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Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.

Yes ______ No ___X___

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	Quarterly Information  GOL Linhas Aéreas Inteligentes S.A.  September 30, 2005

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GOL LINHAS AÉREAS INTELIGENTES S.A.

QUARTERLY INFORMATION

September 30, 2005

Index

Special Review Report	1
Quarterly Information - ITR
Balance Sheets	2
Statements of Income	4
Statements of Changes in Shareholders’ Equity	5
Statements of Changes in Financial Position	6
Notes to the Quarterly Information - ITR	8

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SPECIAL REVIEW REPORT
The Board of Directors and Shareholders
Gol Linhas Aéreas Inteligentes S.A.
1.		We have performed a special review of the Quarterly Information - ITR of Gol Linhas Aéreas Inteligentes S.A. and subsidiaries for the quarter ended September 30, 2005, comprising the balance sheets of the parent company and consolidated and the respective statements of income, the performance report and relevant information prepared in accordance with the accounting practices adopted in Brazil.
2.		We conducted our review in accordance with standards specific standard established by IBRACON – Brazilian Institute of Independent Auditors, coupled with the Federal Accounting Council, consisting mainly of: (a) inquiry and discussion with the managers in charge of the Company’s accounting, financial and operating areas in relation to the main criteria adopted in the preparation of the Quarterly Information; and (b) review of information and subsequent events which have or may have relevant effects on the financial situation and operations of the Company and its subsidiaries.
3.		Based on our special review, we are not aware of any material modifications that should be made to the Quarterly Information referred to above for them to be in conformity with the accounting practices adopted in Brazil, in accordance with the rules issued by the Brazilian Securities and Exchange Commission, specifically applicable to the preparation of the Quarterly Information.
4.		Our special review was conducted aiming at issuing an opinion on the financial statements referred to in the first paragraph. The statements of cash flow of the parent company and consolidated, prepared in accordance with the accounting practices adopted in Brazil, are presented in order to provide supplementary information on the Company, in spite of not being required as an integral part of the financial statements. These statements were submitted to the review procedures described in the second paragraph and, according to our special review, they present fairly, in all material respects, the financial statements taken as a whole.
5.		As described in Note 1, pursuant to the resolution of the Securities and Exchange Commission – CVM, the Company restated the Pro Forma Consolidated Quarterly Information for the period ended on September 30, 2005. The adjustments made pursuant to the resolution of the Brazilian Securities and Exchange Commission – CVM do not change our review report issued on October 14, 2005 on the Consolidated Pro Forma Quarterly Information.
São Paulo, October 14, 2005, except for Note 1 and Note 10, for which the date is March 6, 2006.
ERNST & YOUNG
Auditores Independentes S.S.
CRC-2SP015199/O-1
Maria Helena Pettersson
Accountant CRC-1SP119891/O-0

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GOL LINHAS AÉREAS INTELIGENTES S.A.

BALANCE SHEETS (UNAUDITED)
September 30, 2005 and June 30, 2005
(In thousands of reais)

		Parent Company restated				Consolidated restated
		09.30.2005		06.30.2005		09.30.2005		06.30.2005
ASSETS
Current assets
Cash and cash equivalents		15,325		18,661		283,034		324,957
Short-term investments		256,242		245,960		550,591		617,829
Accounts receivable		-		-		520,498		488,177
Allowance for doubtful accounts		-		-		(4,719)		(4,233)
Deferred taxes and carryforwards		5,900		1,768		26,015		19,921
Inventories		-		-		31,643		24,011
Prepaid expenses		-		-		26,807		41,886
Dividends receivable		32,909		202,750		-		-
Other current assets		-		2,022		5,046		2,876
Total current assets		310,376		471,161		1,438,915		1,515,424
Long-term assets
Deposits for leasing contracts		-		-		26,716		30,866
Deferred taxes and carryforwards		11,721		11,721		39,476		38,308
Prepaid expenses		-		-		-		-
Credits with related companies		-		-		-		-
Investments		1,211,730		984,857		1,749		1,499
Property, plant and equipment, include
advances for aircraft and engine
acquisition of R$ 319,396 (R$ 170,215
at 06.30.2005)		-		-		455,080		293,363
Other receivables		-		-		14,471		14,842
Total long-term assets		1,223,451		996,578		537,492		378,878
Total assets		1,533,827		1,467,739		1,976,407		1,894,302

2

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		Parent Company restated				Consolidated restated
		09.30.2005		06.30.2005		09.30.2005		06.30.2005
LIABILITIES
Current liabilities
Loans and financing		-		-		66,678		124,556
Suppliers		-		-		34,988		33,066
Operating leases payable		-		-		10,285		10,837
Payroll and related charges		-		-		40,718		34,871
Employee profit sharing		-		-		19,837		10,549
Taxes and contributions payable		-		-		36,944		33,132
Airport fees and duties payable		-		-		16,877		14,892
Airtraffic liability		-		-		193,726		191,193
Payable dividend		-		-		-		-
Other liabilities		673		648		4,747		7,392
Total current liabilities		673		648		424,800		460,488
Long-term liabilities
Debts with associated companies		667		51,402		19,120		18,125
Shareholders’ equity		-		-
Capital stock		990,804		990,804		990,804		990,804
Capital reserves		89,556		89,556		89,556		89,556
Profit reserves		179,113		179,113		179,113		179,113
Retained earnings		273,014		156,216		273,014		156,216
Total shareholders’ equity		1,532,487		1,415,689		1,532,487		1,415,689
Total liabilities		1,533,827		1,467,739		1,976,407		1,894,302

See accompanying notes to the Quarterly Information - ITR.

3

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GOL LINHAS AÉREAS INTELIGENTES S.A.

STATEMENTS OF INCOME (UNAUDITED)
Periods from July 1 to September 30, 2005 and 2004 and January 1 to September 30, 2005
and March 12 to September 30, 2004
(In thousands of reais, except per share amounts)

		Parent Company restated								Consolidated restated
		07.01.2005		07.01.2004		01.01.2005		03.12.2004		07.01.2005		07.01.2004		01.01.2005		03.12.2004
		to		to		to		to		to		to		to		to
		09.30.2005		09.30.2004		09.30.2005		09.30.2004		09.30.2005		09.30.2004		09.30.2005		09.30.2004
Gross operating revenue
Passenger		-		-		-		-		692,076		523,479		1,827,427		1,047,375
Cargo		-		-		-		-		20,293		12,186		54,085		27,136
Other		-		-		-		-		12,239		8,303		42,687		15,545
		-		-		-		-		724,608		543,968		1,924,199		1,090,056
Taxes and contributions		-		-		-		-		(27,950)		(26,735)		(76,214)		(60,735)
Net operating revenue		-		-		-		-		696,658		517,233		1,847,985		1,029,321
Cost of services rendered										(446,271)		(292,220)		(1,217,940)		(635,300)
Gross profit		-		-		-		-		250,387		225,013		630,045		394,021
Operating expenses
Sales expenses		-		-		-		-		(80,439)		(72,510)		(231,096)		(144,318)
Administrative expenses		(1,054)		-		(1,331)		-		(19,274)		(10,613)		(42,767)		(30,608)
Financial Expenses		(4,490)		(6,225)		(20,193)		(6,338)		(27,975)		(26,060)		(80,264)		(37,848)
Other income		15,360		182		29,257		184		48,323		18,070		136,468		36,792
		9,816		(6,043)		7,733		(6,154)		(79,365)		(91,113)		(217,659)		(175,982)
Income from equity
investments
Equity accounting
		106,982		92,460		265,281		147,637
Income before income tax and
social contribution		116,798		86,417		273,014		141,483		171,022		133,900		412,386		218,039
Income tax and social
contribution:
Current		-		-		-		-		(61,055)		(46,675)		(145,584)		(76,744)
Income tax and social
contribution:
Deferred		-		-		-		-		6,831		(808)		6,212		188
Net income for the period		116,798		86,417		273,014		141,483		116,798		86,417		273,014		141,483
Number of outstanding shares
at end of period		195,269,054		187,543,243		195,269,054		187,543,243		195,269,054		187,543,243		195,269,054		187,543,243
Earnings per share (R$)		0.60		0.46		1.40		0.75		0.60		0.46		1.40		0.75

