GOL Records Demand Growth of 19.6% in March

São Paulo, April 11, 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, recorded a 19.6% increase in demand on its route network in March, with a load factor of 70.1%.

Demand
Demand on the domestic market grew by 17.7% over the same period last year, due to the fact that the Carnival holiday fell in the first week of March in 2011 rather than in the opening weeks of February as traditionally occurs (and as we anticipated in February’s traffic release). As a result, domestic leisure traffic was higher in March due to the longer gap between January and Carnival, creating a mini-holiday season during a typical low-season month.
Thanks to this favourable leisure trip scenario and the Company’s dynamic fare management policy, in March Gol offered even more attractive fares in order to maximize aircraft occupancy and, at the same time, attract more members of Brazil’s emerging middle class. In relation to the previous month, there was an increase of 12.3% due to the higher number of operational days between the months (28 days in February and 31 days in March).

International demand climbed by 40.2% over March 2010, mainly for the same reason mentioned above, in addition to: (i) the launch of new international destinations between the two periods (Punta Cana, Barbados and Aeroparque/Argentina); (ii) operations in partnership with travel agencies to sell block seating on flights; and (iii) the 7% appreciation of the Real against the U.S. dollar, favoring the expansion of international tourism. In comparison with the demand increased by 14.9% due to the greater number of operational days between
month before, the months.

Supply
Supply moved up by 9.7% year-on-year, mainly due to: (i) increased productivity (more than 13.2 block hours/day in March 2011 versus around 12.8 in March 2010); (ii) the replacement of B737- 300s with B737-800s; and (iii) the reactivation of B767 aircraft for international charter flights. In comparison with the month before, demand increased by 14.3% due to the greater number of operational days between the months. GOL continued to implement its responsible capacity management strategy, with upturns of 9.7% in supply and 19.6% in demand, once again underlining its commitment to maximizing results through increased productivity.

Load Factor and Yield
GOL’s total load factor came to 70.1% (5.8 p.p. up year-on-year and 1.1 p.p. down in comparison to the month before). Yield in March stood at 19.00 cents (R$), very similar to the overall 1Q11 level.