X V I I C a i x a B a n k B P I C o n f e r e n c e

S e p t e m b e r 1 72 0 2 0

This presentation is intended to provide a general overview of The Navigator Company S.A.’s business and does not purport to deal with all aspects and details regarding The Navigator Company S.A.. Accordingly, no representation, undertaking or warranty, expressed or implied, is given by The Navigator Company S.A. or any of its subsidiaries’ undertakings, affiliates, directors, officers, employees or advisors or any other person as to the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation or of the views given or implied or any other material discussion in connection with this presentation.

This presentation has been prepared by The Navigator Company S.A. for information purposes only. The Navigator Company S.A. or any of its affiliates, directors, officers, employees or advisers or any other person shall not have any liability whatsoever (including in case of omission, negligence or otherwise) for any losses, errors or omissions howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith or with respect to their reliance upon the completeness and accuracy of any such information, as well as any damages resulting hereof.

DISCLAIMER

1

T A B L E O F C O N T E N T S

2

Solid & Resilient Business Model

Expansion & Diversification

01 02 03 04Sustainability at

the Core

Performance, Market Update

& Outlook

3

NAVIGATOR IN BRIEF

A solid business model, with significant resilience in adverse market conditions

Expansion and diversification of business portfolio into the growing tissue segment, with other growth options available

Focused on efficiency and committed to additional cost reduction programs

Sustainability at the core – investing in people, aiming to be a leader in sustainability and delivering sustainable returns

Performance, Market update & Outlook

THE NAVIGATOR COMPANY an integrated producer

R & D

F O R E S T

P U L PE N E R G Y

P A P E R

T I S S U E

130,000 ton Reels;120,000 ton Converting*

1.6 M tonof UWF paper

2.5 TWhof electricity

Leader in Eucalyptus globulus cloning

108,000 ha of forest(under management)

1.6 M ton of BEKP pulp(0.350 M market pulp)

4

(*total nominal capacity)

NAVIGATOR IS THE LEADING MANUFACTURER of UWF paper in Europe

19%

16%

12%12%

10%

31%

Nº1 in European UWF fine paper by capacity, with the largest and most modern mills

European uncoated fine paper* Main players

Uncoated woodfree (UWF)European mills

Velsen-Noord

Stockstadt

Alizay

Hernani

Fabriano

Munkedal

Etival

Theresienthal

Nymolla

Figueira da Foz

Kymi

Others

Others

Kostrzyn**

Ruzomberok **

Veitsiluoto

Setúbal

Nordland

Kwidzyn**

Syktyvkar*

0 200 400 600 800 1000 1200 1400 1600

SAPPI

Crown Van Gelder

Zicuñaga

Clairefontaine

Fedrigoni

Double A

Arctic Paper

UPM

International Paper

Stora Enso

Mondi

Capacity, 1000 ton/year

Saillat Svetogorsk *

The Navigator Company

Mondi

IP

Stora Enso

UPM

Other

*Excluding value-added products (ex.: carbonless papers, termal papers,colorful papers, engineering papers, specialty papers, etc)

Integrated

Non Integrated

5

Kematen

5* Mill located in Russia; ** mill located in Poland and Slovakia

BASED ON LARGE SCALE PRODUCTION MILLS with state-of-the-art technology

FIGUEIRA DA FOZ

• Pulp (Integrated) – 650,000 tAD

• Paper – 790,000 ton

The Navigator Company operates world class state-of-the-art-assets with a global capacity of:

1.6 Mtons of UWF - 1.6 Mtons of BEKP – 130 ktons of Tissue Reels

VILA VELHA DE RÓDÃO

• Tissue – 60,000 ton reels;65,000 ton converting

SETÚBAL

• Pulp (Integrated) – 550,000 tAD

• Paper – 775,000 ton

CACIA

• Pulp (Market) – 350,000 tAD

• Tissue – 70,000 ton reels; 55,000 ton converting*

6(*total nominal capacity)

*Other includes forest **Revenues by geography of pulp, paper and tissue ***Includes all energy sales in Portugal

