GOL Linhas Aéreas Inteligentes S.A., Latin America's low-cost, low-fare airline, announced that it was approved by the Brazilian Committee of Studies Related to International Air Navigation (CERNAI) to start regular international flights to Buenos Aires, Argentina. The Company is taking all necessary measures to begin flights by year end.

Modeling itself after the successful strategies of other international low-cost airlines, GOL will be expanding its affordable, high quality services to Argentina, benefiting both Brazilian and foreign customers.

Commenting on this latest initiative, Tarcísio Gargioni, GOL's Vice President-Marketing and Services said: "The current operation will connect the two largest markets in South America, Buenos Aires and São Paulo. We are confident the new routes will be successful."

GOL Linhas Aéreas Inteligentes, a "low-cost, low-fare" airline, is one of the most profitable in the industry worldwide. By meeting demand for service to underserved markets, GOL has achieved 22.5% of Brazilian market share in the first quarter of 2004 (1Q04) after just 3 years of operations. GOL operates a simplified fleet with a single-class of service and has one of the youngest and most modern fleets in the industry, leading to low maintenance, fuel and training costs, and therefore high aircraft utilization and efficiency ratios.

GOL currently offers service to Brazil's major business and travel destinations, with substantial expansion opportunities. In 2004, GOL plans to grow by increasing frequencies in existing markets and adding service to additional markets in both Brazil and other high-traffic South American travel destinations.

The company announced has ordered 43 Boeing 737-800 passenger airplanes worth up to US $2.7 billion at list prices. GOL begins receiving the 15 firm-ordered 737-800s between 2007 and 2009.