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Ownership Breakdown

The following graphic sets forth the ownership breakdown of GOL as of February 28, 2017.

ON PN
Common Shares % Preferred Shares % Total %*
Delta Airlines - - 32,926,025 16.19% 32,926,025 9.48%
Fundo de Investimento em Participações Volluto 5,035,036,580 100.00% 68,915,078 33.88% 5,103,951,658 61.28%
Other 560 0.00% 100,649,072 49.49% 100,649,632 28.99%
Treasury Shares - - 893,793 0.44% 893,793 0.26%
Total 5,035,037,140 100.00% 203,383,968 100.00% 5,238,421,108 100.00%

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