Provided by MZ Technologies
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of May, 2009

(Commission File No. 001-32221) ,
 
 
GOL LINHAS AÉREAS INTELIGENTES S.A.
(Exact name of registrant as specified in its charter)
 
GOL INTELLIGENT AIRLINES INC.
(Translation of Registrant's name into English)
 

R. Tamoios, 246
Jd. Aeroporto 
04630-000 São Paulo, São Paulo
Federative Republic of Brazil
(Address of Regristrant's principal executive offices)


Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F ______

Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.

Yes ______ No ___X___

If "Yes" is marked, indicated below the file number assigned to the
registrant in connection with Rule 12g3-2(b):

Interim Condensed Consolidated
Financial Statements

GOL Linhas Aéreas Inteligentes S.A.

March 31, 2009

GOL LINHAS AÉREAS INTELIGENTES S.A.

Quarterly Information

March 31, 2009

Contents

Special review report of independent auditors    1 
 
Quarterly Information - ITR     
 
Balance sheets  3 
Statements of income  5 
Statements of changes in shareholders’ equity  6 
Statements of cash flows  7 
Statements of value added  8 
Notes to quarterly information - ITR  9 

Table of Contents

A free translation from Portuguese into English of Review Report of Independent Auditors on Quarterly Information prepared in accordance with the accounting practices adopted in Brazil and with specific standards established by the Brazilian Institute of Independent Auditors (IBRACON), in conjunction with the National Association of State Boards of Accountancy (CFC)
 

Special review report of independent auditors

The Board of Directors and Shareholders
Gol Linhas Aéreas Inteligentes S.A.
São Paulo – SP

1) We have reviewed the accounting information contained in the Quarterly Information (ITR), individual and consolidated, of Gol Linhas Aéreas Inteligentes S.A. for the three-month period ended March 31, 2009, including the balance sheet and the statements of income, cash flows and value added, the performance report and notes to quarterly information. This quarterly information is the responsibility of the Company’s management.

2) We conducted our review in accordance with specific standards set forth by the Brazilian Institute of Independent Auditors (IBRACON), in conjunction with the National Association of State Boards of Accountancy (CFC), and mainly comprised: (a) questioning and discussing with management members responsible for the Company’s accounting, operating and finance areas in relation to the criteria adopted when preparing the Quarterly Information; and (b) reviewing information and subsequent events that had, or may have, significant effects on the Company’s financial position and operations.

3) Based on our reviews, we are not aware of any other material changes that shall be made in accounting information contained in the aforementioned Quarterly Information, so as to comply with accounting practices adopted in Brazil and rules from the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation thereof.

4) As mentioned in Note 2, due to changes in accounting practices adopted in Brazil during 2008, the statements of income, cash flows and value added for the three-month period ended March 31, 2008, presented for comparison purposes, were adjusted and are being restated, as provided for by NPC 12 – Accounting Practices, Changes in Accounting Estimates and Correction of Errors, approved by CVM Rule No. 506/06.

5) Accounting practices adopted in Brazil are, in certain significant respects, different from the International Financial Reporting Standards (IFRS). Information relating to the nature and effect of these differences are stated in Note 2 to the Quarterly Information.

São Paulo, May 13, 2009.

ERNST & YOUNG
Auditores Independentes S.S.
CRC-2SP015199/O-6

Luiz Carlos Passetti
Accountant CRC-1-SP-144343/O-3

1

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Consolidated balance sheets
(In thousands of Brazilian reais)

      Parent Company    Consolidated 
       
  Note    03.31.2009    12.31.2008    03.31.2009    12.31.2008 
           
 
ASSETS                   
     Current assets                   
     Cash and cash equivalents  3    6,401    3,520    186,834    193,947 
     Restricted cash  3    13,576    160,501    13,576    176,697 
     Short-term investments  3    42,658    52,264    194,194    220,967 
     Accounts receivable  4    -    -    326,625    344,927 
     Inventories  5    -    -    187,716    206,365 
     Deferred taxes and carryforward  6    28,838    28,100    60,669    110,767 
     Prepaid expenses      16,106    8,289    109,954    123,797 
     Credits with leasing companies      103,398    104,463    136,775    129,748 
     Other credits      -    -    49,398    49,440 
           
Total current assets      210,977    357,137    1,265,741    1,556,655 
 
Non-current assets                   
     Long-term receivables                   
     Escrow deposits      557    548    222,437    209,637 
     Mainteinance deposits      -    -    396,426    391,989 
     Restricted cash  3    -    -    6,859    6,589 
     Deferred taxes  6    33,641    39,620    632,688    620,485 
     Credits with related companies  7    1,257,133    1,146,224    -    - 
     Other credits      70,604    58,794    81,559    72,762 
           
Total long-term receivables      1,361,935    1,245,186    1,339,969    1,301,462 
 
Permanent assets                   
     Investments  8    748,403    699,923    -    - 
     Property and equipment (including advances for aircraft
     acquisition of R$957,932 on March 31, 2009 and
     R$957,204 on December 31, 2008) 		9    958,265    957,559    2,998,755    2,998,755 
     Intangible assets  10    -    -    1,025,090    1,024,290 
           
Total permanent assets      1,706,668    1,657,482    4,023,845    4,023,045 
           
Total non-current assets      3,068,603    2,902,668    5,363,814    5,324,507 
 
 
           
Total assets      3,279,580    3,259,805    6,629,555    6,881,162 
           

2

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Consolidated balance sheets
(In thousands of Brazilian reais)

        Parent Company    Consolidated 
       
    Note    03.31.2009    12.31.2008    03.31.2009    12.31.2008 
           
 
LIABILITIES AND SHAREHOLDERS’ EQUITY                     
Current liabilities                     
     Short-term borrowings    11    707,763    719,120    791,515    809,504 
     Suppliers        2,732    3,700    231,977    283,719 
     Operating leases payable        -    -    54,865    43,109 
     Finance leases    19    -    -    156,488    157,948 
     Payroll and related charges        -    -    153,632    146,805 
     Tax obligations        19    2,241    36,773    39,605 
     Landing fees and duties        -    -    72,459    97,210 
     Advance for ticket sales    12    -    -    422,049    572,573 
     Dividends and interest on shareholders’ equity        577    577    577    577 
     Mileage program    13    -    -    17,247    18,399 
     Insurance payable        -    674    11,095    54,422 
     Other obligations    15    35,301    141,013    166,226    278,813 
           
Total current liabilities        746,392    867,325    2,114,903    2,502,684 
 
Non-current liabilities                     
     Long-term borrowings    11    972,226    980,230    1,006,336    1,023,224 
     Finance leases    19    -    -    1,376,371    1,415,657 
     Deferred income taxes    6    47,763    41,032    373,387    327,738 
     Provision for contingencies    14    -    -    72,748    72,323 
     Other obligations        35,032    36,825    207,643    205,143 
           
Total non-current liabilities        1,055,021    1,058,087    3,036,485    3,044,085 
 
Shareholders’ equity    16                 
     Capital stock        1,464,031    1,363,946    1,464,031    1,363,946 
     Capital reserves        89,556    89,556    89,556    89,556 
     Income reserves        918,565    918,565    918,565    918,565 
     Share-based payments        15,888    14,444    15,888    14,444 
     Treasury shares        (41,180)   (41,180)   (41,180)   (41,180)
     Adjustments to asset valuation        (28,706)   (16,373)   (28,706)   (16,373)
     Retained deficit        (939,987)   (994,565)   (939,987)   (994,565)
           
Total shareholders’ equity        1,478,167    1,334,393    1,478,167    1,334,393 
 
 
           
Total liabilities and shareholders’ equity        3,279,580    3,259,805    6,629,555    6,881,162 
           

3

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Consolidated income statements
Three month period ended March 31, 2009 and 2008 (Unaudited)
(In thousand of Brazilian reais,except per share amounts)

        Parent Company    Consolidated 
       
    Note    03.31.2009    03.31.2008    03.31.2009    03.31.2008 
           
 
Gross operating revenue                     
     Passenger        -    -    1,446,772    1,555,003 
     Cargo        -    -    45,241    48,372 
     Others        -    -    80,205    65,373 
           
        -    -    1,572,218    1,668,748 
Income and contributions taxes        -    -    (65,568)   (59,739)
           
Net operating revenues        -    -    1,506,650    1,609,009 
 
Cost of services rendered    17    -    -    (1,235,549)   (1,321,758)
           
Gross profit        -    -    271,101    287,251 
 
Operating expenses (income)                    
     Commercial expenses    17    -    -    (82,077)   (140,207)
     Administrative expenses    17    (4,722)   (3,085)   (94,319)   (94,304)
     Financial expenses    18    (69,226)   (50,527)   (294,291)   (177,172)
     Financial income    18    74,122    66,576    281,428    193,521 
           
        174    12,964    (189,259)   (218,162)
           
 
Results of equity interest                     
     Equity accounting        57,430    (30,723)   -    - 
 
           
Income (loss) before income and                     
   social contribution taxes        57,604    (17,759)   81,842    69,089 
 
     Income and social contribution taxes    6    (3,025)   (420)   (27,263)   (87,268)
 
           
Net income (loss) for the year        54,579    (18,179)   54,579    (18,179)
           
 
Number of outstanding shares at the                     
 balance sheet date        202,300,591    202,300,591    202,300,591    202,300,591 
 
           
Earnings (Loss) per share (R$)       0.27    (0.09)   0.27    (0.09)
           

4

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Consolidated statement of changes in equity
(In thousands of Brazilian reais)

    Capital    Capital reserves    Income reserves                     
                 
    Subscription capital    Unrealized  capital   Tax incentives    Subsidiary’s special goodwill reserve   Legal reserve    Reinvestment reserve    Share-based payments    Treasury  
shares 		   Adjustments to asset valuation    Retained earnings (deficit)    Total 
                       
Balances at December 31, 2007    1,363,946    -    60,369    29,187    80,865    873,958    -    -    2,667    -    2,410,992 
                       
