Navios Maritime Holdings Q2 2013 results presentation

Navios Maritime Holdings Inc.

Q2 2013 Earnings Presentation

22 August 2013

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. EBITDA is a “non-GAAP financial measure” 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 accounting principles generally

accepted in the United States or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company's ability to satisfy its obligations including

debt service, capital expenditures, working capital requirements and payment of dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service

requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

Creating Shareholder Value: Navios Group

Navios Maritime Acquisition Corp.

(NYSE: NNA)

• Navios entity in tanker sector

• Fleet of 41 vessels: 29 product tankers, 8

VLCC, 4 chemical tankers

• Acquired product tankers for historically low

values

• Developing leading company in tanker

sector

• EBITDA: FY 2012: $97.5 million; H1 2013

$57.3 million

• Market value of NM ownership: $222.6

million

• Annual dividend: $0.20; 5.4% yield


(NYSE: NM) • Controls 58-vessel drybulk fleet; 40 owned and 18 long term chartered-in vessels

• Flexible business model; Opportunity from market intelligence

• Stable cash flow from charter-out contracts >12 months and Short-Term Charters, COAs and FFAs

• FY 2012 EBITDA: $399.0 million; H1 2013: $77.3 million

• NM: Share price: $6.30


Navios Maritime Partners L.P.

(NYSE: NMM)

• Focused on long-term charter business in

the drybulk sector

• MLP with high dividend payout model

• Fleet of 25 dry bulk vessels of 2.7 M DWT

• NM receives incentive distributions through

the wholly owned GP


$82.1 million

• Market value of NM ownership: $218.7

million


Navios South American Logistics

• Integrated wet and dry logistics operator in

Hidrovia Region

• Core operations:

- Port Terminal storage facilities (dry

and wet)

- Barging (dry and wet)

- Cabotage business

• Expansion of port and barge business into

mineral commodities


$31.7 million

23.4% NM

Ownership

51.6% NM

Economic

Interest

63.8% NM

Ownership $2.12/ share $2.15/ share

All stock prices and yields as of August 21, 2013 2

Conservative Balance Sheet

⎯ 44.1% Net Debt to Book Capitalization

⎯ No material debt maturities for four years

⎯ No unfunded capex

⎯ $277.1 million cash

Low cash breakeven of $5,365 per day per vessel for 2,447 open days for 2013 provides flexibility on chartering policy

‒ Free cash flow generation at current market levels: ‒ 1-year Time Charter :

Current: $18,000 for Capesize, $9,500 for Panamax and $9,500 for Ultra-Handymax

20-year average: $32,245 for Capesize, $18,337 for Panamax and $16,242 for Ultra-Handymax

‒ Additional upside: ‒ Profit sharing provides free cash flow generation of $2.2 million for every $1,000 of profit sharing achieved

3

Strong Competitive Positioning

Note: 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)

2013E Breakeven Analysis

Total Fixed Revenue 149,365,443

Dividends from affiliates 38,900,000

Total Cost (201,394,744)

Excess cost over revenue (13,129,301)

Open days 2,447

Impact on revenue per $1,000 day rate 2,447,000

Navios chartering strategy protects against downside risk while allowing exposure to market

Strategy of fixing vessels for period charters:

⎯ Base rate (floor) above the Company’s breakeven of $5,365 per day per vessel ensuring visibility of revenues, free cash flow generation and protection from downside risk

⎯ Profit sharing based on indices, ensuring the capture of any upside movement of the market

11% of fleet and 33% of charters fixed since June have market exposure

Recent charters: maximizing profitability in a rising rate environment:

‒ Base rate and profit sharing:

• Ultra-Handymax: 100% over base rate of $8,000, basis the average of six Baltic Supramax time charter routes,

for a period of MIN 11/MAX 16 months. Current earnings rate $9,514 per day

• Ultra-Handymax: 70%/30% profit share over base rate of $8,000 basis BSI +8%, for a period MIN 12/MAX 24

months (vessel not redelivered)


for a period of MIN 22 /MAX 27 months. Current earnings rate $9,537 per day


for a period of MIN 20 /MAX 25 months (vessel not redelivered)

‒ Index plus premium: • Panamax: Charterers pay the weighted average of the Panamax Index routes + 10% for a period of MIN 7

months / MAX until May 5, 2014. Current earnings rate $9,610 per day

• Panamax: Charterers pay the weighted average of the Panamax Index routes +17% for a period of MIN 12 / MAX 15 months (vessel not redelivered)

