GOL LINHAS AÉREAS INTELIGENTES S.A.

CNPJ/MF n° 06.164.253/0001-87

NIRE 35.300.314.441

NOTICE TO THE SHAREHOLDERS

Gol Linhas Aéreas Inteligentes S.A. (“Company”), in pursuance of the Relevant Fact published on December 07, 2011 and of the Notice to the Shareholders published on December 22, 2011, hereby informs to its shareholders and to the market, in general, that the period for exercise of preemptive rights upon the subscription of shares to be issued in connection with the capital increase of the Company approved by its Board of Directors at the meeting held on December 21, 2011 (“Capital Increase”) ended on January 26, 2012.

It has been verified that a total of five million, one hundred and twenty thousand, nine hundred and seventy-four (5,120,974) preferred shares remained unsold (“Unsold Shares”), out of the six million, eight hundred and twenty-five thousand, four hundred and seventy (6,825,470) common shares and six million, six hundred and nineteen thousand, seven hundred and sixty-five (6,619,765) preferred shares issued by reason of the Capital Increase.

Accordingly, as indicated in the Notice to the Shareholders published on December 22, 2011, those shareholders of the Company (including the holders of ADRs) and those assignees of rights for subscription of shares in the Capital Increase who stated, in both cases, their interest in reserving the Unsold Shares in their respective subscription lists, will be granted a period of five (5) business days, counted from and including February 6, 2012, which period shall end on and including February 10, 2012 (“Unsold Shares Subscription Period”), for subscribing the Unsold Shares. The subscription price for the Unsold Shares shall be twenty-two Reais (R$22.00) per share, payable in cash, in Brazilian currency, upon subscription.

For the subscription of the Unsold Shares, the holders of Company’s shares bookkept with Banco Itaú Unibanco S.A. shall be required to appear at any branch specially designated for such purpose, preferably those listed in item 14 of the Notice to the Shareholders published on December 22, 2011, from Monday to Friday, at bank business hours, in order to subscribe the Unsold Shares to which they are entitled, pursuant to the option indicated in their subscription list, against payment of the corresponding price. The holders of shares deposited with the BM&FBOVESPA Depositary Service (“Depositary Service”) shall exercise their respective rights through their respective custody agents and pursuant to the rules stipulated by the Depositary Service itself, with due compliance with the terms and conditions hereof and pursuant to the option indicated in their subscription list.

In case not all of the Unsold Shares are subscribed until the end of the Unsold Shares Subscription Period, the Company may promote a new apportionment of the remaining shares of the Unsold Shares, sell the remaining shares of the Unsold Shares at a stock exchange, in conformity with the provisions in article 171, §7, item “b” of Law no. 6404, or partially homologate the Capital Increase, by cancelling the shares eventually remaining out of the Unsold Shares, once the amount subscribed has already reached the minimum subscription amount, as set by the Board of Directors of the Company at one hundred and eighty-two million, six hundred and ten thousand, and ten Reais (R$ 182,610,010.00), equivalent to six million, eight hundred and twenty-five thousand, four hundred and sixty-nine (6,825,469) common shares and one million, four hundred and seventy-four thousand, nine hundred and eighty-six (1,474,986) preferred shares.

Additional information may be obtained from the Investor Relations Office of the Company at telephone number (11) 2128-4700 or by email to ri@golnaweb.com.br.

São Paulo, February  3, 2012.

Leonardo Porciúncula Gomes Pereira

Vice-President and Investor Relations Officer.