nm q4 2013 earnings presentation final

Navios Maritime Holdings Inc.

Q4 2013 Earnings Presentation

19 February 2014

60 Years of

Innovation &

Excellence

Forward Looking Statements

This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios

Holdings growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements

include comments regarding expected revenues and time charters. Although Navios Holdings believes that the

expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such

expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a

number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of

which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by

such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to

changes in the demand for dry bulk vessels, competitive factors in the market in which Navios Holdings operates; risks

associated with operations outside the United States; and other factors listed from time to time in Navios Holdings filings with the Securities and Exchange Commission. Navios Holdings expressly disclaims any obligations or undertaking to

release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in

Navios Holdings expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. The Company makes no prediction or statement about the performance of its common stock. For the

selected financial data presented herein, Navios Holdings compiled consolidated statements of operation and selected

balance sheets for the relevant periods.

EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if

any, unless otherwise stated. Adjusted EBITDA represents EBITDA excluding certain items as described under Earnings Highlights". EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in

accordance with generally accepted accounting principles in the United States or as a measure of profitability or liquidity.

EBITDA is presented to provide additional information with respect to the ability of Navios Holdings to satisfy its respective

obligations including debt service, capital expenditures and working capital requirements. While EBITDA is frequently

used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA is used

here may not be comparable to that used by other companies due to differences in methods of calculation.

Navios Group: Creating Shareholder Value

Navios Maritime Acquisition Corp.

(NYSE: NNA)

43 vessels fleet: 10 VLCCs, 29 product tankers, 4 chemical tankers

Acquired crude and product tankers at historically low values

Leading company in tanker sector

EBITDA: FY 2013: $122.6 million

Market value of NM ownership: $281.7 million

Annual dividend: $0.20; 5.2% yield


(NYSE: NM) Controls 64-vessel drybulk fleet; 42 owned and 22 long-term chartered-in vessels

Global brand; flexible business model

Stable cash flow from charter-out contracts >12 months and short-term charters, COAs and FFAs

FY 2013 EBITDA: $159.8 million

FY 2014E: $44.6 million dividends from subsidiaries (including incentive distributions from NMM)

NM: Share price: $10.14


Navios Maritime Partners L.P.

(NYSE: NMM)

Focused on long-term charter business in the dry sector

MLP with high dividend payout model

30 vessel fleet: 8 Capesize, 14 Panamax and 3 Ultra Handymax Dry Bulk Carriers and 5

Container vessels


Market value of NM ownership: $280.7 million.


Navios South American Logistics

Integrated wet and dry logistics operator in Hidrovia Region

Core operations:

- Port Terminal facilities (dry and wet)

- Barging (dry and wet)

- Cabotage business


20.0% NM

Ownership 46.4% NM

Economic

Interest

63.8% NM

Ownership $2.69/ share $2.70/ share

All stock prices and yields as of February 14, 2014. 3

20-year contract with Vale for port

services expected $35 million annual minimum EBITDA

Navios Group: Access to Capital Markets = Significant Growth

($MM)

50

740

378 (1)

610

265

440

-

200

400

600

800

1,000

1,200

1,400

Equity Term Loan B Bonds

48

74 (2)

29

43 21

30

-

50

100

150

December 31, 2012 February 18, 2014

147

98

NM NNA NMM

(1) Includes $57.6 million Navios Acquisition 2014 offering

(2) Includes Navios Europe fleet 4

$2.5 billion raised in the capital markets 2013 and 2014 YTD

Added 49 vessels 2013 and 2014 YTD

50% increase in fleet, 49 vessels

48

64

30

35

40

45

50

55

60

65

70

January 2013 February 2014

5

$790.0 million raised in capital markets

$44.3 million (1) value appreciation of vessels acquired during 2013

235.1% share price appreciation

155.0% trading volume increase since Q4 2012

33.3% increase in number of vessels

2013 and 2014 YTD Vessels: 16 Net Additions

Navios Holdings: 2013 - A Year of Growth

740

50

$0

$200

$400

$600

$800

Senior Notes Equity

(1) Clarkson as of December 2013

(2) Excludes Navios Europe fleet

2013 and 2014 YTD Capital Markets: $790.0 million

Trading Liquidity: 155.0% increase Price Performance: 235.1% increase

320 423

535

796 816

0

200

400

600

800

1,000

4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013

$ million

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

02/01/2013 02/04/2013 02/07/2013 02/10/2013

(2)

Strengthened balance sheet

Accessed new source of funding and strengthened balance sheet

$50 million of 8.75% Perpetual Preferred Stock issued

NM has no obligation to redeem - redemption option any time on or after January 30, 2018

Allows NM to meet its long term financing needs at low cost; Non-dilutive equity raise improves leverage ratio

Extended Bond maturity to 2022

$650 million of 7.375% Senior Secured Notes issued; lowering coupon by 150bps

Took advantage of cyclical low to expand fleet

Acquired 22 vessels in 2013 and YTD 2014

2013: four vessels to owned fleet; six vessels through Navios Asia; ten vessels through Navios Europe

2014: One Capesize Japanese built vessel delivering Q4 2105 at $52.0 million

2014: One Kamsarmax Japanese built vessel delivering Q4 2015 at $31.8 million

Chartered-in five vessels

Japanese built Kamsarmax vessels delivering between Q2 2015 and Q4 2016

Average charter in rate for year 1: $13,480, net per day per vessel

Chartered for periods between seven and ten years

Purchase option on all vessels

$7,308 cash breakeven for 8,316 open days for 2014

Low breakeven provides safety margin in a recovering market

Navios Holdings: Positioned for Growth

6

7 7

Strong Liquidity Position

($ million)

