The Navigator Company

Pre-Annual General Meeting Information • Aug 29, 2017

THE NAVIGATOR COMPANY, S.A.

EXTRAORDINARY GENERAL MEETING OF 22 SEPTEMBER 2017

PROPOSAL RELATING TO THE REDUCTION OF THE SHARE CAPITAL OF THE COMPANY

ITEM THREE

Whereas, presently, the share capital of The Navigator Company, S.A. (the "Company") is greater than required and its reduction to a more appropriate figure does not compromise legal limits nor the activity of the Company, it is hereby proposed:

• 1. To reduce the share capital of the Company from € 717,500,000.00 to € 500,000,000.00, as follows:
• (a) Amount reduced: € 217.500.000,00;
• (b) Form: keeping the number of shares that represent the share capital of the Company; and
• (c) Purpose: to release excess capital, and transfer to the free reserves the amount of share capital released; and
• 2. To amend, accordingly, number one of article four of the Articles of Association of the Company, which shall read as follows:

«Article 4

1 - The capital stock is five hundred million Euros and is fully subscribed and paid up.

[…]»

Lisbon, 29 August 2017

The Shareholder,

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