GOL announces segregation of the activities related to the “Smiles” loyalty program

SÃO PAULO, DECEMBER 21, 2012 – GOL Linhas Aéreas Inteligentes S.A. (BM&FBovespa: GOLL4 and NYSE: GOL), (S&P: B, Fitch: B+, Moody`s: B3), the largest low-cost and low-fare airline in Latin America (“Company”), hereby announces the segregation of the activities related to the “Smiles” loyalty program, currently managed by the subsidiary VRG Linhas Aéreas S.A. (“VRG”) and which will henceforth be conducted by Smiles S.A., a recently constituted company controlled by the Company.

As previously announced to the market, the Company is analyzing the possibility of holding an initial public offering (IPO) of Smiles S.A., although there is no estimate or prediction as to when these analyses will be concluded. The Company would like to emphasize that that no decision has been taken regarding this matter and that it may or may not conduct the IPO or an alternative operation in regard to Smiles S.A.The Company announces that the decision to hold an IPO is subject to national and international capital market conditions and prior registration with the Brazilian Securities and Exchange Commission (CVM), as well as the other formalities applicable to this kind of operation.