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___

GOL Reports Net Revenues of R$1.4bn for 4Q07

São Paulo, February 14, 2008 – GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), the parent company of Brazilian airlines GOL Transportes Aéreos S.A. (“GTA”, Brazil’s low cost, low-fare airline) and VRG Linhas Aéreas S.A. (“VRG”, Brazil’s premium service airline), today announced financial results for the fourth quarter of 2007 (4Q07). The following financial and operating information, unless otherwise indicated, is presented pursuant to US GAAP and in Brazilian Reais (R$) and comparisons refer to the fourth quarter of 2006 (4Q06). Consolidated results for the quarter include those of VRG since April 9, 2007, making comparisons of 4Q07 and 4Q06 less relevant as a result. Additionally, financial statements in BR GAAP are made available at the end of this release.

IR Contact Email: ri@golnaweb.com.br Tel: +55 (11) 3169-6800 IR Website: voegol.com.br/ir 4Q07 Earnings Results Webcast Date: Friday, February 15, 2008  > In English 09:00 a.m. US EST 12:00 p.m. Brasília Time Phone: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 30994935  > In Portuguese 10:30 a.m. US EST  13:30 p.m. Brasília Time  Phone: +55 (11) 2188-0188  Replay: +55 (11) 2188-0188  Code: GOL	OPERATING & FINANCIAL HIGHLIGHTS
		Net revenues reached R$1.4bn, representing growth of 42.5% compared to the same period last year. 6.6 mm passengers were transported in the quarter, representing growth of 40.1% over 4Q06. Ancillary revenues (cargo and other) increased 47.4% over 4Q06 to R$85.5mm.
		During 4Q07, consolidated revenues were affected by the launch of VRG’s international flights, operational restrictions, the delayed delivery of seven 767-300 aircraft and loyalty program revenue accounting changes. Costs in the quarter were affected by fleet modernization costs.
		Consolidated net loss for the quarter was R$24.2mm (US$13.6mm), due to the incorporation of VRG’s results and domestic operational restrictions which resulted in lower load factors and increased ground times. Consolidated net loss per share (EPS) was R$0.12; net loss per ADS was US$0.07.
		Net income for the quarter, excluding VRG, was R$90.2mm (US$50.7mm), representing a 7.1% net margin. Net income per share (EPS), excluding VRG, was R$0.45; net income per ADS, excluding VRG, was US$0.25. Operating income in 4Q07, ex-VRG, was R$114mm, representing an EBIT margin of 9.0%.
		Reported full-year 2007 net income was R$102.5mm (US$52.6mm)on revenues of R$4.9bn, representing a net margin of 2.1%. Reported full-year 2007 earnings per share were R$0.52 (US$0.26 per ADS). Full-year 2007 earnings per share in BRGAAP were R$1.33 (US$0.68 per ADS).
		Consolidated operating costs per ASK (CASK) increased 6.3% from 14.82 cents (R$) in 4Q06 to 15.75 cents (R$) in 4Q07 (R$14.9 excluding VRG), primarily due to a 6.3% reduction in aircraft utilization. Non-fuel CASK increased 8.1% to 10.12 cents (R$) (R$ 9.4 excluding VRG) mainly due to lower aircraft utilization, an increase in salaries, wages and benefits, other operating expenses, maintenance, material and repairs, depreciation and aircraft rent, partially offset by a decrease in sales and marketing and aircraft and traffic servicing expenses.

