DEMAND

Domestic load factor climbed 3.4 p.p. year over year. Domestic demand decreased by 5.6% compared to same period last year, chiefly due to the lower growth of the Brazilian economy, in addition to the reduction in supply during the period, as a result of the Company’s flight rationalization strategy. Another highlight was the strategy of maximization of the load factor through a reduction of 10.0% in supply, more significant than the reduction of 5.6% in demand in the Company’s route network.

In the international market, load factor increased by 3.6 p.p. year on year, while demand remained stable in relation to September 2011.

LOAD FACTOR, YIELD AND FUEL

GOL’s total load factor came to 73.1% in September, up 3.4 p.p. on the same month last year.
Consolidated net yield dropped by approximately 4.0% over September 2011* to between 17.5 and 18.0 cents (R$).

Compared to the quarter, net yield remained practically stable, standing between 18.0 and 18.5 cents (R$).

For the seventh consecutive month, the Company posted an increase in its net passenger revenue per available seat- kilometer (PRASK), due to the rationalization regarding supply in the domestic market as from March 2012. Net PRASK increased by approximately 1% over September 2011. Compared to 3Q11, net PRASK increased by approximately 3.5%.

Fuel prices** increased by approximately 25% over September 2011. In 3Q12, the price per liter of fuel stood at the highest level in history, stable when compared to 2Q12, between R$2.27 and R$2.32. In comparison with the same period last year (3Q11), the price per liter of fuel increased by approximately 20%.