The Group exports around 83% of pulp, paper and tissue products

WITH A MORE DIVERSIFIED BUSINESS AND GLOBAL SALES TO 130 DIFFERENT COUNTRIES

Revenue diversification over the last 5 years with the entry into the tissue business and pulp debottlenecking, with a diversified customer base selling across 130 different countries

7

76% 71%

7% 10%

15%10%8%

2% 2%

2014 2019

Other

Tissue

Energy

Pulp

Paper

15% 19%

62% 50%

12%11%

11% 20%

2014 2019

Other

America

Rest ofEurope

Portugal***

Revenue by Geography**Revenue by business area

WITH A DIFFERENTIATION STRATEGY based on the highest quality paper products and own brands

Product and brand differentiation strategy have skewed the Group’s product mix to the high end market, allowing up to 7% price premium advantage (in Europe)

2019 The Navigator Company

Europe industry average*

Premium products 51% 14%

Mill Brands 70% 20%

Sheets 75% 69%

Operating rates 100% 90%

* Estimated industry average including Navigator

NVG market share in Western Europe

Source: Euro-Graph; EMGE

8

20%

22%

21%

13%

~50%

Total

Cut-size

Folio

Reels

Premium

ATF FIG

SET

300

350

400

450

500

550

600

650

700

750

800

850

900

0% 20% 40% 60% 80% 100%

€/ton

Capacity

AND WITH A VERY EFFICIENT CASH COST STRUCTURE

4Q 2019 UWF Cash costs, Europe, €/t

Navigator’s mills are very well positioned in the cash cost curve

Partial/Non Integrated

Changes in demand might accelerate closures from less efficient (and smaller) players and conversions to other types of products

NVG estimates that roughly:

• 2.5 M tons with cash costs above 550 €/ton (38% of European capacity*)

• During Q2 many paper machines reduced production and YTD August operating rates in the European industry stand at 75% (NVG OR- 80%)

*excluding Russia, UWF specialties papers and recycled grades

Source: Fast Markets RISI

9

Mills located in Russia and

Eastern Europe

Source: Euro-Graph; EMGE; RISI 10

Evolution of UWF Europeanapparent consumption

8.7 8.7 8.7 8.1 8.2 8.2 8.1 7.7 7.5 7.5 7.5

7.2 7.6 7.3 7.0 7.0 7.0 6.9 6.7 6.6 6.4 6.1

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Capacity Apparent consumption

Mill

ion

of t

ons

Evolution of UWF USAapparent consumption

10.8 10.0 9.8 9.4 9.1 8.1 8.0 7.9 7.8 7.4 6.89.2 9.1 8.7 8.2 8.2 7.8 7.8 7.5 7.0 7.0 6.5

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Capacity Apparent consumption

Mill

ion

of t

ons

PRODUCING ONE OF THE BEST PERFORMING GRADES IN PRINTING AND WRITING: UWF

2009-2019:Change in capacity of -1.2 ktonsChange in demand of -1.1 ktonsAverage operating rate of 90%

2009-2019:Change in capacity of -4 ktons

Change in demand of -2.7 ktonsAverage operating rate of 90%

UWF capacity has been adjusting to the reduction in consumption

UWF resilience comes from its:

Universality: available for purchase by many

different customer segments, from both B2B

and B2C

Versatility: end use options are wide

11

Uncoated

Woodfree Mechanical

CoatedHigh-end magazines &

Communication materials(flyers, brochures, posters…)

UncoatedTrade books, directories

CoatedMagazines &

communication materials

Printing & Writing

Graphic Papers

UWF IS LESS EXPOSED TO DIGITALIZATIONThere are different grades to different uses and UWF is less dependent on media and advertising

UWF PAPER VS PULP: REDUCED VOLATILITY & MORE STABLE RETURNS

Index FOEX PIX (Europe) – Gross Prices

A4 – B Copy: index for uncoated woodfree paper (80 g/m2)

BHKP: index for bleached hardwood kraft pulp (eucalyptus or birch)12

EUROPEAN MARKET PAPER PRICE – A4 B-COPY AND BHKP (IN €)