See accompanying notes to the Quarterly Information - ITR.

4

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GOL LINHAS AÉREAS INTELIGENTES S.A.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
September 30, 2005 and June 30, 2005
(In thousands of reais)

				Capital reserves				Profit reserves
				Goodwill in		Subsidiary’s
		Capital		share		special goodwill		Legal		Reinvestment		Retained
		stock		transfer		reserve		reserve		reserve		earnings		Total
Balances at December 31, 2004		719,474		60,369		29,187		11,990		167,123		-		988,143
Capital increase on April 27, 2005		193,890		-		-		-		-		-		193,890
Capital increase on May 2, 2005		77,440		-		-		-		-		-		77,440
Net income for the period		-		-		-		-		-		156,216		156,216
Balances at June 30, 2005 (unaudited)		990,804		60,369		29,187		12,773		182,020		156,216		1,415,689
Net income for the period		-		-		-		-		-		116,798		116,798
Balances at September 30, 2005 (unaudited)		990,804		60,369		29,187		12,773		182,020		273,014		1,532,487

See accompanying notes to the Quarterly Information - ITR.

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GOL LINHAS AÉREAS INTELIGENTES S.A.

STATEMENTS OF CHANGES IN FINANCIAL POSITION (UNAUDITED)
Periods from July 1 to September 30, 2005 and 2004
and January 1 to September 30, 2005 and March 12 to September 30, 2004
(In thousands of reais)

		Parent Company restated
		07.01.2005		07.01.2004		01.01.2005		03.12.2004
		to		to		to		to
		09.30.2005		09.30.2004		09.30.2005		09.30.2004
FINANCIAL RESOURCES PROVIDED BY
From operations:
Net income for the period		116,798		86,417		273,014		141,483
Equity sheet		(106,982)		(92,460)		(265,281)		(147,637)
Long term interests and variation		7,456		(6,043)		11,932		(6,154)
Depreciation and Amortization		-		-		-		-
Investment decrease		-		-		-		-
Deferred Taxes		-		-		-		-
		17,272		(12,086)		19,665		(12,308)
From shareholders:
Capital increase in subsidiary		-		-		-		223,119
Special goodwill reserve		-		-		-		89,556
Capitol increase – incorporation of the Company
Capital increase - issue of shares in public offering		-		-		271,330		496,355
		-		-		271,330		809,030
From third parties:
Decrease in long-term assets		-		-		378,856		- -
Increase in long-term liabilities		-		694		667		694
Total sources		17,272		(5,349)		670,518		803,570
RESOURCES USED ON
Increase in long-term assets		7,456		406,170		-		430,298
Decrease in long-term liabilities		50,735		-		-		-
Capital payment with shares from subsidiary		-		-		-		-
Investments acquisition		119,891		(4,572)		380,233		-
Acquisition of property, plant and equipment		-		-		-		-
Advances on aircrafts acquisition		-		-		-		-
Deferred expansion expenditure		-		-		-		-
Total investments		178,082		401,598		380,233		793,274
Increase in working capital		(160,810)		(406,947)		290,285		10,296
Changes in working capital
Current assets:
At end of period		310,376		10,296		310,376		10,296
At beginning of period		471,161		417,243		80,541		-
		(160,785)		(406,947)		229,835		10,296
Current liabilities
At end of period		673		-		673		-
At beginning of period		648		-		61,123		-
		25		-		(60,450)		-
Increase in working capital		(160,810)		(406,947)		290,285		10,296

See accompanying notes to the Quarterly Information - ITR.

6

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GOL LINHAS AÉREAS INTELIGENTES S.A.

STATEMENTS OF CHANGES IN FINANCIAL POSITION (UNAUDITED) – Continued
Periods from July 1 to September 30, 2005 and 2004 and
January 1 to September 30, 2005 and March 12 to September 30, 2004
(In thousands of reais)

		Consolidated restated
		07.01.2005		07.01.2004		01.01.2005		03.12.2004
		to		to		to		to
		09.30.2005		09.30.2004		09.30.2005		09.30.2004
FINANCIAL RESOURCES PROVIDED BY
From operations:
Net income for the period		116,798		86,417		273,014		141,483
Items that don’t affect the current capital:
Equity Sheet		-		-		-		-
Long term taxes and variation		-		-		-		-
Depreciation and amortization		8,721		5,607		24,140		12,423
Investments right off		-		-		-		-
Deferred taxes		(6,831)		808		(6,212)		(188)
		118,688		92,832		290,942		153,718
From shareholders
Capital increase in subsidiary		-		-		271,330		223,119
Special goodwill reserve		-		-		-		89,556
Capital Increase – incorporation of the Company
Capital increase - issue of shares in public offering		-		-		-		496,355
						271,330		809,030
From third parties:
Decrease in long-term assets		12,374		-		14,999		-
Increase in long-term liabilities		995-		(2,023)		-		23,196
Total sources		132,057		90,809		577,271		985,944
RESOURCES USED ON
Increase in long-term assets		-		(1,654)		-		92,161
Decrease in long-term liabilities		-		-		4,406		-
Capital payment with shares of the subsidiary		250		-		489		1,080
Investments acquisition		170,438		17,811		347,862		123,755
Acquisition of property, plant and equipment
Advances on aircrafts acquisition
Deferred expansion expenditure		2,190		(1,280)		4,635		-
Total investments		172,878		14,877		357,392		216,996
Increase in working capital		(40,821)		75,932		219,879		768,948
Changes in working capital
Current assets:
At end of period		1,438,915		1,112,450		1,438,915		1,112,450
At beginning of period		1,515,424		1,026,351		1,312,050		-
		(76,509)		86,099		126,865		1,112,450
Current liabilities
At end of period		424,800		343,502		424,800		343,502
At beginning of period		460,488		333,335		517,814		-
		(35,688)		10,167		(93,014)		343,502
Increase in working capital		(40,821)		75,932		219,879		768,948

See accompanying notes to the Quarterly Information - ITR.

