Gruber & McBaine Capital Management’s Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) GOL Stock Holding History

Gruber & McBaine Capital Management’s Portfolio GOL Stock Details GOL Fund Activity

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Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q2	$237K	Hold
2015 Q1	$243K	Buy
2014 Q3	–	Sell
2014 Q2	$1.37M	Hold
2014 Q1	$1.22M	Hold
2013 Q4	$1.14M	Buy