GOL: Notice to the Market regarding Venezuelan currency

São Paulo, April 28, 2014 – A 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, in light of information included in its annual report on Form 20-F, as filed with the Securities and Exchange Comission – SEC today, hereby informs that the Venezuelan government announced new levels of exchange rates applicable to certain industries, including the airline industry, to be effective in 2014. The exchange rate for foreign airlines ceased to be the CADIVI (Comisión de Administración de Divisas) exchange rate, which was VEF 6.30 per US$ 1.00 as of February 13, 2013, and is now set at weekly auctions known as SICAD (Sistema Complementario de Administración de Divisas), at VEF 10.70 per US$ 1.00 as of March 31, 2014. Although the Venezuelan government has assured the general public that such exchange rates will not apply to cash held in Venezuela prior to the resolution setting forth the new exchange rate levels, we cannot anticipate whether we will be able to timely transfer, in an economically viable manner, cash currently held in Venezuela. As of March 31, 2014, we had R$350.3 million in cash held in Venezuela. In light of the devaluation of the Venezuelan currency since December 31, 2013, we will record, as of March 31, 2014, a R$75.9 million impairment in connection with these funds, which will affect the financial result, with no impact on the operating result. Notwithstanding this uncertain scenario in Venezuela, we intend to repatriate the remaining balance.