December 31, 2013

Cash (1) 189.9

Debt (2) 1,511.2

Shareholders' Equity 1,065.7

Capitalization (3) 2,576.9

Net Debt / Capitalization 51.3%

Pro Forma Navios Holdings Liquidity Position

Issuance of Preferred Stock (Net) 47.7

Cash (1) 189.9

Total Pro Forma Navios Holdings Liquidity 237.6

(1) Includes $2.0 million of restricted cash

(2) Includes $293.7 million debt of Navios Logistics

(3)Excludes noncontrolling interest

26.6

363.8

30.3 8

664.7

290.0

0

100

200

300

400

500

600

700

2014 2015 2016 2017 2018 2019 2020 2021 2022+

NM NSAL

Debt Maturity

($

m)

$5,812

$1,066

$4,882

$1,156

$13,408

$18,230

2015 8.8% Fixed

2014 51.4% Fixed

2014 E

$12,916

8

Fully Loaded

Cost

Cost Revenue

Low Cost Structure

Breakeven includes operating costs of owned fleet (including drydock), charter-in expenses for charter-in fleet, general and administrative expenses including credit default insurance expenses, interest expense and capital repayments (excludes

COAs, short term charters and FFAs)

Total Available Days of Core Fleet: 17,094 for 2014

Includes Navios Asia vessels on a consolidated basis

Average Contracted Daily Charter-Out Rate

2014 E 2015 E

Opex (incl. drydocking) +

Charter-in Costs

General & Administrative

Expenses

Interest Expense

Capital Repayments

Balancing credit, market and cycle risk

Base rate provides visibility of revenues and protection from downside risk

Index plus premium positions NM to capture upside movements in the market

8,778 days contracted for 2014 (51% of available days)

2,142 contracted days (12% of available days) at index linked rates

6,636 contracted days (39% of available days) at fixed rates

8,316 open days (49%) for 2014

Nine vessels fixed for period charters structured to capture market upside while mitigating credit risk:

Four vessels fixed at index plus premium: Solid base rate with upside

Five vessels fixed with base rate and index linked profit sharing

9

Chartering Strategy

Every $1,000 movement on index = $2.7 million free cash flow ($0.03 per common share)

$10,275 $9,472

$14,580 $11,381 $11,699 $14,054

$23,381 $26,179

$49,108

2013 Rates 2014 YTD Rates 10 year Average Rates

Supramax index Capesize index Panamax Index

$7,308

$12,025

$15,714

$20,133

$29,045

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

2014E Breakeven

Chartering Strategy Captures Market Recovery

10

Cash Flow Analysis (2) 2014E

($MM) Current rates 20-yr. avg. rates 10-yr. avg. rates

Total contracted revenue 115.4 115.4 115.4

Dividends received from subsidiaries 44.6 44.6 + 44.6 +

Revenue from open days 130.7 167.4 241.5

Total cost (3) (220.8) (220.8) (220.8)

Free cash flow 69.9 106.6 + 180.7 +

Open Days 8,316 8,316 8,316

Impact on revenue per $1,000 day rate 8.3 8.3 8.3

Low cash breakeven for 2014 open days of $7,308

(1) Weighted average based on the open days of the fleet mix based on one year time charter except YTD spot rate.

(2) Excludes cash flow from Navios Logistics.

(3) Total cost includes operating costs of owned fleet (including drydock), charter-in expenses for charter-in fleet, general and administrative expenses including credit default

insurance expenses, interest expense and capital repayments (excludes COAs, short term charters and FFAs).

1 1

Current

rates1 YTD Spot

Rate1 20 Yr. Avg.

rates 10 Yr. Avg.

rates

17 Capesize 26 Panamax 19 Ultra-

Handymax

2 Handysize

11 Vessels 1.96 million DWT



1 Vessel 0.04 million DWT

42 Owned 3.98 million DWT





22 LT Charter-In 2.36 million DWT (2)

4 Vessels

0.72 million DWT




16 Purchase

Options 1.48 million DWT

One of the Largest US-listed Dry Bulk Fleets

Charter-in strategy allows fleet expansion with zero capital outlay

& future ownership via purchase options

Navios Group(3) controls 147 vessels

89 dry bulk (9.0 million DWT), 48 tankers (5.0 million DWT) and 10 Containers (48,061 TEU)

Navios Holdings Controls 64(1) Vessels (6.3 million DWT)

51 Vessels Currently Operating (5.1 million DWT)

Average Age: 7.0 years

(1) Excludes Navios Logistics and Navios Europe fleet (2) Includes 16 vessels that have purchase options

(3) Navios Group is composed of Navios Holdings (NM), Navios Partners (NMM), Navios Acquisition (NNA) and Navios Europe. Excludes Navios Logistics fleet 11

$13,408

$18,230

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

2014 2015

Average Daily Charter-out Rate

12

51.4%

8.8%

0%

10%

20%

30%

40%

50%

60%

2014 2015

Contracted Days

Contracted Revenue

Revenue and Cost Management

$13,408 $13,759

$5,606

$3,400

Industry Average

per Vessel (2)

Established reputation as strong operating history allow for favorable charter contract terms and rates