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	Cash, cash equivalents and short-term investments totaled R$1.4bn, a decrease of R$109.4mm over 3Q07. During 4Q07, VRG repurchased its convertible debentures for R$87.9mm.
	Consolidated RPKs increased 59.3% from 4,123mm in 4Q06 to 6,567mm in 4Q07 and ASKs increased 59.9% from 6,070mm in 4Q06 to 9,705mm in 4Q07. Consolidated average load factor remained stable (at 68%) versus 4Q06. GTA’s RPKs increased 33.8% from 4,123mm in 4Q06 to 5,516mm in 4Q07 and ASKs increased 27.0% from 6,070mm in 4Q06 to 7,707mm in 4Q07. GTA’s average load factor increased 3.7 percentage points to 71.6%. VRG’s RPKs and ASKs in 4Q07 were 1,051mm and 1,998mm, respectively; average load factor was 52.6%, reflecting the launch of three new flights to Europe during the quarter and restrictions on flight operations at Congonhas airport.
	Consolidated average passenger yields decreased 10.7% to 20.66 cents (R$), resulting in a RASK of 14.86 cents (R$) (R$16.4 ex-VRG), a 10.9% decrease versus 4Q06. Average fares were R$212. GTA’s average market share of domestic and international regular air transportation in 4Q07 was 41.6% and 11.9%, respectively. VRG’s average market share of domestic and international regular air transportation in 4Q07 was 3.0% and 15.5%, respectively.
	Sales through the GOL website represented 78.9% of total GTA sales. Since its re-launch on October 23, 2007, VRG’s e-commerce website has accounted for 12.3% of total VRG sales (versus 2% pre-launch).
	In 4Q07, GTA added 40 new daily flight frequencies and served 59 destinations. VRG added 26 new daily flight frequencies, serving 22 different destinations. In total, GTA and VRG now serve 66 different destinations, the most of any Brazilian airline group.
	12 net aircraft were added to the consolidated fleet during 4Q07, increasing the total fleet to 106 aircraft. The Company added three 767-300ERs, one 737-700, five 737-800NGs and six new 737- 800NG SFPs and returned three 737-300s. The Company plans to end 2008 with a consolidated fleet of 111 aircraft.
	In 4Q07, GTA finalized an interline agreement with Air France. Passengers flying on Air France are now able to purchase tickets on all routes served by GTA for connections in Brazil and South America. VRG also finalized interline agreements with Air France, Delta Airlines, Hahn Air (Germany), Malev (Hungary), El-Al (Israel), Air One (Italy), Mexicana and Qatar Airways.
	A net quarterly interest on shareholders’ equity and dividend payment of R$70.8mm (R$0.35 per share and US$0.18 per ADS) was approved at the December 11, 2007, Board Meeting and were paid on February 1, 2008, as interest on shareholders’ equity and dividends to shareholders of record as of December 24, 2007. In 2007, a net amount of R$281mm was paid as interest on shareholders’ equity and dividends to shareholders, representing R$1.40 per share and a 3.2% dividend yield. In January 2008, the Company’s Board of Directors approved a share buyback of up to 5mm shares representing 8.8% of the free float.
	GOL’s shares presented average daily trading volumes of US$40.6mm (R$72.5mm) during 4Q07, making GOL one of the most liquid stocks among airlines globally and among Brazilian public companies. In 4Q07, GOL’s ADRs had an average daily trading volume of US$15.6mm; GOL’s PN shares had an average daily trading volume of R$44.8mm. Since the acquisition of VRG, our controlling shareholders have repurchased 4.4 mm shares in the open market.

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Note: Historical RPK and ASK data may have immaterial alterations to match with official (final) DAC/ANAC data.

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2007 was a year of strategic investment and growth, in line with our vision to be recognized as the Company that popularized high-quality, low-fare air transportation in South America by 2010. We further proved the strength of our brand in 2007 with the acquisition of VRG Linhas Aéreas S.A. (VRG). The acquisition was not only a major event for the industry; it was one of the most important steps in our company’s history. “With the purchase of VRG, we have expanded our market coverage and route network, and can now offer differentiated services to the premium market, specifically in major markets for business travelers. Through our expansion in domestic and international markets, we are now one of the largest air carriers in South America,” said Constantino de Oliveira Junior, GOL’s president and CEO.

The fact that VRG was acquired during a difficult year for the aviation industry proves we are ready and prepared to manage growth despite occasional adversity, without diverting from our strategic plan for long-term growth. The Company invested approximately R$2.2bn during 2007 in the acquisition of VRG, fleet expansion, training, maintenance, and the GOL and VARIG brands, in addition to investments in technology for information systems that support operations.

