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Navigator: Key conclusions from 3Q18 results conference call

31 Oct 2018

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Operational activity: The Company assumed it is not comfortable with the current level of stocks, because it can’t serve the market properly. Navigator also admitted that higher energy prices will have a significant impact on 2019.

Capex and Net Debt: Next year Capex is forecasted to be lower, and the company will use lower Capex expenditures to reduce debt.

M&A and Capex: The company also pointed out that, for now, no new projects are being considered. The company also confirmed it does plan to increase tissue prices, unless pulp prices, which have stabilise over the last few months, increase further.

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The information and opinion contained in this report was prepared by PATRIS - SOCIEDADE CORRETORA, SA ("Patris"), which is part of the group of companies whose holding is PATRIS INVESTIMENTOS, SGPS, SA (Patris Group), listed in Alternext, which holds 100% of the share capital and voting rights of REAL VIDA SEGUROS SA which, in turn, holds 100% of the share capital and voting rights of Patris.

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