Ratio Change in GOL's ADS to Take Effect on December 13

SAO PAULO, Brazil, Dec. 9 /PRNewswire-FirstCall/ -- GOL Linhas Aereas Inteligentes (NYSE: GOL) (Bovespa: GOLL4), Brazil's low-cost, low-fare airline, today reconfirmed that effective on December 13, 2005, it will change the ratio of its American Depositary Receipt (ADR) program from one American Depositary Share (ADS) representing two preferred shares of the Company to one ADS representing one preferred share of the Company.

As a result of the ratio change, ADS holders of record on December 9, 2005, will automatically receive, on the distribution date, December 12, 2005, one additional ADS for every one ADS held. Existing ADSs will continue to be valid and will not have to be exchanged. This ratio change will not affect holders of the Company's common and/or preferred shares. Commencing on December 13, 2005, GOL's ADSs will be traded at the new ratio.

  Summary of the Ratio Change
    * Record Date: Today, December 9, 2005. The date on which ADS holders
      will be identified in order to receive one additional ADS at the
      Distribution Date for every one ADS held
    * Old ADS Ratio (applied until December 12, 2005): 1 ADS = 2 preferred
      shares
    * Distribution Date: Monday, December 12, 2005. The last date of trading
      at the old ratio and date on which ADS holders will receive (after the
      market closes) one additional ADS for every one ADS held at the Record
      Date.
    * New ADS ratio (applied after December 12, 2005): 1 ADS = 1 preferred
      share
    * Effective Date for Trading: Tuesday, December 13, 2005. The first date
      of trading under new ratio. GOL's ADS price will correspond initially,
      to the closing price of December 12, 2005, divided by 2 (two).

  About GOL Linhas Aereas Inteligentes

GOL Linhas Aereas Inteligentes, a "low-cost, low-fare" airline, is one of the most profitable and fastest growing airlines in the industry worldwide. GOL operates a simplified fleet with a single class of service. It also has one of the youngest and most modern fleets in the industry that results in low maintenance, fuel and training costs, with high aircraft utilization and efficiency ratios.

CONTACT: GOL Linhas Aereas Inteligentes S.A. Ph: (5511) 5033 4393 e-mail: ri@golnaweb.com.br http://www.voegol.com.br/ir