Strong relationships allow for attractive charter-in rates with no capital outlay, low breakeven

Favorable Long-Term Charter-in Contracts(2)

LTM Average Daily Operating Costs / Vessel

(including dry-docking)

Opex is approximately 39% less than industry average due to a modern, efficient fleet with strong in-house technical management

Navios Holdings benefits from technical management services provided to affiliates

$/Day $/Day

Navios Average

per Vessel (1) 2014

Average Charter-in Rate

2014

Average Charter-out Rate

(1) Source: Drewry Shipping Consultants 2013/2014, (2) Excludes Kleimar controlled vessels

Baltic Exchange Dry Index* 2002 2014 BDI 2002 to date

* As of 2/18/2014

BDI Last Twelve Months

13

GDP Growth Driven by Emerging Economies

4.7 5.15.4

3.0 3.73.9

1.32.2

2.3

-3.5

-1.5

0.5

2.5

4.5

6.5

8.5

Emerging and developing economies World Advanced economies

IMF Latest Revisions of GDP Growth (%) January 2014 October 2013

World GDP 2014 3.7 3.6

2015 3.9 N/A

Advanced economies GDP 2014 2.2 2.0

2015 2.3 N/A

Emerging markets GDP 2014 5.1 - 5.1

2015 5.4 N/A

%

Source: IMF, January 2014 14

0500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Tra

de (

Mill

ion T

ons)

Upside:

India

Source: Drewry Shipping Consultants Ltd.

World Dry Bulk Trade 1980 - 2013

2.8%

China admitted

to the WTO

Berlin wall falls

1.1%

Fo

rec

as

t

Pro

vis

ion

al

5.5%

15

Global Iron Ore Key Developments

Source: China NBS, TSI, Bloomberg Nov 2013

Available Incremental Global Iron Ore

Due 2013 to 2016

Iron ore future prices currently showing a decline over the next two years to $101/ton in 2017 from a current spot price of $121/ton

Low iron ore prices mean Chinese domestic ore will become uncompetitive, resulting in substitution of higher quality imports for low quality domestic ores

Increased steel production in China will also cause increased iron ore imports

(million tons)

0

100

200

300

400

500

600

2013 2014 2015 2016

Australia Brazil Africa Canada Others

57.7

183.4

351.2

555.7

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

$/m

t

Global Iron Ore Cost Curve (62% Fe CFR China)

2/12/14 Iron Ore Price: $121/mt

Multi-Year Low in the Iron Ore

Price (September 2012): $87/mt

2014 Consensus Iron Ore Price: $114/mt

Chinese Miners

Rio

Tinto

BHP

Billiton

Vale

FMG

16

Million tons

Iron Ore Steel Production

Domestic Production Imports

2006 580 YoY% 326 YoY% 421 YoY%

2007 707 22% 384 18% 488 16%

2008 785 11% 444 16% 500 2%

2009 873 11% 630 42% 567 13%

2010 1,065 22% 619 -2% 626 10%

2011 1,315 24% 687 11% 683 9%

2012 1,329 1% 745 9% 717 5%

2013 1,436 8% 820 10% 779 9%

Sources: World Steel Association, World Bank,

National Bureau of Statistics of China/Mysteel, UN

Chinese Iron Ore and Steel Production

Mil

lio

n T

on

s

Days

17

January iron ore imports totaled 86.8 million tons

Represents 32% YoY increase

Continues rising iron ore import trend

0

5

10

15

20

25

30

35

40

45

0

20

40

60

80

100

120

Ja

n

Mar

May

Ju

l

Sep

No

v

Ja

n

Mar

May

Ju

ly

Sep

No

v

Ja

n

Mar

May

Ju

l

Sep

No

v

Ja

n

Mar

May

Ju

l

Sep

No

v

Ja

n

Mar

May

Ju

l

Sep

No

v

Ja

n

Mar

May

Ju

l

Sep

No

v

Ja

n

2008 2009 2010 2011 2012 2013 2014

Stockpiles

Days of Inventory

Avg Days of Inventory

050

100

150

200

2006 2007 2008 2009 2010 2011 2012 2013p 2014f

0

50

100

150

200

250

300

350

2006 2007 2008 2009 2010 2011 2012 2013p 2014f

Seaborne Imports (incl Lignite)Sources: Clarksons, Carbon Club

Its Not Just About Iron Ore

2009 2013 CAGR = 24% 2006 2013 CAGR = 21%

Indian Seaborne Coal Imports Chinese Seaborne Coal Imports (million tons) (million tons)

18

Sources: Clarksons, FAO, USDA

Its About Grain, Too

Grain shipments, while small relative to iron ore and coal, account for a large amount of vessel demand as measured in vessel days

Chinas grain imports will more than double from 2012 to 2022 as the country improves its diet and consumes more meat

It takes eight tons of grain to produce one ton of beef

0

20

40

60

80

100

120

140

160

2012

/13

2013

/14f

2014

/15f

2015

/16f

2016

/17f

2017

/18f

2018

/19f

2019

/20f

2020

/21f

2021

/22f

2022

/23f

Mil

lio

n to

nn

es

China Grain Imports

Coarse Grain Trade

Corn Trade

Barley

Wheat Trade

Rice Trade

Soybean Oil Trade

Soybean Trade

40

45

50

55

60

65

70

avg 2010-12 2014 2016 2018 2020 2022

Me

at

Co

ns

um

pti

on

(k

g /c

ap

ita

)