500

550

600

650

700

750

800

850

900

950

1000

1 9 17 25 33 41 49 4 12 20 28 36 44 52 8 16 24 32 40 48 4 12 20 28 36 44 52 8 16 24 32 40 48 4 12 20 28 36 44 52

Eur

/Ton

Week

A4 B-copy BHKP

2015 2019 20202016 2017 2018

13

Navigator has been permanently focus on optimizing its production processes and its cost reduction initiatives

Cost optimization and operational efficiency plan implemented at the start of 2020:

Bringing together the existing M2 and Corporate ZBB programs Launching a Digital Transformation project in the corporate sector

Covid-19 pandemic compelled a reassessment and extension of the scope and depth of the cost reduction initiatives originally envisaged

Target for 2020 to reduce fixed costs by € 46 million

€ 22 million achieved already in H1 2020

FOCUS ON COST EFFICIENCY

T A B L E O F C O N T E N T S

14

Solid & Resilient Business Model

Expansion & Diversification

01 02 03 04Sustainability at

the Core

Performance, Market Update

& Outlook

15

€131 M

ORGANIC DEVELOPMENT AND DIVERSIFICATION IN THE LAST GROWTH CYCLE

25 36 4387

143127 93 72

129 15

2015 2016 2017 2018 2019

Capex (M€)

GrowthCycle

CurrentBusiness

€158 M€152 M

€129 M

€115 M

€216 M

Tissue: 190 M€

Pellets: 115 M€

Pulp expansion:

125 M€

Heavyweights: 12 M€

Growth cycle included:

• From 2015 until 2018, Capex included essentially growth projects that have allowed NVG to diversify its business

• In 2019, capex included mainly maintenance /efficiency, regulatory/environment (~33 M€ for environment) and completion of expansion projects

• In light of the Covid-19 the capex plan for 2020 was significantly revised downward from 158 M€ to circa 70 M€; 2020 plan will include mainly maintenance /efficiency and regulatory/environment (80% of investment spending in 2020 is related to maintenance and projects that started in previous years)

Diversification of The Navigator Company’s

portfolio(Representing currently 10% of

Navigator’s sales, tissue business is an important

growth platform option for the future)

Synergies with our core business

(raw material Eucalyptus globulus)

Ability to develop a competitive advantage with pulp integration

(cost and quality advantage)

State-of-the-art technological

solution

(The Navigator Company’s DNA)

After entering the tissue business in 2015, Navigator doubled its capacity in 2018, with the construction of a new 70 Ktons integrated machine in Aveiro.The growth in the tissue business has a strong strategic rational:

16

GROWTH IN THE TISSUE BUSINESS

NAVIGATOR - #3 P LAY E R I N T I S S U E I N I B E R I A

PRODUCTION CAPACITY IN IBERIAN PENINSULA (KTON) 2020

17

280

140130

120110

100 95

55

718

30303030505050

5

Source : RISI, NUMERA, Companies & NVG estimates

Total capacity in Iberia:

1 330 ktons

Portugal – 330 Ktons

Spain - 1 000 k tons

In 5 years, Navigator developed a business platform that represents 10% of Iberian Capacity and 40% of Portuguese capacity

Growth opportunity driven by increased demand in Asia and worldwide supply limitations

Attractive fundamentals of Mozambique:• High Forest productivity • Proximity to Asia• Land available at competitive costs

Geographic diversification within the core business of The Navigator Company

18

MOZAMBIQUE PROJECT

P h a s e 1 :W o o d c h i p M i l l

Project Phases Strategic Rationale

P h a s e 2 :P u l p M i l l

Investment: USD 260 M(USD 100 M already invested)

40 000 ha planted area

Investment: USD 2.5 B

8000 jobs opportunities

MOZAMBIQUE PROJECT UPDATE

• Navigator has been working with the Mozambique Government under the terms of the MoU signed in 2018, in particular on infrastructures and logistics and land and development issues.