   Adjustments for initial adoption on Law No. 11,638/07, net of taxes    -    -    -    -    -    -    9,082    -    -    247,911    256,993 
   Variation in unrealized results of hedge operation, net of taxes    -    -    -    -    -    -    -    -    (15,039)   -    (15,039)
     Unrealized loss on available-for-sale investments    -    -    -    -    -    -    -    -    (4,001)   -    (4,001)
   Loss for the year    -    -    -    -    -    -    -    -    -    (1,237,114)   (1,237,114)
   Share-based payments    -    -    -    -    -    -    5,362    -    -    (5,362)   - 
   Purchase of treasury shares    -    -    -    -    -    -    -    (41,180)   -    -    (41,180)
     Management proposal for interim dividends allocation:                                             
   Prior earnings distribution to be approved by the Extraordinary General Shareholders Meeting    -    -    -    -    -    (36,258)   -    -    -    -    (36,258)
                       
Balances at December 31, 2008    1,363,946    -    60,369    29,187    80,865    837,700    14,444    (41,180)   (16,373)   (994,565)   1,334,393 
                       
   Capital increase on March 20, 2009    203,531    (103,447)   -    -    -    -    -    -    -    -    100,084 
   Variation in unrealized results of hedge operation, net of taxes    -    -    -    -    -    -    -    -    (12,333)   -    (12,333)
   Profit for the period    -    -    -    -    -    -    -    -    -    54,579    54,579 
   Share-based payments    -    -    -    -    -    -    1,444    -    -    -    1,444 
                       
Balances at March 31, 2009    1,567,477    (103,447)    60,369    29,187    80,865    837,700    15,888    (41,180)   (28,706)   (939,986)   1,478,167 
                       

5

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Consolidated statements of cash flows
Three month period ended March 31, 2009 and 2008 (Unaudited)
(In thousands o fBrazilian reais)

    Parent Company    Consolidated 
     
    03.31.2009    03.31.2008    03.31.2009    03.31.2008 
         
 
 
Net income (loss) for the year    54,578    (18,179)   54,578    (18,179)
Adjustments to reconcile net income (loss) to net cash provided by                 
   operating activities:                 
     Depreciation    -    -    36,698    27,266 
     Provision for doubtful accounts    -    -    6,139    19,607 
     Provision for inventories obsolescence            -    (1,233)
     Provision for contingencies and others    -    -    425    29,445 
     Other provision    -    -    (3,677)   74,045 
     Deferred income taxes    3,025    420    24,506    28,320 
     Equity pick-up    (57,429)   (56,930)   -    - 
     Unrealized hedge result, net of taxes    (12,333)   95    (12,333)   95 
     Share-based payments    1,444    10,220    1,444    10,220 
     Net foreign exchange flutuations    (25,980)   (9,684)   (86,077)   (47,259)
Changes in operating assets and liabilities:                 
     Adjustments for initial adoption on Law No. 11,638/07    -    372,175    -    372,175 
     Accounts receivable    -    -    12,163    542,237 
     Inventories    -    -    18,649    5,820 
     Prepaid expenses, taxes recoverable and other receivables    (19,627)   (76,889)   5,088    85,419 
     Suppliers    (968)   (597)   (51,742)   (74,422)
     Advance of ticket sales    -    -    (150,524)   (180,419)
     Mileage program    -    -    (1,152)   (2,470)
     Income taxes payable    6,725    (1,288)   56,206    (21,068)
     Payroll and related charges    -    -    6,827    2,357 
     Insurance payable    -    -    (43,327)   19,395 
     Landing fees and duties    -    -    (24,751)   4,545 
     Other obligations    (108,179)   21,492    (94,658)   21,267 
         
Net cash provided by (used in) operating activities    (158,744)   240,835    (245,518)   897,163 
 
Cash flows from investing activities                 
     Financial investments    9,606    21,810    26,773    122,077 
     Restricted cash    146,925    (8,636)   162,851    (14,765)
     Investments in permanent assets    8,949    1,149,885        884,847 
     Guarantee deposits for leasing contracts    (9)   -    (12,800)   (20,864)
     Maiteinance deposits    1,065    18,519    (11,464)   (20,519)
     Purchase of treasury shares    -    (20,864)   -    (309,079)
     Purchase of property, plant and equipment, including pre-delivery deposits    (706)   (863,052)   (35,542)   (456,834)
     Intangible assets    -    (979,949)   (800)   (978,245)
         
Net cash generated by (used in) investing activities    165,830    (682,287)   129,018    (793,382)
 
Cash flows from financing activities                 
     Loans and borrowings    6,619    1,312,959    9,302    (392,418)
     Credits with related parties    (110,909)   (775,526)   -    - 
     Capital increase    100,085    -    100,085    - 
     Dividends paid    -    (36,414)   -    (36,414)
         
Net cash generated by (used in) financing activities    6,619    1,312,959    9,302    (392,418)
 
Net increase (decrease) in cash and cash equivalents    2,881    59,560    (7,113)   (325,051)
 
Cash and cash equivalents at the beginning of the period    3,520    98,656    193,947    916,164 
         
Cash and cash equivalents at the end of the period    6,401    158,216    186,834    591,113 
         
 
Supplemental disclosure of cash flow information                 
     Interest paid for the year    21,711    -    79,975    54,084 
     Income tax and social contribution paid for the period    -    -    2,757    53,612 
 
Non-cash investing activities                 
     Finance leases    -    -    1,152    844,307 

6

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A

Consolidated statements of value added
Three month period ended March 31, 2009 and 2008 (Unaudited)
(In thousands of Brazilian reais)

    Parent Company    Consolidated 
     
    03.31.2009    03.31.2008    03.31.2009    03.31.2008 
         
 
REVENUES                 
 Transportation of passengers, cargo and other passenger revenues    -    -    1,572,218    1,668,748 
 Allowance for doubtful accounts    -    -    (6,139)   (19,893)
 
RESOURCES ACQUIRED FROM THIRD PARTIES,  including state value-added (ICMS) and federal excise  (IPI) taxes                 
 Suppliers of fuels and lubricants    -    -    (449,550)   (666,814)
 Supplies, power, third-party services and other inputs    (4,690)   (1,910)   (359,622)   (302,902)
 Aircraft insurance    -    -    (18,184)   (7,168)
 Commercial and advertising    -    -    (76,348)   (120,314)
         
GROSS VALUE ADDED    (4,690)   (1,910)   662,375    551,197 
 
RETENTIONS                 
 Depreciation and amortization    (22)   -    (36,699)   (27,266)
         
NET VALUE ADDED PRODUCED BY THE COMPANY    (4,712)   (1,910)   625,676    523,931 
 
 
VALUE ADDED RECEIVED IN TRANSFERS                 
 Tax credits on accumulated tax losses    -    -    2,458    2,532 
 Results of shareholdings    57,430    (30,936)   -    - 
 Financial income (expense)   26,607    16,262    67,112    70,433 
         
TOTAL VALUE ADDED DISTRIBUTABLE    79,325    (16,584)   695,246    596,896 
 
DISTRIBUTION OF VALUE ADDED                 
 Employees    -    1,169    202,653    195,720 
 Government    3,035    426    140,554    196,028 
 Financiers    21,711    -    79,975    54,084 
 Lessors    -    -    217,485    169,243 
 Shareholders    -    36,415    -    36,415 
 Reinvestments    54,579    (54,594)   54,579    (54,594)
         
TOTAL VALUE ADDED DISTRIBUTED   79,325    (16,584)   695,246    596,896 
         

7

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

1. Business overview

Gol Linhas Aéreas Inteligentes S.A. (the Company, Parent Company or COMPANY) is a joint stock corporation organized under Brazilian law. The Company’s object is exercising shareholding control over VRG Linhas Aéreas S.A. (VRG) and, through subsidiary or associated companies, engage in the following activities: (i) regular and non-regular domestic and international airline transportation of passengers, cargo or mail baggage, in conformity with concessions granted by the appropriate authorities; and (ii) complementary airline transportation services involving the chartering of passenger, cargo and mail services.

The Company’s shares are traded on the New York Stock Exchange – NYSE and the São Paulo Stock Exchange – BOVESPA. The Company adopts BOVESPA’s Level 2 Differentiated Corporate Practices and its shares are included in the indexes of Shares with Differentiated Corporate Governance – IGC and Shares with Differentiated Tag Along Rights – ITAG, which were created by the São Paulo Exchange to differentiate companies that undertake to adopt differentiated corporate governance practices.

On March 20, 2009 the Board of Directors has approved the capital increase of the Company in the amount of R$203,531 and the issuance of 26,093,722 shares, at price of R$7,80 per share, comprising of 6,606,366 common shares and 19,487,356 preferred shares, nominatives and without par value.

2. Basis for preparation and presentation of the Quarterly Information

Authorization to conclude these Quarterly Information was granted at the meeting of the Board of Directors held on May 11, 2009.

The Quarterly Information of the Parent Company and its subsidiaries for the period ended March 31, 2009 have been prepared in accordance with accounting principles generally accepted in Brazil (BR GAAP), the rules of the Brazilian Securities Commission - CVM, the Chart of Accounts of the National Civil Aviation Agency – ANAC, the technical pronouncements of the Accounting Pronouncements Committee (CPC), and pursuant to the provisions contained in the Brazilian Corporation Law, as recently altered by Law No. 11.638/07 and Provisory Measure No. 449/08, aligned with specific international accounting policies for the airline industry, based on international accounting standards in the absence of specific local rules applied in accordance with the annual financial statements of the year ended December 31, 2008.

8

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

2. Basis for preparation and presentation of the Quarterly Information--Continued

Effects of the initial adoption of Law No. 11.638/07and MP No. 449/08 as of March 31, 2009:

The statement of income for the period ended March 31, 2008, is being restated to reflect the effects of initial adoption of Law No. 11.638/07 and MP No. 449/08, and therefore differ from that published on April 30, 2008. The effects on the results are described and quantified below:

    Results for the period 
   
Balance at March 31, 2008 before adoption of Law No. 11.638/07 and MP No. 449/08    (74,098)
   
   Finance leases, net of depreciation    546 
   Lease return conditions    57,781 
   Maintenance deposits    10,521 
   Write-off of deferred charges    (728)
   Share-based payments    (1,137)
   Financial instruments    380 
   Aircraft sale-leaseback transactions    409 
   Other items    17,539 
   Effect of IRPJ and CSLL on adjustments    (29,393)
   
Balance at March 31, 2008 after adoption of Law No. 11.638/07 and MP No. 449/08    (18,179)
   

Effects of new accounting pronouncements

Based on the draft of new accounting pronouncements issued by CPC – Accounting Pronouncements Committee that are in public hearing, the Company identified the following technical pronouncements that will impact on the financial statements of the Company, with mandatory application on the financial statements of the financial year ended December 31, 2010:

- CPC 15 – Business Combinations
- CPC 27 – Fixed Assets
- CPC 16 – Inventories
- CPC 20 – Borrowing Costs
- CPC 21 – Interim Financial Reporting

The Company will continue evaluating the effects of new pronouncements and future regulations, if any, applicable to the preparation of its financial statements of the year ended December 31, 2009.