Meat Consumption Per Capita: China vs OECD

OECD

China

Chinas meat consumption/capita is

rising to OECD levels

22

kg

/ca

pit

a

15

kg

/ca

pit

a

19

97.8

62.1

101.2

75.1

30.9

46.1

0

20

40

60

80

100

120

140

As of Jan 1, 2013 As of Jan 1, 2014

Source: Clarksons

2014 Through Jan 2014: 6.6 million actual DWT delivered; 14.0 million DWT projected (57% non-delivery by DWT-preliminary) 78 actual deliveries, 180 newbuilds projected (57% non-delivery by # of vessels -preliminary)

2013 62.3 million actual DWT delivered; 101.2 million DWT projected (38% non-delivery by DWT) 785 actual deliveries, 1,272 newbuilds projected (38% non-delivery by # of vessels)

2012 98.2 million actual DWT delivered; 138.9 million DWT projected (29% non-delivery by DWT) 1,192 actual deliveries, 1,665 newbuilds projected (28% non-delivery by # of vessels)

2011 95.9 million actual DWT delivered; 137.3 million DWT projected (30% non-delivery by DWT) 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels)

2010 77.9 million actual DWT delivered; 125.6 million DWT projected (38% non-delivery by DWT) 957 actual deliveries, 1,528 newbuilds projected (38% non-delivery by # of vessels)

2009

43.1 million actual DWT delivered; 71.3 million DWT projected (40% non-delivery by DWT)

546 actual deliveries, 962 newbuilds projected (43% non-delivery by # of vessels)

Orderbook by year of delivery

Mil

lio

n D

WT

2012 2013 2014 2013 2014 2015

Before non-delivery

Actual non-

delivery

41.1mdwt

Dry Bulk Orderbook

Before

non-delivery Actual non-delivery

39.1mdwt

2014 projected deliveries were 75.1 million DWT as of

January 2014 (before non-

deliveries)

Estimated deliveries for 2014 are 52.5 million DWT

assuming 30% non-

deliveries

20

Aging Fleet + Restricted Credit + High Scrap Price =

Accelerated Scrapping(1)

2014 YTD scrapping 1.6 million DWT 0.23% of fleet DWT Projected 2014 scrapping of 12.4 M DWT or 1.7% of fleet

2013 scrapping 22.2 million DWT 3.3% of fleet DWT 2012 scrapping 33.6 million DWT 5.5% of fleet DWT 2011 scrapping 22.2 million DWT 4.3% of fleet DWT 2010 scrapping 6.4 million DWT 1.4% of fleet DWT 2009 scrapping 10.6 million DWT 2.5% of fleet DWT

2013 total dry bulk fleet 721.5 million DWT - Non delivery 38% 2012 total dry bulk fleet 681.3 million DWT - Non delivery 29% 2011 total dry bulk fleet 616.7 million DWT - Non delivery 30% 2010 total dry bulk fleet 537.3 million DWT - Non delivery 38% 2009 total dry bulk fleet 459.5 million DWT - Non delivery 40%

Net fleet growth for 2013 = 5.9% Net fleet growth for 2012 = 10.5% Net fleet growth for 2011 = 14.8% Net fleet growth for 2010 = 16.9% Net fleet growth for 2009 = 10.0%

4.6%

6.4%

0%

10%

Total Dry Bulk Fleet

Dry Bulk Industry Age Profile(2)(% DWT)

20+ Years

25+ Years

(1) Source: Clarksons

(2) Source: SSY Dry Bulk Forecaster, Feb 2013

Scrapping Dynamics

11.0%

(79.2 m dwt)

Bulk Carrier Demolition(1)

Year Total Demolition

(m dwt)

Demolition as %

of Fleet

1998 12.3 4.62%

1999 9.3 3.53%

2000 4.6 1.72%

2001 8.2 2.97%

2002 6.1 2.12%

2003 4.2 1.42%

2004 0.4 0.12%

2005 1.0 0.30%

2006 1.7 0.50%

2007 0.5 0.14%

2008 5.6 1.42%

2009 10.6 2.53%

2010 6.4 1.40%

2011 22.2 4.33%

2012 33.6 5.46%

2013 22.2 3.25%

2014 Through

2/17/14

1.6 0.23%

2014 Projected 12.4 1.72%

21

-1.5% -0.8%

1.6% 1.2% 1.4% 1.7%

-0.3%

3.4%

-6.0% -5.2%

-8.3%

-5.7%

1.2% 1.2%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013(P) 2014(F)

0.1%

0

2000

4000

6000

8000

10000

12000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Baltic Dry Index

Seaborne Dry Bulk Supply/Demand Balance

Source: SSY, Clarksons

0%

-0.5%

Demand Growth % > Net Fleet Growth %

Demand Growth % < Net Fleet Growth %

22

NM Q4 & Year End 2013 Earnings Highlights

Earnings Highlights

($ 000 except per share data)

Three months

Ended

December 31,

2013

Three months

Ended

December 31,

2012

Y-O-Y

Variance

Year Ended

December 31,

2013

Year Ended

December 31,

2012

Y-O-Y

Variance

Revenue 130,586 128,457 2% 512,279 616,494 (17%)

Adjusted EBITDA 41,985 (1) 53,834 (2) (22%) 159,829 (1) 237,935 (3) (33%)

Adjusted Net

(Loss)/Income (18,059) (1) (1,046) 2) 1,626% (57,143) (1) 18,005 (3) N/A

Adjusted Basic

(Losses)/Earnings Per

Share

(0.18) (1) (0.01) 2) 1,700% (0.58) (1) 0.16 (3) N/A

(1) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Losses Per Share for the three months ended and for the year ended December 31, 2013 have been adjusted to exclude $37.1 million loss on bond and debt extinguishment and $14.8 million loss from Navios Acquisition.

