GOL Gol Linhas Aereas Inteligentes SA

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The subsidiaries GAC Inc., GOL Finance and GOL Finance Inc. are entities incorporated with the specific purpose of continuing the financial operations and related to the Company's fleet. They do not have an independent management structure and are unable to make independent decisions. Thus, the assets and liabilities of these entities are consolidated in the parent company.

GTX S.A., directly controlled by the Company, is in a pre-operational stage and its corporate purpose is to manage its own assets and participate in the capital of other companies.

Smiles Viagens e Turismo S.A. (“Smiles Viagens”), has as main purpose intermediate travel organization services by booking or selling airline tickets, accommodation, tourism packages, among others. The subsidiaries Smiles Fidelidade Argentina S.A. and Smiles Viajes Y Turismo S.A., both headquartered in Buenos Aires, Argentina, have the purpose to promote operations of the Smiles Program and the sale of airline tickets in that country.

The investment funds Airfim and Fundo Sorriso, controlled by GLA, have the characteristic of an exclusive fund and act as an extension to carry out operations with derivatives and investments, so that the Company consolidates the assets and liabilities of this fund in its financial statements.

The first days of 2022 were impacted by a significant increase in the number of cases of Covid-19, with the spread of the "Omicron" variant, which led to the cancellation of flights by several companies in Brazil and in the world. Through its flexible business model based on a single type of fleet, GOL did not observe impacts on its operation in the period, with regularity above 99% and market leadership in domestic routes with 38.5% of market share in this month in January 2022.

The results of the third quarter demonstrate a consistent recovery in demand, started in the second quarter of 2022, and with plans to return to pre-pandemic levels in the coming quarters, with the Company having increased the domestic offer, measured by the ASK, in 28.1% on this quarter compared to the same period in 2021 and observed an increase of 27.4% in domestic demand, measured by RPK following the same comparison.

In order to keep up with the resumption of demand and increase its positioning in the regional market, the Company, in addition to inaugurating new routes in this market, also signed agreements with new partners and expanded frequencies on previously operated routes.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The Company, through its Executive Committee, which is entirely formed by the management board members, works promptly to support society, monitor demand, and define financial and operational strategies.

1.2.1    Impacts on the unaudited interim condensed consolidated financial statements

Throughout 2022, the operational network resumed and the offer normalized at levels close to 2019, however the result for the period bears the impacts of the pandemic period that led to a reduction in the network.

Like all other business organizations, the Company is unable to foresee the duration of the pandemic and the continued extent of the impacts caused by it on future business, results and cash generation. For this reason, when preparing these unaudited interim condensed consolidated financial statements, the Management considered the most recent forecasts available, duly reflected in the Company's business plans. In the period ended in September 30, 2022, no adjustment was needed regarding impairments on the Company’s Recoverable taxes, Deferred tax assets, Property, plant & equipment, and Intangible assets.

On February 24, 2022, Russia started a military invasion of Ukraine, marking a sharp escalation in the existing conflict between these countries. The invasion received widespread condemnation from the international community, including sanctions aimed at crippling the Russian economy.

As a result of the invasion, Brent and WTI oil and Heating Oil and Jet Fuel distillates prices rose sharply and remain quoted close to 100 dollars with differentials at historical highs, during the year 2022, with a direct impact on aircraft fuel expenses. In view of this increase, the Company uses its capacity management to optimize the pricing of its fares, increase productivity and cost optimization, in addition to evaluating protection strategies of future exposure and participate in sectoral negotiations in order to mitigate the impact on the operational margin.

On September 30, 2022, the net working capital is negative by R$10,596,009 (negative by R$8,393,753 on December 31, 2021). The variation is mainly related to the increase in advance ticket sales and mileage program, as of September 30, 2022 the amount of these obligations is R$5,250,098 (R$3,969,251 on December 31, 2021), which are expected to be substantially recognized with services provided by the Company.

On September 30, 2022, the Company also had a deficit attributed to equity holders of the parent company of R$21,723,443 (R$21,053,678 on December 31, 2021). The variation observed is mainly due to loss for the period, partially offset by the capital increase carried out in the context of the investment agreement with American Airlines (Note 1.5).

