Nordea Investment 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
2013 Q4	–	Sell	-68,556	Closed	-$670K	–	852
2013 Q3	$670K	Sell	68,556 -86,490	-56%	-$845K	﹤0.01%	635
2013 Q2	$1.04M	Buy	+155,046	New	+$1.04M	0.01%	568