9

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

2. Basis for preparation and presentation of the Quarterly Information--Continued

Reconciliation with IFRS

The Company’s preferred stock is traded in the form of American Depositary Shares – ADS on the New York Stock Exchange – NYSE, in the United States of America; accordingly, the Company is subject to the rules of the US Securities and Exchange Commission – SEC. In order to provide information on a single and consistent basis and at the same time meet regulatory requirements of all the markets where its shares are traded, in 2008 the Company adopted the international accounting standards issued by the International Accounting Standards Board – IASB, thus benefiting the users of the information and favoring the process of adherence to Law No. 11.638/07 in the preparation of the Company’s Financial Statements for the year ended December 31, 2008. As permitted by the SEC and in order to meet the information needs of the market in which it operates, the Company is disclosing its financial statements under the Brazilian Corporation Law, as well as those pursuant to International Financial Reporting Standards (IFRS), on a simultaneous basis.

Considering the current stage of the convergence of accounting principles generally accepted in Brazil (BR GAAP) with international accounting standards, there are still differences between the Company’s financial statements under Brazilian law and those prepared according to the rules of the International Accounting Standards Board – IASB. As of March 31, 2009, a reconciliation of income for the period and shareholders’ equity is as follows:

    Shareholders’    Results for 
    equity    the period 
     
Per Corporation Law    1,478,167    54,579 
   Mileage program    (19,277)   10,386 
   Effects of acquisition of companies    (238,707)   - 
   Deferred income taxes    2,053    (3,531)
     
Per IFRS    1,222,236    61,434 
     

10

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

3. Cash, Cash Equivalents, Short- and Long-term Investments and Restricted Cash

    Parent Company    Consolidated 
     
    03.31.2009    12.31.2008    03.31.2009    12.31.2008 
         
Cash and marketable securities                 
       Cash and cash equivalents    2,340    3,520    120,568    148,715 
       Hedge of foreign currency cash flows    -    -    -    4,245 
       Deposits with maturities of up to three months    4,061    -    66,266    40,987 
         
    6,401    3,520    186,834    193,947 
         
 
Short-term investments                 
       Financial assets available for sale    42,658    52,264    194,194    213,932 
       Hedge of foreign currency cash flow    -    -    -    7,035 
         
    42,658    52,264    194,194    220,967 
         

The financial assets classified as available for sale are comprised of exclusive funds, the portfolio of which includes investments in certificates of bank deposit (CDB’s), FIDC, box operations, public bonds, fixed income securities, swap arrangements and other investments.

The cash flow hedge consists of future derivative financial instruments and options for purchase of U.S. Dollars booked in equity or compensation accounts, aimed at managing the Company to market and exchange rate risks, as detailed in Note 20.

The restricted cash represents guarantee margin deposits linked to hedge operations and BNDES and BDMG loans and includes the remuneration on the investments.

4. Accounts Receivable

    Consolidated 
   
    03.31.2009    12.31.2008 
     
Brazilian Currency         
   Credit card administrators    85,851    95,097 
   Travel agencies    155,972    116,270 
   Installment sales    87,135    92,913 
   Cargo agencies    14,372    15,505 
   Others    13,726    48,723 
     
    357,056    368,508 
 
Foreign Currency    20,268    21,117 
    377,324    389,625 
     
 
Allowanced for doubtful accounts    (50,699)   (44,698)
     
    326,625    344,927 
     

11

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

4. Accounts Receivable--Continued

The changes in the allowance for doubtful accounts are as follows:

    Consolidated 
   
    03.31.2009    12.31.2008 
     
 
Balance at beginning of year    (44,698)   (23,297)
Additions    (9,426)   (28,936)
Recoveries    3,425    7,535 
     
Balance at end of year    (50,699)   (44,698)
     

The breakdown of accounts receivable based on the due date (aging list) is as follows:

    Consolidated 
   
    03.31.2009    12.31.2008 
     
Falling due    304,819    327,721 
Overdue 30 days    11,238    13,103 
Overdue 31-60 days    6,203    3,555 
Overdue 61-90 days    4,164    4,455 
Overdue 91-180 days    7,083    13,011 
Overdue 181-360 days    13,302    8,194 
Overdue more than 360 days    30,515    19,586 
     
    377,324    389,625 
     

5. Inventories

    Consolidated 
   
    03.31.2009    12.31.2008 
     
 
Supplies    14,617    15,169 
Warehouse and maintenance parts and supplies    112,528    108,408 
Advances to suppliers    43,704    68,206 
Imports in transit    16,080    14,752 
Other items    5,062    4,105 
Provision for obsolescence    (4,275)   (4,275)
     
    187,716    206,365 
     

12

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

6. Deferred and Offsettable Taxes and Provisions for IRPJ and CSLL

    Parent Company    Consolidated 
     
    03.31.2009    12.31.2008    03.31.2009    12.31.2008 
         
Taxes recoverable or offsettable                 
 PIS and COFINS    -    -    -    782 
 ICMS    -    -    3,923    4,184 
 Prepaid IRPJ and CSSL    28,799    26,433    32,273    45,106 
 Withholding tax (IRRF) on marketable securities    13    1,642    1,277    25,837 
Taxes withheld by public agencies    -    -    14,474    17,193 
 Value-added taxes recoverable    -    -    7,087    15,968 
 Other taxes recoverable or offsettable    26    25    1,635    1,697 
         
    28,838    28,100    60,669    110,767 
         
Deferred IRPJ and CSLL                 
 Credits on accumulated IRPJ tax losses    -    -    275,228    272,027 
 Negative CSLL results    -    -    37,365    37,365 
 Temporary differences    -    -    36,554    36,554 
         
    -    -    349,147    345,946 
 Adjustments per Law No. 11.638/07    (14,122)   2,443    (96,467)   (61,279)
 Other deferred taxes    -    -    6,621    8,080 
         
    (14,122)   2,443    259,301    292,747 
         
    14,716    30,543    319,970    403,514 
         
 
Assets – Current    28,838    28,100    60,669    110,767 
Assets - Non-current    33,641    39,620    632,688    620,485 
 
Liabilities – Current    -    -    -    - 
Liabilities – Non-current    47,763    41,032    373,387    327,738 

The Company and its subsidiary have IRPJ tax losses and negative CSLL results in calculating taxable income that are offsettable against 30% of the taxable income accrued each year, without any final deadline, in the following amounts:

     Parent Company     Subsidiary (VRG)
     
    03.31.2009    12.31.2008    03.31.2009    12.31.2008 
         
 
Accumulated IRPJ tax losses    150,452    144,786    1,179,939    1,183,236 
Negative CSLL results    150,452    144,786    1,179,939    1,183,236 

On March 31, 2009, the tax credits resulting from accumulated IRPJ tax losses, negative CSLL results and temporary differences were recorded based on expectations for future taxable income of the Parent Company and its subsidiaries, within the legal limits. company Management believes that with the operational structuring of the companies and after the corporate restructuring described in Note 8, it is probable that the future taxable income of subsidiary VRG Linhas Aéreas S.A. will be sufficient to realize its tax credits recognized in the financial statements.

13

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

 Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

6. Deferred and Offsettable Taxes and Provisions for IRPJ and CSLL--Continued

The revised projections for future taxable income, drawn up on a technical basis and supported by Company business plans, as approved by the Company’s management bodies, indicate the existence of sufficient taxable income to realize the deferred tax credits in an estimated period of three years, considering the 12-month period from April 1 to March 31 of each year, as follows:

    2009    2010    2011    2012    Total 
           
VRG    61,204    240,939    43,803    3,201    349,147 

The reconciliation of the IRPJ and CSLL, calculated according to the combined statutory rate, and the amounts recorded in results, is shown as follows:

        IRPJ and CSLL     
           
    Parent Company    Consolidated 
     
Description    03.31.2009    03.31.2008    03.31.2009    03.31.2008 
         
Income before Corporate Income Tax (IRPJ) and    57,604    (17,759)   81,842    69,089 
     Social Contribution on Net Income (CSLL)                
Combined tax rate    34%    34%    34%    34% 
IRPJ and CSLL at combined tax rate    (19,585)   6,038    (27,826)   (23,490)
Adjustments for calculation of effective rate:                 
Income tax on equity income and exchange    17,125    4,661    -    - 
   Variation on overseas investments                 
Benefit from calculation of deferred IRPJ and    -    (10,733)   1,895    (64,708)
   CSLL at subsidiaries                 
Unconstituted benefit on tax loss    (1,822)   -    (1,822)   - 
Non-deductible expenses of subsidiaries    -    -    (10,165)   - 
Income tax on permanent differences    -    -    (9,027)   1,317 
Adjustments in adoption of Law No. 11.638/07 and                 
   MP 449/08    1,257    (387)   16,385    (387)
Tax benefit of offsetting of tax losses    -    -    3,297    - 
         
Benefit (expense) of Income Tax and                 
     Social Contribution    (3,025)   (420)   (27,263)   (87,268)
         
 
Effective rate    5%    3%    33%    - 
 
Current IRPJ and CSLL    -    -    (2,757)   (58,948)
Deferred IRPJ and CSLL    (3,025)   (420)   (24,506)   (28,320)
         
    (3,025)   (420)   (27,263)   (87,268)
         

14

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

7. Transactions with Related Parties

The subsidiary VRG Linhas Aéreas S.A. has contracts with a related company for transportation of passengers and baggage between airports and transportation of employees that was entered into on normal market terms for the lessee of the property located at Rua Tamoios, 246 in São Paulo – SP, which belongs to the related company. The contract in question expires on April 4, 2009 and includes an annual adjustment clause based on the General Market Price Index (IGP-M).