The operations of the Company are sensitive to changes in the economic scenario and to the volatility of the Real, given that around 93.7% of its indebtedness (loans and financing and leases) are exposed to the U.S. dollar (“US$”) and 47.5% of its costs are also pegged to the U.S. currency, and its ability to adjust the price of fees charged from its customers to recapture the change of the US$ depends on the rational (offer) capacity and behavior of competitors.

Over the past five years, Management has taken many measures to adapt the size of GOL’s fleet to demand, matching the supply of seats to the level of demand and thus keeping high load factors, reducing costs and adjusting its capital structure, as well as implementing initiatives to restructure its balance sheet.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

Our unaudited interim condensed consolidated financial statements have been prepared on the assumption of the Company as a going concern, which includes the continuity of operations, realization of assets and compliance with liabilities and commitments in the usual course of business, in conformity with the business plan prepared by Management, reviewed and approved by the Board of Directors annually.

Although there is still a substantial uncertainty about how long it will take the airline industry to recover, and that leads to material uncertainty about our ability to continue as a going concern, the unaudited interim condensed consolidated financial statements as of September 30, 2022, do not include any adjustment that may result from inability to continue operating.

In the period ended September 30, 2022, GOL and American Airlines formalized an agreement to expand their commercial cooperation, with an investment of R$948,320, paid in cash by American Airlines for 22,224,513 preferred shares of the Company.

As of this transaction, American Airlines has the right to appoint one member to the Company's Board of Directors for the next 3 years, having appointed Mr. Anmol Bhargava.

The exclusive codeshare agreement deepens the relationship between the two airlines, with greater travel opportunities for passengers and enhancements to the customer experience and GOL's competitive position on routes connecting North and South America.

Following the plan disclosed in the fiscal year ended December 31, 2021, GOL continued the execution of fleet transformation acceleration plan on September 30, 2022, receiving 16 Boeing 737-MAX aircraft though leasing contracts, 4 of which have purchase option.

The Boeing 737-MAX consumes around 15% less fuel and produces around 16% less carbon and 40% less noise, besides having a longer flight range when compared to Boeing 737-NG aircraft.

With the demand’s recovery, the advanced vaccination in several markets, operations are resuming pre-pandemic levels and macroeconomic variables linked to costs due to the oil barrel price significantly higher, there is an increased need to accelerate the replacement of the current fleet of 737 NG with the objective of operational efficiency gains.

In addition, the Company managed to obtain agreements to acquire new 737 MAX aircraft with more favorable conditions compared to the pre-pandemic period, due to new facility lines to finance these aircraft and balance the Company's financing portfolio.

Due to the fleet transformation, Company will return 737-NG aircraft, with relevant future disbursements estimated, as disclosed in Note 23.2, which may be compensated with deposits disclosed in Note 10.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

In April 2022, Company signed a 10-year cargo service agreement with Mercado Livre. The agreement includes a dedicated freighter fleet of six Boeing 737-800 with the possibility of including another six cargo aircraft by 2025, in the quarter ended September 30, 2022, the Company received the first two cargo aircraft, having started operations in September of 2022.

GOL’s agreement with Mercado Livre is part of the Company’s investment to serve the needs of the growing Brazilian e-commerce market. As a result, the Company plans to increase its range of services and available cargo carrying capacity in tonnes 2023 to generate additional incremental revenue.

On May 11, 2022, the Company received a notice from its controlling shareholder MOBI Fundo de Investimento em Ações Investimento no Exterior ("MOBI FIA") announcing the execution of a Master Contribution Agreement with the major shareholders of Investment Vehicle 1 Limited ("Avianca Holding"), including Kingsland International Group S.A., Elliott International L.P. and South Lake One LLC.

Under the terms of the Master Contribution Agreement, MOBI FIA will contribute with its shares in GOL and the Avianca Holding principal investors will contribute with their shares in Avianca Holding to create a private company incorporated under the laws of England and Wales. GOL and Avianca will continue to operate independently and maintain their respective brands and cultures.