7

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED)
Period from January 1 to September 30, 2005
(In thousands of reais)

1. Restatement of the financial statements as of September 30, 2005

According to the Brazilian Securities Commission (CVM) deliberation, in compliance with the Official letter/CVM/SEP/GEA-I/ #098/2006, dated March 06, 2006, the financial statements for the period ended on December 31, 2004 were restated to reflect in that fiscal year the expenses incurred on funds raised to acquire new aircraft in the amount of R$27,401, previously classified as prepaid expenses. Additionally, the balance of the expenditures with the fund raising for the acquisition of the aircraft which occurred during the second quarter of 2005, amounting R$12,141 and previously classified as prepaid expenses have been reflected in the accumulated result of the period ended on June 30, 2005. The Company had adopted this procedure since it can clearly match fund raising expenses to its future expansion projects including the acquisition of aircraft under construction. As the fund raising will produce future benefits represented by the financial revenues created by the cash during the construction phase of aircraft ordered from suppliers until the agreement payment date, the Company had registered such fund raising expenses in assets as prepaid expenses to be amortized as the benefits were realized. The CVM concluded that by the Brazilian standards, such costs must be fully expensed in the fiscal year in which occurred. The effects of the adjustments determined by the CVM were a decrease in total assets and shareholders equity at December 31, 2004. Quarterly information from September 30, 2005 was restated to reflect the effects of the adjustments on that date, which were a decrease in total assets, shareholders equity, current liabilities and in the quarterly results in the amounts of R$20,866, R$19,879, R$987 and R$4,199, respectively. In addition, note 10 was re-stated, as determined by the CVM, to expand the disclosure on contingencies for which losses are considered remote.

2. Business Overview

Gol Linhas Aéreas Inteligentes S.A. (Company or GLAI) is a low-cost, low-fare airline, with an aircraft fleet of 38 Boeing 737 simplified by one single class of service, one of the industry’s newest and most modern fleets, with low maintenance, fuel and training costs, and high utilization and efficiency ratios.

The Company offers nearly 390 flights a day to 43 destinations in Brazil and Argentina. During the quarter ended September 30, 2005, the Company began operating 4 additional aircraft and one new base in the city of Boa Vista, State of Roraima.

8

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

2. Business Overview – Continued

In January 2005, the Company obtained an authorization from the Committee of Studies Related to International Air Navigation (CERNAI) to operate regular flights from Brazil to Santa Cruz de La Sierra, Bolivia (VVI). Company Management expects to begin operating those flights in the fourth quarter of 2005. In May 2005, the Company also obtained an authorization from CERNAI to operate regular flights from Brazil to Asunción, Paraguay (ASU), and Montevideo, Uruguay (MVD). Company Management expects to begin operating those flights in the fourth quarter of 2005.

On April 27, 2005, the Company concluded a global public offering of 14,700,000 preferred shares at the price of R$ 35.12, out of which 5,520,811 preferred shares were offered by the Company and 9,179,189 preferred shares were offered by BSSF Air Holding LLC, a company affiliated to the shareholder AIG Capital Partners, in the Brazilian and foreign markets as ADS. The funds raised by the Company by means of a primary offering of new shares, in the amount of R$ 193,890, will be used for its expansion plan, mainly for payment of deposits for aircraft purchase provided under its agreement with Boeing.

On May 2, 2005, the Board of Directors resolved on a R$ R$ 77,440 capital increase as a result of the public subscription of 2,205,000 preferred shares, in view of the option exercise for subscription and distribution of new shares, according to the agreements entered into with financial institutions for placement of the new shares issued.

At September 30, 2005, the Company’s share ownership structure is as follows:

		Common		Preferred		Total
Aeropar Participações S.A.		100.00%		36.70%		72.18%
Comporte Participações S.A.		-		3.90%		1.72%
Market		-		59.40%		26.10%
		100.00%		100.00%		100.00%

3. Basis of Preparation and Presentation of the Financial Statements

The Company’s Quarterly Information was prepared in accordance with the generally accepted accounting principles in Brazil and the provisions contained in the Brazilian Corporation Law, in the Chart of Accounts prepared by the Civil Aviation Department – DAC and the supplementary rules of the Brazilian Securities and Exchange Commission – CVM, consistently applied to the financial statements for the year ended December 31, 2004.

9

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

3. Basis of Preparation and Presentation of the Financial Statements – Continued

The financial statements are presented in appliance with the rules established by IBRACON NPC 27 – Accounting Statements – Presentation and Disclosure. The following significant re-classifications were performed in 2005 and 2004 due to the application of NPC 27:

i. Investments at R$ 550,591 (R$ 617,829 on June 30, 2005) were segregated in short-term investments.

ii. The net financial result was segregated between financial expenses and revenues based on the concepts established by NPC 27, as described in note 2 k.

Additionally, the following re-classification and grouping were performed so that the information is adequate and consistent with the current year:

i. The Company revised the profit sharing concept, considering that the profit sharing program also includes other operating goals, the total benefits are classified as operating payroll expenses on September 30, 2005 and 2004.

ii. The commercial leases payable in the short-term were included in other provisions and liabilities. The long term payable lines were grouped in accounts payable and provisions, in long-term liabilities, due to the relevance of the figures involved.

iii. Differed investments were grouped in other permanent assets.

Significant accounting practices and consolidation criteria adopted by the Company are described in the financial statements for the year ended December 31, 2004 and remain unchanged.

Additionally in 2005, aiming towards continuous improvement of the information presented to the market, the Company began adopting the following new principles:

a) Employee profit sharing

The provision for employee profit sharing is set up monthly, based on Management’s estimates, in view of the goals established for the current year, and recorded as

10

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

3. Basis of Preparation and Presentation of the Financial Statements – Continued

personnel expenses while considered as provision, classified as employee profit sharing when the accomplishment of the year’s goals is confirmed.

b) Managed account

The Company and its subsidiaries are quota holders of managed accounts, whose investment in securities and liabilities resulting from the fund portfolio activities began to be presented on a consolidated basis for the first quarter of 2005.

Securities from the managed account portfolios are acquired with the aim of being frequently and actively traded and, as provided for by specific rules of the Central Bank of Brazil are classified as securities for trading and booked based on the market value, which is stated based on the managers’ quotes or estimates, having the realized and unrealized gains and losses recognized in the results.

c) Accounting of operations with derivatives

Aiming at recording, stating and disclosing transactions with derivative financial instruments performed by the Company and its subsidiaries, based on formal policies of risk management, the Company began to adopt, beginning January 2005, accounting practices for derivative instruments in line with the USGAAP, whose concepts used are described below.

The derivative financial instruments used by the Company, with the specific purpose of covering market risks, are measured based on their fair values, and the non-effective portion of income realized from transactions with derivative financial instruments is directly recognized in the income for the period, while the effective risk coverage is recognized in order to adjust revenues and expenses relating to the items subject to the contracted coverage. The accounting criteria for the effective measurement of the instruments was defined based on the Company’s risk management policy, which considers effective the instruments that offset between 80% and 120% of the volatility of the item for which the hedge was contracted.

The market value of derivative financial instruments is calculated based on usual market practices, using the closing values for the period, considering relevant underlying quotes, except for option contracts, whose values are stated through the Black and Scholes’ pricing methodology, whereby the variables and the information related to the volatility coefficients are obtained through well-known sources.

