Acadian Asset Management’s Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) GOL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2018 Q2	–	Sell	-34,119	Closed	-$443K	–	1886
2018 Q1	$443K	Buy	34,119 +10,543	+45%	+$137K	﹤0.01%	887
2017 Q4	$207K	Buy	+23,576	New	+$207K	﹤0.01%	947