Gol in $180 Million Offering

May 3, 2005

Cleary Gottlieb represented the underwriters, led by Morgan Stanley, in the public offering by the corporate parent of Brazilian airline Gol Transportes Aéreos S.A.  The transaction involved simultaneous Brazilian and international offerings.

Gol is the only low-fare, low-cost airline operating in Brazil, providing frequent service on routes between all of Brazil’s major cities, and is one of the most profitable low-cost airlines in the world.  A total of 6.4 million American Depositary Shares representing preferred shares of Gol’s parent were offered both by the company and by a large selling shareholder in the international offering, for a total offering price of approximately $180 million, which includes the exercise of the over-allotment option by the underwriters.  The Brazilian offering, in the form of preferred shares, had a total offering price of approximately $57 million.  Cleary acted as counsel to the underwriters when Gol conducted its initial public offering in July 2004.