At the end of 2007 we announced the expansion of our fleet renovation plan and signed a new contract for the acquisition of 40 new airplanes for delivery between 2012 and 2014, which will further reduce our costs and allow the Company to continue modernizing its fleet of new aircraft. The agreement, which increases the number of airplanes on order from 121 to 161, is part of our policy to reduce operational costs through a standardized fleet while also improving the quality of our services.

We also improved the processes for the technological quality of our services on other fronts. The Company put in place a new ERP system, increasing the efficiency, transparency and reliability of our administrative processes; implemented a new support system for operations composed of management systems for the engineering and aircraft maintenance departments, and other systems dedicated to crew management and operational controls. This software works together, providing increased operational efficiencies and reducing costs. The Company also improved the online check-in system to accommodate passengers with luggage and redesigned and internalized call center operations. These changes resulted in the addition of approximately 1,000 new employees but led to a significant reduction in costs and improved customer service for clients.

The fourth quarter presented events that impacted both revenue and expenses. In the domestic network, regulatory restrictions placed on Congonhas airport in the fourth quarter required network adjustments that reduced load factors and increased ground times. During the quarter, GOL continued to modernize ts fleet with the delivery of eight new SFP 737-800NG aircraft and commenced the return all of the 737-300s in the fleet. By the end of 2008, the Company will have replaced all 300s with newer, more cost efficient 737-700NGs and 737-800NGs. In the international network, route launches were affected by the delayed delivery of seven 767 aircraft, which required changes in scheduled service.

However, even with the challenges faced, 2007 was a year of transition and learning from the industry’s structural problems – including airport conditions – and the situation with air traffic controllers. Government authorities learned from these issues as well and worked to restore credibility to the Brazilian aviation sector. “We believe that this concentrated effort will generate effective results and necessary improvements in both the medium- and long-term. We have also worked to increase our efforts on adopting measures to minimize the impact these issues have had on our passengers. Aware that lack of information often creates stressful situations, we have redoubled our efforts in serving the needs of passengers and employees”, added de Oliveira.

In the fourth quarter, VRG launched VARIG’s new brand image and product, tailored to serve a premium passenger segment in both the domestic and international markets. The Company also

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redefined VRG’s business strategy, designing a new domestic route network focused on a profitable service, providing business customers with improved flight times and frequencies and an international network that will focus its long-haul services from Brazil to Europe on two destinations (Paris and Madrid), offering connections to other cities through partner airlines. VRG’s customers will be able to travel from Brazil to the most important destinations in Europe, Asia, Africa and the Middle East through its partner airlines. “The strategic decisions made in the fourth quarter are aimed at optimizing and consolidating the VRG network, while introducing the higher quality, more efficient VRG product. Our goal is to make flying VRG a more enjoyable flying experience for our customers”, said Constantino de Oliveira Junior. “Looking ahead to 2008, our challenge is to continue to integrate VRG’s operations with GTA’s systems to produce gains in efficiency and quality.”

Despite operational difficulties, a result of the prolonged airport crisis that began in 2006 and subsequently worsened by the events at São Paulo’s Congonhas Airport in July, the Brazilian domestic airline sector registered growth of 11.2% in 2007, 2.2 times Brazil’s estimated GDP growth. GTA once again outperformed the domestic industry, growing volumes by 30.0% . In the international market, where industry RPKs fell by 6.0%, GTA grew 83.4%, compared to 2006. Air passengers became very sensitive during the industry turbulence resulting from the continuation of 2006’s industry-wide crisis, which was naturally reflected in the Company's results. Consolidated RPKs grew 3.4 times domestic industry RPKs in 2007 due to the addition of 41 aircraft to the fleet, 150 flights to the network and 11 destinations in South America and Europe. The Company plans to continue to invest its resources in the future and growth of the Brazilian air transportation system. Passengers transported in 4Q07 increased 40.1% over 4Q06. The 4Q07 consolidated load factor of 68% was stable year-over-year, driven by demand in the domestic market.

