Navigator : General Meeting - Withdrawal of proposal relating to item three in the agenda

THE NAVIGATOR COMPANY, S.A.

Public company

Capital - € 500,000,000.00

Corporate person no. 503025798

Registered at the Setubal Companies Registry

Registered Offices - Península da Mitrena, parish of Sado - Setúbal

ANNUAL GENERAL MEETING

28 MAY 2020

NOTICE

WITHDRAWAL OF PROPOSAL RELATING TO

ITEM THREE IN THE AGENDA

Following the disclosure, on 27 March, of the convening notice for the annual general meeting of THE NAVIGATOR COMPANY, S.A. (hereafter referred to as the "Company"), and the additional information disclosed on 11 May, and taking into consideration:

1. The existence of exceptional circumstances due to the international pandemic caused by the COVID-19 virus and the evolution and aggravation of this global health emergency, after the the convening notice for the annual general meeting of THE NAVIGATOR COMPANY, S.A. for 28 May 2020;
2. The declaration of a situation of public calamity by the Government, following the declaration and successive renewal of the State of Emergency throughout the national territory, by the President of the Republic, which determined the extension of restrictive measures on the movement of people and the promotion of a civic duty of confinement;

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1. That, as is publicly and widely known, the pandemic in question and the restrictions associated with it, resulted in an unprecedented profound slowdown in the world economy, where the closure of businesses, educational establishments and offices are particularly relevant to the Company, for these resulted in a strong reduction in paper consumption and the suspension or postponement, cancellation and reduction of paper orders, and it is not expected in the coming weeks that these will improve significantly;
2. That, in accordance with the statement issued by the Company on the date hereof, Navigator decided to apply the simplified furlough regime, in the form of suspension or reduction of employment contracts, in accordance with article 4, no. 2 of Decree-Law no. 10-G/2020, of 26 March;
3. That a prudent approach before the present situation, and limitations on the distribution of profits that result from the furlough regime, advise against and prevent the distribution of dividends;
4. That article 18 of Decree-Law no. 10-A / 2020, of 13 March, which establishes exceptional and temporary measures relating to the epidemiological situation of the new Coronavirus - COVID 19, has allowed general meetings of companies that must take place by legal or statutory imposition to be held until June 30, 2020;
5. That conditions are not met for the Company to present a new proposal for the application of results, in time for the Annual General Meeting to be held on 28 May;

the proposal of the Board of Directors regarding item 3 of the agenda of the Annual General Meeting of the Company, to take place on 28 May 2020, regarding the distribution of yearly profits is revoked and withdrawn.

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Since a proposal for the allocation of results must be approved by shareholders, the Chairman of the General Meeting will be requested to call a new General Meeting by 30 June 2020, in accordance with article 18. of Decree-Law no. 10-A/2020, of 13 March, with the approval of a new proposal for the application of net results as the sole item on the agenda, as follows:

The Board of Directors proposes that the net results of the individual accounts, in the amount of 168,290,314.97 Euros, calculated in accordance with IFRS rules, be transferred to the free reserves account.

As a result, the proposal for allocation of results set out in the previous paragraph must be taken into consideration for purposes of the management report contained in the individual and in the consolidated accounts.

Lisbon, 20 May 2020

The Board of Directors,

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