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Dear Shareholders,

Continuing down a long path of growth and good results, 2018 was a truly successful year for The Navigator Company, bearing out the positive expectations we had foreseen. Your Group is stronger and better prepared to keep facing the challenges along this path with success.

In a sector of high environmental sensitivity such as ours, it is truly gratifying to know that we work in such a responsible way. This has once again been proven, this time by the Group’s recognition as an A-List Company – the highest possible ranking in sustainability – by the prestigious international “CDP” (Carbon Disclosure Project) organisation, acknowledging the Group’s contribution towards fighting climate change.

These results stem from our constant commitment of reconciling our goals of growth and profitability with being a socially responsible Company, using a policy of openness with the community, to which it likes to report regularly about its business through its Sustainability Report, published once again this year.

Balancing its desire to move forward with the utmost respect for increasingly stricterenvironmental norms, the Group has decided to make frequent major investments,
always safeguarding its necessary financial soundness. As a result of this policy, the Navigator’s industrial facilities rank among the technologically most sophisticated in its sector, capable of manufacturing the products it exports to nearly 130 countries worldwide with a high degree of quality and productivity.

Also in the forestry sector, it has done much work geared towards improving productivity, an ongoing need made even more imperative by prevailing regulatory restrictions. These efforts can especially be seen in the assets managed directly by the Group, but are also directed – through cooperation with associations and other bodies representing the forestry business – at boosting the sector’s overall efficiency, benefiting thousands of independent producers who are largely responsible for providing raw materials, since Navigator’s level of self-supply falls short of twenty percent.

These pursuits are part of a constant search to streamline our entire organisation,
an essential requirement for preserving our competitiveness in the various regions
where we operate. This persisting practice, coupled with innovation in all operating
areas, has strengthened the Group’s flexibility and resilience, allowing it to pass relatively unscathed through periods of greater uncertainty and hardship arising from the global economy and cyclical crises in the sector. The barriers to free international trade which, in various ways, have intensified in recent years, have forced us to tirelessly enhance every competitive factor constituting a distinctive feature of the Group.

I would, of course, like to wrap up this message with some heartfelt words to remember the loss, in August 2018, of Pedro Queiroz Pereira, the founder and main inspiration of what is now The Navigator Company, paying him his due respect and tribute here.

Pedro Queiroz Pereira truly knew how to combine his indomitable desire for achievement with an ability to assess risks
at every major strategic turn. This is why the Group always grew with ambition, but also with prudence. He saw each success as an incentive for taking on something new, and viewed the results not as an end in and of itself, but as the leverage needed to climb to a new level.

He did not view the Group as a personal project, but instead as a place of achievement for everyone giving their very best, each and every day. He got great satisfaction out of leading a solid, dynamic Portuguese group with such a good reputation and international scope, contributing solidly towards the nation’s added value, exports and employment.

He was, indeed, a businessman with solid values and deep social concerns. His example will continue to inspire us.

I know that Pedro Queiroz Pereira would brush aside compliments, and that the only tribute he might accept would be our commitment to enthusiastically move forward with the work we can be so proud of today. It is this commitment I would like to express here, with the certainty I am doing so on behalf of everyone who is part of The Navigator Company.

Setúbal, March 12th 2019,
João Nuno de Sottomayor Pinto de Castello Branco
Chairman of The Board of Directors