The balances payable to related companies, in the amount of R$1,227 (R$281 in December 31, 2008) are included in the balances of suppliers, together with the operations carried out with third parties. The amount of the expenses that affect the result in first quarter 2008 results is R$ 2,344 (R$1,511 in March 31, 2008).

The Companhia carries out transactions based on intercompany agreements with its subsidiaries, without provision for financial charges, collateral signatures or guarantees, which amounts R$1,257,133 on March 31, 2009 (R$1,146,224 on December 31, 2008:

Subsidiary VRG Linhas Aéreas S.A. acquired on the market senior notes and perpetual bonds issued by the Company through its overseas subsidiary GAC Inc., corresponding to the face value of R$ 35,055 in senior notes falling due in April 2017 and R$ 49,077 in perpetual bonds booked in the consolidated as amortization of the principal. The repurchase of debt securities on the market generated a net gain of R$ 3,832.

Remuneration of Administrators

    03.31.2009    03.31.2008 
     
Payroll charges    871    764 
Salaries and benefits    2,20    2,123 
Share-based payments    1,202    787 
     
Total    4,493    3,674 
     

Remuneration based on stock purchase options

On February 4, 2009, with the powers vested in it and in conformity with o Company’s Stock Purchase Option Plan, the Board of Directors approved the granting of 925,800 options to purchase preferred Company stock at the price of R$ 10.52 per share for the year 2009.

15

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

7. Transactions with Related Parties--Continued

Remuneration based on stock purchase options--Continued

Changes in the options in effect as of March 31, 2009 are shown as follows:

    Purchase    Average weighted 
    options    purchase price 
     
Options in circulation as of December 31, 2008    361,901    48.26 
 Granted    925,800    10.52 
     
Options in circulation as of March 31, 2009    1,287,701    21.13 
 
Number of options exercisable as of December 31, 2008    151,436    46.23 
Number of options exercisable as of March 31, 2009    151,569    46.20 

The fair value of the stock purchase options has been estimated as of the date the options were granted using the Black-Scholes option pricing model based on the following premises:

    Planos de opções de compra de ações 
     
    2004    2005     2006     2007    2008 
           
Total options granted    87,418    99,816    113,379    190,296    925,800 
Option exercise price    33.06    47.30    65.85    45.46    10.52 
Fair value of option on date it was granted    29.22    51.68    46.61    29.27    8,53 
Estimated volatility of share price    32.5%    39.9%    46.5%    41.0%    76.91% 
Expected dividend yield    0.8%    0.9%    1.0%    0.9%    - 
Risk-free return rate    17.2%    18.0%    13.2%    1.2%    12.66% 
Duration of the option (in years)   10.00    10.00    10.00    10.00    10.00 

16

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

7. Transactions with Related Parties--Continued

Remuneration based on stock purchase options--Continued

The interval of the exercise prices and the weighted average maturity of the options in circulation, as well as the interval of the exercise prices for the options exercisable as of March 31, 2009, are summarized below:

       Options in circulation    Options exercisable 
     
        Remaining             
    Options in    weighted    Weighted    Options    Weighted 
Exercise price    circulation as of    average    average    exercisable as    average 
intervals    03/31/2009    maturity    exercise price    of 03/31/2009   exercise price 
   
33.06    55,724    6.00    33.06    47,516    33.06 
47.30    69,194    7.00    47.30    41,053    47.30 
65.85    77,353    8.00    65.85    30,941    65.85 
45.46    159,630    9.00    45.46    38,059    45.46 
10.52    925,800    10.00    10.52    -    10.52 
       
10.52-65.85    1,287,701    9.42    21.13    157,569    46.20 
       

8. Investments

    Parent Company 
   
    03.31.2009    12.31.2008 
     
VRG Linhas Aéreas S.A.    748,403    699,923 

Description of acquisition of VRG:

As a result of the acquisition of VRG, on April 9, 2007, the total goodwill calculated on the acquisition, in the amount of R$ 980,223 was determined based on the shareholders’ equity of the company acquired, reflecting all the assets and liabilities identified and measurable existing as of the acquisition date, excluding capitalizable credits with respect to the former stockholder in the amount of R$ 192,795. As described in Note 4, as a result of the application of Law No. 11.638, the goodwill arising from the acquisition of VRG, previously classified under the heading Investments, began to be classified under Intangible assets.

On June 25, 2008, the federal government’s anti-trust board (CADE) approved the acquisition and, on September 23, 2008, the ANAC approved the request for authorization to carry out the corporate restructuring of the Company, jointing its subsidiaries GOL Transportes Aéreos S.A. (“GOL”) and VRG Linhas Aéreas S.A. (“VRG”) into a single airline company, VRG Linhas Aéreas S.A., that assumed the rights and obligations of GOL.

17

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

 Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

8. Investments--Continued

As a result of the corporate organization which took place as of September 30, 2008, Gol Transportes Aéreos S.A. and GTI S.A. were merged upstream, with their assets becoming the property of VRG Linhas Aéreas S.A., which succeeded them in all their assets, rights and obligations. O shareholders’ equity of Gol Transportes Aéreos S.A. was transferred based on the book value posted in the balance sheet drawn up as of September 30, 2008.

The changes in investments in the years ended March 31, 2009 are shown as follows:

     VRG  GOL         
    Linhas  Transportes    Gol    Total 
    Aéreas S.A.  Aéreos S.A.  GAC Inc.  Finance  GTI S.A.  Investments 
             
Balances as of December 31, 2007    -  717,799  451,371    615,657  1,784,827 
             
 Equity pick-up    (238,186) 120,967  -  -  (707,829) (825,048)
 Dividends    -  (19,335) -  -  -  (19,335)
 Transfer to VRG of the balance of               
       equity pick-up de to corporate               
       restructuring    726,515  (817,523) -  -  91,008  - 
 Unrealized hedge results    (40,580) (1,908) -  -  1,164  (41,324)
 Effects of the initial adoption of Law               
     No. 11.638/07    252,174  -  (451,371) -  -  (199,197)
             
Balances as of December 31, 2008    699,923  -  -  -  -  699,923 
             
   Equity pick-up    40,731  -  -  -  -  40,731 
   Unrealized hedge results    7,749  -  -  -  -  7,749 
             
Balances as of March 31, 2009    748,403  -  -  -  -  748,403 
             

The shares of the capital stock of the Company’s subsidiary VRG Linhas Aéreas S.A. are not traded on the stock market. The material information on this subsidiary as of March 31, 2009 is summarized as follows:

    Total number of    %    Paid-in    Shareholders’    Net loss of 
Subsidiary Company    shares held    stake    capital stock    equity    subsidiaries 
   
 
VRG Linhas Aéreas S.A.    1,785,396,513    100%    1,077,340    748,403    9,479 

18

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

9. Property, Plant and Equipment

            Consolidated         
   
            03.31.2009        12.31.2008 
   
    Annual                 
    depreciaton        Accumulated    Net    Net 
    rate    Cost    depreciation    amount     amount 
   
Flight equipment                     
 Aircraft under financial leases    5%    1,391,777    (101,264)   1,290,513    1,308,562 
 Sets of replacement parts and spare engines    5%    617,133    (55,625)   561,508    552,738 
 Reconfigurations of aircraft    5%    87,052    (57,867)   29,185    34,054 
 Aircraft and safety equipment    20%    1,259    (497)   762    789 
 Tools    10%    9,658    (2,165)   7,492    7,684 
           
        2,106,879    (217,418)   1,889,461    1,903,827 
Property and equipment in use                     
 Rights to use software programs    20%                 
 Vehicles    20%    6,973    (3,615)   3,358    2,997 
 Machinery and equipment    10%    18,782    (4,390)   14,392    14,684 
 Furniture and fixtures    10%    14,951    (4,382)   10,569    10,647 
 Computers and peripherals    20%    29,533    (14,245)   15,288    15,811 
 Communications equipment    10%    2,038    (741)   1,297    1,350 
 Installations    10%    4,293    (1,327)   2,966    3,071 
 Confins maintenance center    7%    75,806    (6,696)   69,110    55,889 
 Leasehold improvements        23,806    (4,250)   19,556    2,687 
 Construction in progress    -    14,826    -    14,826    30,588 
           
        191,008    (39,646)   151,362    137,724 
           
        2,297,887    (257,064)   2,040,823    2,041,551 
           
Advances for acquisition of aircraft    -    957,932    -    957,932    957,204 
           
        3,255,819    (257,064)   2,998,755    2,998,755 
           

The advances for acquisition of aircraft, net of returns, refer to the pre-payments made based on contracts with the Boeing Company for acquisition of 55 next generation 737-800 aircraft (58 aircraft in December 31,2008), in the amount of R$ 957,932 (R$957,204 in December 31,2008), including the interest and charges capitalized in the amount of R$32,520 (R$ 133,955 in December 31, 2008).

As described in Note 11, as of March 31, 2009, the advances for acquisition of aircraft, in the amount of R$ 568,960, are linked to loan contract guarantees.

19

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

     Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008s
(Expressed in thousands of Reais, except as indicated otherwise)

10. Intangible Assets

    Defined life    Undefined life     
    span    span     
       
    Software    Goodwill    Net Balance 
       
 
Useful life span    5 years    -     
Balances as of December 31, 2008    44,067    980,223    1,024,290 
   Additions    3,235    -    3,235 
   Amortization    (2,435)   -    (2,435)
       
Balances as of March 31, 2009    44,867    980,223    1,025,090 
       

The total goodwill calculated upon the acquisition of VRG Linhas Aéreas S.A., in the amount of R$ 980,223, was determined based on the balance sheet of the acquired company, reflecting all the assets and liabilities identified and measurable existing as of the acquisition date, excluding credits capitalizable with respect to the former stockholder in the amount of R$ 192,795. The goodwill on acquisition of VRG is supported by expectations for future profits, pursuant to technical studies prepared by independent specialists based on economic-financial premises, and the amortization criterion defined was to amortize it in proportion to the expected benefits to be accrued over a period of 10 years from the VRG acquisition date, as from the month in which the economic benefits begin to be effectively generated through restructuring of operations. Even in light of the current adverse economic scenario, management has not identified any indicators of loss of economic substance of the goodwill (i.e. no impairment), the economic benefits of which have been measured based on the value in use of the unit generating consolidated cash, including all the revenues generated by the additional operating capacity resulting from this acquisition.

