Commercial presentation

NAVIGATOR TISSUE

April 2016

1. The Navigator Company in a new development cycle in Tissue business.

2. Quality, Inovation, Competitive advantages and Sustainability of Navigator Tissue.

3. The Tissue brands and products of The Navigator Company

The Navigator Company

THE NAVIGATOR COMPANY

IN A NEW

STRATEGIC DEVELOPMENT

CYCLE IN TISSUE.

R&D

Forestry

Energy

Pulp

UWF & Tissue paper

Consumers

Distribution channels

The Navigator Company Integrated group from Forest to Paper

Mission

Be a global company, reknown for transforming the fores, in an inovative and sustainable way, into products and services contributing to the people well-being.

Vision

Extend to new business areas the leadership conquered in Uncoated woodfree paper, thus afirmin Portugal’s role worldwide.

European Leader for Uncoated Woodfree Paper

The most recent paper machine in Setúbal (2009) further increased the group’s worth for Portugal’s economy:

Positonning the Company as Europe’s leading uncoated woodfree paper producer (UWF), the segment including office papers. We are the 6th largest producer at world scale.

The Navigator Company is also the European leader – and one of the largest global producer – for Bleached Eucalyptus Pulp (BEKP)

We export 95% of our sales, to 123 countries, on 5 continents. This represents 7% of all exports through national harbours.

Production capacity: 1,6 million tons of paper/year.

1,4 M. Tons of pulp (of which about 1,1 are integrated to produce paper)

2,5 TWh of electric energy: We are the largest producer in Portugal of renewable energy, from biomass.

The Navigator Company

2015 2014

Total sales 1 628,0 1 542,3

EBITDA 390,0 328,4

EBITDA/Sales (%) 24% 21,30%

Net results 196,4 181,5

Cash-Flow 81,0 234,2

Group > Economic indicators

Results (Millions of euros)

HIGIÉNICO 3F AMOOS 18=36 30MTS PACK18

HIGÉNICO 3F ESTRELA amOOs ROSA PACK4

HIGIÉNICO 3F ESTRELA amOOs ROSA PACK12

3 Folhas

Perfumado

The Navigator Company is listed on the Lisbon stock

exchange and part of the main index PSI-20.

Shareholder structure:

- Semapa: 64,8%

- Free float: 28,6%

- Own shares: 6,6%

The Navigator Company operates 4 mills of international standard, with advanced techology, including 3 UWF mills and one Tissue mill in Vila Velha de Ródão.

Cacia

Pulp– 353.000 tAD

Setúbal Pulp – 550.000 tAD / Paper 775.000 t

Figueira da Foz Pulp– 570.000 tAD / Paper 790.000 t

Vila Velha de Ródão Tissue paper – 60.000 t / 65.000 t converting

Group > Industrial asset base

The Navigator Company decided to diversify its business by entering in the Tissue business sector, with the aim to become one of the relevant players in the European market. The first step was the aquisition of one sucessful tissue producer in Portugal - AMS BR Star Paper S.A. (now Navigator Tissue), located in Vila Velha de Rodão, near Castelo Branco. AMS is the most efficient tissue mill in Portugal and Spain. Since October 2015, the conclusion of the “Reflex” project increased production capacity to 60.000 tons. Navigator Tissue reached sales of 55,8M€ in 2015 and 199 full-time direct employees. 52% of sales are directed to Consumer channels, while the remaining 48% correspond to the professional channel (Away from Home).

A new cycle, entering the Tissue business

2015 564 Customers

56 m€ Saes 8 m€ EBITDA

199 Employees

20% Marketshare Consumer Portugal

Tissue Business Unit, a success story

9

AUGUST 2009 Production Start

No sales, no customers

In 2015, the Tissue Business Unit sold € 55,8 million, a growth of about 9% in relation to the previous year of sales.

In 2015, the occupation rate of the paper machines was 95%, well above the average industry rate of about 88% (WE).

2008 Project rated as National

interest

2013 Workplace Excellence

Prize

2013 100 Best places

to work in Portugal

2015 100 Best places

to work in Portugal

2014 EUROPEAN

ENTERPRISE PROMOTION AWARD

2014 100 Best places

to work in Portugal

10

Tissue Business Unit, a success story

A path of excellence due to full dedication to an ambitious project

11

Expansion of the mill with increase of production capacity. – New paper machine, with a production capacity of

30.000 tons, started in September 2015.

– Two new converting lines in operation: ○ 2nd line for Professional products (AfH) . ○ New, advanced line for hand towels.

– Automation of products handling within the mill.