(2) Adjusted EBITDA for the three months ended December 31, 2012 excludes a $161.2 million gain from defaulted charters compensation and related accounts, net. Adjusted Net Loss and Adjusted Basic Losses Per Share for the three months ended December 31, 2012 also exclude the item described above and $4.1 million of accelerated amortization of intangibles.

(3) Adjusted EBITDA for the year ended December 31, 2012 excludes (i) a $161.2 million gain from defaulted charters compensation and related accounts, net; and (ii) a $0.3 million gain on the sale of the Navios Buena Ventura to Navios Partners. Adjusted Net Income and Adjusted Basic Earnings Per Share for the year ended December 31, 2012 exclude items (i) and (ii) described above and $4.1 million of accelerated amortization of intangibles.

23

Strong Balance Sheet

Selected Balance Sheet Data (in $'000)

December 31, 2013 December 31, 2012

Cash & cash equivalents 187,831 257,868

Restricted Cash 2,041 24,704

Other current assets 150,114 187,995

Vessels, port terminal and other fixed assets, net 1,808,883 1,746,493

Total Assets 2,919,613 2,941,462

Current portion of long term debt 19,261 33,095

Other current liabilities 130,506 156,281

Senior and ship mortgage notes, net of discount 1,293,156 1,034,141

Long term debt, net of current portion 198,832 290,976

Stockholders Equity (1) 1,065,695 1,206,376

Book Capitalization (1) 2,576,944 2,564,588

Net Debt / Book Capitalization 51% 42%

(1) Excludes noncontrolling interest.

24

Returning Capital to Shareholders

Dividend Policy:

Q4 2013 NM Distribution: $0.06 per share Record Date: March 20, 2014

Payment Date: March 27, 2014

Shares Outstanding as of Q4: 104,261,029

Total cost: $6.3 million

Annual run rate: $25.0 million

Expected dividend in 2014 from NMM : $30.0 million

Expected dividend from NNA: $14.6 million

Expected dividends from public subsidiaries: $44.6 million

25

100% Membership Interest

2.0% General Partner Interest

Incentive Distribution Rights

80.0% Limited Partner Interest 18.0% Limited Partner Interest

30 Vessels

8 Capesize, 14 Panamax and 3 Ultra Handymax Dry Bulk Carriers

5 Container vessels

100% Membership Interest

Navios GP L.L.C.

(General Partner)

Navios Maritime Partners L.P.

NYSE: NMM

Common Unitholders Navios Maritime Holdings Inc.

NYSE: NM

Navios Partners Ownership Structure

26

$439.5

$155.2

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

21

30

15

20

25

30

Capital Markets: $594.7 million raised

Number of Vessels: 43% increase

Equity Term Loan B

2013: Solidified Cash Flow Generation

December 2013 January 2013

12

16

20

Price Performance: 48% increase in 2013

Access to Public Markets

Fueled Significant Growth

$595 million raised in capital markets

48% increase in share price

43% increase in number of vessels

27

NMs Economic Interest in NMM

Cash Distributions

FY 2014F $30.0 million

FY 2013 $29.5 million






Total $165.9 million

NM Ownership of NMM Units Market Value

February 14, 2014 15.8 million units 20.0% $280.7 million

December 31, 2013 15.7 million units 21.6% $293.0 million






November 12, 2007 (IPO) 8.0 million units 43.2% $159.8 million

(1) As of February 14, 2014

(2) Including GP interest

28

Economic Interest (2)

Value Appreciation $167.9 million or 148.9%

Book Value $112.7 million

Market Value $280.7 million (1)

56.4% Interest

43.6% Interest (1, 2)

43 Tanker Vessels

10 VLCC, 8 LR1, 21 MR2 and 4 Chemical Tankers

100% Ownership Interest

Navios Maritime Acquisition Corp.

NYSE: NNA

Public Shareholders


NYSE: NM

Navios Acquisition Ownership Structure

(1) 46.4% economic interest

(2) 43.1% voting and 45.8% economic interest following the exercise of the underwriters overallotment option of the February 2014 offering

29

198.3 244.8

307.0 365.0

$0

$100

$200

$300

$400

$500

$600

$700

Purchased Price December 2013 Value

Product Tankers VLCC

29

43

0

10

20

30

40

50

January 2013 December 2013

30

$988.1 million raised in capital markets(1)

$104.4 million value appreciation of vessels acquired during the year

48.0% Increase in number of vessels

79.6% share price appreciation

210.3% trading volume increase since Q4 2012

Vessels: 14 net Addition

2013 - A Year of Strength and Growth

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

610.0

378.1

$0

$100

$200

$300

$400

$500

$600

$700

Senior Notes Equity

Value Appreciation: $104.4 million

(1) Includes $57.6 million Equity raised in February 2014

(2) Clarkson as of December 2013

505.3

609.8

Capital Markets: $988.1 million(1) Trading Liquidity: 210.3% increase Price Performance: 79.6% increase

1Q

2013

2Q

2013

3Q

2013

4Q

2013

$ 000

55.6

122.6 152.1 149.4

172.4

0

50

100

150

200

4Q2012

1Q2013

2Q2013

3Q2013

4Q2013

$ million

$ million

(2)

