GOL announces 4th issuance of VRG Linhas Aéreas Debentures

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, announces the initial distribution of the 4th Issue of Simple, Non-Convertible Debentures of VRG Linhas Aéreas S.A. (“VRG”), with restricted placement efforts, pursuanrt to CVM Instruction 476/2009, to raise R$600 million.

“This operation is in line with GOL’s objective of continuing to extend the profile of its debt and deleverage its balance sheet in a consistent manner,” declared Leonardo Pereira, GOL’s vice-president and CFO. The proceeds will be used to prepay the remaining R$378 million balance from VRG Linhas Aéreas S.A.’s 3rd Debenture Issue of May 2009. The remainder will be used to finance working capital and pay suppliers. The debentures will yield 118.00% of the CDI interbank rate. The principal will be amortized in September 2015 with interest payments every six months.

Primary Coordinator: BB Banco de Investimento S.A.

Coordinator: Bradesco BBI

Operation Trustee: Planner Trustee DTVM Ltda