– New buildings, adding 32.000 m2 covered area. Investment 36 M€ in 2015.

In 2015, we doubled our capacity with a second paper machine

New Cycle for The Navigator Company

Extract from our Q1 2016 results publication

Availiable online: www.thenavigatorcompany.com

QUALITY,

INOVATION,

COMPETITIVE EDGE

AND SUSTAINABILITY

OF NAVIGATOR TISSUE

The consumption of Virgin Fibre has been growing in the last years. Not only due to the decrease of stocks of recycled fibre, but also because consumers are increasingly demanding high quality products. Pure virgin fibre is the central raw material of our products, using an optimized combination of fibres, with a high share for Eucalyptus Globulus fibres, brought to the Tissue Mill by pipeline, granting outstanding softness and product quality.

Quality: 100% pure pulp

30

40

50

60

70

80

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Recycling Rate / Use of recycled fibre, % (RISI)

Average decline -3.8%/a in RCF utilization

Recycling Rate is very high and cannot grow much more.

Integrated Production

Among all tissue mills in Europe only two are connected through pipeline to the pulp producer, like our mill. This solution enables a high consistency in the quality of the pulp with a much more efficient operation from both logistic and energetic point of view, with the consequent environmental advantages.

Pulp Mill

Pipeline connection Tissue Mill

Navigator Tissue Better efficiency of the available resources

Vertical integration granting a raw

material with high quality standards

Reduction of CO2 emissions in

11,000 tons per year.

Reduction of the energetic consumptions

Through an eco friendly production method.

State of the art equipment, allowing the production of a wide range of products with the best quality. Modern machines with the latest technology, enabling the production of tissue paper from 14 (g/m²) to 32 (g/m²).

Competitiveness: most advanced machines

Last generation micro-deco embossing, perfect lamination, granting to the tissue final product a higher resistance and absorption.

Competitiveness: choice of embossing

Competitiveness: fit to customer demand

Source – GFK Focus Group Ibérico 07/2015

The key values in the analysis of Tissue products are the soft hand feeling sensation, dry strength and absorption capacity. These are the 3 basic characteristics that support tissue products category evaluation.

Resistance

Softness Absorption

Sustainability

Winner of the European Enterprise Promotion Award (European Commission), in the category of Supporting the Development of Green Markets and Resource Efficiency, granting with its innovative project a high sustainability and contribution to the defense of the environment. Our products’ raw materials come from responsibly managed forests. The environmental commitment is recognized and certified by the international standard ISO 14001 – Environmental Management.

TISSUE

BRANDS AND PRODUCTS

FROM

THE NAVIGATOR COMPANY

Toilet paper with 2 or 3 plys 4, 6 and 12 rolls, white and pink

Kitchen paper with 2 plys 2 e 4 rolls

Towels 1 and 2 plys. Big Rolls 2 plys

amOOs, for the Consumer segment

Wide variety of packs available for Private Label, up to 4 plys.

Professional segment (AfH)

• Professional Segment (AFH) - Jumbo Toilet Paper - Wiping Paper - Centre Feed Wipers - Auto-cut Rolls - Napkins - Handtowels - Couch Rolls

1995

2001

2002

2004

2005

2007

2009

2010

World Business Council for Sustainable Development member

Founding member BCSD Portugal Business Council for Sustainable Development

Founding memeber RSE Portugal (Portugues Association for Businesses Social Responsabilty)*

Integrating Global Compact from the United Nations

Adhesion to the Millenium objectives letter of commitment promoting best practices of social responsabilty

Adhesion to Countdown 2010: Global Action for Biodiversity

Signature of the Biodiversity Protocol with ICNB – Instituto de Conservação da Natureza e Biodiversidade

FSC Forest certification

PEFC Forest Certification

European Eco-label Certification

* Currently extinct

Social and Environmental Respondability

The Navigator Company Message from our CEO

24

A Sustainable Future

The Navigator Company group is today one of the world's leading

players in the pulp and paper industry. This is an achievement of

which Portugal can be proud of and which is crucial to the country's

economic and social development. The high standards handed from

one generation of workers to another have created a culture of

success, which with careful nurturing will enable us to face the

challenges of the future.

This positive culture of achievement and leadership, honed in very

different areas of experience and expertise, is the Group's main

capital, making it able to stick to a promising path in a challenging

economic environment, at home and internationally.

It falls to us to prove ourselves worthy of this and to show the ability

to map out a way ahead, based on the strict values which have

enabled the Group to establish itself as exemplary in its dealings with

all the community.

Diogo da Silveira Presidente da Comissão Executiva