Consolidated operating costs per ASK excluding fuel increased 8.1% to 10.12 cents (R$) year-over-year, primarily due to a 6.3% reduction in aircraft utilization. GTA’s non-fuel CASK was flat year over year. Fuel costs per available seat kilometer (ASK) increased 3.1% year-over-year. Due to lower aircraft utilization and higher WTI fuel prices in the fourth quarter, a R$45mm provision for variable employee compensation and expenses associated with the launch of the new VARIG brand, total consolidated operating cost per seat kilometer (CASK) increased 6.3% to 15.75 cents (R$). “The key to our success is our ability to keep costs low in difficult fuel cost and operating environments. We have the opportunity to continue to rationalize VRG’s costs, modernize and standardize VRG’s fleet and operations and rejuvenate an 80-year old brand, which will lead the way for further cost reductions in 2008,” added Richard Lark, GOL’s executive vice president and CFO. We are disappointed with our recent results, but we believe our investment in re-launching and turnaround of VRG is a near term investment that will add significant value in the medium to long term. The recent share purchases by our controlling shareholders demonstrate their long-term confidence in GOL’s ability to create meaningful shareholder value and return to normal performance metrics.

In the first quarter of 2008 the Company plans to return seven 737-300s and add three 737-800s, one 737-700 and three 767-300s to the consolidated fleet. The GTA and VRG fleet modernization and renewal plan will reduce the fleet’s average age and fuel consumption while also improving productivity.

GOL remains committed to its strategy of profitable expansion based on a low-cost structure and high quality customer service. “We know of the complexity of our business, of the cyclical profile that characterizes our operations and the detours that many times are imposed by external factors out of our control. This is why, more than ever, we are aware that we need the strength and commitment of our “Team of Eagles” to overcome difficulties and continue to expand our horizons,” stated de Oliveira.

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Net operating revenues, principally revenues from passenger transportation, increased 42.5% to R$1.4bn, primarily due to a 59.9% increase in capacity and the incorporation of VRG’s revenue, which generated 59.3% more revenue passenger kilometers (RPK), offset by lower yields. GOL’s consolidated RPK growth was driven by a 38.7% increase in departures and an 8.1% increase in stage length. Consolidated RPKs grew 59.3% to 6,567mm and revenue passengers grew 40.1% to 6.6mm.

Average fares increased 3.2% from R$206.0 to R$212.6 and yields decreased 10.7% to 20.7 cents (R$) per passenger kilometer, mainly due to an 8.1% increase in aircraft stage length. Consolidated operating revenues per ASK (“RASK”) decreased 10.9% to R$14.9 cents in 4Q07 (compared to R$16.7 cents in 4Q06). During 4Q07, revenues were reduced by an estimated R$12mm due to the delayed delivery of seven VRG 767-300 aircraft that resulted in 119 flight cancellations and the provision of transportation for some passengers on other airlines operating similar routes.

The 59.9% year-over-year capacity expansion, measured by ASKs, facilitated the addition of 40 new daily flight frequencies for GTA in 4Q07 and 26 new daily flight frequencies for VRG. The addition of 42.8 average operating aircraft compared to 4Q06 (from 59.0 to 101.8 average aircraft) drove the ASK increase.

GTA’s domestic market share averaged 42% and VRG’s averaged 3% during the quarter. Through regular international flights, GTA achieved international market share of 12% (share of Brazilian airlines flying to international destinations) in the same period; VRG’s international market share was 16%. Approximately 22.6% of consolidated RPKs were related to international passenger traffic in 4Q07.

GOL’s cargo transportation activities (Gollog) primarily contributed to the expansion of other operating revenues, increasing from R$58.0mm in 4Q06 to R$85.5mm in 4Q07. VRG’s Smiles loyalty program accounted for R$12 mm in revenues (net of a R$15mm reduction resulting from a change in preliminary estimates of mileage program accounting).