‒ Capesize: $18,000 to $19,400 gross per day for 95 days

‒ Capesize: $16,000 net per day for 45 days Pac round trip

Chartering Initiatives

4

Color

Scheme

255,255,255

51,51,153

221,242,250

0,153,153

128,128,128

153,204,0

255,255,255

0,0,0

Four vessels

Agreed financing:

- Amount: $40.0 million or 60% of fair market value

- Amortization profile: 18.4 years adjusted for vessels’ age

- Margin: Libor + 325 bps

Acquisition of charter free vessels towards cyclical lows provides NM:

- Leverage to market recovery; currently $7.0 million above cost

Cash flow breakeven of $7,445 per day per vessel

Navios Asia LLC Status

Six vessels through joint venture

Anticipated delivery of vessels:

- Two Panamax vessels scheduled for delivery in Q3 2013.

Financing:

- The acquisition of the vessels is expected to be partially financed by bank debt consistent with our existing

credit facilities

Acquisitions update

5

Vessel Name Year Built DWT Estimated

Delivery

Acquisition

Cost

(in mm)

Navios Galileo Jan-06 76,596 August 26 $17.25

Navios Taurus Jan-05 76,596 September 3 $16.25

Navios Amitie Nov-05 75,395 September 10 $16.25

Navios Northern Star Aug-05 75,395 September 11 $16.25

Total 303,982 $66.00

Strategic Relationships: HSH transaction

Formation of Navios Europe Inc.

The Navios Group, composed of Navios Maritime Holdings Inc. (NYSE: NM), Navios Maritime

Acquisition Corporation (NYSE: NNA) and Navios Maritime Partners L.P. (NYSE: NMM) formed

Navios Europe Inc. as the next step in concluding the letter of intent signed with HSH Nordbank AG

("HSH") in April of 2013

Navios Europe, which will initially acquire five product tankers and five container vessels from debtors of HSH, will be owned 47.5% by NM, 47.5% by NNA and 5% by NMM

– It is anticipated that funding requirements will be satisfied in the same percentages

Management of Vessels

In August 2013, Navios Europe arranged technical and commercial management for five out of the

ten vessels. To date, the following vessels were delivered:

– Esperanza N a 2,007 TEU Sub-Panamax Container built in 2008

– Harmony N a 2,824 TEU Sub-Panamax Container built in 2006

– Three tanker vessels are also expected to be delivered through September 2013

Closing

Navios Europe is expected to take ownership of all 10 vessels by November 1, 2013, at which point

management of the remaining vessels will be transferred as well

Strategic Partnership

HSH and Navios are committed to their excellent working relationship. After the completion of this

transaction, HSH and Navios hope to work together toward similar transactions.

6

Strong Liquidity Position

($ million)

June 30, 2013

Cash (1) 277.1

Debt (2) 1,418.7

Shareholders' Equity 1,168.0

Capitalization (3) 2,586.7

Net Debt / Capitalization 44.1%

Navios Holdings’ Liquidity Position

Revolving Credit Facilities 2.9

Drawn Portion (4) (2.9)

Undrawn portion 0.0

Cash (1) 277.1

Total Navios Holdings’ Liquidity 277.1

(1) Includes $6.0 million of restricted cash

(2) Includes $293.8 million debt of Navios Logistics

(3)Excludes noncontrolling interest

(4)Drawing under facilities as of June 30, 2013

($ ‘m

)

36.4

509.0

725.4

0

100

200

300

400

500

600

700

800

2013 2014 2015 2016 2017 2018 2019+

Debt Maturity

7

$6,280

$1,188

$5,157

$181

$11,488$15,968

$3,302

$1,770

• 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: 15,727 for

2013

• Includes JV vessels on a consolidated basis

2014 21.5% Fixed

2013 84.6% Fixed

Average Contracted Daily Charter-Out Rate

Opex (incl. drydocking) + Charter-in Costs

General & Administrative Expenses

Interest Expense

Capital Repayments

Cost Revenue

$12,806

8

2013E

Cash Breakeven

2013 E 2014 E

2013E Breakeven Analysis

Total Fixed Revenue 149,365,443

Dividends from affiliates 38,900,000

Total Cost (201,394,744)

Excess cost over revenue (13,129,301)

Open days 2,447

Impact on revenue per $1,000 day rate 2,447,000

$17,738

$14,790

* Allocation of part of the $175.4 million of insurance restructuring proceeds to the respective years

*

*

17 Capesize 20 Panamax 19 Ultra-

Handymax

2 Handysize

10 Vessels 1.77 million DWT



1 Vessel 0.04 million DWT

40 Owned 3.72 million DWT





18 LT Charter-In 2.12 million DWT (2)

4 Vessels

0.72 million DWT




11 Purchase

Options 1.16 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 124 vessels

83 dry bulk (8.5 million DWT) and 41 tankers (4.2 million DWT)