The Company appraised the recovery of the book value of the amounts of goodwill based on their value in use, using the discounted cash flow model for the unit generating consolidated cash. The process of estimating the value in use involves employment of premises, judgments and estimates of future cash flows, growth rates and discount rates. The premises regarding the cash flow and future growth projections are based on the annual budget and on the Company’s long-term business plan, as approved by the Board of Directors, as well as on comparable market data, and represent the management’s best estimate as to the economic conditions that should prevail over the economic useful life span of the set of assets that provide generation of the cash flows.

20

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

10. Intangible Assets--Continued

The main key premises used in estimating the value in use, of which the most sensitive is the recovery value of the assets, are described as follows:

• Use of the discounted cash flow model for appraisal of the value in use;

• Discount rate that is derived from the weighted average rate for cost of the Company’s capital, adjusted for specific market risks;

• Long-term growth rate that reflects the market consensus for the Company’s business;

The recovery testing conducted of the Company’s intangible assets did not result in the need for recognition of losses, inasmuch as the estimated market value exceeds their net book value as of the appraisal date.

Based on the sensitivity analyses of the projected economic scenarios, in the event there are shifts in the key premises used in estimating the value in use of the cash generating unit, such changes would not result in a recoverable amount that is less than the book value of the goodwill and other intangible assets as of the appraisal date.

21

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

11. Loans and Financings

    Effective average        
    annual interest rate    Consolidated 
     
Current:    03.31.2009    12.31.2008    03.31.2009    12.31.2008 
         
   Brazilian Currency:                 
       Working capital    14.02%    15.00%    50,000    50,000 
       BNDES loan    8.90%    8.90%    14,181    14,181 
       BDMG loan    10.85%    12.79%    2,800    2,567 
       Interest            1,576    1,686 
         
            68,557    68,434 
   Foreign Currency:                 
       Loan for advance for                 
           acquisition of aircraft    -    3.51%    677,479    697,719 
       IFC loan    3.34%    5.50%    14,470    19,475 
       Interest            31,009    23,876 
         
            722,958    741,070 
         
            791,515    809,504 
         
 
Long-Term:                 
   Brazilian Currency:                 
       BNDES loan    8.90%    8.90%    33,088    36,633 
       BDMG loan    10.85%    12.79%    12,019    12,593 
         
            45,107    49,226 
 
   Foreign Currency:                 
       Loan for advance for                 
           acquisition of aircraft    1.21%    3.51%    -    - 
       IFC loan    3.34%    5.50%    72,350    77,900 
 
       Senior notes    7.50%    7.50%    477,852    481,630 
       Perpetual bonds    8.75%    8.75%    411,027    414,468 
         
            961,229    973,998 
         
            1,006,336    1,023,224 
         
            1,797,851    1,832,728 
         

The maturity dates of the long-term loans and financings, considering the 12-month periods from January 1 to March 31 of each year, are as follows:

                    After     
    2010    2011    2012    2013    2013     Total 
             
Foreign Currency:                         
   BNDES loan    2,955    2,955    2,955    2,955    199    12,019 
   BDMG loan    13,787    13,787    5,514    -    -    33,088 
 
Foreign Currency:                         
   IFC loan    21,102    21,102    21,102    9,044    -    72,350 
   Senior notes    -    -    -    -    477,852    477,852 
 
Perpetual bonds    -    -    -    -    411,027    411,027 
             
Total    37,844    37,844    29,571    11,999    889,078    1,006,336 
             

22

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

11. Loans and Financings--Continued

Perpetual and senior notes

The fair values of the senior notes and perpetual bonds as of December 31, 2008, reflecting the frequent readjustment of the market quotations for these instruments, based on the exchange rate in effect on the balance sheet closing date, are as follows:

    Consolidated
   
    Book    Market 
     
Senior notes    477,852    244,615 
Perpetual bonds    411,027    175,093 

Restrictive covenants

The loan and financing agreements with the IFC and BNDES call for certain obligations and restrictions, including requirements for maintenance of defined liquidity ratios and coverage of financial expenses. In previous period, the Company was not in compliance with two of the financial ratios established in such agreements, though it managed to obtain the specific consent of the respective creditors allowing it to maintain the classification of the respective debts under long-term liabilities.

As regards the BNDES, according to the consent obtained, the Company is to submit a letter of bank guarantee within the deadlines and on the terms established for as long as it remains non-compliant with the ratios agreed upon.

12. Advance for Ticket Sales

As of March 31, 2009, the balance of advance for ticket sales is R$422,049 (R$572,573 as of December 31, 2008), represented by 1,571,755 (2,010,347 as of December 31, 2008) coupons of tickets sold and not yet used, with average usage period of 69 days (80 days on December 31, 2008).

23

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

13. Mileage Program

As of March 31, 2009 the Company’s mileage program Smiles included 2,789,230 (2,953,050 on December 31, 2008) estimated laps earned by participants that have not yet been redeemed.

The changes in the balance of mileage program obligations, considering the number of miles accumulated, is shown as follows:

Balances as of December 31, 2008    18,399 
Miles granted and accumulated    35,404 
Miles redeemed and used or expired    (36,556)
   
Balances as of March 31, 2009    17,247 
   

The program’s benefits consist of the right to use miles accrued for exchange for tickets or other benefits and privileges such as upgrade of class on flights, bonuses for miles flown, exclusive service center, differentiated check-in service, greater baggage and access to VIP rooms at airports, pursuant to the program’s regulations. The miles accrued by participants remain valid for three years, counting from the month they were issued, whereas tickets issued based on usage of miles are valid for one year.

14. Provision for Contingencies

As of March 31, 2009 the Companhia and its subsidiaries are party to court cases and administrative complaints, broken down as follows: approximately 1,110 administrative complaints or claims, 9,759 civil suits, 4,459 labor grievance cases, of which 1,067 administrative processes, 9,169 civil suits and 814 labor cases arose from the Company’s own operations. The remaining cases are the result of claims recognized when VRG succeeded the former airline company Varig.

The estimated obligations resulting from the civil and labor suits are shown as follows:

    Consolidated 
   
    03.31.2009    12.31.2008 
     
Civil    20,684    20,898 
Labor    52,064    51,425 
     
    72,748    72,323 
     

The deposits in court relating to the provisions for labor and civil contingencies correspond to R$21,750 and R$1,633, respectively (R$18,189 and R$1,605 as of December 31, 2008, respectively).

24

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

14. Provision for Contingencies--Continued

The Company is claiming in a lawsuit that the state value-added tax on circulation of goods and services (ICMS) should not be levied on the importation of aircraft and engines, on the basis of lease agreements without purchase options, operations that are carried out with the lessors headquartered in foreign countries. As Company management sees it, such operations are merely rentals, with express contractual obligation to return the asset after the lease expires. Since the asset will never become Company property, management argues, there is no circulation of goods and thus not ICMS tax-triggering event. The estimated aggregate amount at dispute in the cases underway is R$ 204,271 as of March 31, 2009 (R$201,760 as of December 31, 2008), monetarily updated and not including late payment charges.

Based on the interpretation of the issue by its legal counsel, and further backed up by suits of the same nature judged in favor of taxpayers at the Superior Court of Justice (STJ) and Federal Supreme Court (STF) in the second quarter of 2007, management believes that chances of loss are remote. Even though the result of such suits and processes cannot be predicted, management’s opinion, backed up by inquiries of its external legal counsel, is that the final decision in these suits will not have an materially adverse effect on the Company’s financial position, results of operations and cash.

There are other cases underway in the amount of R$ 4,737, where the risks of loss have likewise been ranked as remote by the Company’s legal counsel.

15. Other Obligations

    Parent Company    Consolidated 
     
    03.31.2009    12.31.2008    03.31.2009    12.31.2008 
         
 
Hedge results to be allocated    27,578    121,883    31,813    125,739 
Cost of returning aircraft    -    -    98,938    102,615 
Onerous contracts    -    -    8,250    8,250 
Other    7,723    19,130    27,225    42,209 
         
    35,301    141,013    166,226    278,813 
         

25

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

16. Shareholders’ Equity

a) Capital stock

As of March 31, 2009 the Company’s capital stock is represented by 202,300,591 shares, of which 107,590,792 are common shares and 94,709,799 are preferred shares. The breakdown of the ownership of the shares is as follows:

    03.31.2009    12.31.2008 
     
    Common    Preferred     Total    Common    Preferred     Total 
             
Fundo ASAS    100.00%    42.60%    73.13%    100.00%    42.60%    73.13% 
Ações em tesouraria    -    1.66%    0.78%    -    1.66%    0.78% 
Other    -    2.18%    1.02%    -    3.84%    1.80% 
Market    -    53.56%    25.07%    -    51.90%    24.29% 
             
    100.00%    100.00%    100.00%    100.00%    100.00%    100.00% 
             

The authorized capital stock as of March 31, 2009 is R$ 2,000,000. Within the authorized limit, the Company’s Board of Directors may decide to increase the capital stock irrespective of amendment to the Bylaws, through issuance of shares, without maintaining proportion between the different types of shares. The Board of Directors is to set the terms of issue, including price and pay-in deadline. Also at the discretion of the Board of Directors, preference rights may be excluded or the period for exercise thereof may be reduced in issuance of preferred shares of capital stock. Placement of the preferred shares may be made through sale on the stock exchange or through public subscription, or further through exchange of shares as part of a public offer for acquisition of control, in the manner provided by law. Under the provisions of the Company’s Bylaws, it is forbidden to issue minority shares.

The preferred shares do not vest voting rights, except in the event of the occurrence of specific facts established by law. Such shares vest the following preferences: priority in the event of reimbursement of capital, without premium, and the right to be included in public offerings as a result of sale of control at the same price per share as the control block, with assurance of a dividend that is at least equal to that paid to the holders of common shares.

26

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

16. Shareholders’ Equity--Continued

a) Capital stock--Continued

In March 20, 2009 the Board of Directors has approved the capital increase of the Company in the amount of R$203,531,031.60 and the issuance of 26,093,722 shares, comprising 6,606,366 common shares and 19,487,356 preferred shares. The issuance price for the common and preferred shares is fixed at R$ 7.80 per share, according to the quotation of the shares in the São Paulo Stock Exchange on March 20, 2009, verified after the closing of the trading session, in accordance with Article 170, Paragraph 1, Item III of the Law No. 6,404/76. The issuance price is equivalent to 90.9% of the average closing price of the preferred shares during the last 30 trading sessions, which was R$ 8.58, and to 83.2% of the average closing price during the last 60 trading sessions, which was R$ 9.37. As of March 31, 2009 total amount subscribed and paid in was R$ 100,084, amounting to 12,831,282 shares. However, the capital increase is anticipated to be concluded in May 2009, when the all shares will be effectively issued.