11

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

3. Basis of Preparation and Presentation of the Financial Statements – Continued


d) Financial revenues (expenses)

The financial revenues represent the interests, the effect of the exchange rate on assets and gains from financial investments and financial derivative instruments. The financial expenses include interest payments on loans, the effect of the exchange rate liabilities and losses from financial derivative instruments.

e) Provision for Contingencies

The provision for contingencies is supported by the opinion of the legal consultants with sufficient amounts to cover possible losses and gains.

The Company adopted concepts established by NPC No. 22, concerning Provisions, Liabilities, Contingencies for Liabilities and Assets, on the constitution of provisions for and releases on subjects involving legal disputes and contingencies.

f) Reconciliation between information and the disclosures under USGAAP – Continued

Preferred shares of Gol Linhas Aéreas Inteligentes S.A. are traded as American Depositary Shares – ADS on the NYSE in the United States of America and are subject to the rules of the US Securities and Exchange Commission – SEC. Each ADS represents 2 preferred shares traded under the ticker GOL. The Company prepares the consolidated financial statements according to generally accepted accounting principles in the United States of America – USGAAP. Aiming at fulfilling the need for information in the markets in which it operates, the Company’s practice is to simultaneously disclose its corporate financial statements and the USGAAP.

12

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

3. Basis of Preparation and Presentation of the Financial Statements – Continued

f) Reconciliation between information and the disclosures under USGAAP – Continued The accounting practices adopted in Brazil differ from accounting principles generally accepted in the United States – USGAAP applicable to the air transport segment, especially the allocation of maintenance expenses to income. At September 30, 2005, the net income for the period, in accordance with accounting practices adopted in Brazil (BRGAAP), was R$ 65,438 lower (R$ 119,302 at September 30, 2004) due to this difference and the respective tax effects in comparison with net income under USGAAP. At this same date, shareholder’s equity presented in the Company’s financial statements as per Brazilian Corporation Law was R$ 201,354 lower due to, mainly, the accumulated difference in the allocation of maintenance expenses and respective tax effects, also as the result of the accrual in USGAAP financial statements of net proceeds received through issuing shares and accounting for stock options granted to executives and employees. There are also differences in the classification of assets, liabilities and income items, and the most significant difference is the classification of readily available financial investments. The Company discloses significant information on transactions in a consistent way in the corporate financial statements as per Brazilian Corporation Law and in accordance with USGAAP.

The Company entered into an Agreement for the Adoption of Level 2 Differentiated Corporate Governance Practices with the São Paulo Stock Exchange – BOVESPA, by means of which it began to take part in the Differentiated Corporate Governance Share Index – IGC and the Differentiated Tag Along Shares - ITAG, created to differ companies committed to adopting differentiated corporate governance practices. The Company’s financial statements comply with the additional requirements of BOVESPA’s Novo Mercado (New Market).

The financial statements include statements of cash flow, presented as supplementary information and also prepared to ensure conformity to the financial statements for the year ended December 31, 2004.

4. Cash and Cash Equivalents

		Parent Company				Consolidated
		09.30.2005		06.30.2005		09.30.2005		06.30.2005
Cash and banks		304		546		9,232		50,242
Local currency investments
Variable income and futures options		-		-		422		10,694
Financial investment funds		271,263		264,075		23,990		285,653
Bank Deposits Certificates – CDB		-		-		303,550		309,904
Government securities (LFT, LTN and LFTO)		-		-		496,431		286,293
		271,263		264,075		824,393		892,544
		271,567		264,621		833,625		942,786

13

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

4. Cash and Cash Equivalents – Continued

The classification of cash and cash equivalence as stated by NPC 27 is as follows:

		Parent Company				Consolidated
		09.30.2005		06.30.2005		09.30.2005		06.30.2005
Cash
Cash and banks		304		546		11,744		60,865
Investments		15,021		20,137		271,290		264,092
		15,325		20,683		283,034		324,957
Short-term investments		256,242		245,960		550,591		617,829

The daily liquidity investment funds, are detailed on Note 6 b.

5. Receivables

		Consolidated
		09.30.2005		06.30.2005
Credit Card Companies		449,099		426,295
Accountholders – cargo and tickets		5,298		5,273
Turism Agencies		58,440		49,524
Others		7,661		7,085
		520,498		488,177

The right off for allowance for doubtful accounts, in the period of July 01, 2005 to September 30, 2005, totaled R$ 585 ( R$ 308 in the same period of 2004).

6. Deferred Taxes and Carryforwards, Current and Noncurrent

		Parent Company restated				Consolidated restated
		30.09.2005		30.06.2005		30.09.2005		30.06.2005
Carryforwards
PIS and Cofins credits		-		-		2,557		2,221
Antecipation for Corporate Income Tax (IRPJ) and		4,056		-		4,056		-
Social Contribution on Net Income (CSSL)
Credits arising from Withholding Income Tax		1,844		1,768		9,445		9,215
(IRRF) on financial investments
Other		-		-		4,120		2,648
		5,900		1,768		20,178		14,084
Deferred Taxes
Income Tax (IR) and Social Contribution (CS) on
temporary differences		11,721		11,721		11,721		11,721
Tax credits arising from incorporation		-		-		20,918		22,377
Temporary Differencies		-		-		12,674		10,047
		11,721		11,721		45,313		44,145
Current		(5,900)		(1,768)		(26,015)		(19,921)
Noncurrent		11,721		11,721		39,476		38,308

 

14

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

6. Deferred Taxes and Carryforwards, Current and Noncurrent – Continued

Gol Transportes Aéreos S.A. succeeded BSSF II Holdings Ltda. in the right to amortize, for tax purposes, the goodwill arising from the expectation of future profits, whose amortization results in a tax benefit corresponding to 34% of the goodwill that is stated in the financial statements as deferred taxes against the special goodwill reserve in shareholders’ equity, in the amount of R$ 29,187, which has been linearly amortized over 60 months. The amortized goodwill from January 1 to September 30, 2005 was R$ 12,877 (R$ 7,154 in 2004), generating a tax benefit of R$ 4,378 (R$ 2,432 in 2004).

7. Investments a) Investment Transactions

				Transactions in the period
		Investments at  June 30, 2005		Capital  payment		Quarter  income		Investments at  September 30, 2005
Subsidiaries
Gol Transportes Aéreos S.A.		814,866		-		104,186		919,052
Gol Finance LLP		169,991		118,022		4,665		292,678
		984,857		118,022		108,851		1,211,730

b) Relevant information about the subsidiaries

		Total number		Ownership
		of shares or		in		Capital		Shareholders		Net
		quotas		%		stock		’ equity		income
Subsidiaries
Gol Transportes Aéreos S.A.		451,072,648		100		526,489		919,052		265,281
Gol Finance LLP		N/A		100		285,961		292,678		7,233
Specific Purpose Entities
Managed Accounts:
Fund A		14,207,133		100		15,021		15,021		(a)
Fund B		244,175,566		100		256,242		256,242		(a)
Fund C		532,004,970		100		550,591		550,591		(a)

(a) Considering the managed accounts as instruments, their results are included in the Company’s financial income.