The Transaction is subject to customary closing conditions set forth in the Master Contribution Agreement, including certain regulatory approvals. As of September 30, 2022, there are no impacts on the Company's unaudited interim condensed consolidated financial statements.

On June 8, 2021, GOL signed an agreement to acquire MAP Transportes Aéreos Ltda., a domestic Brazilian airline with routes from Congonhas Airport in São Paulo to regional destinations, considering the Company's commitment to expand the air transportation demand and rationally consolidate in the domestic market as the country's economy recovers from Covid-19.

On December 30, 2021, through SG Order 1929/2021, the Administrative Council for Economic Defense (CADE) approved the operation without restrictions. The transaction closing is subject to other conditions, which have not yet been fulfilled. Therefore, on September 30, 2022, there are no impacts on the Company's unaudited interim condensed consolidated financial statements.

MAP will be acquired for R$28 million, to be paid upon satisfaction of all closing conditions, through 100,000 preferred shares (GOLL4) at R$28.00 per share and R$25 million in cash to be paid in twenty-four monthly installments. At closing, the Company will assume up to R$100 million in MAP's financial obligations.

This transaction should bring as main benefits: (i) expansion to new routes; (ii) offering higher seat density to historically underserved markets; and (iii) enhancing cost-efficient operations.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

On September 15, 2022, the Company entered into settlement agreements with the Comptroller General of Brazil (Controladoria Geral da União or “CGU”), the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) for the settlement of their investigations into payments made through GOL in 2012 and 2013 to politically exposed persons, including Brazilian government officials, resulting from a report by GOL in December 2016 to the SEC and the Brazilian Securities Commission (Comissão de Valores Mobiliários or “CVM”) as noted in the Company’s Form 20-F.

Under the settlement agreements in which the authorities recognized GOL’s cooperation and remedial acts, which included compliance program, internal controls, and anti-corruption procedures: (a) GOL agreed to pay a total amount of US$3.4 million to CGU (to be deducted from the payments due to the DOJ and SEC as described below); (b) DOJ agreed to a three-year deferred prosecution agreement in which no compliance monitor will be required and GOL agrees to report to DOJ annually for three years regarding remediation and implementation of compliance measures related to its anti-corruption policies, procedures, and practices; (c) GOL agreed to pay US$17.0 million to DOJ and US$24.5 million to SEC in fines, disgorgement, and pre-judgment interest related to certain payroll tax and fuel tax reductions in 2012 and 2013 that benefitted GOL along with other airlines and companies, of which total initial payments in an aggregate of US$12.6 million was paid to DOJ and SEC in September 2022 with the remainder of the payments due periodically over a two-year period; and (d) payment of up to US$3.4 million by GOL to CGU as described above will be credited by DOJ and SEC and can be deducted from the payments due to them.

The Company’s unaudited interim condensed consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”).

The Company’s unaudited interim condensed consolidated financial statements were prepared using the Brazilian Real (“R$”) as the functional and presentation currency. Figures are expressed in thousands of Brazilian reais, except when stated otherwise. The items disclosed in foreign currencies are duly identified, when applicable.

The preparation of the Company’s unaudited interim condensed consolidated financial statements requires Management to make judgments, use estimates, and adopt assumptions affecting the stated amounts of revenues, expenses, assets, and liabilities. However, the uncertainty inherent in these judgments, assumptions, and estimates could give rise to results that require a material adjustment of the book value of certain assets and liabilities in future periods.

The Company is continually reviewing its judgments, estimates, and assumptions.

Management, when preparing these unaudited interim condensed consolidated financial statements, used the following disclosure criteria, considering regulatory aspects and the relevance of the transactions to understand the changes in the Company’s economic and financial position and its performance since the end of the fiscal year ended December 31, 2021, as well as the update of relevant information included in the annual financial statements related to the year ended December 31, 2021 disclosed on March 15, 2022.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

Management confirms that all the material information in these unaudited interim condensed consolidated financial statements are being demonstrated and corresponds to the information used by Management in the development of its business management activities.