Navios Holdings Controls 58(1) Vessels (5.8 million DWT)

45 Vessels Currently Operating (4.8 million DWT)

Average Age: 6.4 years

(1) Excludes Navios Logistics’ fleet

(2) Includes 11 vessels that have purchase options

(3) Navios Group is composed of Navios Holdings (NM), Navios Partners (NMM) and Navios Acquisition (NNA). Excludes Navios Logistics’ fleet 9

$11,488$15,968

$3,302

$1,770

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

2013 2014

Average Daily Charter-out Rate

10

Long-Term Contracted Revenue

Contracted Revenue (1)

After Restructured Credit Default Insurance

2012 $266.6 million

Cash Settlement $175.4 million

2013 $149.4 million

2014 $61.6 million

(1) Excludes CoAs, Kleimar controlled fleet, Navios Logistics’ Fleet

84.6%

21.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014

Contracted Days

* Allocation of part of the $175.4 million of insurance restructuring

proceeds to the respective years

*

* $14,790

$17,738

Efficient, Low Cost Operator

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

Navios insured for entirety of contracted chartered-

out/charter-in spread

Favorable Long-Term Charter-in Contracts(2)

LTM Average Daily Operating Costs / Vessel

(including dry-docking)

Opex is approximately 32% 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

$3,841

$5,640

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Navios Average perVessel

Industry Average perVessel

$/D

ay

(1) Source: Drewry Shipping Consultants October 2012

(2) Excludes Kleimar controlled vessels

(1)

$/D

ay

$11,488$13,357

$3,302

0

2000

4000

6000

8000

10000

12000

14000

16000

Average Daily Charter-out Rate

Av. Charter-in Av. Charter-out

* Allocation of part of the $175.4 million of insurance restructuring

proceeds to the respective years

2013

*

$14,790

11

Baltic Exchange Dry Index* 2002 – 2013

BDI October 2008 to date

BDI 2002 to date

* As of 08/21/2013 12

GDP Growth Driven by Emerging Economies

Source: IMF July 2013

5.1 5.0 5.4

3.2 3.1 3.8

1.2 1.22.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Emerging and developing economies World Advanced economies

IMF Latest Revisions of GDP Growth (%) July 2013 April 2013

World GDP 2013 ▼ 3.1 ▼ 3.3

2014 ▼ 3.8 ▼ 4.0

Advanced economies GDP 2013 1.2 ▼ 1.2

2014 ▼ 2.1 2.2

Emerging markets GDP 2013 ▼ 5.0 ▼ 5.3

2014 ▼ 5.4 ▼ 5.7

13

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1980 1985 1990 1995 2000 2005 2010

Tra

de

(M

illio

n T

ons)

Upside:

India

Source: Drewry Shipping Consultants Ltd.

World Dry Bulk Trade 1980 - 2013

2.8%

5.5%

China admitted

to the WTO

Berlin wall falls

1.1%

Fo

rec

as

t

14

The Southern Trade Routes: How China / India

Can Keep Growing Without the OECD

United States

South America

Africa

India

China

S.E.

Asia

Japan

OECD Trade Expansion 1950+

Europe

Southern Silk Route

Massive expansion in “South:

South” Trade, as expanding

economies such as China and

India invest overseas to

secure raw material supply

Source: Galbraiths, Oct 2011 and HSBC “Southern Silk Road” June 2011

Australia

Movements of Oil, Iron Ore, Coal,

Grain etc. from emerging nations in

return for investment/infrastructure,

Oil/Steel products from China and

India

15

Worldwide urbanization and rising incomes

Global urban populations are expected to increase substantially by 2050 along with

incomes per capita leading to increased metal demand.

Source: Rio Tinto and UN

Growth in incomes and urban populations support increased metal demand

which will increase seaborne movements of raw materials.