The Company and its subsidiary Gol Transportes Aéreos S.A. hold 100% of the quotas from managed accounts, organized as a joint ownership for an undetermined period, with tax neutrality, resulting in benefits for the quota holders. The investments in these managed accounts have daily liquidity. These managed account portfolios are managed by external managers who follow the investment policies set forth by the Company.

15

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

7. Investments – Continued

The financial assets that comprise the managed account portfolios are registered, accordingly, with the Special Settlement and Custody System – SELIC or the Mercantile and Futures Exchange – BM&F.

The managed accounts participate in operations involving derivative financial instruments recorded in equity or compensation accounts, which aim at maximizing the income and managing the Company’s exposure to market risks and exchange rates. The information related to risk management policies and the outstanding investment positions are further described in Note 17.

8. Property, Plant and Equipment

Consolidated
		09.30.2005						06.30.2005
		Depreciation				Accumulated
		rate		Cost		depreciation		Net value		Net value
Flight equipment
Replacement part kits		20%		143,773		56,418		87,355		85,072
Modifications in leased aircraft		-		12,488		-		12,488		9,700
Aircraft equipment		20%		740		138		602		621
Safety equipment		20%		59		8		51		39
Tools		10%		1,525		210		1,315		1,091
				158,585		56,774		101,811		96,523
Property, plant and equipment in service
Software licenses		20%		16,968		5,064		11,904		11,522
Vehicles		20%		1,728		725		1,003		1,079
Machinery and equipment		10%		3,230		433		2,797		2,326
Furniture and fixtures		10%		4,123		831		3,292		3,123
Computers and peripherals		20%		4,982		2,389		2,593		2,621
Communication equipment		10%		764		179		585		577
Facilities		10%		656		115		541		413
Brand names and patents		-		35		-		35		35
Leasehold improvements		4%		2,083		298		1,785		1,044
Work in progress		-		9,338		-		9,338		3,885
Subtotal				43,907		10,034		33,873		26,625
				202,492		66,808		135,684		123,148
Advances for aircraft acquisition		-		319,396		-		319,396		170,215
				521,888		66,808		455,080		293,363

The advances for the acquisition of aircraft refer to prepayments made based on the agreements entered into with Boeing Company for the purchase of 60 Boeing 737-800 Next Generation, as further explained in Note 15. At September 30, 2005, the balance includes R$ 8,530 million for the acquisition of an aircraft engine.

16

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

9. Loans and Financing

								Consolidated
Agreement		Rates		Guarantees		Limit		09.30.2005		06.30.2005
Banco Safra		107 % of CDI		Promissory Note		140,000		60,268		117,555
Banco Santander		109 % of CDI		-		55,000		6,194		5,886
Unibanco		109% of CDI		Promissory Note		20,000		216		1,115
Unibanco		109% of CDI		-		30,000		-		-
Banco do Brasil		108 % of CDI		Promissory Note		2,000		-		-
Banco Bradesco		104% of CDI		Accounts Receivable (Visa)		50,000		-		-
Banco Bradesco		104% of CDI		Promissory Note		14,000		-		-
								66,678		124,556

10. Provision for Contingencies

		Consolidated
		9.30.2005		6.30.2005
Provision for labor contingencies		309		260
Provision for civil contingencies		1,990		1,517
Provision for tax contingencies		9,709		9,413
		12,008		11,190

No significant changes occurred in the course of these proceedings in accordance with disclosures in the financial statements for the year ended December 31, 2004.

The Company is questioning in court the non-assessment of VAT (ICMS) in aircraft and engine imports under operating leasing in transactions made with lessors headquartered in foreign countries. The Company’s Management understands that these transactions are mere leases, in view of the contractual obligation to return the object of the contract, which will never integrate the Company’s assets, neither now or in the future. Given that there is no circulation of goods, the tax triggering event is not characterized.

Estimated aggregated value of the current lawsuits on September 30, 2005, estimate based on the 4% rate applied to the price of the lease aircraft and engines, taking these assets’ estimated useful life over the average period of the Company’s commercial leases is of R$34,000 monetarily restated and excluding eventual default fees.

The Company, supported by case law and the opinion of its independent legal advisors understands that it is unlikely for the Company to lose these court suits and the accounting practices adopted in the preparation of its financial statements, in line with international standards, do not require provisions for losses.

17

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GOL LINHAS AÉREAS INTELIGENTES S.A

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

11. Transactions with Related Parties

Gol Transportes Aéreos S.A. maintains operating agreements with associated companies, executed under market conditions, prices and terms. Significant transactions and balances, as well as the amounts that influenced the result, are described below:

						07.01.2005				01.01.2005
				09.30.2005		to		06.30.2005		to
						09.30.2005				09.30.2005
		Nature of		Receivable		Revenues		Receivable		Revenues
		transactions		(payable)		(Expenses)		(payable)		(Expenses)
Suppliers
Serviços Gráficos Ltda.		Graphic services		(12)		(83)		(32)		(132)
Breda Transportes e Serviços S.A.		Transportation services		(28)		(515)		(28)		(920)
Expresso União Ltda.		Transportation services		-		-		(16)		(115)
Áurea Administração e Participações S.A.		Rental		(29)		(88)		(29)		(165)
Accounts receivable
Viação Piracicabana Ltda.		Transportation services		1		2		1		4
Breda Transportes e Serviços S.A.		Transportation services		-		2		-		14
Áurea Administração e Participações S.A.		Transportation services		-		-		-		4
Expresso União Ltda.		Transportation services		3		4		-		76
Executiva Transportes Urbanos Ltda.		Transportation services		-		1		-		2

GOL maintains an agreement with the companies controlled by Áurea Administração e Participações S.A., for the transportation of passengers and luggage between airports, and for the transportation of employees, executed under normal market conditions.

GOL is the tenant of the property located at Rua Tamoios, 246, in the city of São Paulo, State of São Paulo, owned by Áurea Administrações e Participações S.A., whose agreement expires as of March 31, 2008 and annual price restatement clause based on the General Market Price Index (IGP-M).

18

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

12. Shareholders’ Equity

a) Capital stock

i. At September 30, 2005, the capital stock is represented by 109,448,497 common shares and 85,820,557 preferred shares.

ii. The authorized capital stock at September 30, 2005 is R$ 1,223,119. Within the authorized limit, the Company may, by means of the Board of Directors’ resolution, increase the capital stock regardless of any amendment to the Bylaws, through issue of shares, without keeping any proportion between the different classes of shares. The Board of Directors shall determine the conditions for the new issue, including the payment price and period. At the discretion of the Board of Directors, the preemptive right may be excluded, or the period for its exercise be reduced, in the issue of preferred shares, placement of which is made through sale on a stock exchange or by public subscription, or else through the exchange for shares, in a control acquisition public offering, as provided for by the law. Issue of founders’ shares is forbidden, according to the Company’s Bylaws.

iii. The average quote of the shares of Gol Linhas Aéreas Inteligentes S.A., on the São Paulo Stock Exchange – BOVESPA, corresponded, on September 30, 2005, to R$ 36.20 and US$ 32.45 per ADS traded on the NYSE. The equity value per share on September 30, 2005 is R$ 7.95 (R$ 7.37 on June 30, 2005 and R$ 5.95 on March 31, 2005).

iv. Preferred shares have no voting rights, except concerning the occurrence of specific facts provided for by the Brazilian legislation. These shares have as preference: priority in the reimbursement of capital, without premium and right to be included in the public offering arising from the sale of control, at the same price paid per share of the controlling block, assuring dividend at least equal to that of common shares.

