State of New Jersey Common Pension Fund D’s Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) GOL Stock Holding History

State of New Jersey Common Pension Fund D’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	-198,600	Closed	-$2.28M	–	954
2014 Q4	$2.28M	Sell	198,600 -194,475	-49%	-$1.99M	0.01%	743
2014 Q3	$3.78M	Sell	393,075 -48,150	-11%	-$576K	0.01%	618
2014 Q2	$4.84M	Hold	441,225	–	–	0.02%	576
2014 Q1	$4.29M	Sell	441,225 -74,350	-14%	-$672K	0.14%	44
2013 Q4	$4.71M	Hold	515,575	–	–	0.13%	37
2013 Q3	$5.04M	Sell	515,575 -37,650	-7%	-$290K	0.15%	39
2013 Q2	$3.71M	Buy	+553,225	New	+$5.74M	0.12%	42

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 15.82% 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 $609B AUM 40.19% 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

State of New Jersey Common Pension Fund D's GOL Position: Q1 2015 in Review

State of New Jersey Common Pension Fund D 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 198,600 shares — an estimated $2.28M sold.

State of New Jersey Common Pension Fund D first reported a position in GOL in Q2 2013 and held it in 7 quarters. The position peaked at $5.04M in Q3 2013. 60 funds tracked by Wall St. Rank hold GOL as of Q1 2015.

State of New Jersey Common Pension Fund D 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.
State of New Jersey Common Pension Fund D sold 198,600 Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) shares in Q1 2015, an estimated $2.28M.
State of New Jersey Common Pension Fund D 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 7 quarters.
State of New Jersey Common Pension Fund D's Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position peaked at $5.04M in Q3 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 State of New Jersey Common Pension Fund D's 13F filing for Q1 2015, filed 14 May 2015.