11.8% over December/12, primarily due to the higher number of charter flights and extra flights to meet additional demand in the period. Demand climbed by 17.0% year-over-year in December, leading to a 3.4 percentage point increase in the load factor, which reached 76.1%.

International Market
In 4Q13, international supply rose by 26.2% over the same period in 2012, while demand climbed by 44.4% and the load factor moved up by 8.6 percentage points to 68.0%. In the year as whole, supply grew by 29.9% over 2012, demand increased by 26.9% and the load factor fell by 1.5 percentage points to 62.7%. In December, international supply increased by 18.8% year-over-year, at a smaller rate than in recent months, given that December/12 already had the flights to Santo Domingo, Miami and Orlando. Demand rose by 49.3% in December and the load factor stood at 69.7%, 14.3 percentage points higher than the same month in 2012.