Total consolidated CASK increased 6.3% to 15.75 cents (R$), due to reduced aircraft utilization from airport operational restrictions and the launch of international flights, increased expenses for salaries, wages and benefits, other operating expenses, maintenance, materials and repairs, depreciation, aircraft rent and fuel per ASK, partially offset by reduced sales and marketing expenses and in aircraft and traffic servicing expenses per ASK. Operating expenses per ASK excluding fuel increased by 8.1% to 10.12 cents (R$). CASK excluding VRG was R$14.9 cents in the quarter (R$9.4 cents ex-fuel). Total operating expenses increased 69.8%, reaching R$1,527.4mm, due to higher fuel expenses, increased air traffic servicing expenses, higher maintenance expenses and the expansion of the Company’s operations (fleet and employee expansion as well as a higher volume of landing fees and more expenditures with marketing, due in part to re-launching VARIG’s brand). The R$215.0mm increase in fuel expenses was due to increased fuel consumption and an increase of 3% in fuel price per liter in 4Q07 over 4Q06. Consolidated breakeven load factor increased 11.3 points to 71.7% versus 60.4% in 4Q06.

Results from GOL’s operating expense (jet fuel price and USD exchange rate) hedging programs are accounted for in accordance with SFAS 133 (Statement of Financial Accounting Standards No 133), “Accounting for Derivatives and Hedging Activities.”

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The breakdown of consolidated costs and operational expenses for 4Q07, 4Q06 and 3Q07 is as follows:

Aircraft fuel expenses per ASK increased 3.1% over 4Q06 to 5.63 cents (R$), mainly due to increased fuel prices per liter year-over-year. The increase in the average fuel price per liter over 4Q06 was primarily due to an increase of 50.9% in crude oil (WTI) prices and a 45.7% increase in Gulf Coast jet fuel (a factor influencing the determination of Brazilian jet fuel prices) but were partially offset by a 16.7% Brazilian Real appreciation against the U.S. Dollar. The Company has hedged approximately 29% and 7% of its fuel requirements for 1Q08 and 2Q08, respectively.

Salaries, wages and benefits expenses per available seat kilometer (ASK) increased 38.1% to 2.97 cents (R$) in 4Q07, primarily due to lower aircraft utilization, a R$45mm provision for annual employee variable compensation, a 5% cost of living increase on salaries effected in December 2006 and a 77.9% increase in the number of full-time equivalent employees to 15,722 -- related to planned 4Q07 and 1Q08 capacity expansion and internalization of call center employees effected in June 2007.

Aircraft rent per ASK increased 6.4% to 1.49 cents (R$) in 4Q07, primarily due to a lower aircraft utilization rate (6.3% less block hours per day) resulting from flight network adjustments and reduced utilization and load factors at Congonhas airport, partially offset by a 16.7% Brazilian Real appreciation against the U.S. Dollar.

Sales and marketing expenses per ASK decreased 22.0% to 1.10 cents (R$) due to a reduction in commission paid to travel agencies that took effect in January 2007 and a reduction in marketing and

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advertising expenses, partially offset by the re-launch of the VARIG brand in October and by marketing campaigns for both GOL and VRG during 4Q07. During the quarter, GTA booked a majority of its tickets through a combination of its website (78.9%) and its call center (8.9%) . VRG booked 12.3% of its tickets on the web since the re-launch of its website on October 23.

Landing fees per ASK increased 2.7% to 0.77 cents (R$), mainly due to an increase in landings at international airports (with higher tariffs).

Aircraft and traffic servicing expenses per ASK decreased 15.6% to 1.14 cents (R$), mainly due to an 8.1% increase in average stage length, partially offset by higher ground handling service expenses as landings increased 38.7% .

Maintenance, materials and repairs per ASK increased 13.5% to 1.01 cents (R$), primarily due to a higher number of scheduled maintenance services during 4Q07, partially offset by a 16.7% appreciation of the Brazilian Real against the U.S. Dollar. Main expenses during the quarter were related to the scheduled maintenance of 12 aircraft in the amount of R$38.2mm, the use of spare parts inventory in the amount of R$7.2mm, and the repair of rotable materials in the amount of R$8.7mm.

Depreciation per ASK increased 5.0% to 0.42 cents (R$), due to a higher amount of fixed assets (mainly spare parts inventory) and an increase of depreciation related to 13 new 737-800 NG aircraft which entered the fleet between 4Q06 and 4Q07, and two 737-700 plus 4 767-300 aircraft classified as capital leases, partially offset by the dilution of expenses in a higher number of ASKs.