• This has included the first Outgrower Support program in Mozambique, a government initiative funded by the World Bank. The aim is to promote small and medium scale sustainable commercial private forestry plantations, and restoration of degraded areas. In the first 2019-2020 season, plantations were established over an area of approximately 550 hectares and 1200 hectares are estimated for the next season 2020-2021.

• Portucel Moçambique played an active role in designing the program, providing wide-range support by designing the silviculture model, supplying clonal plants and offering access to fertilizers. When the plantations are ready for harvest, Portucel Moçambique will have first option on purchase of the wood.

• The Government of Mozambique referred the strategic importance to the country and to the Zambézia province of building the port of Macuse, in order to develop commercial farming and forestry.

19

FOCUSED ON BUILDING THE FUTURE BIO-ECONOMY

RAIZ & Inpactusproject

Plantation trees Forestry residues

Biorefinery

Biomass deconstruction & separation

processes

1 ton wood Pulp

Fibers

Chemicals & energy recovery

(combustion)Pulping By-products

Biomass components

Paper

Tissue

Market pulp

Heat and electricity

BiochemicalsBioproductsBiomaterials

Examples of bioproducts from biorefinery

Essential oils

Sugars for bioethanol and bioplastics

Thermoplastic bio composites

Lignin-based foams for thermo insulation

Bacterial cellulose for biomedical applications

Nanocellulose for paper coating and food additives

20

CREATING INNOVATIVE PRODUCTS & TECHNOLOGIES

A co-promotion R&D project between industry and academia.A step forward to a green, global, sustainable and competitive bioeconomic environment in Portugal, based on eucalyptus pulp and paper industry!

RAIZ & Inpactus project

180Researchers/Technicians

50Research grants

2Invited chairs

15.3M€Total budget

21

T A B L E O F C O N T E N T S

22

Solid & Resilient Business Model

Expansion & Diversification

01 02 03 04Sustainability at

the Core

Performance, Market Update

& Outlook

SUSTAINABILITY AGENDA

Navigator’s sustainability goals for 2020-25 (based on materiality assessment):

• Sustainable forest management

• Energy and climate

• Industrial environmental management

• Talent Management and development of

human capital

• Occupational health and safety

• Sustainable supplier Management

• Customer satisfaction

• Community engagement

• Innovation, Research & Development

23

“It´s thinking about people, their quality of life and the future of the planet that inspires and motivates us. We want to share the wealth we create, but also our knowledge, our experience and our resources, all in the name of a better future.

That is why we are committed to creating sustainable value for our shareholders, and for society as a whole, leaving a better planet for future generations, through natural products that are sustainable, recyclable and biodegradable, that help to capture carbon and produce oxygen, that protect biodiversity, improve the soil and 

combat climate change.”

Forest

• ≥ 75% national certified wood by 2025

• ≤ 1% of burned area

Industrial Operations

• 87% of waste recovery by 2025

• 15% reduction in specific water consumption

Community engagement (Mozambique

Project)

• Inclusive business model with the local communities

• Investment in infrastructures

Talent• Develop H.Resources

with skills needed to pursue Company Strategy: 75% of critical areas covered by internal trainees

• Internal succession: target to achieve 75% of succession places filled by 2025

Climate

• Carbon Neutral Mills by 2035

• 85% of Renewable energy by 2035

• over 10% reduction of specific energy consumption

24

MAIN SUSTAINABILITY GOALS FOR 2020-25

AT THE HEART OF WHAT WE DO IS THE FOREST, a natural and renewable resource

5.3 Million t CO2 eq

12 MillionPlants produced at Portuguese

Nurseries

108.269ha

Forest under management in Portugal

Million3.3 Investment in protection

against forest fires

RAIZForest and Paper Research Institute

Improve foresty management

Increase eucalyptus Yields

25

234Species of Fauna

740Species of Flora

ADDRESSING CLIMATE CHANGE BY BECOMING ACARBON NEUTRAL COMPANY

The Navigator Company is committed to achieve Carbon Neutrality at its industrial sites by 2035,15 years ahead of schedule, by investing € 154 million in the implementation of changes in its production processes in order to minimize the use of fossil fuels

