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

Nine Chapters Capital Management’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	-7,550	Closed	-$87K	–	1170
2014 Q4	$87K	Sell	7,550 -9,400	-55%	-$96.4K	0.01%	880
2014 Q3	$163K	Buy	16,950 +500	+3%	+$5.99K	0.01%	880
2014 Q2	$180K	Buy	+16,450	New	+$193K	0.01%	839
2013 Q4	–	Sell	-9,800	Closed	-$96K	–	973
2013 Q3	$96K	Sell	9,800 -17,450	-64%	-$134K	0.01%	698
2013 Q2	$183K	Buy	+27,250	New	+$283K	0.03%	556

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

Nine Chapters Capital Management's GOL Position: Q1 2015 in Review

Nine Chapters Capital Management 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 7,550 shares — an estimated $87K sold.

Nine Chapters Capital Management first reported a position in GOL in Q2 2013 and held it in 5 quarters. The position peaked at $183K in Q2 2013. 60 funds tracked by Wall St. Rank hold GOL as of Q1 2015.

Nine Chapters Capital Management 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.
Nine Chapters Capital Management sold 7,550 Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) shares in Q1 2015, an estimated $87K.
Nine Chapters Capital Management first reported a position in Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) in Q2 2013 and held it in 5 quarters.
Nine Chapters Capital Management's Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position peaked at $183K in Q2 2013.
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 Nine Chapters Capital Management's 13F filing for Q1 2015, filed 15 May 2015.