Other operating expenses per ASK were 1.22 cents (R$), a 20.8% increase when compared to the same period of the previous year, due to an increase in insurance expenses to 0.14 cents (R$) per ASK (R$11.9mm total), representing a 7.1% increase over 4Q06, and due to R$15.0mm in fleet modernization costs, partially offset by a decrease in bad debt expenses.

The 1.81 cent (R$) RASK decrease and CASK increase of 0.93 cents (R$) resulted in a decrease of EBITDA per available seat kilometer to -0.47 cents (R$) in 4Q07. EBITDA totaled R$-45.0mm in the period, compared to R$136.4mm in 4Q06 and R$53.9mm in 3Q07. EBITDA in 4Q07, ex-VRG, was R$151mm, representing an EBITDA margin of 11.9% .

¹EBITDA (earnings before interest, taxes, depreciation and amortization) and EBITDAR (earnings before interest, taxes, depreciation, amortization and rent) are non-USGAAP measures and are presented as supplemental information because we believe they are useful indicators of our operating performance for our investors. We usually present EBITDAR, in addition to EBITDA, because aircraft leasing represents a significant operating expense of our business, and we believe the impact of this expense should be considered in addition to the impact of depreciation and amortization. However, neither figure should be considered in isolation, as a substitute for net income prepared in accordance with US GAAP, BR GAAP or as a measure of a company’s profitability. In addition, our calculations may not be comparable to other similarly titled measures of other companies.

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Aircraft rent represents a significant operating expense for the Company. As the Company today leases most of its aircraft, we believe that EBITDAR, equivalent to EBITDA before aircraft rent expenses (which are USD-denominated) is a useful measure of relative operating performance for users of our financial statements. On a per-ASK basis, EBITDAR was 1.02 cents (R$) in 4Q07, compared to 3.65 cents (R$) in 4Q06. EBITDAR amounted to R$100.0mm in 4Q07, compared to R$221.5mm in the same period last year and R$193.4mm in 3Q07. EBITDAR in 4Q07, ex-VRG, was R$238mm, representing an EBITDAR margin of 18.9% .

Net financial income totaled R$11.5mm in 4Q07. Interest expenses increased R$26.2mm year-over-year primarily due to an increase in long-term debt and a higher amount of short-term working capital debt related to growth in operations. Interest income and other gains benefited from hedging gains partially offset by a lower volume of cash and short-term investments versus 4Q06 and by a 2.4 percentage point reduction in average Brazilian interest rates (as measured by the CDI rate).

Reported net loss in 4Q07 was R$24.2mm, representing a -1.7% net income margin, versus R$92.7mm of net income in 4Q06. Reported net loss per share, basic, was R$0.12 in 4Q07 compared to net earnings per share of R$0.47 in 4Q06. Basic weighted average shares outstanding were 202,298,560 in 4Q07 and 196,206,466 in 4Q06. Reported net loss per share, diluted, was R$0.12 in 4Q07 compared to net earnings per share of R$0.47 in 4Q06. Fully-diluted weighted average shares outstanding were 202,320,133 in 4Q07 and 196,278,698 in 4Q06.

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Reported net loss per ADS, basic, was US$0.07 in 4Q07 compared to net earnings per ADS of US$0.22 in 4Q06. Reported net earnings per ADS, diluted, was US$0.07 in 4Q07 compared to net earnings per ADS of US$0.22 in 4Q06.

4Q07 earnings per share in BRGAAP was R$0.38 (US$0.21 per ADS). 4Q07 net income in BRGAAP was R$77.0mm (US$43.2mm), representing a net margin of 5.2% .

Reported full-year 2007 net income was R$102.5mm (US$52.6mm), representing a net margin of 2.1% . Reported full-year 2007 earnings per share were R$0.52 (US$0.26 per ADS). Full-year 2007 earnings per share in BRGAAP were R$1.33 (US$0.68 per ADS). Full-year 2007 net income in BRGAAP was R$268.5mm (US$137.7mm), representing a net margin of 5.4% .