Vessel Deliveries Continue to Provide Material Growth

4,053 5,786

9,653

13,552 15,514

2011 2012 2013 2014 2015

Available Days

31

43%

121.9

151.1

195.6 209.6

153.0

2011 2012 2013 2014 2015

Contracted Revenue (m USD)

100% 100% 100%

73.5

97.5

122.6

2011 2012 2013

EBITDA (m USD)

14 19

33

41 43

2011 2012 2013 2014 2015

Fleet

(1) Excludes revenue from 4.7% available days contracted on floating rate for 2014 and 0.6% for 2015 and profit sharing

(2) Excludes the effect of $3.7MM compensation fee for early charter termination

(3) Adjusted to exclude $21.1 million loss on the sale of the Shinyo Navigator, a $34.0 million loss on bond and debt extinguishment and a $1.1 million in December 2013, $34.0

million expenses in relation to the $505.0 million Senior Notes early extinguishment and a $1.1 million loss for non-cash share-based compensation

(2)

67%

40%

36% 74%

24%

84.6%(1)

24%

29% 7%

Fixed

days %

33%

26%

14% 5%

44.2%(1)

+

+

(3)

NMs Economic Interest in NNA

Cash Distributions

FY 2014F $14.6 million




Total $35.1 million NM Ownership of Economic Interest in NNA Market Value

February 14, 2014 73.0 million shares 46.4% $281.7 million

December 31, 2013 73.0 million shares 50.5% $321.2 million




32

Economic Interest

Value Appreciation $62.0 million or 28.2%

Book Value $219.7 million

Market Value $281.7 million (1)

(1) As of February 14, 2014

Navios Logistics Ownership Structure

33

Cabotage Business

Refined product transportation along the Argentinean coast

Six ocean going product tankers and two self-propelled

barges

Strategy to secure cash flows with long term contracts

Awarded Brazilian Cabotage contracts for six new building

vessels

Barge Business

3631 barges and pushboats transporting dry and liquid

cargoes across the river system

Pushboats Dry barges Oil barges LPG barges

1 floating dry dock

36.2% Ownership 63.8% Ownership

Peers Business Inc. Navios Maritime Holdings Inc.

NYSE: NM

Navios South American Logistics Inc

(Marshall Islands)

Port Terminal Operations

Storage and Transshipment

Bulk Terminal Nueva Palmira Uruguay (tax free

zone) with 460,000 mt dry

storage capacity

Fuel Terminal San Antonio Port Paraguay with 45,660

m3 storage capacity

1. Including 72 new building barges to be delivered in Q1 and Q2 2014, three new building push boats to be delivered in Q1 2015

20-year contract with Vale for port

services expected $35 million annual minimum EBITDA

20-year contract with Vale for storage and transshipment of mineral commodities

5 million tons per year, with option for up to 6 million tons; 4 million tons minimum guaranteed per year

Fixed tariffs ($/ton) with annual adjustments for inflation and currency fluctuations

Estimated total capex for expansion of terminal infrastructure = $150 million

$35 million estimated(1) Year 1 EBITDA; $1.0 billion estimated(1) 20-year aggregate EBITDA

If facility is used for initial maximum capacity: $50 million estimated(1) Year 1 EBITDA; $1.5 billion estimated(1) 20-year aggregate EBITDA

Currently working on the regulatory process

Three new building push boats ordered in China

Acquisition cost, including estimated transportation cost: $26.1 million, or $8.7 million per push boat

Three new building push boats to be used in previously announced six jumbo barge convoys

Expected to be delivered in Q1 2015

34

Navios Logistics Recent Developments

(1) Assuming operating costs similar to the operating costs of Navios Logistics' existing dry port terminal

Vessel Delivery Cost per vessel

(including estimated

transportation)

Total Cost

(including estimated

transportation)

3 push boats Q1 2014 $7.6 million $22.7 million

36 barges Q1 2014 $736,500 $26.5 million

36 barges Q2 2014 $736,500 $26.5 million

3 push boats Q1 2015 $8.7 million $26.1 million

Track Record of Strong EBITDA Growth

35

136.8 165.6 178.6

190.7

51.2

69.1 68.4 46.4

2010 2011 2012 2013

Sales of Product

Time charter, voyage and port terminals revenue

32.5

39.0

48.1

56.8

2010 2011 2012 2013

Revenue ($ million) EBITDA ($ million)

8.0%

CAGR

20.5%

CAGR

Further growth expected from investment in six convoys and port expansion

188.0

234.7 247.0 237.1

Navios Logistics Q4 2013 Earnings Highlights

36

(in $ 000)

Three months

ended

Dec 31, 2013

Three months

ended

Dec 31, 2012

Y-O-Y

Variance

Twelve

months ended

Dec 31, 2013

Twelve

months ended

Dec 30, 2012

Y-O-Y

Variance

Navios

Logistics

Revenue 50,568 58,588 (14%) 237,084 247,033 (4%)

EBITDA 14,307 10,885 31% 56,837 48,132 18%

Net income /

(loss) 315 (748) n/a 9,716 156 6,128%

Port

Terminals

Revenue 13,805 25,086 (45%) 85,539 100,623 (15%)