The unaudited interim condensed consolidated financial statements have been prepared based on historical cost, with the exception of the following material items recognized in the statements of financial positions:

The Company’s unaudited interim condensed consolidated financial statements for the period ended September 30, 2022, has been prepared assuming that it will continue as a going concern, realizing assets and settling liabilities in the normal course of business, as per Note 1.4.

In order to maintain the comparability between the periods, the Company reviewed aggregations in the presentation of Financial results in the statement of operations related to nine-month period ended September 30, 2021, in accordance with IAS 1 - “Presentation of Financial Statements”.

The approval and authorization for the issuance of these unaudited interim condensed consolidated financial statements took place at the Board of Directors’ meeting held on October 26, 2022.

The unaudited interim condensed consolidated financial statements were prepared based on policies, accounting practices and estimate calculation methods adopted and presented in detail in the annual financial statements related to the year ended December 31, 2021, issued on March 15, 2022.

The following amendments to accounting standards became effective for periods beginning after January 1, 2022:

These changes did not impact the Company's unaudited interim condensed consolidated financial statements. Additionally, in the period ended September 30, 2022, no new standards or pronouncements were published which are expected to impact the Company's unaudited interim condensed consolidated financial statements. Finally, the Company did not opt ​​for the early adoption of standards or pronouncements.

Foreign currency transactions are recorded at the exchange rate change prevailing on the date on which the transactions take place. Monetary assets and liabilities designated in foreign currency are calculated based on the exchange rate change on the balance sheet date. Any difference resulting from the translation of currencies is recorded under the item “Monetary and foreign exchange rate variation, net” in the statement of operations.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The exchange rate changes in reais in effect on the base date of these unaudited interim condensed consolidated financial statements are as follows:

Under normal economic and social conditions, the Company expects revenues and operating income (expense) from its flights to be at their highest levels in the summer and winter vacation periods, in January and July, respectively, and during the last weeks of December and in the year-end holiday period. Given the high proportion of fixed costs, this seasonality tends to drive changes in operating income (expense) across the fiscal-year quarters. In the current context, operations follow indicating the continuity of the resumption of operational numbers prior to the pandemic period, given the decline in the number of cases and deaths caused by Covid-19.

The breakdown of cash equivalents is as follows:

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

Of the total amount recorded on September 30, 2022, R$ 305,039 (R$333,984 on December 31, 2021), refer to investments used as guarantees linked to deposits for lease operations, derivative financial instruments, lawsuits and loans and financing.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The aging list of trade receivables, net of allowance for expected loss on trade receivables accounts, is as follows:

The changes in an expected loss on trade receivables are as follows:

The changes in the provision for obsolescence are as follows:

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The Company makes deposits in U.S. dollars for the maintenance of aircraft and engines, which will be used in future events as established in certain lease agreements. The Company has the right to choose to carry out the maintenance internally or through its suppliers.

Maintenance deposits do not exempt the Company, as a lessee, from contractual obligations related to the maintenance or the risk associated with operating activities. These deposits can be replaced by bank guarantees or letters of credit (SBLC - stand by letter of credit) as according to the conditions established in the aircraft lease. These letters can be executed by the lessors if the maintenance of the aircraft and engines does not occur according to the review schedule. Several aircraft lease agreements do not require maintenance deposits and have credit bills to ensure the maintenance is carried out in the scheduled periods. Until September 30, 2022, no credit bill had been executed against the Company.

The Company has two categories of maintenance deposits:

Court deposits and blocks represent guarantees of tax, civil and labor lawsuits, kept in court until the resolution of the disputes to which they are related. Part of the court deposits refers to civil and labor lawsuits arising from succession requests in lawsuits filed against Varig S.A. or also labor lawsuits filed by employees who do not belong to GLA or any related party. Considering that Management does not believe that the Company is legally responsible for such claims and the release of the court deposits has been claimed.

As required by the lease agreements, the Company makes guarantee deposits (in U.S. dollars) to the leasing companies, which can be redeemed if replaced by other bank guarantees or fully redeemed at maturity.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The positions of deferred assets and liabilities are presented below and comply with the enforceable offset legal rights that consider taxes levied by the same tax authority under the same tax entity.

