During the fourth quarter of 2017, GOL Linhas Aéreas Inteligentes (GOL) reports that its revenue passenger kilometres (RPKs) increased by 8.0% (from 9.2 billion in 4Q16 to 9.9 billion in 4Q17), mainly due to a 6.2% increase in the number of passengers. GOL achieved this strong growth in demand despite its continued focus on pricing; average yield per passenger increased by 3.1% in the quarter compared to 4Q16, reaching 26.36 cents (R$). Supply growth remained conservative, with ASKs increasing 3.5% compared to 4Q16 (driven by a 1.6% increase in take-offs and a 1.8% stage-length expansion). As a result, the average

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