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GOL announces Monthly Investor Update: Capacity, Cash Consumption and Liquidity

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GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4) ("GOL" or "Company"), Brazil's biggest domestic airline, today provides its Investor Update for the month of June and the second quarter of 2020. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.

Since the last monthly update on June 9, 2020, GOL maintained its liquidity position at over 12 months of cash reserves, as a minimum. The Company increased its capacity to 120 flights a day in June to service a gradual recovery in demand for air travel. In the quarter, GOL's consolidated gross sales were R$658 million and load factor was 77%.

"As passenger demand resumes, our flexible low-cost business model enables us to quickly reopen routes where needed," said Paulo Kakinoff, CEO. "We are confident that we are in a strong position as Brazil's biggest domestic airline to meet this demand and, as a result, that we can increase our market share in the recovery."

In July, Management will continue to assess levels of passenger demand generated in Brazil's principal business and leisure markets, and the Company will maintain a sensible, measured and flexible approach to increasing capacity. Due to the support GOL expects to continue to receive from its stakeholders, it projects to maintain its cash flow equilibrium during the ramp-up period.

Kakinoff concluded: "We are committed to making flying as safe and comfortable as possible under the current circumstances. As air travel resumes, passengers will want to fly with the airlines that they trust the most on Service and Safety. We've always prided ourselves on those two factors at GOL during our almost twenty years of operations. We believe our track record on Customer service is going to count when Brazilians choose who to fly with in the coming months."

This press release was sourced from Gol on 09-Jul-2020.