19

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

13. Cost of Services Rendered, Commercial and Administrative Expenses

		Consolidated
						07.01.2005						07.01.2004
						to						to
						09.30.2005						09.30.2004
		Cost of
		services		Commercial		Administrative		Management
		rendered		expenses		expenses		compensation		Total		Total
Salaries, wages and benefits		48,316		-		15,989		498		64,803		35,471
Aircraft fuel		208,711		-		-		-		208,711		123,979
Aircraft leasing		62,135		-		-		-		62,135		49,429
Supplementary leasing		31,825		-		-		-		31,825		27,357
Aircraft insurance		8,025		-		-		-		8,025		6,281
Maintenance material
and repair		5,951		-		-		-		5,951		12,944
Aircraft and traffic servicing		25,550		-		319		-		25,869		14,692
Sales and marketing		-		80,439		-		-		80,439		67,275
Landing fees		24,190		-		-		-		24,190		14,597
Depreciation		8,369		-		154		-		8,523		5,463
Amortization		-		-		198		-		198		144
Other operating expenses		23,199		-		2,116		-		25,315		17,711
		446,271		80,439		18,776		498		545,984		375,343

20

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

13. Cost of Services Rendered, Commercial and Administrative Expenses – Continued

						Accumulated Consolidated
						01.01.2005						03.12.2004
						to						to
						09.30.2005						09.30.2004
		Cost of
		services		Commercial		Administrative		Management
		rendered		expenses		expenses		compensation		Total		Total
Salaries, wages and benefits		138,023		-		33,284		1,331		172,638		80,531
Aircraft fuel		547,499		-		-		-		547,499		262,427
Aircraft leasing		176,394		-		-		-		176,394		114,370
Supplementary leasing		91,375		-		-		-		91,375		60,923
Aircraft insurance		21,454		-		-		-		21,454		14,208
Maintenance material
and repair		30,245		-		-		-		30,245		19,580
Aircraft and traffic servicing		62,223		-		1,017		-		63,240		47,953
Sales and marketing		-		231,096		-		-		231,096		140,111
Landing fees		64,631		-		-		-		64,631		32,556
Depreciation		23,333		-		268		-		23,601		11,789
Amortization		-		-		539		-		539		634
Other operating expenses		62,763		-		6,328		-		69,091		25,144
		1,217,940		231,096		41,436		1,331		1,491,803		810,226

Salaries, wages and benefits expenses include the 2005 employee profit sharing, at an estimated value of R$ 18,706 at September 30, 2005.

Accumulated aircraft fuel expenses include R$ 9,271 arising from results with derivatives represented by hedge contract results expired in the period and measured as efficient to hedge the expenses against fuel price fluctuations.

21

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

14. Net Financial Income

		Parent Company				Consolidated
		07.01.2004		03.12.2004		07.01.2004		03.12.2004
		to		to		to		to
		09.30.2004		09.30.2004		09.30.2004		09.30.2004
Financial income:
Interest and gains on financial investments		154		156		6,217		15,091
Foreign exchange variations		28		28		1,704		6,292
Gains on financial instruments		-		-		10,128		15,300
Other		-		-		21		109
		182		184		18,070		36,792
Financial expenses:
Interest on loans		-		-		(4,815)		(8,622)
Foreign exchange variations		(4,572)		(4,572)		(8,380)		(11,431)
CPMF tax		(96)		(209)		(1,601)		(11,688)
Losses on financial instruments		-		-		(9,299)		(3,124)
Other		(1,557)		(1,557)		(1,965)		(2,983)
		(6,225)		(6,338)		(26,060)		(37,848)
		(6,043)		(6,154)		(7,990)		(1,056)
		Parent Company restated				Consolidated restated
		07.01.2005		01.01.2005		07.01.2005		01.01.2005
		to		to		to		to
		09.30.2005		09.30.2005		09.30.2005		09.30.2005
Financial income:
Interest and gains on financial investments		-		1,855		5,675		19,209
Foreign exchange variations on assets		2,766		5,762		1,392		12,634
Gains on financial instruments		12,416		19,440		41,123		102,094
Other		178		2,200		133		2,531
		15,360		29,257		48,323		136,468
Financial expenses:
Interest on loans		-		-		(8,812)		(19,257)
Foreign exchange variations on liabilities		(987)		(3,581)		(9,001)		(24,027)
Monetary variations on liabilities		-		-		(461)		(1,337)
CPMF tax		-		(1,261)		(2,040)		(7,649)
Expenses with issue of shares		(3,503)		(14,996)		(3,503)		(14,996)
Other		-		(355)		(4,158)		(12,998)
		(4,490)		(20,193)		(27,975)		(80,264)
		10,870		9,064		20,348		56,204

22

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

15. Income Tax and Social Contribution

The reconciliation of the income tax and social contribution expense to the tax expense, calculated by applying combined statutory tax rates and the amounts presented in the result, is set forth below:

		Consolidated restated
Description		07.01.2005		01.01.2005
		to		to
		09.30.2005		09.30.2005
Income before income tax and social contribution		171,022		421,386
Combined tax rate		34.0%		34.0%
Income tax and social contribution based on the
combined tax rate		58,147		140,211
Permanent additions
Nondeductible expenses		(5,163)		192
Tax incentives		1,240		(1,031)
Income tax and social contribution debited to the result		54,224		139,372
Effective rate		31.7%		33.8%
Current income tax and social contribution		61,055		145,584
Deferred income tax and social contribution		(6,831)		(6,212)
		54,224		139,372

16. Commitments

In the third quarter of 2005, the Company received four new Boeing 737-300 aircraft, according to agreements entered into in the previous quarter.

The future payments of leases under the operating lease agreements are denominated in US dollars and have the following breakdown per year, at September 30, 2005, considering the 38 aircraft in operation:

23

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

16. Commitments – Continued

		Aircraft		Engines		Total
		R$		R$		R$
2005		56,854		3,109		59,963
2006		223,182		10,991		234,173
2007		212,186		9,927		222,113
2008		145,512		8,276		153,788
2009		104,273		4,329		108,602
After 2009		56,634		2,138		58,772
Total		798,641		38,770		837,411

The Company has entered into an agreement with Boeing Company to close a purchase order of 60 737-800 Next Generation aircraft, jointly with purchase options of 41 additional 737-800 Next Generation aircraft.

