Trellus Management Company’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
2015 Q3	–	Sell	-65,000	Closed	-$308K	–	105
2015 Q2	$308K	Hold	65,000	–	–	0.35%	61
2015 Q1	$316K	Buy	+65,000	New	+$316K	0.38%	58
2014 Q1	–	Sell	-18,958	Closed	-$173K	–	131
2013 Q4	$173K	Buy	+18,958	New	+$173K	0.21%	81