42%

51%

67%

0

1

2

3

4

5

6

7

8

9

10

Bil

lio

ns

World urbanization will continue to grow: 6.3B urban residents by 2050

Urban Rural

16

Global iron ore – key developments

Source: Clarksons Capital Markets, Macquarie, China NBS, TSI, SSY, Bloomberg 2013

Available Incremental Global Iron Ore

Due 2013 to 2016

205.4

454.1

635.9

871.9

0

200

400

600

800

1000

2013 2014 2015 2016

Australia Brazil Africa Canada Others

Iron ore future prices currently showing a decline over the next two years to

$107/ton in 2015 from a current spot price of $137.8/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

17

50

55

60

65

70

75

80

85

90

95

100

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Millio

n t

on

s

$/D

ay

Quarterly Brazilian Iron Ore Exports Baltic Cape TC Avg

Brazil iron ore export seasonality;

Future growth will drive cape rates

Source: Clarksons, GTIS, Baltic Exchange 18

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 through July 763E 7%E 458 8% 455 9%

Sources: World Steel Association,

National Bureau of Statistics of China/Mysteel, SSY

Chinese Urbanization & Steel Production

0

50

100

150

200

250

2006 2007 2008 2009 2010 2011 2012 2013f 2014f

Millio

n T

on

s p

er

Year

China Seaborne Coal Imports

20% CAGR 2009 to 2012

Mil

lio

n T

on

s

Days

0

5

10

15

20

25

30

35

40

45

0

20

40

60

80

100

120

Jan

Apr

Jul

Oct

Jan

Apr

July

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

Oct

Jan

Apr

Jul

2008 2009 2010 2011 2012 2013

Stockpiles Days of Inventory Avg Days of Inventory

19

Aging Fleet + Restricted Credit + High Scrap Price =

Accelerated Scrapping(1)

• 2009 scrapping ≈ 2.4% of fleet DWT (10.0 million DWT)





- Projected 2013 scrapping: 24.1 million DWT or 3.6%

• 2009 total dry bulk fleet ≈ 458.6 million DWT - Non delivery ≈ 40%




• Net fleet growth for 2009 = 9.8%




5.1%

5.5%

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, July 2013

Scrapping Dynamics

10.6%

(73.7 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 Through

8/16/13

15.1 2.22%

2013 Projected 24.1 3.55%

20

95.9 97.8

138.9

101.2

50.5

30.9

0

20

40

60

80

100

120

140

As of Jan 1, 2012 As of Jan 1, 2013

Source: Clarksons

2013 • July YTD: 69.7 million DWT projected; 40.5 million actual DWT delivered (42% non-delivery by DWT-preliminary)

• 495 actual deliveries, 872 newbuilds projected (43% non-delivery by # of vessels -preliminary)

2012 • 138.9 million DWT projected; 98.2 million actual DWT delivered (29% non-delivery by DWT)

• 1,192 actual deliveries, 1,665 newbuilds projected (28% non-delivery by # of vessels)


• 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels)


• 957 actual deliveries, 1,528 newbuilds projected (38% non-delivery by # of vessels)

2009

• 71.3 million DWT projected, 43.1 million actual DWT delivered (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

2011 2012 2013 2012 2013 2014

Before

non-delivery

Actual

non-

delivery

41.4mdwt

Dry Bulk Orderbook

Before

non-delivery

Actual

non-

delivery

41.1mdwt

• 2013 projected deliveries is

currently 101.2 million DWT

as of January 2013 (before

non-deliveries)

• Annualized deliveries for

2013 are about 60 million

DWT based on the current

non-delivery percent

21

-1.5% -0.8%

1.6% 1.2% 1.4% 1.7%

-0.3%

3.4%

-6.0% -5.2%

-8.3%

-4.4%

-1.1%

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

Seaborne Dry Bulk Supply/Demand Balance

0

2000

4000

6000

8000

10000

12000

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

Baltic Dry Index

Source: SSY , Baltic Exchange, 2013 Projections: SSY, Drewry, Howe Robinson

2013

Projection

Range

0%

+1.2%

22

Earnings Highlights

($ ‘000 except per

share data)

Three

months

ended June

30, 2013

Three

months

ended June

30, 2012

Y-O-Y

Variance

Six months

ended June

30, 2013

Six months

ended June

30, 2012

Y-O-Y

Variance

Revenue 125,572 172,079 (27%) 259,409 324,093 (20%)

EBITDA 38,800 61,086 (36%) 77,274 123,659 (37%)

Adjusted EBITDA 38,800 60,763 (1) (36%) 77,274 123,336 (1) (37%)

Net (Loss) / Income (15,881) 5,285 N/A (26,036) 14,744 N/A

Adjusted Net (Loss) /

Income (15,881) 4,962 (1) N/A (26,036) 14,421 (1) N/A

Basic (Losses) /

Earnings per Share (0.16) 0.05 N/A (0.26) 0.14 N/A

Adjusted Basic

(Losses) / Earnings

Per Share

(0.16) 0.04 (1) N/A (0.26) 0.13 (1) N/A

(1) Adjusted EBITDA, Adjusted Net Income and Adjusted Basic EPS for the three and six month periods ended June 30, 2012, excludes $0.3 million gain from the sale of the Navios Buena Ventura to Navios Partners.