The quotation of the shares of Gol Linhas Aéreas Inteligentes S.A. as of March 31, 2009 on the BOVESPA corresponded to R$ 6.65 and on the NYSE to US$ 2.83. The book value of each shares as of March 31, 2009 is R$7.31 (R$6.45 as of December 31, 2008).

b) Dividends

Under the Company’s Bylaws, shareholders are guaranteed a minimum mandatory dividend of 25% of the net income for each year, adjusted in the manner provided by Article 202 of the Brazilian Corporation Law

c) Treasury shares

At a meeting held January 28, 2008, the Board of Directors approved a program to buy back preferred shares, in order to generate value for shareholders, and maintain it as Treasury shares and subsequently sell and/or cancel, without reduction of the capital stock. The total number of shares to be acquired is up to 5,000,000 (five million), equivalent to 5.3% of the shares of this class. Pursuant to CVM Instruction No. 10/80, the deadline for carrying out this operation is 365 days from January 28, 2008.

27

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

16. Shareholders’ Equity--Continued

c) Treasury shares--Continued

Since the beginning of the program of acquisition of shares issued, the Company has acquired 1,574,200 preferred shares at an average price of R$26.16, with the minimum cost being R$19.98 and the maximum cost R$30.28. As of March 31, 2009, 1,574,200 shares were booked at Treasury shares under Shareholders’ Equity, for a total of R$ 41,180. The market value of these shares corresponds to R$10.468 (R$15,600 in December 31,2008).

17. Cost of Services Rendered, Selling and Administrative Expenses

    Consolidated 
   
    03.31.2009    03.31.2008 
     
    Cost of                         
    services    Selling    Administrative                 
    rendered    expenses    expenses    Total    %    Total    % 
     
Personnel    213,822    -    32,608    246,430    17.5    241,819    15.5 
Fuel and lubricants    446,064    -    -    446,064    31.6    664,132    42.7 
Aircraft leasing    217,485    -    -    217,485    15.4    169,243    10.9 
Selling and advertising expenses    -    82,077    -    82,077    5.8    140,207    9.0 
Performance of services    44,293    -    42,090    86,383    6.1    117,445    7.5 
Warehouse and maintenance supplies    123,609    -    -    123,609    8.8    2,807    0.2 
Landing and takeoff tariffs    80,676    -    -    80,676    5.7    86,300    5.5 
Depreciation and amortization    32,617    -    4,081    36,698    2.6    27,266    1.8 
Other operating expenses    76,983    -    15,540    92,523    6.6    107,050    6.9 
     
    1,235,549    82,077    94,319    1,411,945    100.0    1,556,269    100.0 
     

In March 31, 2009 fuel expenses included gains of R$42,346 (R$3,192 in March 31, 2008) resulting from transactions involving derivative instruments represented by fuel hedges that have expired and been measured as effective in protecting the Company against fluctuations in the price of fuels.

28

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

     Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

18. Net Financial Income

    Parent Company    Consolidated 
     
    03.31.2009    03.31.2008    03.31.2009    03.31.2008 
         
Financial Expenses:                 
Interest on loans    (21,711)   (23,416)   (53,696)   (54,084)
Liability exchange variations    (33,987)   (8,572)   (106,659)   (96,859)
Lease exchange variations    -    (7)   (26,279)   (11,610)
Losses on investment funds    -    -    (978)   (1,588)
Losses on financial instruments    (11,823)   (213)   (100,183)   (323)
Provisory check transactions tax (CPMF)   -    -    -    (749)
Liability monetary variations    -    -    (1,112)   - 
Other financial expenses    (1,707)   (18,319)   (5,384)   (11,959)
         
    (69,226)   (50,527)   (294,291)   (177,172)
 
Financial Income                 
Interest and gains on marketable securities    1,148    3,473    8,812    12,526 
Asset exchange variations    59,243    18,263    193,475    136,650 
Gains on financial instruments    11,594    9,660    70,506    24,301 
Capitalized interest    1,413    9,348    1,413    9,348 
Interest on shareholders’ equity    -    10,691    -    (525)
Asset monetary variations    724    -    373    706 
Other financial income    -    15,141    6,849    10,515 
         
    74,122    66,576    281,428    193,521 
         
Net Financial Income (Expense)   4,896    16,049    (12,863)   16,349 
         

19. Commitments

The Company has a purchase agreement with Boeing for acquisition of next generation Boeing 737-800 aircraft. As of March 31, 2009 there were 92 firm orders and 36 purchase options. The approximate value of the firm orders is R$ 14,501,012 (corresponding to US$ 6.3 billion), based on the list price of the aircraft (which excludes the contractual construction discounts), including estimates for contractual price increases during the construction phase of the aircraft and guarantees on deposit. The commitments for purchase of aircraft, including the portion that will be financed by long-term loans with guarantee of the aircraft by the US Exim Bank, correspond to approximately 85% of the total cost of the aircraft.

The Company has been making the payments relating to the acquisition of the aircraft using its own funds, loans, cash generated on its operations, short- and medium-term credit lines and supplier financing.

29

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

19. Commitments--Continued

The following table shows a summary of the payments relating to aircraft purchase commitments for the next few years :

        Between one         
    Up to one year    and five years    Over five years    Total 
         
Advances for                 
     acquisition of aircraft    378,954    1,473,213    -    1,852,167 
Commitments for purchase                 
     of aircraft    2,205,791    10,544,690    1,750,531    14,501,012 
         
Total    2,584,745    12,017,903    1,750,531    16,353,179 
         

The Company leases its entire fleet of aircraft through a combination of operating and finance lease agreements. As of March 31, 2009 the total fleet was comprised of 120 aircraft, of which 5 737-300 aircraft are in the process of being returned, 95 are classified as operating lease and 25 finance lease. During the period ended March 31, 2009, the Company received no aircraft on the basis of financial leasing operations and no return of 737-300 aircraft

a) Finance leases

Future payments of installments under finance lease agreements as December 31, 2008 are detailed below:

    03.31.2009    12.31.2008 
     
Up to one year    220,221    222,222 
Between one and five years    870,331    881,186 
Over five years    911,503    972,318 
     
Total minimum lease payments    2,002,054    2,075,726 
Less total interest    (469,196)   (502,121)
     
Present value of minimum lease payments    1,532,859    1,573,605 
Less short-term portion    (156,488)   (157,948)
     
Long-term portion    1,376,371    1,415,657 
     

The Company has extended the maturity of the financing for some of its leased aircraft to 15 years by using the SOAR structure, which is a mechanism for lengthening the period for amortizing and paying off the financing and permits calculated drawdowns to be made for settlement by payment in full at the end of the lease agreement. As of March 31, 2008 the value of the drawdowns made for payment in full upon termination of the lease agreement is R$19,191 (R$13,556 as of December 31, 2008).

30

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

19. Commitments--Continued

b) Operating leases--Continued

The Company leases aircraft, airport terminals, other airport installations, offices and other equipment on the basis of operating lease agreements that expired between 2009 and 2020.

The future payments of the operating lease agreements that cannot be cancelled are denominated in US$ as of March 31, 2009 and are shown as follows:

    03.31.2009    12.31.2008 
     
 
Up to one year    553,855    916,298 
Between one and five years    2,340,288    3,080,918 
Over five years    630,982    678,204 
     
Total minimum lease payments    3,525,125    4,675,420 
     

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments

The Company is exposed to market risks as a result of its operations, chiefly the effects of changes in the price of fuel and exchange, credit and interest rate risks.

The Company uses derivative financial instruments in order to minimize these risks based on its formal policy for management of risks, which are under the guidance of its executive officers, Risk Policies Committee and Board of Directors. The Company’s Risk Management Policy establishes controls and limits, as well as other tracking techniques, chiefly mathematical models adopted to constantly monitor exposures, in addition to expressly prohibiting the carrying out of speculative operations involving derivative instruments that are only used for hedge purposes. The Company does not conduct operations with exotic derivative instruments or any other type of operation involving leverage.

The exclusive investment funds of which the Company and its subsidiaries are members are used as vehicles to contract risk coverage according to the Company Risk Management Policy.

The relevant information relating to the main risks that affect Company operations are detailed as follows:

31

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

a) Fuel price risk

Airline companies are exposed to the effects of hikes in the prices of aviation fuel. In the first quarter of 2009 and 2008, consumption of aviation fuel represented 31.6% and 42.7%, respectively, of the Company’s cost of services rendered, selling and administrate expenses. To manage this risk, Company uses futures contracts, swaps and options for oil and its byproducts. The object of such fuel hedges is to protect operating expenses on fuel. As aviation fuel is not traded on a commodities exchange, the liquidity and alternatives for contracting hedge operations for this item are limited. Even so, the Company has discovered commodities that are effective in hedging its aviation fuel costs, chiefly crude oil. Historically, oil prices have been highly correlated to aviation fuel prices, which makes petroleum derivatives effective in offsetting the prices of aviation fuel, so as to provide short-term protection in relation to sharp rises in fuel prices. The futures contracts are listed on the New York Mercantile Exchange (NYMEX), the swaps are contracted with first tier international banks and options can be listed on the NYMEX, as can those contracted with first tier international banks.

The Company’s derivative contracts as of March 31, 2009 and 2008 are summarized as follows (in thousands, except as indicated otherwise):

    03.31.2009    12.31.2008 
     
Fair value of derivative financial instruments at end of period (R$)   2,386    (102,387)
Average term (months)   4    6 
Volume covered by derivative financial instruments designated as hedge (barrels)   1,355    2,046 
 
Period ended March 31:       2009       2008 
     
    -     
Gains (losses) with effectiveness derivative financial instruments designated as a        13,785 
hedge and are recognized as a rectifier of expenses on aviation fuel (R$)        
Gains (losses) with ineffectiveness derivative financial instruments designated as a        1,203 
hedge and are recognized as a financial expense (R$)   (42,346)    
Percentage of consumption covered by hedge during the period    12%    60% 

Company uses short- and long-term derivative financial instruments and maintains positions for future months. Nevertheless, the Company does not contract hedges to cover all of its future consumption of aviation fuel, which therefore makes it subject to the risks inherent in the volatility of aviation fuel prices in relation to that portion of its consumption that is not covered by hedges. As of March 31, 2009, the Company has a combination of call options and collar structures to hedge approximately 23%, 29% and 16% of its aviation fuel consumption for the second, third and fourth quarters of 2009, respectively.

32

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

a) Fuel price risk--Continued

The Company classifies the fuel hedge derivative financial instruments as cash flow hedges and recognizes the variations in the fair market value of the effective derivative financial instruments under shareholders’ equity until such time as the fuel covered by the hedge is consumed. The effectiveness of the derivative financial instruments designated as fuel hedges is estimated based on statistical correlation methods or by the proportion of the variation in fuel expenses that are offset by the variation in the fair market value of the derivatives. The results of effective hedges are booked as a reduction or increase in the acquisition cost of fuel, and the results of hedges that are not effective are recognized as a financial income or expense. Ineffective hedges occur when the variation ion the value of the derivatives is not between 80% and 125% of the variation in the price of the fuel covered by the hedge. When the aviation fuel is consumed and the respective derivative financial instrument is settled, the unrealized gains or losses booked under shareholders’ equity are recognized in the income statement as rectifying the expenses on fuel.

The Company is exposed to the risk that periodic variations in the fair value of the derivative financial instruments contracted may not be effective to offset the variations in the price of aviation fuel, or that the unrealized gains or losses of the derivative financial instruments may no longer be qualified for remaining under shareholders’ equity. As the derivate financial instruments become ineffective, the contracts are recognized in income for the period as financial income or expenses.

Ineffectiveness is inherent in transactions conducted in order to hedge against exposures by means of derivative financial instruments based on commodities related to petroleum, especially in time of high volatility of refined products price. When the Company determines that certain contracts in effect are not going to be effective in the period remaining through their expiration date, any alterations in the fair market value of the derivative financial instruments are recognized in results for the period in which the variation occurs.

33

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

a) Fuel price risk--Continued

During the three month period ended March 31, 2009, the Company did not recognize net gains resulting from settlement of hedge contracts that were ranked as effective, rectifying expenses on fuel (R$13,785 in gains for the year ended March 31, 2008), and recognized net losses of R$42,346 (gains of R$1,203 in March 31, 2008) under financial expenses, related to the ineffectiveness of the financial instruments designated as hedges. The loss of R$13,451 were also registered in financial expenses at the end of 2008 totaled a loss of R$55,797 related to ineffectiveness of hedge contracts already settled. For contracts with future competences that are considered ineffective, losses totaled R$24,127 (total losses of R$7,270 in March 31, 2008) recognized as financial expenses. As of March 31, 2009 there were unrealized fuel hedges in the amount of R$86,645 (R$90,580 of loss as of December 31, 2008) relating to the effective portion of the derivative financial instruments designated as hedges contracted for future periods booked under shareholders’ equity.

The fair market value of the swaps is estimated based on discounted cash flow methods, and the fair market value of options is estimated based on the Black-Scholes model adapted to commodities options, in this case petroleum.

Market risk factor: Price of fuel
Exchange market
Futures contracts purchased

    2T09    3T09    4T09    Total 
         
Nominal volume in barrels (thousands)   710    928    530    2,168 
Nominal volume in liters (thousands)   112,876    147,533    84,259    344,668 
                 
Contracted future price per barrel (US$) *    82.72    83.18    53.05    75.66 
         
 
Total in Reais **    135,974    178,713    65,095    379,782 
         
* Weighted average between strikes of collars and call spreads.
** The exchange rate as of March 31, 2009 was R$2.3152 / US$1.00 (R$1.7491 / US$1.00 as of March 31, 2008)

34

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

b) Exchange rate risk

The exchange exposure relating to amounts paid as a result of commercial leases, insurance, maintenance, as well as the exposure to variations in fuel prices caused by the exchange rate, are administered by means of derivative financial instruments represented by dollar futures contracts and dollar options traded on the Brazilian Futures Exchange BM&FBOVESPA. Expense accounts that are covered by exchange rates hedges are expenses on fuel, leases, maintenance, insurance and international information processing services.

As of March 31, 2009 the main assets and liabilities denominated in foreign currency are related to the lease agreements and instruments to obtain funding to finance acquisition of aircraft.

The Company’s exchange exposure as of March 31, 2009 and December 31, 2008 is shown in the following table:

    Consolidated 
   
    03.31.2009    12.31.2008 
     
Assets         
   Cash and banks and marketable securities    185,835    281,286 
   Accounts receivable from leasing companies    111,719    104,465 
   Deposits in guarantee of lease agreements    122,485    111,326 
   Deposits for maintenance of aircraft    396,426    391,989 
   Prepaid lease expenses    43,996    45,596 
   Other assets    48,434    53,533 
     
    908,895    988,195 
Liabilities         
   Foreign suppliers    41,433    37,336 
   Loans and financings    1,684,187    1,715,068 
   Finance leases    1,532,859    1,573,607 
   Other commercial leases payable    27,294    15,863 
   Insurance premiums payable    11,095    54,422 
     
    3,296,868    3,396,296 
     
Exchange exposure in R$    2,387,973    2,408,101 
     
Total exchange exposure in US$    1,021,811    1,030,424 
     
Future obligations         
Future obligations in US$ resulting from operating    3,525,125    4,675,420 
      lease agreements         
Future obligations in US$ resulting from firm orders    16,353,179    16,662,776 
      for purchase of aircraft         
     
    19,878,304    21,338,196 
     
Total exchange exposure in R$    22,266,277    23,746,297 
     
Total exchange exposure in US$    9,527,718    10,161,017 
     

35

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

b) Exchange rate risk--Continued

The Company contracts exchange rate derivative financial instruments to hedge its exposure to this risk related to short-term obligations and, therefore, a substantial portion of its exchange exposure is not covered.

The Company uses short-term derivative financial instruments. The positions of the derivative exchange contracts (in thousands, except as indicated otherwise) are presented as follows:

    03.31.2009    12.31.2008 
     
Fair value of derivative financial instruments at end of period (R$)   -    9,416 
Longest remaining period (months)   -    12 
Volume hedged (US$)   -    139,750 
 
Period ended March 31:    2009       2008 
     
Gains (losses) on effective hedges recognized as         
    operating expenses (R$)   -    (2,636)
Gains (losses) on ineffective hedges recognized as         
    financial expenses (R$)   22,822    (1,954)
Current percentage portion of consumption hedged during the period    -    52% 

The fair market value of the swaps is estimated based on the discounted cash flow. The fair market value of options is estimated based on the Black-Scholes model adapted to currency options, and the fair value of futures refers to the last adjustment due or receivable that has already been calculated and not yet paid.

During the three month period ended March 31, 2009 the unrealized gains on derivative financial instruments designated as exchange rate hedges and measured as effective, booked under shareholders’ equity, totaled R$24,904 (R$50,387 of gains for the year ended December 31, 2008). Were recorded gains in financial income related ineffectiveness of exchange hedge operations already settled an amount of R$25,728, of which R$ 2,906 were recognized on December 31, 2008 and the remaining R$22,822 were recognized during the first quarter ended on March 31, 2009. On March 31, 2009, were also recognized losses of R$5,184 in financial expenses related to ineffective hedge contracts for future competences.

As of March 31, 2009, the Company has no derivative financial instruments designated for hedge U.S. dollar exchange rate.

36

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

c) Credit risk

A credit risk arises from the risk that another party may not comply with its obligations, hence generating a financial loss for the Company.

The Company is exposed to credit risks resulting from its operating activities, chiefly accounts receivable, cash and cash equivalents, including deposits in banks, financial assets classified as available for sale, and derivative financial instruments. The credit risk on accounts receivable is minimized due to the fact that they are substantially represented by accounts receivable from the major credit card operators, which as a general rule are settled in 30 days.

The credit risk of the derivative financial instruments is represented by the risks that the counterparties will not fulfill their obligations. The Company rates the risks of the other parties and limits its exposure to any one single party. The derivative financial instruments used by the Company are signed with high credit ratings, such as international banks with AA+ or better ratings, according to the Moody’s and Fitch agencies, or international futures exchanges or the Brazilian Futures Market (BM&F). Company management believes that the risk of not receiving the amounts due on the derivative operations is not significant.

d) Interest rate risk

The Company’s results are affected by fluctuations in international interest rates due to the impact of such alterations on its operating lease expenses. As of March 31, 2009 the Company contracted interest swap-lock derivative financial instruments to hedge against oscillation in interest rates on aircraft lease agreements. The variations in the fair market value of these instruments are recognized in results as financial income or expenses for derivative financial instruments not designated as hedges, and for those that are designated as hedges, the effective portions of the variations in the fair market value are booked under shareholders’ equity until the date on which the cash flows covered by the hedge generate results.

37

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

d) Interest rate risk--Continued

As of March 31, 2009 the Company maintains derivative financial instruments represented by interest swap-lock contracts to hedge against oscillation in international interest rates. As of March 31, 2009 the nominal value of the financial instruments designated as cash flow hedges was in the amount of R$140,244 (US$60,575 thousand) (R$141,564 (US$60,575 thousand) as of December 31, 2008), with fair market value of R$4,235 in losses (R$3,878 of losses on December 31, 2008), which amount of R$4,232 (R$3,873 of losses on December 31, 2008), corresponds to unrealized losses, was recorded under the equity adjustment heading in shareholders’ equity. During the three month period ended March 31, 2009, the Company recognized gains of R$156 (there were no gains or losses on March 31, 2008) related to interest payments as a financial expense.

For financial instruments not designated as hedges as of March 31, 2009 derivative financial instruments were contracted in the nominal amount of R$100,711 (US$43,200 thousand) (R$203,786 (US$87,200 thousand) as of December 31, 2008) with loss in market value of R$19,765 (losses of R$30,903 as of December 31, 2008) and net gains of R$5,764 (US$2,490 thousand) (there were no gains or losses on March 31, 2008) being recognized under financial income. Variations in the fair market value are recognized in results as financial income or expenses.