The firm orders for the aircraft purchase, in the approximate amount of US$ 4,278 million based on the aircraft list price (corresponding to approximately R$ 9,506 million based on the exchange rate as of September 30, 2005), have deliveries and payments expected as follows:

	Expected Firm Order		R$		US$
	Deliveries
2005	-		196,309		88,340
2006	11		1,569,869		706,448
2007	13		1,910,339		859,661
2008	8		1,201,850		540,838
2009	6		939,986		422,998
2010	8		1,301,620		585,735
2011	7		1,172,037		527,422
2012	7		1,214,235		546,411
Total	60		9,506,245		4,277,853

24

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

16. Commitments – Continued

The Company has been making the initial payments related to the acquisition of these aircraft, using its own funds arising from the primary public offering of its shares and loans contracted through short-term credit lines and supplier’s financing. Future payments referring to firm orders and purchase options, set forth based on the aircraft price list, denominated in US dollars and converted into reais based on the exchange rate as of September 30, 2005, have the following breakdown per year:

	Future commitments for aircraft acquisition
	R$	US$
2005	327,681	147,458
2006	2,642,589	1,189,177
2007	3,215,710	1,447,084
2008	2,023,098	910,403
2009	1,582,298	712,041
2010	2,191,043	985,979
2011	1,972,911	887,819
2012	2,043,944	919,784
Total	15,999,274	7,199,745

The Company expects that aircraft purchase obligations will be financed up to 85% through long-term financing guaranteed by the US Exim Bank.

The Company maintains an agreement, which expires in 2014, for use of the Open Skies sales system, which may be terminated with a prior notice of 180 days. The future payments under that agreement depend on the number of passengers carried and the minimum monthly price is R$ 327, corresponding to U$ 147 translated based on the exchange rate as of September 30, 2005. From January 1 to September 30, 2005 payments to Open Skies totaled R$ 12,433 (R$ 8,242 up to June 30, 2005).

25

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

17. Employee Benefits

At an Extraordinary Shareholders’ Meeting held on May 25, 2004, the shareholders approved a stock option plan targeting senior executives, executive officers and other Company managers. Still on May 25, 2004, the Board of Directors approved the issuance of 937,412 preferred stock options at the price of R$ 3.04 per share, from which 50% became exercisable as of October 25, 2004, and the remaining 50% exercisable quarterly on a pro rata basis until the second quarter of 2006. After becoming exercisable, the holder of each option may exercise it for a period of 24 months.

On January 19, 2005, the Compensation Committee, within the scope of its functions and in conformity with the Company’s Stock Option Plan, approved the grant of 87,418 options for the purchase of the Company’s preferred shares at the price of R$ 33.06 per share.

If the Company had accounted for the total effect of the options granted as expense, the operating result for the period ended June 30, 2005 would be lower by approximately R$ 4,610 (R$ 3,353 on June 30, 2005), considering the intrinsic value of options granted.

Employee profit sharing is also provided for in the Bylaws of the Company’s subsidiary Gol. The employee profit sharing plan is subject to economic and financial results measured based on the Company’s performance indicators, which assume the accomplishment of the performance goals of the Company and the business and individual units. On September 30, 2005 the provision set up based on the Management’s estimates and expectations is R$18.706.

18. Derivative Financial Instruments

The Company is exposed to several market risks arising from its operations. Such risks involve mainly the effects of changes in price and fuel availability, exchange rate risk, as the revenues thereof are generated in reais and the Company has significant obligations in US dollars, credit risks and interest rate risks. The Company uses derivative financial instruments to minimize those risks. The Company maintains a formal risk management policy under the management of its executive officers, the Risk Policy Committee and the Board of Directors.

 

26

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

18. Derivative Financial Instruments – Continued

The management of these risks is performed through control policies, establishing limits, as well as other monitoring techniques, mainly mathematical models adopted for the continuous monitoring of exposures. The Company’s risk management policy sets forth that all derivative instruments used shall present a certain level of liquidity in order to permit position adjustments.

The financial investment funds the Company and its Subsidiary are quota holders are used as instruments for contracting risk coverage in accordance with the Company’s risk management policies.

a) Fuel price risk and availability

In order to manage risks resulting from the price changes in aircraft fuel, GOL uses derivative financial instruments to measure oil price changes represented by futures and commodities options contracts. Oil prices are extremely linked to aircraft fuel, which makes oil derivatives efficient in the compensation of aircraft fuel price fluctuations, providing a short-term hedge against fuel price increases.

The Company makes use of oil swap and options. The Company records its derivative instruments related to fuel hedge as cash flow hedges. The fair value of the Company’s fuel derivative instruments at September 30, 2005 corresponded to an unrealized net gain of R$ 1.0 million.

During the quarter ended September 30, 2005, the Company recognized in operating expenses gains of R$ 4.0 million with derivative instruments.

27

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

18. Derivative Financial Instruments – Continued

a) Fuel price risk and availability – Continued

At September 30, 2005, the Company held derivative agreements for the purchase of up to 180,000 barrels of oil, in the nominal value of US$ 12.4 million, for a one- month period, and the results from the transactions with such derivatives were not recognized as adjustments to the items which refer to the financial statements.

The fuel purchase is substantially made from a single supplier, which accounts for the supply of 95% of the Company’s annual fuel consumption.

b) Exchange rate risk

At September 30, 2005, significant assets and liabilities in foreign currency are related to aircraft leasing operations.

The Company’s currency exchange exposure at September 30 is set forth below:

		Consolidated		Consolidated
		09.30.2005		06.30.2005
Assets
Cash and banks and investments		(4,576)		(10,054)
Deposits for engine leasing, repair, and maintenance contracts		(26,716)		(30,866)
Prepaid leasing expenses		(12,113)		(12,063)
Advances to suppliers		(32,228)		(6,989)
		(75,633)		(59,972)
Liabilities
Foreign suppliers		4,643		3,321
Operating leases payable		12,508		13,057
		17,151		16,378
Foreign exchange exposure in R$		(58,482)		(43,594)
Total foreign exchange exposure in US$		(26,317)		(18,547)
Obligations not recorded in the balance sheet
Operating lease agreements		837,411		896,542
Obligations arising from firm orders for aircraft purchase		9,506,245		4,654,792
Total foreign exchange exposure in R$		10,285,174		5,507,740
Total foreign exchange exposure in US$		4,628,375		2,343,320

28

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

18. Derivative Financial Instruments – Continued

b) Exchange rate risk

The total exchange exposure related to unsettled amounts resulting from leasing operations is managed by means of hedge strategies. The Company records its derivative financial instruments related to foreign currency futures market as cash flow hedges. All changes in the fair value of derivative instruments measured as effective are recorded in “Other total accumulated revenues” up to the date when the corresponding foreign currency exposure is realized. Changes in the fair value of the Company’s derivative financial instruments at September 30, 2005 corresponded to a net current asset of R$ 4,582 (equivalent to US$ 2,062 thousand), classified in “other current assets” in the Balance Sheet.

In the quarter ended September 30, 2005, the Company recognized in the financial result the amount of R$ 1,712 with derivative instruments.

c) Interest rate risk

The Company’s results are affected by changes in interest rates due to the impact of such changes on expenses with interest on variable income instruments, operating lease agreements based on variable rates and remuneration on cash balance and financial investments.

At September 30, 2005, there were no open hedge agreements and the transactions carried out in 2005 were not recognized as adjustments relating to items in the financial statements.

At September 30, 2005 the Company holds derivative instrument agreements related to futures at the nominal value of R$ 168,002.

