The Navigator Company is a leading producer of paper and tissue products in Europe. It has recently expanded into the tissue business with an acquisition and investment in a mill in Portugal. The document discusses Navigator Tissue's focus on quality, innovation, competitiveness, and sustainability. It provides details on Navigator Tissue's modern equipment and technologies, vertically integrated pulp supply, and environmental commitments. The brands and product lines for both consumer and professional tissue segments are also outlined.

2. Commercial presentation
NAVIGATOR TISSUE
April 2016

3. 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

4. THE NAVIGATOR COMPANY
IN A NEW
STRATEGIC DEVELOPMENT
CYCLE IN TISSUE.

5. 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.

6. 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

7. 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 AM
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%

8. 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

9. 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

10. 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).

11. 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

12. 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

13. New Cycle for The Navigator Company
Extract from our Q1 2016 results publication
Availiable online: www.thenavigatorcompany.com

14. QUALITY,
INOVATION,
COMPETITIVE EDGE
AND SUSTAINABILITY
OF NAVIGATOR TISSUE

15. 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.

16. 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.

17. 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

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

19. 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

20. 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.

21. TISSUE
BRANDS AND PRODUCTS
FROM
THE NAVIGATOR COMPANY

22. 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.

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

24. 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

25. 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