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

Mangrove Partners’s Portfolio GOL Stock Details GOL Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q1	–	Sell	-942,602	Closed	-$10.8M	–	46
2014 Q4	$10.8M	Buy	942,602 +100,000	+12%	+$1.03M	3%	16
2014 Q3	$8.11M	Buy	+842,602	New	+$10.1M	2.35%	21
2014 Q2	–	Sell	-23,808	Closed	-$231K	–	43
2014 Q1	$231K	Buy	+23,808	New	+$215K	0.08%	41

Other funds holding GOL

Macquarie Group Sydney, NSW 2000, Australia $16.8B AUM 27.39% 1-Year Est. Return

Whitebox Advisors Minneapolis, Minnesota $8.12B AUM 15.85% 1-Year Est. Return

MNA

Manning & Napier Advisors Fairport, New York $7.09B AUM 17.35% 1-Year Est. Return

BAMCO Inc New York $33.1B AUM 11.16% 1-Year Est. Return

Grantham, Mayo, Van Otterloo & Co (GMO) Boston, Massachusetts $39.1B AUM 28.69% 1-Year Est. Return

Bank of New York Mellon New York $544B AUM 28.31% 1-Year Est. Return

CCM

Contrarian Capital Management Greenwich, Connecticut $357M AUM 18.27% 1-Year Est. Return

CCA

Castle Creek Arbitrage Avon, Colorado $425M AUM 7.4% 1-Year Est. Return

RFC

Russell Frank Company Seattle, Washington $56.9B AUM 2.13% 1-Year Est. Return

Susquehanna International Group Bala Cynwyd, Pennsylvania $893B AUM 36.07% 1-Year Est. Return

Mangrove Partners's GOL Position: Q1 2015 in Review

Mangrove Partners sold out of Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) (GOL) in Q1 2015, closing a stake of 942,602 shares — an estimated $10.8M sold.

Mangrove Partners first reported a position in GOL in Q1 2014 and held it in 3 quarters. The position peaked at $10.8M in Q4 2014. 60 funds tracked by Wall St. Rank hold GOL as of Q1 2015.

Mangrove Partners reported no remaining Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position as of Q1 2015 after selling out during the quarter.
Mangrove Partners sold 942,602 Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) shares in Q1 2015, an estimated $10.8M.
Mangrove Partners first reported a position in Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) in Q1 2014 and held it in 3 quarters.
Mangrove Partners's Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position peaked at $10.8M in Q4 2014.
60 funds tracked by Wall St. Rank held Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) as of Q1 2015.

Based on Mangrove Partners's 13F filing for Q1 2015, filed 15 May 2015.