EBITDA 6,954 5,008 39% 29,481 23,599 25%

Barge

Business

Revenue 25,253 22,244 14% 97,208 93,853 4%

EBITDA 5,910 3,374 75% 14,565 12,901 13%

Cabotage

Business

Revenue 11,510 11,258 2% 54,337 52,557 3%

EBITDA 1,443 2,503 (42%) 12,791 11,632 10%

Navios Logistics Q4 2013 Balance Sheet

37

Selected Balance Sheet Data (in $'000)

Year Ended

December 31, 2013 Year Ended

December 31, 2012

Cash & cash equivalents 86,569 45,538

Accounts Receivable 21,503 29,122

Vessels port terminal and other fixed assets, net 395,879 356,038

Total Assets 712,060 636,344

Senior notes 293,156 200,000

Current portion of long term debt 69 69

Long term debt, net of current portion 459 529

Current portion of capital lease obligations 1,400 1,353

Capital lease obligations, net of current portion 22,359 23,759

Noncontrolling Interest - 561

Stockholders Equity (1) 330,479 320,840

Book Capitalization (1) 647,922 546,550

Net Debt / Book Capitalization 36% 33%

(1) Excludes noncontrolling interest

NM Summary Large, Modern Fleet Provides Scale

in a Fragmented Industry

64 (2) controlled vessels; 42 owned / 22 chartered-in. 51 vessels in water

Modern high-quality fleet with an average age of 7.0 years (vs. 9.3 year average for industry)

Diverse portfolio of Capesize, Panamax, Ultra-Handymax and Handysize vessels

Positioned to Capture Market

Recovery Substantial increase in open days as cycle is turning

51.4% (1) of revenue days in 2014 - $115.4 million

8.8% (1) of revenue days in 2015 - $28.9 million

Low Cash Flow Breakeven Operating costs lower than average due to efficient in-house operations

Favorable long-term charter-in rates

Capex-lite charter-in strategy with flexible, discretionary options to purchase

Strong Brand with Established Track

Record in the Drybulk Industry

60 years of operating history

Strategic relationships with shipyards, commercial banks and other industry players

Contracts with reputable creditworthy counterparties

Proven Market Access Approx. $2.1 billion of debt and equity issued since September 2008

$400 million senior secured notes issued in November 2009

$350 million senior unsecured notes issued in January 2011

$88 million add-on senior secured notes issued in July 2012

$650 million senior secured notes issued in November 2013

Favorable Long-Term Industry

Dynamics

Strong emerging market demand, aging dry bulk fleet, increased scrapping activity, and slippage of new buildings

Seasoned Management Team Average industry experience of 20+ years per person

Multiple Avenues of Growth Navios Maritime Partners Navios South American Logistics Navios Maritime Acquisition Navios Holdings core activities

(1) Excludes Kleimar vessels

(2) Excludes Navios Logistics and Navios Europe fleet

38

Certain long-term contracts

insured by AA rated

Insurance Company in the

EU

www.navios.com

Appendix:

Navios Holdings Fleet

Owned Fleet: Panamax & Ultra Handymax Vessels Type Built DWT Charter Rate ($)(1) Expiration Date(2) Profit Share NM % Base (3)

Navios Serenity Handysize 2011 34,690 8,906 06/24/2014 No

Navios Ionian Ultra Handymax 2000 52,067 10,925 06/29/2014 No

Navios Horizon Ultra Handymax 2001 50,346 9,500 02/24/2014 No

Navios Herakles Ultra Handymax 2001 52,061 8,788 03/28/2014 No

Navios Achilles Ultra Handymax 2001 52,063 12,825 03/18/2014 No

Navios Meridian Ultra Handymax 2002 50,316 11,400 04/15/2014 No

Navios Mercator Ultra Handymax 2002 53,553 11,163 03/31/2014 No

Navios Vector Ultra Handymax 2002 50,296 9,512 09/20/2014 Average Supramax Index Routes

Navios Arc Ultra Handymax 2003 53,514 11,400 04/14/2014 No

Navios Hios Ultra Handymax 2003 55,180 9,512 08/07/2015 100% in excess of $8,500 basis

Supramax Index Routes

Navios Kypros Ultra Handymax 2003 55,222 8,550 03/20/2014 No

Navios Astra Ultra Handymax 2006 53,468 19,000 01/25/2014 No

Navios Ulysses Ultra Handymax 2007 55,728 9,975 03/20/2014 No

Navios Vega Ultra Handymax 2009 58,792 5,415 03/22/2015 (4)

Navios Celestial Ultra Handymax 2009 58,063 9,451 07/16/2015 70% in excess of $8,000 basis

Supramax Index Routes +8%

Navios Magellan Panamax 2000 74,333 8,313 03/15/2014 No

Navios Star Panamax 2002 76,662 7,790 05/07/2014 No

Navios Centaurus Panamax 2012 81,472 12,825 04/15/2014 No

Navios Avior Panamax 2012 81,355 12,716 05/14/2014 No

Navios Galileo Panamax 2006 76,596 8,835

14,250

03/31/2014

11/15/2014

No

Navios Amitie Panamax 2005 75,395 9,263 03/27/2014 No

Navios Taurus Panamax 2005 76,596 9,263 04/03/2014 No

Navios Northern Star Panamax 2005 75,395 11,400 05/16/2014 No

Total: 23 vessels 1,403,163

41

(1) Daily rate net of commissions or net insurance rates. These rates do not include

insurance proceeds received upfront in November 2012

(2) Expected Redelivery basis midpoint of full redelivery period

Appendix: Core Fleet

(3) Profit share based on applicable Baltic routes exceeding $/day rates listed.

