Navigator : S.A. informs about the Extraordinary General Meeting

I hereby notify the Shareholders of THE NAVIGATOR COMPANY, S.A. of the Extraordinary General Meeting to be held at the Hotel Ritz, Rua Rodrigo da Fonseca, 88, in Lisbon, insofar as the registered office is unable to accommodate the meeting satisfactorily, on 30 December 2016, at 12:00 with the following

1. To resolve on the modification of the financial year of The Navigator Company, S.A. and the consequent amendment of the Articles of Association, with the modification of the title for Chapter IV, the introduction of a new article 25 in Chapter IV, and renumbering current articles 25 and 26 to, respectively, 26 and 27;

2. To resolve on the amendment of the object of the Company, in accordance with activities carried out by the Company, and the consequent amendment of Article 3, no. 1, of the Articles of Association.

If the Meeting cannot be held on that date due to lack of quorum, the Shareholders are hereby notified that the General Meeting will be held, at the second call, in accordance with Article 383, no. 4 of the Companies Code, on 17 January 2017, at the same place, at 15:00, with the same order of business.

As from the date of issue of this notice, the information provided for in law and referred to in Article 21-C of the Securities Code and Article 289 of the Companies the Share Code, including the documents and motions to be submitted to the General Meeting, known to the Company at this date, will be available for consultation by shareholders at the registered office, on the company's website (www.thenavigatorcompany.com) and on the website of the Securities Market Commission (www.cmvm.pt).

The Company has no special procedures to be followed by Shareholders to exercise, in the course of the General Meeting, the right to information set out in in Article

290 of the Companies Code, notwithstanding management of the available time and the judgement and discretion of the Chairman of the General Meeting as to the proportionality of the information requested.

In addition to the company officers and the common representative of the bondholders, participation in the General Meeting is open to Shareholders who hold 1 (one) share, which number corresponds to 1 (one) vote.

Participation in the General Meeting is conditional on submittal of proof of the capacity of shareholder with voting rights by 00:00 hours (GMT) on 22 December 2016, referred to below as the Registration Date, which corresponds to the fifth trading day prior to the holding of the General Meeting.

Shareholders wishing to take part in the General Meeting must declare this intention by notifying the Chairman of the General Meeting and the Financial Intermediary with which the individual registration account for the shares has been opened, which notices must be received, at the latest, by 23:59 hours (GMT) on 21 December 2016. To this end the Shareholders may use the forms available at the registered office and on the Company's website (www.thenavigatorcompany.com); the notices addressed to the Chairman of the General Meeting may be sent by email to ag.tnc@thenavigatorcompany.com.

The Financial Intermediary who has been informed of the Shareholder's intention to take part in the General Meeting must send the Chairman of the General Meeting information on the number of shares registered in the name of this Shareholder, as at the Registration Date, and this information must be received, at the latest, by 23:59 hours (GMT) on 22 December 2016. This information may also be sent by email to ag.tnc@thenavigatorcompany.com.

Participation in the General Meeting and exercise of voting rights are not prejudiced by the transfer of shares subsequent to the Registration Date, and do not require the shares to be blocked from the Registration Date to the date of the General Meeting.

Shareholders who, having declared their intention to take part in the General Meeting, then transfer the ownership of their shares in the period between the Registration Date and the end of the General Meeting must notify the Chairman of the General Meeting and the Securities Market Commission (Comissão do Mercado de Valores Mobiliários) immediately of such transfer and may, for this purpose, in the case of the notice to be sent to the Chairman of the General Meeting, send this information by email to ag.tnc@thenavigatorcompany.com.

Shareholders who, on a professional basis, hold shares in their own name but on

behalf of clients and who wish to cast conflicting votes are required to submit to the Chairman of the General Meeting, by 23:59 hours (GMT) on 22 December 2016, in addition to the declaration of their intention to take part in the General Meeting and to the sending, by the respective Financial Intermediary, of the information on the number of shares registered in their client's name, sufficient and proportional evidence of the (i) identity of each client and the number of shares with voting rights to be exercised on their behalf, and also (ii) the specific voting instructions issued by each client for each item on the order of business.

Shareholders may appoint a proxy to represent them at the General Meeting, and to this end may download a proxy form from the company's website (www.thenavigatorcompany.com) or obtain a form on request from the head office.

Notwithstanding the rule on the unity of votes established in Article 385 of the Companies Code, any Shareholder may appoint different proxies for shares it holds in different securities accounts.

Proxy forms for both individual and corporate Shareholders must be delivered to the Chairman of the General Meeting, so as to be received by 23 December 2016, and may also be sent by email to ag.tnc@thenavigatorcompany.com.

In accordance with articles 23-A, no. 2, paragraph a), and 23-B, no. 1, of the Securities Code, shareholders holding shares that correspond to at least 2% of the share capital may, by written request addressed to the Chairman of the General Meeting, within 5 days from publication of this convening notice, request (i) the inclusion of items in the agenda, presenting for that purpose a resolution proposal for each item to be included in the agenda; ii) the inclusion of proposals for the General Meeting to pass resolutions regarding the items listed in the convening notice or subsequently included therein.

The requests and the documentation related to the agenda can be sent by email to the address referred above.

Votes may be cast by post or by email, as follows:

1. Shareholders who wish to cast postal votes are required to send a letter to the Chairman of the General Meeting, at the company's registered office, containing a closed envelope for each item on the order of business on which they wish to vote, indicating on each envelope that it contains a postal vote, and specifying the General Meeting and the item on the order of business to which it refers; inside each envelope, the shareholder is required to declare his vote, namely by taking a position in relation to any motions submitted in advance to the General Meeting; each voting declaration must be signed, and the signature notarised or authenticated by legal means deemed to be equivalent.

2. Postal votes are only considered if the shareholders casting them provide evidence of the ownership of their shares, in accordance with the general rules.

3. Postal votes are only considered when received by the day prior to the holding of the meeting, inclusive.

4. The Company Secretary is responsible for organising postal voting, and shall in particular:

5. Open the votes;

6. Verify the number of shareholders and the number of votes held by each voter;

7. Verify the authenticity of the votes;

8. Assure the confidentiality of the votes until voting starts on the respective item on the order of business.

9. Shareholders may also vote by email, provided their votes are received on terms equivalent to those for postal voting, as regards intelligibility, assurances of authenticity, confidentiality and other formal criteria. For this purpose, Shareholders should complete the ballot form provided on the Company's website (www.thenavigatorcompany.com) and send it by email to ag.tnc@thenavigatorcompany.com, the notarised signature being substituted by a digital signature. Email votes will only be considered when received by 23:59 hours (GMT) on the day prior to the meeting, at the email address indicated, in relation to which:

10. The Chairman of the General Meeting has received, by 23:59 hours (GMT) on 21 December 2016, the written declaration from the shareholder in question of his intention to take part in the General Meeting;

11. The respective financial intermediary where the shares are registered has sent, by 23:59 hours (GMT) on 22 December 2016, to the Chairman of the General Meeting information on the shares registered in the name of the shareholder in question at 00:00 hours (GMT) on 22 December 2016 (Registration Date);

12. Ballots will only be considered valid when they contain:

13. Indication of the item or items on the order of business to which they relate;