Based on GOL’s quarterly dividend policy for fiscal 2007, management recommended a net 4Q07 payment of R$0.35 per share to common and preferred shareholders. The gross total payout approved for 4Q07 was R$76.5mm (R$70.8mm net of withholding tax – consisting of R$32.4mm paid as interest on shareholders’ equity and R$38.4mm paid in dividends – both paid on February 1, 2008, to shareholders of record on December 24, 2007) equivalent to approximately R$0.3500 per share and US$0.1966 per ADS.

For 4Q07, GOL distributed a fixed quarterly dividend of R$0.35 per share, representing a payout of 110.2% of base net income and an estimated dividend yield of 3.4% . For 2008, GOL’s Board approved a fixed quarterly dividend of R$0.18 per share, assuring a minimum dividend payment of 25% of the fiscal year’s net profit; if necessary the Company will make a year-end supplementary dividend payment.

In January 2008, the Board of Directors, considering current share prices and the free float, authorized management to implement a share repurchase program of the Company’s preferred shares, at market prices, for up to 5,000,000 shares, representing 8.8% of the total number of preferred shares outstanding in the market, in accordance with the terms of CVM Instruction No. 10/80. The purpose of the buyback is the purchase of preferred shares to be held in treasury and subsequently resold or cancelled, without reducing GOL’s capital. The period for these authorized transactions is 365 days from January 28, 2008.

Cash, cash equivalents and short-term investments decreased R$109.4mm during 4Q07. Net cash used by operating activities was R$176.9mm, mainly due to a decrease in accounts payable (R$131.7mm), an increase of R$110.8mm in accounts receivable and an increase of R$109.7mm in deferred income taxes, partially offset by a decrease in deposits with lessors (R$131.7mm) and an increase in air traffic liabilities of R$130.9mm.

Net cash used in investing activities was R$144.1mm, consisting primarily of a R$133.8mm increase in aircraft pre-delivery deposits and an increase of R$121.1mm in acquisition of property and equipment, partially offset by a decrease of R$117.7mm in other deposits.

Net cash provided by financing activities during 4Q07 was R$211.6mm, mainly due to an increase in long-term debt (R$168.7mm, partially offset by the repurchase of the VRG convertible debentures of R$87.9mm) and a R$65.2mm increase in short-term borrowings, partially offset by dividends paid (R$24.5mm) .

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1. Excluding R$358.8mm in change in available-for-sale securities in 4Q07, R$89.6mm in 4Q06 and R$11.8mm in 3Q07 of cash invested in highly-liquid short-term investments with maturities above 90 days, as defined by SFAS 115.

The Company’s net cash position on December 31, 2007, was R$1,432.8mm, a decrease of R$109.4mm over 3Q07. The Company’s total liquidity was R$2,348.9mm (cash, short-term investments and accounts receivable) at the end of 4Q07. The Company had R$589.7mm in deposits with lessors and had R$543.9mm deposited with Boeing as advances for aircraft acquisitions. On December 31, 2007, the Company had five revolving lines of credit allowing borrowings up to R$577mm; the amount utilized under these lines of credit was R$497mm.

The Company currently leases most of its aircraft, as well as airport terminal space, other airport facilities, office space and other equipment. On December 31, 2007, the Company had 87 aircraft under operating leases with initial lease term expiration dates ranging from 2008 to 2019, and had 19 aircraft under capitalized leases. Future minimum lease payments under leases are denominated in U.S. Dollars.

As of December 31, 2007, the Company had 101 firm orders (net of 26 already delivered) and 34 options to purchase new Boeing 737-800 Next Generation aircraft. The firm orders had an approximate value of US$6.5bn (based on aircraft list price) and are scheduled for delivery between 2008 and 2014. As of December 31, 2007, GOL had made deposits in the amount of US$305.6mm related to these orders.