^{(*) Exchange rate change recognized in other comprehensive income.}

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The Company’s Management considers that the deferred assets and liabilities recognized on September 30, 2022 from temporary differences will be realized in proportion to realization of their bases and the expectation of future results.

The Management estimates that active deferred tax credits, recorded on tax losses and a negative social contribution base, may be realized as follows:

The direct subsidiary GLA has tax losses and negative bases of social contribution in the determination of taxable profit, to be offset against 30% of future annual tax profits, with no prescription period, not recorded in the balance sheet, in the following amounts:

The reconciliation of tax expenses and multiplying the loss before income tax and social contribution by the nominal tax rate for nine-month periods ended September 30, 2022 and 2021 is as follows:

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The breakdown of and changes in property, plant and equipment are as follows:

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The breakdown of and changes in intangible assets are as follows:

The balances of goodwill and airport operating rights (slots) were tested for impairment on December 31, 2021 through the discounted cash flow for each cash-generating unit, giving rise to the value in use. The results obtained were compared with the carrying amount of each cash-generating unit and, as a result, the Company did not recognize impairment losses on its CGUs. On September 30, 2022, no indications of impairment on the cash-generating unit were identified.

In order to determine the carrying amount of each cash-generating unit, the Company considers the intangible assets recorded and all necessary tangible assets to conduct the business, given that it will only generate economic benefits by using the combination of both.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

The breakdown of and changes in short and long-term loans and financing are as follows:

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

On September 30, 2022 total loans and financing of the consolidated included funding costs and premiums totaling R$175,075 (R$250,393 on December 31, 2021) that will be amortized over the life of their loans and financing. The total also includes the fair value of the derivative financial instrument, referring to the convertibility of the ESN, totaling R$22,751 on September 30, 2022 (R$162,568 on December 31, 2021).

The renegotiations detailed below were evaluated under IFRS 9 - “Financial Instruments” and did not meet the definitions to derecognize the liabilities (with the original financial liability extinguished and a new financial liability recognized).

During the period ended September 30, 2022 the Company, through its subsidiary GLA, negotiated new loan agreements for working capital needs. These loans, whose characteristics are presented below, have the objective of maintaining and managing the Company's working capital.

During the period ended September 30, 2022, GLA also renegotiated the maturities of contracts of this type, with an impact on the interest rate, disclosed in the table above. The other conditions of this operation remain unchanged.

During the period ended September 30, 2022, the Company, through its subsidiary GLA, raised funds and renegotiated the due dates of this type of agreement, impacting the interest rate, disclosed in table above, and keeping promissory notes as collateral for the transactions, which are part of a credit line maintained by GLA for engine maintenance, import financing in order to purchase spare parts and aircraft equipment.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

On September 30, 2022, the maturities of loans and financing recorded in non-current liabilities were as follows:

The fair value of loans and financing as of September 30, 2022, is as follows:

(*) Total net of funding costs.

The Company has covenants in the Debentures and Senior secured notes 2026.

After the renegotiation of the debentures during the year ended December 31, 2021, the mandatory measurement of the indicators (semiannual) provided for in the deeds of the 7^th and 8^th issuance will be as of December 2022.

Within the scope of the Senior secured notes 2026, the Company complies with guarantee conditions linked to inventory parts (semiannual) and intellectual property (annual). On June 30, 2022, the Company had GLA’s parts and equipment guaranteed linked to this agreement meeting the contractual conditions. The next measurement will be in December 2022.

		Notes to the unaudited interim condensed consolidated financial information statements September 30, 2022 (In thousands of Reais - R$, except when otherwise indicated)

On September 30, 2022, the balance of leases payable includes: (i) R$27,746 relating to variable payments, not included in the measurement of liabilities, and short-term leases (R$28,440 on December 31, 2021), which fall under the exemption provided for in IFRS 16; and (ii) R$12,053,219 referring to the present value on this date of future lease payments (R$10,734,544 on December 31, 2021).

The breakdown and changes in the present value of future lease payments are shown below: