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Ownership Breakdown

The following graphic sets forth the ownership breakdown of GOL as of May 31, 2017.

ON PN
Common Shares % Preferred Shares % Total %*
Delta Airlines - - 32,926,025 16.17% 32,926,025 9.48%
Fundo de Investimento em Participações Volluto 5,035,036,580 100.00% 68,915,078 33.84% 5,103,951,658 61.23%
Other 560 0.00% 101,489,172 49.84% 101,489,732 29.21%
Treasury Shares - - 297,878 0.15% 297,878 0.09%
Total 5,035,037,140 100.00% 203,628,153 100.00% 5,238,665,293 100.00%

*The calculation considers the ratio of 35 common shares for each preferred share.