GOAL 1100% of electrical energy production from renewable sources

GOAL 2Reduce fossil fuelCO2 emissions with implementation of cleaner technologies

GOAL 3Reduction of 10% of the specific energy consumption from 2015 until 2025

GOAL 4Carbon offsettingfor unavoidablecarbon emissions

26

ROADMAP TO CARBON NEUTRALITY BY 2035

86% reduction of CO2 emissions, approximately 667 ktCO2/ from 2018 until 2035, with an investment of 154 million €

CO2 Expected Emissions

774 744 730

512 512 488 460 455378 350 350 308

107

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2035

CAPEXIn Million €

8

1928

1220 17

4 5 813

19

1

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2035

Reduction of

667kton CO2

CAPEX

154M€

Ktons86%

27

28

Navigator is already the biggest national producer of renewable energy through biomass and subproducts of wood, representing up to 60% of the Group´s total energy capacity

The new biomass boiler will increase significantly the capacity production based on renewable resources (from 60% to 70%)

Installed capacity

2,5 TWh/Year(enough to supply the entire region of the

Algarve for a year ).

3 Biomass cogeneration

plants

+2 Natural Gas cogeneration

plants

+2 Biomass plants

~5%Of the National electricity

production

(produce exclusively electricity to the

portuguese network)

=

NEW BIOMASS BOILER AT F.FOZ

Biomass Boiler – Capex of € 55 million

Steam generation capacity of 128 MWth; Plant is expected to start and ramp up operations between Q4 2020 and Q2 2021

Reduction of CO2 emissions by 81% at FFoz and by 20% for Navigator as a whole (reduction of 155 ktons tons of Co2/year). F.Foz mill will be 100% powered by renewables

Net expected savings in costs (reduction in purchase of natural gas and maintenance costs) of € 14 million /year

ENERGY – SOLAR PHOTOVOLTAIC

RAIZ Institute (2019)342 solar panels

94 kW of installed capacity(satisfies 30-35% of the institute’s

consumption).

The energy generation through renewable energy sources constitutes one of the company’s strategic axis, this is shown through relevant investments in solar plants in self consumption regime.

Navigator Paper Setúbal (2016)8 800 solar panels

2.2 MW of installed capacity(the biggest solar photovoltaic plant installed in

industrial environment in Portugal, enough to supply 850 households for a year).

1 140 t CO2 emissions/year avoided

Herdade de Espirra (2018)352 solar panels

112.6 kW installed capacity(supplies ~30% of the consumption

of the Herdade de Espirra).

U P C O M I N G P R O J E C T S ( 2 0 2 2 )• Navigator Pulp Setúbal: 4 680 solar panels

(installed capacity 1.8 MW);

• PM2 Figueira da Foz: 7 700 solar panels (installed capacity 2.7 MW).

29

80%Waste

Recovery Rate

90%Renewable

raw materials

Solar power plant 3,1 GWh/year

Saving1.140 t CO2 /year

80% of water intake is returned to

the environment

64%of paper is sold with FSC*, PEFC or Ecobel

seals of approval

More than

67%Primary energy used

from renewable sources (biomass)

I N D U S T R I A L O P E R A T I O N S

Fiber optimization

Bioproducts and biofuels research

*pulp and paper

30

Mozambique project

31

$6 Million invested

In the Community Development

Program

250 employees90% Mozambicans

30% women

Increasing household

income And decreasing the poverty rate in the

provinces of Zambezia& Manica

5300 km of new roads and

rural pathsAllowing better access to public transportation, to healthcare & to markets

Securing families welfare

Delivering food security and

generating income to 7.000 families

24 new water boreholes

Making potable water available to communities

2300 families received solar lamps

Can also be used to charge devices and allows children to study after sunset

I M P A C T O F S O C I A L P R O G R A M *

* Reference to the end of 2019

INVESTING IN PEOPLE & TALENT MANAGEMENT

32

G E N D E R D I V E R S I TY

G E N D E R D I V E R S I TY 3280

Employees in 2019

W O R K F O R C E R E J U V E N AT I O N

( 2 0 1 3 - 2 0 1 9 )

