1. What were the benefits to Gol of a listing on the New York stock exchange in addition to the San Paulo Bovespa? According to its strategy, Gol wanted to get a solid group of long-term investors that understood the business and a group of research analysts that understood this sector in order to exploit its expertise to achieve its (Gol’s) goals. If we take a closer look at the majority of investors in the company, they have high positions in trade of the equities of Jet Blue, Southwest and Ryanair. That’s mean that they understand the business in this sector. The benefit of a listing on the NYSE in addition to the Bovespa was that they reached investors based in South America (Gol strives to be a low-cost carrier in South America) as well as investors based in USA (Jet Blue, Southwest). 2. Why do you think the Gol stock offering was oversubscribed? Because Gol is one of the most profitable airline in the world, that operates in a growing industry. It is popular and successful company offering services that are highly rated by customers and the expected value of the company will most probably rise up according to the positive prognosis and Gol’s strategic plans. 3. Do you think Gol would have raised as much money if it had just listed on the New Sao Paulo exchange? Absolutely not, the US investors would not have easy access to the stock exchange, which offering the Gol’s stocks, if it would be located in South America only. Moreover, the majority of investors are engaged in trading with the equities of JetBlue, Southwest and Ryanair (in the US). 4. How might the joint listing of the New York and San Paulo stock exchanges affect Gol’s ability to raise additional capital in the future? The advantage of offering Gol’s stocks over both stock exchanges is that more investors have an access to those stocks. New investors might come up. Also, new investors who are share holders of other companies operating in another sector (e.g. aircraft factory industry) might strike a deal or bargain between Gol and the other companies. It might rise up the value of the company and improve its profitability.