The following table provides a summary of our principal payments under long-term obligations, operating lease commitments, aircraft purchase commitments, and other obligations as of December 31, 2007:

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The Company’s fleet plan is as follows:

GOL’s return indicators for the twelve-month period ended in each quarter are included below:

(1) Net Income / Net Equity
(2) Net Income / Total Assets
(3) LTM Dividend / Share Price at period end

GOL continues to invest in its successful business model. We continue to evaluate opportunities to expand operations by adding new flights in Brazil, as well as expanding to other high-traffic centers internationally. We expect to benefit from economies of scale as we continue to add new aircraft to our already well-established and highly efficient operating network. We expect to reduce our non-fuel cost per available seat-kilometer (CASK) as we continue to reduce the age of our fleet, operate a more fuel efficient fleet, benefit from the cost savings associated with our aircraft maintenance center and improve upon our cost-efficient distribution channels. Through the VARIG brand name, VRG is providing an attractive service offering to business travelers in the domestic market and offering new services to high-traffic international destinations in South America, North America and Europe. We expect to grow revenues from our Gollog cargo transport business and Smiles loyalty program.

The air passenger transportation market in Brazil remains largely under-penetrated and increasing available seats at low fares is important for the continued development of the sector and the economy. The scheduled net addition of seven aircraft to the consolidated fleet in the first quarter of 2008 will increase available seat capacity by 65% over GOL’s reported capacity in 1Q07.

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For the first quarter of 2008, we expect consolidated load factors in the range of 67-69% (flat versus 4Q07) with consolidated passenger yields in the range of R$21 cents (flat versus 4Q07). For the first quarter, we expect consolidated non-fuel CASK to be in the range of R$8.5 cents. We expect that the incorporation of larger, more fuel-efficient aircraft will offset increases in fuel prices and a stable foreign exchange rate environment for the near term, supported by good economic fundamentals in the Brazilian economy.

The Company’s full-year general guidance is presented below:

(1) Balance sheet debt and capital leases plus 7x annual rent, less cash.
(2) Total shares outstanding are based on general estimates and assumptions. The number of shares in the actual calculation of EPS will likely be different from those set forth above.

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Revenue passengers represents the total number of paying passengers flown on all flight segments.

Revenue passenger kilometers (RPK) represents the numbers of kilometers flown by revenue passengers.

Available seat kilometers (ASK) represents the aircraft seating capacity multiplied by the number of kilometers the seats are flown.

Load factor represents the percentage of aircraft seating capacity that is actually utilized (calculated by dividing RPK by ASK).

Breakeven load factor is the passenger load factor that will result in passenger revenues being equal to operating expenses.

Aircraft utilization represents the average number of block hours operated per day per aircraft for the total aircraft fleet.

Block hours refers to the elapsed time between an aircraft leaving an airport gate and arriving at an airport gate.

Yield per passenger kilometer represents the average amount one passenger pays to fly one kilometer.

Passenger revenue per available seat kilometer represents passenger revenue divided by available seat kilometers.

Operating revenue per available seat kilometer (RASK) represents operating revenues divided by available seat kilometers.

Average stage length represents the average number of kilometers flown per flight.

Operating expense per available seat kilometer (CASK) represents operating expenses divided by available seat kilometers.

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About GOL Linhas Aéreas Inteligentes S.A.
GOL Linhas Aéreas Inteligentes S.A. is the parent company of Brazilian airlines GOL Transportes Aéreos S.A. (“GTA”, a low-cost, low-fare airline which operates the GOL brand) and VRG Linhas Aéreas S.A. (“VRG”, a premium service airline which operates the VARIG brand). GTA and VRG offer daily flights to more destinations in Brazil than any other domestic airline while providing customers with the most convenient flight schedules in the country. The airlines operate a young, modern fleet of Boeing aircraft, the safest and most comfortable aircraft of its class, with low maintenance, fuel and training costs, and high aircraft utilization and efficiency ratios. In addition to safe and reliable services, which stimulate brand recognition and customer satisfaction, the Company’s service is recognized as the best value proposition in the market. Growth plans include increasing frequencies in existing markets and adding service to additional markets in both Brazil and other high-traffic travel destinations. Shares are listed on the NYSE (GOL) and the Bovespa (GOLL4) stock exchanges.

CONTACT: GOL Linhas Aéreas Inteligentes S.A.

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL’s filed disclosure documents and are, therefore, subject to change without prior notice.

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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 a ctually 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.