W O R K F O R C E R E J U V E N AT I O N

( 2 0 1 3 - 2 0 1 9 )

T R A I N I N G&

L E A R N I N G C E N T E R

T R A I N I N G&

L E A R N I N G C E N T E R

Middle and Senior management

70% - Male 30% - Female

Training Hours: 182,740h59h/ Employee

Management Courses: 117 courses/300 hours

Internal Training: 200 courses/165 hours

Average reduction of 6.5 years

Distribution by age:11% < 30 years

56% between 30 – 50 years33% > 50 years

Headcount 3280*

Setúbal1,157

Figueira da Foz1,008

Aveiro503

Vila Velha de Ródão226Portucel

Mozambique157Others

locations in Portugal

146

International sales offices

83

* Dec.2019

ENGAGING WITH STAKEHOLDERS

Main forest certification schemes

Currently Vice-President of PEFC Portugal

33

WWF lead initiative to share knowledge about well-managed plantations and learn from others' good examples with top P&P companies and Governments

SteerCo member of this Yale University based initiative focusing on forests and their role in promoting improving the livelihoods of local communities

Members and part of the WBCSD’s ExCoForest Solutions Group – core members

C o r p o r a t e i n i t i a t i v e s t o d r i v e S u s t a i n a b l e D e v e l o p m e n t

M u l t i s t a k e h o l d e r i n i t i a t i v e s

Engaging in projects to debate SDG implementation, the Future ofWork, Human Rights, Circular Bio-Economy and a Vision for 2050

Presidency of BCSD Portugal, anaffiliate of WBCSD

T A B L E O F C O N T E N T S

34

Solid & Resilient Business Model

Expansion & Diversification

01 02 03 04Sustainability at

the Core

Performance, Market Update

& Outlook

35

FINANCIAL INDICATORS

2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9Million euros

Turnover 1,628 1,577 1,637 1,692 1,688

EBITDA 390 397 404 455 372

EBITDA/Sales (%) 24% 25% 25% 27% 22%

CAPEX 148 139 115 216 158

Free Cash Flow 81 184 198 211 186

Net debt/EBITDA 1.68 1.61 1.72 1.50 1.92

36

MAIN FINANCIAL AND OPERATIONAL HIGHLIGHTS

1,542

1,628

1,577

1,637

1,692 1,688

2014 2015 2016 2017 2018 2019

Turnover (M €)

328390 397 404

455

372

2014 2015 2016 2017 2018 2019

EBITDA (M €)

292 304

385 357 377307

2014 2015 2016 2017 2018 2019

Operational Cash Flow (M €)

1,564 1,555 1,587 1,5781,513

1,447

2014 2015 2016 2017 2018 2019

Paper sales (ktons)

257 253291 311

253314

2014 2015 2016 2017 2018 2019

Pulp sales (ktons)

37 3951 55 63

96

2014 2015 2016 2017 2018 2019

Tissue sales (ktons)

24%

14% 18

%

13%

13% 16

%

25%

12%

15%

16%

14% 15

%

24,7

%

11%

17%

16%

16%

16%

27%

13%

18%

17,4

%

18% 20

%22%

10%

17%

18%

15%

15%

The NavigatorCompany

Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5

2015 2016 2017 2018 2019

VERY FAVOURABLE COMPARISON WITH PEERS

Source:Euro-Graph; EMGE* Average does not include Navigator

EBITDA Margin - Paper Peers (2015-2019) Average for 2015-2019*: 15%

37

HISTORICAL DIVIDEND PAYMENT AND SHARE PRICE EVOLUTION

Year (payment) Ajusted dividend yield Total amount paid (million euros)

2014 12.3% 200.8

2015 14% 440.5

2016 11.6% 170.0

2017 10.7% 250.0

2018 6.6% 200.0

2019 7.0% 200.0

38

Jan 2014 – Aug 2020:

TSR: 48.5%

TSR annualized: 6.1 %

€/share

0.0 €

1.0 €

2.0 €

3.0 €

4.0 €

5.0 €

6.0 €

7.0 €

1Protect the

core business

2 Consolidate and clarify the options of organic

growth

3Reinforce the

focus on efficiency and

cost management

4 Continue to

invest on our people as a

key asset for the future

5 Align the

company’s external

positioning with the core

priorities

Financial Goal: Preserve company’s value, operating under the norms of shareholder’s remuneration.