(4) Average Specific basis Supramax Index Route +5% for first 45 days; Remaining

period 100% in excess of $9,500 basis Supramax Index Routes +5%.

(1) Daily rate net of commissions or net insurance rates. These rates do not include insurance proceeds received upfront in November 2012

(2) Expected Redelivery basis midpoint of full redelivery period

(3) Subject to COA of $45,500 per day for the remaining period until Q1 2015


(5) Amount represents daily rate of mitigation proceeds following the restructuring of the original charter.

Appendix: Core Fleet Owned Fleet: Capesize

Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Profit Share NM%/Base (4)

Navios Bonavis Capesize 2009 180,022 47,400 06/29/2014 No

Navios Happiness Capesize 2009 180,022 14,488 10/12/2015 No

Navios Lumen Capesize 2009 180,661 10,450 (5) 06/03/2014 No

Navios Stellar Capesize 2009 169,001 20,425 05/28/2014 No

Navios Phoenix Capesize 2009 180,242 22,325 05/06/2014(3) No

Navios Antares Capesize 2010 169,059 12,350 02/28/2014 No

Navios Etoile Capesize 2010 179,234 29,356 12/02/2020 50% in excess of $38,500

Navios Bonheur Capesize 2010 179,259 22,000

14,250

03/04/2014

03/05/2015

No

105% excess of $15,000 basis

Baltic Capesize Index 4TC

Navios Altamira Capesize 2011 179,165 23,440 01/28/2016 No

Navios Azimuth Capesize 2011 179,169 9,738 04/30/2014 No

Total: 10 vessels 1,775,834

42

Long-Term Chartered-In Fleet Vessels Type Built DWT Charter Rate ($) (1) Expiration Date (2) Purchase

Option (3) Profit Share NM %

/ Base (5)

Navios Lyra Handysize 2012 34,718 9,975 07/20/2014 Yes (4) No

Navios Apollon Ultra Handymax 2000 52,073 9,866 08/14/2014 No 100% in excess of

$8,000 basis

Supramax Index

Routes

Navios Primavera Ultra Handymax 2007 53,464 10,450 02/22/2014 Yes No

Navios Armonia Ultra Handymax 2008 55,100 11,875 04/15/2014 No No

Navios Oriana Ultra Handymax 2012 61,442 11,229 10/13/2014 Yes Average Supramax

Index Routes +10%

Navios Mercury Ultra-Handymax 2013 61,393 11,136 09/25/2014 Yes Average Supramax

Index Routes +10%

Navios Libra II Panamax 1995 70,136 10,213 04/11/2014 No No

Navios Altair Panamax 2006 83,001 11,400 09/05/2014 No No

Navios Esperanza Panamax 2007 75,356 13,300 08/09/2014 No No

Navios Marco Polo Panamax 2011 80,647 7,838 04/29/2014 Yes No

Navios Southern Star Panamax 2013 82,224 11,747 10/14/2014 Yes Average Panamax

Index Routes +17%

Navios Koyo Capesize 2011 181,415 11,970 03/05/2014 Yes No

Total: 12 vessels 890,969

(1) Daily rate net of commissions or net insurance rates. These rates do not include insurance proceeds received upfront in November 2012

(2) Assumed midpoint of redelivery by charterers.

(3) Generally, Navios Holdings may exercise its purchase option after three to five years of service.

(4) Navios Holdings holds the initial 50% purchase option on the vessel



43

Vessels to be Delivered

Vessels Type Delivery Date DWT Purchase Option

Long-term

Chartered-in

Vessels on

Order

Navios Venus Ultra-Handymax 02/2015 61,000 Yes

Navios TBN Panamax 04/2015 80,000 Yes





Navios Felix Capesize 04/2016 180,000 Yes



44

Vessels Type Delivery Date DWT

Owned

Vessels on

Order

Navios TBN Panamax 11/2015 84,000

Navios TBN Capesize 11/2015 180,600


Appendix: Navios Asia LLC Fleet (1)

Vessel Name Type Built Estimated Delivery

Date

Navios TBN Panamax 2007 Q1 2015




Total: 4 vessels of 312,259 DWT

(1) 51% ownership of NM

(2) Daily charter-out rate net of commissions.

(3) Assumed midpoint of redelivery by charterers.

45

Vessels Type Built DWT Charter Rate ($) (2) Expiration Date (3) Profit Share NM %

/ Base

N Amalthia Panamax 2006 75,318 12,113 12/23/2014 No

N Bonanza Panamax 2006 76,596 13,538 01/12/2015 No


Vessels to be Delivered

Kleimar Controlled Fleet

Owned Vessels

Vessels Type DWT Built % Owned

Navios Asteriks Panamax 76,801 2005 100%

Long-Term Chartered-in Vessels

Vessels Type DWT Built Expiration(1) Purchase Option

Golden Heiwa Panamax 76,662 2007 03/2017 No

Beaufiks Capesize 180,310 2004 06/2017 Yes

Rubena N Capesize 203,233 2006 01/2016 No

King Ore Capesize 176,800 2010 05/2020 No

Navios Obeliks Capesize 181,415 2012 06/2022 Yes


(1) Assumes vessels redeliver to owners post expiration of extension period

Appendix

46

www.clarksons.com

Containership Sector | Clarkson Research

www.navios.com

nm q4 2013 earnings presentation final

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