GOL LINHAS AÉREAS INTELIGENTES S.A.

(“Publicly-held Company”)

CNPJ/MF nº 06.164.253/0001-87

NIRE 35.300.314.441

MINUTES OF THE BOARD OF DIRECTORS’ MEETING

HELD ON MARCH 20, 2017

I. Date, Time and Place: March 20, 2017, at 02:30 p.m., on Praça Comte. Linneu Gomes, S/N, Portaria 3 – Prédio 07 – Meeting Room of the Board of Directors, Jardim Aeroporto, São Paulo, SP (“Company”). II. Calling and Attendance: All the members of the Board of Directors. III. Presiding Board: Mr. Constantino de Oliveira Junior was the chairman of the meeting, and invited me, Richard Freeman Lark Jr., to act as secretary of the meeting. IV. Agenda: To pass the resolution on the following matters: (i) The approval of the Management Proposal of 2017 fiscal year, which shall be submitted to the General Shareholders’ Meeting of the Company, as well as those other documents as required in the applicable laws, especially in CVM Instruction no. 481/09 (“INCVM 481/09”), among them: a) the Proposal for Allocation of 2016 Profit, and b) the Proposal for Global Compensation for Director’s and Executive Officers for the fiscal year of 2017; and (ii) the approval of calling a General Shareholders’ Meeting of the Company. V. Resolutions: After the necessary explanations were provided, and after detailed review of the documents referring to the matter hereof, were approved, by unanimous vote: (i) the Management Proposal of 2017 fiscal year, which shall be submitted to the General Shareholders’ Meeting of the Company, as well as those other documents as required in the applicable laws, especially in CVM Instruction no. 481/09 (“INCVM 481/09”), among them: a) the Proposal for Allocation of 2016 Profit, in which the Management of the Company recommends that 100% of the profit of 2016, R$ 849.619.519,59 (eight hundred and forty nine millions, six hundred and nineteen thousand, and five hundred and nineteen reais, and fifty nine centavos), shall be used to absorb the accumulated losses, under the article 189 of L.nº 6.404/76; and b) the Proposal for Global Compensation for Director’s and Executive Officers for the fiscal year of 2017, in the amount up of to R$ 20.495.982,00 (twenty millions, four hundred and ninety five thousand, nine hundred and eighty two reais). The Management of the Company recommends the approval of the items of the Management Proposal in the General Shareholders’ Meeting. The Management Proposal and the related documents to the General Shareholders’ Meeting, were duly signed and filed at the head office of the Company, and will be disclosure to the shareholders in the legal time; and (ii) the approval of calling a General Shareholders’ Meeting of the Company, to be held on April 20^th, 2017, under the terms of the article 123 of L. nº 6.404/76, which call notice will be approved and disclosed in the legal time. VI. Suspension of the Meeting and Drawing-up of the Minutes: The floor was offered to whoever might wish to use it, and since nobody did so, the meeting was suspended for time necessary for these minutes to be drawn-up. Upon the reopening of the meeting, these minutes were read, checked and signed by the attendees. Signatures. Presiding Board: Constantino de Oliveira Junior – Chairman; Richard Freeman Lark Jr. – Secretary. Members of the Board of Directors: Constantino de Oliveira Junior, Ricardo Constantino, Joaquim Constantino Neto, William Charles Carroll, Antonio Kandir, Germán Pasquale Quiroga Vilardo, André Béla Jánszky, Anna Luiza Serwy Constantino and Francis James Leahy Meaney. I hereby certify that this is a faithful copy of the minutes that were drawn-up in the proper book.

São Paulo, March 20, 2017.