MANAGEMENT PRIORITIES

39

40

• Decline in consumption of UWF across the world due to the Covid-19 pandemic and the general lockdowns of economies

• Navigator managed paper production output during most of the quarter, avoiding inventories build-up, further price erosion and preserving working capital

• With a more diversified business, with increased tissue and market pulp sales, and a strong cost action, the Group is well protected against these adverse market conditions and continues to present a significant ability to generate cash flow

• Navigator maintains a strong financial standing, after an increase in short term liquidity and a reduction in Net Debt

• Production activity in the paper mills is returning to normal, and the significant efforts to prepare the seasonally slow summer period have allowed the Company to increase its order book to comfortable levels

H1 2020 PERFORMANCE OVERVIEW

41

Turnover declined 19% YoY on the back of decreased paper sales and lower paper prices

Increase in pulp and tissue volume and significant improvement in production costs (variable & fixed) mitigated sales and price drops

Under extreme market conditions, EBITDA margin remained above 20% in H1

Significant free cash flow generation of 114 million sustained by efficient working capital management and reduced capex disbursements

Strong balance sheet, with Net Debt reducing by € 96 million to € 700 million during the first half; Net Debt / EBITDA of 2.29 X remains at comfortable levels, after paying 100 M€ in reserves

H1/Q2 2020 Financial Highl ights

In millions € H12020

H1 2019

ChangeHoH

Q22020

Q12020

ChangeYoY

Turnover 696 854 -19% 290 405.8 -29%

EBITDA 140 207 -32% 52 88.4 -41%

EBITDA /Sales 20.1% 24.2% 4.1pp 17.8% 21.8% -3.9pp

CAPEX 49 68 -19.0 26 23 +3

Free Cash Flow 114 101 +13 99 15 84.0

Net Debt 700 796 -96 700 799 -99

RemuneratedNet Debt/EBITDA

2.29 1.83 0.47 2.29 2.25 0.05

Source: FOEX

EUROPEAN MARKET PAPER PRICE – A4 B-COPY AND BHKP (IN €)

42

PULP &PAPER PRICES IN H1 2020

Average A4 B-Copy price

2014-18 2019 H1 2020EUR 832 903 855

500

550

600

650

700

750

800

850

900

950

1000

1 9 17 25 33 41 49 4 12 20 28 36 44 52 8 16 24 32 40 48 4 12 20 28 36 44 52 8 16 24 32 40 48 4 12 20 28 36 44 52

Eur

/Ton

Week

A4 B-copy BHKP

2015 2019 20202016 2017 2018

With market discounts increasing, net pulp prices are currently at the lowest level since end 2009Paper prices have been impacted by current market conditions and declined 6% YoY

Average pulp prices

2014-18 2019 H1 2020USD 817 855 680EUR 701 762 618

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NAVIGATOR PAPER & PULP PERFORMANCEH12020

PAPER PERFORMANCE

• UWF sales volume decreased 17% YoY and 37% QoQ following production curtailment in April, May and June

• Average index price for H1 2020 was down 6.6% vs H1 2019 and down 2.2% vs Q1 2020 and paper turnoverstood at € 468 million in the first half (-23% YoY)

• Order book recovered in June to 30 days, close to normal levels for this period, comparing favourably with thean estimated average of 18 days for the industry

• Increase in market share among European producers of 0.4 p.p. (order entry)

• NVG inventories reduced 19% from end-March until end-June (vs -6% among competitors)