Company results are also affected by fluctuations of the interest rates in effect in Brazil, which impact marketable securities, short-term investments, obligations denominated in Reais, as well as assets and obligations indexed to the U.S. Dollar. Such fluctuations affect the market value of the derivative financial instruments contracted in Brazil, the market value of securities pre-fixed in Reais, and the remuneration of the balance of cash and marketable securities. The Company uses Interbank Deposit (DI) futures contracts through the BM&F to hedge against fluctuations in domestic interest rates on the pre-fixed portion of its investments. As of March 31, 2009, the Company has no Interbank Deposit future contracts traded on BM&FBOVESPA.

38

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

1- Statement of values of derivative financial instruments:

As of March 31, 2009 the notional value of the derivative financial instruments, the market value and the impact on cash generated b them are summarized as follows:

Description    Reference value (notional)   Fair value    Accumulated effect
(current period)
     
  Current quarter 1Q 2009    Previous quarter 4Q 2008    Current quarter 1Q 2009   Previous quarter 4Q 2008    Amount receivable / (received)   Amount payable / (paid)
             
Futures Contracts                         
   Purchase Commitment:                         
       Foreign currency (R$)   -    58,425    -    (1,864)   -    (295)
 
Options Contracts                         
   Purchase Position                         
       Foreign currency (R$)   -    428,255    -    11,280    -    (2,730)
       Fuel hedge (thousands of barrels)   2,168 barril    3,274 barril    R$2,386    R$(102,387)   -    - 
 
Swap Contracts                         
   Active Position                         
       Rate – post-active (BOX - Swap) (R$)   -    32,500    -    33,718    -    - 
       Rate – post-active (FUT DI) (R$)   -    (3,100)   -    (0)   -    - 
Total: Rate – post-active (onshore) (R$)   -    29,400    -    33,718         
       Rate – post-active (Libor int. oper.) (R$)   240,955    141,768    (24,000)   (34,809)   -    - 
 
   Passive Position                         
       Rate – pre-passive (BOX - Swap) (R$)   -    32,500    -    (35,520)   -    - 
       Rate – pre-passive (FUT DI) (R$)   -    (3,100)   -    -    -    - 
Total: Rate – pre-liability (onshore) (R$)       29,400        (35,520)        
       Rate – pre-passive (Libor int. oper.) (R$)   240,955    141,768    -    -    -    - 

39

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

2- Statement analyzing sensitivity of derivative financial instruments:

Analysis of the sensitivity of derivative financial instruments, taken on an isolated basis, to the fluctuation of the principal risk factor for the probable scenario and the possible and remote adverse scenarios considers the following elements:

• The probable scenario is defined as the scenario expected by the Company’s management, established through the volatility of each asset.

• The possible adverse scenario considers a deterioration of 25% in the principal variable determinant of the fair value of the derivative instrument.

• The remote adverse scenario considers a deterioration of 50% deterioration in the principal variable determinant of the fair value of the derivative instrument.

The following table shows the sensitivity analysis conducted by Company management and the cash effect on the derivative financial instruments open as of March 31, 2009 based on the three scenarios described above:

 
 Operation    Risk    Probable Scenario    Possible Adverse Scenario    Remote Adverse Scenario 
 
Fuel    Drop in the price of WTI (NYMEX)   US$ 49.66 / barrel
R$ 12,244 		   US$ 37.25 / barrel
R$ (2,094)		   US$ 24.83 / barrel
R$ (10,458)
  Drop in the price of Heating Oil (NYMEX)   US$ 1.344 / gallon
R$ (9,858)		   US$ 1.008 / gallon
R$ (13,768)		   US$ 0.672 / gallon
R$ (17,774)
 
Dollar    Drop in the quotation for future dollars (BM&F)   R$ 2.315/ US$
R$ - 		  R$ 1.736/ US$
R$ - 		  R$ 1.158 / US$
R$ -
  Drop in the quotation for dollar options (BM&F)   R$ 2.315/ US$
R$ - 		   R$ 1.736/ US$
R$ - 		   R$ 1.158 / US$
R$ - 
 
Offshore interest rate    Drop in the LIBOR    6 months LIBOR:
(1.74% a.a.)
R$ (24,000)		   6 months LIBOR:
(1.30% a.a.)
R$ (28,651)		   6 months LIBOR: 
(0.87% a.a.)
R$ (33,302)
 

40

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

2 - Statement analyzing sensitivity of derivative financial instruments--Continued:

The following considerations are important for understanding management’s sensitivity analysis:

I) Operations with derivative fuel instruments:

As of March 31, 2009 the Company held two collar options and 23 call option contracts for WTI oil, representing a notional value of 176 thousand and 1,876 thousand barrels, respectively. Those contracts have, respectively, maturities falling between July and October of 2009 and between April and November of 2009. The Company has also contracted collar options that contain the option to purchase WTI oil (call) and a heating oil sale option (put). As of March 31, 2009 the Company has two contracts that involve a notional amount of 116 thousand barrels and with maturities in June 2009.

The Company contracts derivative financial instruments for fuel hedges on the OTC market with the following international concerns:

Counterparty  Maturity  Type of contract 
British Petroleum  April-09
July-09
 
August-09 
October-09 
March-09 
June-09 
May-09 		 Call WTI
Collar WTI 
Call WTI 
Call WTI 
Collar WTI 
Call WTI 
Collar WTI-HO 
Call WTI 
Deutsche Bank  March-09 
June-09 
May-09 		 Call WTI 
Collar WTI-HO 
Call WTI 
MF Global  September-09 
November-09 		 Call WTI 
Call WTI 
Mitsui  September-09  Call WTI 
Morgan Stanley  March-09 
April-09 
June-09 
July-09 
August-09 
October-09 		 Call WTI 
Call WTI 
Collar WTI-HO 
Call WTI 
Call WTI 
Call WTI 

41

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

2 - Statement analyzing sensitivity of derivative financial instruments--Continued:

I) Operations with derivative fuel instruments--Continued:

As of March 31, 2009 the Company has financial assets in the amount of R$ 3,195 linked to the margin of guarantee on contracting fuel hedge derivative instruments.

The scenario considered probable by management is that the price of WTI grade petroleum will reach an average of US$ 49.66 per barrel, which would result in a cash inflow of R$12,244 in the event the contracts are settled, which would be recorded as expenses on fuel, if the instruments are measured as effective, or booked as a financial expense if the instruments are considered ineffective. Management estimates that the possible scenario is a reduction in the price of a barrel of WTI oil to US$37.25 and a remote scenario would be if the price went all the way down to US$24.83 per barrel. In the event the possible or remote scenario were to materialize, the Company would book losses in the fair market value of the derivative financial instruments corresponding, respectively, to R$2,094 and R$10,458 for the scenarios of a drop in oil prices, due to the fact that Company has WTI collar type contracts. The Company also contracts collar options linked to Heating Oil (HO) type petroleum. The probable scenario for this type of commodity is that the price will reach an average of US$1.344 per gallon, which would result in a cash outflow of R$9,858. For the possible and remote scenarios, management considers an average HO quotation of US$1.008 per gallon and US$0.672 per gallon, which would result in respective cash outflows of R$13,768 and R$17,774.

II) Operations with dollar derivative instruments:

As of March 31, 2009 the Company has no contracts of derivative financial instruments to protect against oscillation of U.S. dollar exchange rate.

42

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

20. Risks Inherent in Company Operations and Sensitivity Analysis of Derivative Financial Instruments--Continued

III) Operations with interest rate derivative instruments:

As of March 31, 2009 the Company has two swap amortizing contracts with a notional amount of R$140,564 (US$60,575 thousand) and expiring up to July 2010, for the purpose of hedging its expenses on aircraft leases to the variations in interest rates. The Company further has six interest swap-lock contracts with a notional value of R$100,711 (US$43,500 thousand) expiring between August 2021 and December 2022. The interest rate hedge operations are carried out through contracts with first tier financial institutions. As of March 31, 2009 the Company has contracts outstanding with the following financial institutions:

Party  Month due  Type of contract 
 
Calyon  July 2010  Libor swap amortizing 
 
Citibank  July 2010  Libor swap amortizing 
 
Merrill Lynch  August 2021  swap-lock 
December 2021  swap-lock 
January 2022  swap-lock 
October 2022  swap-lock 
November 2022  swap-lock 
December 2022  swap-lock 
 

The value of the financial assets linked to margin deposits as of March 31, 2009 is R$10,372.

Management estimates that the probable scenario is that the Libor will reach 1.74 % p.a., whereas under the possible and remote scenarios the rates considered are 1.30% p.a. and 0.87% p.a., respectively. The estimated losses under the probable, possible and remote scenarios are, respectively, R$24,000, R$28,651 and R$33,302.

43

Table of Contents

GOL LINHAS AÉREAS INTELIGENTES S.A.

Notes to the Quarterly Information - ITR
Periods from January 1, to March 31, 2009 and 2008
(Expressed in thousands of Reais, except as indicated otherwise)

21. Insurance Coverage

Management takes out insurance coverage in amounts it considers necessary to cover any claims, in view of the nature of Company’s assets and the risks inherent in its operating activities, with due heed being paid to the limits set in the lease agreements. As of March 31, 2009 the insurance coverage per type, considering the fleet of aircraft and in relation to the maximum amounts of indemnification, is as follows:

Type of Aircraft Insurance    R$ (Th.)   US$ (Th.)
     
Guarantee for plane fuselage    9,515,528    4,110,024 
Civil Liability per occurrence/aircraft    4,051,600    1,750,000 
Guarantee for fuselage/war    3,982,545    3,982,545 
Inventories    289,400    125,000 

By means of Law No. 10.744 of October 9, 2003, the Brazilian government took on the commitment to complement any civil liability expenses with respect to third parties caused by acts of war or terrorist attacks that might occur in Brazil or overseas and which VRG might be required to pay in terms of indemnities for amounts in excess of insurance policy limits in effect as of September 10, 2001, limited to the equivalent in Reais of US$ 1 billion U.S. Dollars.

44

 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 14, 2009

 
GOL LINHAS AÉREAS INTELIGENTES S.A.
By:

/S/ Leonardo Porciúncula Gomes Pereira
 
Name: Leonardo Porciúncula Gomes Pereira
Title:    Executive Vice-President and Chief Financial Officer
 

 

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.