The value of derivative financial instruments at September 30, 2005 and June 30, 2005, recorded in equity and compensation accounts, is summarized as follows:

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

18. Derivative Financial Instruments – Continued

c) Interest rate risk – Continued

		In thousands of reais
		09.30.05		06.30.05
Futures agreements
Purchase commitments
US dollar – expiration up to February 2006		43,411		16,289
Sales commitments
Floating interest rate – expiration up to October 2005		115,580		205,505

Securities given in guarantee of transactions with derivative financial instruments are the following:

Type		09.30.05		06.30.05
Financial Treasury Bills – LFT		294,651		80,933

19. Insurance Coverage

Management holds an insurance coverage at amounts that it deems necessary to cover possible losses, due to the nature of its assets and the inherent risks associated to its activity, observing the limits established in lease agreements. At September 30, 2005, the insurance coverage, by nature, considering GOL’s aircraft fleet and in relation to the maximum indemnifiable amounts, is the following:

Aeronautic Type		R$		US$
Warranty – Hull		2,438,131		1,097,170
Civil Liability per occurrence/aircraft		1,333,320		600,000
Warranty – Hull/War		2,438,131		1,097,170
Inventories		88,888		40,000

30

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GOL LINHAS AÉREAS INTELIGENTES S.A.

NOTES TO THE QUARTERLY INFORMATION (UNAUDITED) – Continued
Period from January 1 to September 30, 2005
(In thousands of reais)

19. Insurance Coverage – Continued

By means of the Law 10,605 as of December 18, 2002, the Brazilian government undertook to supplement any civil liability expenses against third parties caused by acts of war or terrorist attacks, occurred in Brazil or abroad, for which GOL may be demanded, for the amounts that exceed the insurance policy limit effective on September 10, 2001, limited to the equivalent in reais to one billion US dollars.

20. “EBITDA” and “EBITDAR”

The Company uses, among others, EBITDA (earnings before interest, taxes, depreciation and amortization) and EBITDAR (earnings before interest, taxes, depreciation and amortization plus operating costs with aircraft leases and supplementary aircraft leases) as indices for measuring its economic performance.

EBITDA and EBITDAR are not measurements accepted by accounting rules. The Company uses EBITDA and EBITDAR because they are standard financial statistical measures, widely used in the civil aviation industry. The Company believes that these are useful financial data that indicate its performance and also to compare it with other airline companies.

EBITDA and EBITDAR should not be analyzed as stand-alone matters, in replacement to operating profit and net income, established according to the Brazilian Corporation Law. The table below represents the calculation to determine the EBITDA and EBITDAR in the specified periods:

		Consolidated restated
		07.01.2005		01.01.2005
		to		to
		09.30.2005		09.30.2005
Net income for the period		116,978		273,014
Income tax and social contribution		54,224		139,372
Financial expenses (revenues), net		(20,348)		(56,204)
Depreciation and amortization		8,721		24,140
EBITDA		159,395		380,322
Aircraft lease costs		62,135		176,394
Supplementary lease costs		31,825		91,375
EBITDAR		255,355		648,091

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APPENDIX I - STATEMENTS OF CASH FLOWS

		Parent Company restated								Consolidated restated
		07.01.2005		07.01.2004		01.01.2005		03.12.2004		07.01.2005		07.01.2004		01.01.2005		03.12.2004
		a		a		a		a		a		a		a		a
		09.30.2005		09.30.2004		09.30.2005		09.30.2004		09.30.2005		09.30.2004		09.30.2005		09.30.2004
Income for the period		116,798		86,417		273,014		141,483		116,798		86,417		273,014		141,483
Adjustments to reconcile net income to cash generated from
operating activities:
Equity accounting		(106,982)		(92,488)		(265,281)		(147,665)		-		-		-		-
Depreciation		-		-		-		-		8,523		5,463		23,601		11,789
Amortization		-		-		-		-		198		144		539		634
Allowance for doubtful accounts		-		-		-		-		486		43		1,172		3,515
Deferred taxes		-		-		-		-		(6,831)		808		(6,212)		(188)
Provision for contingency		-		-		-		-		5,707		(1,348)		6,546		9,366
Changes in operating assets and liabilities:
Accounts receivable		-		-		-		-		(32,321)		(54,745)		(130,581)		(330,352)
Inventories		-		-		-		-		(7,632)		(1,052)		(10,605)		(15,876)
Prepaid expenses, taxes recoverable and other receivables		(1,221)		914		(6,886)		(29,246)		15,928		(24,562)		4,852		(96,803)
Receivables from associated companies		169,841		-		434,118		(407,209)		-		-		-		-
Suppliers		-		-		-		-		1,922		(432)		(10,686)		38,775
Operating leases payable		-		-		-		-		(1,058)		(1,386)		(1,536)		15,106
Air traffic liabilities		-		-		-		-		2,533		18,498		33,835		122,490
Taxes payable		-		-		-		-		2,948		-		(2,981)		-
Labor claims		-		-		-		-		15,135		2,253		9,514		26,572
Maintenance deposits		-		-		-		-		-		13,320		-		-
Other liabilities		(197)		694		1,207		694		(4,891)		12,680		(19,441)		48,961
Net cash generated from operating activities		178,239		(4,463)		436,172		(441,943)		117,445		56,101		171,031		(24,528)
Financial Application		(10,282)		-		(256,243)		-		67,238		-		(107,230)		-
Investment acquisition		(119,891)		-		(380,233)		-		(250)		-		(489)		(1,080)
Deposits for engine leasing, repair and maintenance contracts		-		-		-		-		4,150		(10,958)		6,843		(33,246)
Acquisition of property, plant and equipment		-		-		-		-		(21,598)		(12,832)		(71,913)		(91,530)
Advances for aircraft acquisition		-		-		-		-		(149,181)		(3,646)		(275,949)		(30,892)
Deferred acquisition		-		-		-		-		(1,849)		(53)		(4,635)		(1,333)
Capital payment with shares of the subsidiary		-		4,600		-		(362,948)		-		-		-		-
Net cash used in investment activities		(130,173)		4,600		(636,476)		(362,948)		(101,490)		(27,489)		(453,373)		(158,081)
Financing activities:
Loans		-		-		-		-		(57,878)		(22,119)		(51,671)		105,428
Special goodwill reserve		-		-		-		89,556		-		29,187		-		89,556
Liabilities with associated companies		(51,402)		-		-		-		-		-		-		-
Capital increase – incorporation of the Company		-		-		-		223,119		-		-		-		223,119
Capital increase – issue of shares in public offering		-		-		271,330		496,355		-		-		271,330		496,355
Dividends paid		-		-		(60,003)		-		-		-		(60,013)		-
Net cash generated in financing activities		(51,402)		-		211,327		809,030		(57,878)		7,068		159,646		914,458
Net cash generated (used)		(3,336)		137		11,023		4,139		(41,923)		35,680		(122,696)		731,849
Cash available at beginning of period		18,661		4,002		4,302		-		324,957		696,169		405,730		-
Cash available at end of period		15,325		4,139		15,325		4,139		283,034		731,849		283,034		731,849
Transactions not affecting cash
Special goodwill reserve		-		-		29,187		29,187		-		-		29,187		29,187
Taxes paid throughout the year		-		-		-		-		8,812		(3,977)		19,257		9,137
Income taxes and social contribution paid throughout the year		3,167		-		5,043		-		57,391		(44,581)		144,415		105,912

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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