PULP PERFORMANCE

• Sales volume totaled 193 Ktons in H1 2020, recording the highest volume sold since 2010, increasing 56% vsH1 2019 and 79% in Q2 2020 vs Q2 2019. Sales turnover was € 79.6 million, improving 2.6% YoY

• Increase in volume was sustained by higher availability of pulp and by sales recovery in European markets, aswell as diversification into other geographies, taking advantage of market opportunities in tissue and packaging

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• Global volume of tissue sold increased to 52 kton (+10% YoY), sustained by strong sales in reels which offset thedecline in finished products, impacted by the contraction of the Away-From-Home segment due to the Covid-19pandemic

• Sales turnover increased to € 70.3 million, representing a growth of 7% YoY and 5% in Q2 2020 vs Q2 2019

• Tissue prices showed significant resilience during Q2, increasing vs Q12020 in both reels and finished products; mixeffect (with an increased weight of reels) impacted average tissue prices

• Good industrial performance of both Aveiro and Vila Velha Rodão mills and improvement in fixed costs

45% Consumer (At-Home)

40% Away-from-Home +C&C

15% Parent Reels

38% Portugal

30% Spain

32% Extra-Iberia

Revenue by segment

(H1 2020)

Revenue by geography

(H1 2020)

RECORD PERFORMANCE IN TISSUE IN H1 2020

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H12020 - STRONG FREE CASH FLOW GENERATION

Very strong generation of Free Cash Flow of € 114 million, comparing favorably with FCF of € 101 million in H1 2019; efficient management of working capital, with both strong cash conversion of clients receivables and careful management of suppliers, with recourse to financial solutions to

support their liquidity

120.5114.0

48.7

24.9

22.1

21.2

13.110.6

Operating Cash Flow

OtherClientsCAPEX Inventories State & Public Entities

Free CashFlow

Suppliers

M€

Current Average Cost of Debt

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Debt Rate Profile

Fixed Variable

69% 31%

Navigator increased its short term liquidity to 317 M€ at the end of June and has no significant repayments in 2020; current average cost of debt remains very competitive

Debt maturity profileTotal debt: € 1,027 million

Average maturity: 2.9 years

37

332

55

300

101 77127

2020 2021 2022 2023 2024 2025 2026-2028

CONSERVATIVE DEBT PROFILE

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SuppliersBalance mill’s needs while securing suppliers’ activities

Improve working capital while supporting suppliers (namely forest producers) through financial instruments

LiquidityIncrease immediate liquidity with € 95 million unused facilities, with additional €65 M of short-term financing guaranteed in April

Short term liquidity increased to € 317 million

Renegotiation of debt maturing in 2021

Capex Capital expenditure for 2020 revised from an estimated €158 million to circa € 70 million

€ 49 million registered in the first half, with 80% related to projects started in previous years

Decarbonisation plan continues

Efficiency and cost reduction programmesAnnual target for reduction in fixed costs in 2020 of €46 million

€ 22 million reduction in fixed costs achieved

Responsive measures taken to secure business well being

Swift response to Covid-19 and prompt measures to preserve business well being were put in place

PULP PAPER• Seasonal weak period in Q3 also

impacted by demand cool off for tissue products and packaging and drop in production of graphic papers

• Supply may be impacted by production and maintenance stoppages, providing some support to historically low pulp prices, which may recover in Q4

• Navigator will continue with its commercial efforts to improve market pulp volumes

TISSUE• Demand for the At-Home

segment expected to slow down, as the Away-From-Home segment experiences a gradual recovery

• Navigator expects to maintain a good level of industrial performance

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• After a very difficult market environment in Q2, activity is slowly getting back to normal, albeit at a slow pace

• Having placed a strong effort in the preparation of the traditional slow Summer season, Navigator records a healthy order book, with all of its paper mills currently back in operation

Outlook for H2 2020Progressive recovery of UWF business in Q3, albeit at a slow pace and depending on the rhythm of economic progression; high level of uncertainty persists

Navigator will continue with its strong commercial planning, cost efficiency programs and effective management of liquidity

X V I I C a i x a B a n k B P I C o n f e r e n c e

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