The Navigator Company

AGM Information • Aug 29, 2017

THE NAVIGATOR COMPANY, S.A.

EXTRAORDINARY GENERAL MEETING OF 22 SEPTEMBER 2017

PROPOSAL RELATING TO THE CONVERSION OF THE SHARES OF THE COMPANY INTO SHARES WITHOUT NOMINAL VALUE

ITEM TWO

Whereas:

• (A) The Companies' Code, as amended by Decree-Law no. 49/2010, of 19 May, allows the share capital of a limited liability company to be represented by shares without nominal value; and
• (B) It has been progressively demonstrated that the nominal value of shares does not have a significant practical importance and is likely to limit the flexibility to modify the share capital,

It is hereby proposed:

• 1. That the shares that represent the share capital of The Navigator Company, S.A. cease to have a nominal value, in accordance with article 276, no. 1 of the Companies' Code;
• 2. To amend, accordingly, number two of article four of the Articles of Association of the company, so that it shall read as follows:

«Article 4

[…]

2 - The capital stock is divided into seven hundred and seventeen million and five hundred thousand shares, without nominal value.»

Lisbon, 29 August 2017

The Shareholder,

SEMAPA – SOCIEDADE DE INVESTIMENTO E GESTÃO, SGPS, S.A.,