GOL Consolidates Low-Cost Positioning

São Paulo, March 23, 2011 – GOL Linhas Aéreas Inteligentes S.A. (BM&FBovespa: GOLL4 and NYSE: GOL) (S&P/Fitch: BB-/BB-, Moody`s: Ba3), the largest low-cost and low-fare airline in Latin America, will begin a new phase of reducing its operating costs through administrative and operational synergy gains as of the second quarter.

The Company has concluded negotiations for the early return of two of the six B767s it retained up to March 2011, thereby reducing operating expenses by around R$20 million per year as of the second half. These aircraft are being used until the end of March 2011 for long-haul charter flights.

Also, following the completion of a series of projects begun in 2010 to improve operations, GOL has finished analyzing redundancies in relation to certain processes, which will reduce annual operating expenses by approximately R$45 million. These projects are designed to strengthen the Company’s low-cost, low-fare strategy.
As a result, GOL will underline its commitment to the industry, while focusing on profitability and high-quality operations, becoming the most profitable airline in Brazil for yet another year, with an exceptionally strong balance sheet.