GOL announces to its shareholders and the market that its Board of Directors approved at a meeting the sale of the Company's preferred shares held in treasury, pursuant to the CVM Instruction no. 10, dated February 14, 1980.

A major hotel investor said despite having reservations about the upcoming winter tourist season, he still intends to continue with planned developments. The hotelier said his resorts have to offer up to 40 to 50 per cent off room rates to attract customers.