Grantham, Mayo, Van Otterloo & Co (GMO)’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	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q4	–	Sell	-272,823	Closed	-$532K	–	617
2015 Q3	$532K	Sell	272,823 -1,066,982	-80%	-$3.13M	﹤0.01%	464
2015 Q2	$6.35M	Buy	1,339,805 +131,600	+11%	+$676K	0.02%	227
2015 Q1	$5.87M	Buy	1,208,205 +126,943	+12%	+$986K	0.02%	245
2014 Q4	$12.4M	Sell	1,081,262 -1,167,149	-52%	-$12M	0.03%	172
2014 Q3	$21.6M	Sell	2,248,411 -118,550	-5%	-$1.42M	0.06%	143
2014 Q2	$25.9M	Sell	2,366,961 -691,590	-23%	-$8.11M	0.07%	127
2014 Q1	$29.7M	Sell	3,058,551 -249,850	-8%	-$2.26M	0.08%	122
2013 Q4	$30.2M	Buy	3,308,401 +63,050	+2%	+$590K	0.07%	116
2013 Q3	$31.7M	Buy	3,245,351 +2,155,601	+198%	+$16.6M	0.08%	102
2013 Q2	$7.3M	Buy	+1,089,750	New	+$11.3M	0.02%	242