NM Q2 & H1 2013 Earnings Highlights

23

NM Strong Balance Sheet

Selected Balance Sheet Data (in $'000)

June 30, 2013 December 31, 2012

Cash & cash equivalents 271,097 257,868

Restricted cash 6,011 24,704

Other current assets 191,813 187,995

Vessels, port terminal and other fixed assets, net 1,721,979 1,746,493

Total Assets 2,973,691 2,941,462

Current portion of long term debt 14,255 33,095

Other current liabilities 167,039 156,281

Senior notes, net of discount 1,127,714 1,034,141

Long term debt, net of current portion 276,759 290,976

Stockholders Equity (1) 1,167,983 1,206,376

Book Capitalization (1) 2,586,711 2,564,588

Net Debt / Book Capitalization 44.1% 41.9%

(1) Excludes noncontrolling interest.

24

Returning Capital to Shareholders

Dividend Policy:

Q2 2013 NM Distribution: $0.06 per share Record Date: September 18, 2013

Payment Date: September 26, 2013

Shares Outstanding as of Q2: 103,330,707

Total cost: $6.2 million

Annual run rate: $24.8 million

Annualized dividends from public subsidiaries: $41.4 million

25

100% Membership Interest

2.0% General Partner Interest

Incentive Distribution Rights

76.6% Limited Partner Interest 21.4% Limited Partner Interest

25 Dry Bulk Vessels

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

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

NM’s Economic Interest in NMM

Cash Distributions

FY 2013F $29.4 million

FY 2012 $28.6 million





Total $135.8 million NM Ownership of NMM Units Market Value

August 21, 2013 15.6 million units 23.4% $218.7 million

December 31, 2012 15.5 million units 25.2% $210.3 million





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

(1) As of August 21, 2013

(2) Including GP interest

Economic Interest (2)

Value Appreciation $110.5 million or 102%

Book Value $108.2 million

Market Value $218.7 million (1)

27

51.8% Interest

48.2% Interest(1)

41 Tanker Vessels

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

100% Ownership Interest

Navios Maritime Acquisition Corp.

NYSE: NNA

Public Shareholders


NYSE: NM

NNA Ownership Structure

(1) 51.60% economic interest

28

NNA Company Highlights

Large, Modern and

Diverse Tanker Fleet

41 owned vessels (29 in the water), 12 to be delivered (10 newbuildings)

Modern high-quality fleet with an average age of 4.7 years

Diverse portfolio of 8 VLCC, 8 LR1, 21 MR2 and 4 Chemical Tankers

Proprietary Deal Flow

Built in Growth

Access to distressed deals through strong relationships with banks

Available revenue days will grow from 5,786 days in 2012 to 12,596 days in

2014 (118% growth in available revenue days)

14 product tankers delivering throughout 2013, 5 in 2014 and 2 in 2015

Long-Term Cash Flow Visibility

with Strong Counterparties

93.6% of revenue days fixed in 2013 - $188.4 million

62.8% of revenue days fixed in 2014 - $169.8 million

Average duration of all charters of 2.4 years

Diverse group of first-class charterers (DOSCO, Shell, Koch, Vitol, Formosa)

Well Positioned to Capture

Product Tanker Market Upside

44% of product tankers revenue days open in 2014 and 70% in 2015

84% of entire contracted fleet and 88% of product tanker contracted fleet has

profit sharing

Every $1,000 of profit share above base rate provides $8.0 million free cash

flow or $0.07 per common share annualized

Low Cash Flow Breakeven

Full cost of entire fleet covered from existing long-term charters for 2013

Operating expenses below the industry average; fixed until mid-2014

Low financing cost through distress deals with banks

Seasoned Management Team

with Strong Capital Market

Presence and Track Record

Strategic relationships with shipyards, banks and key industry players

Average industry experience of 20+ years per person

NNA has raised about $1.1 billion in capital markets

29

46.4 57.3

H1 2012 H1 2013

73.5

97.5

2011 2012

Vessel Deliveries Continue to Provide Material Growth

4,053

5,786

9,646

2011 2012 2013

Available Days

30

67%

43%

121.9

151.1

188.4

2011 2012 2013

Contracted Revenue (m USD)

25% 24%

100%(1) 100% 93.6% 23%

33%

14

19

34

2011 2012 2013

Fleet

79%

36%

(1) % of fixed days

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

(2)

EBITDA (m USD)

NM’s Economic Interest in NNA

Cash Distributions

FY 2013F $9.5 million



Total $19.9 million

NM Ownership of Economic Interest in NNA Market Value

August 21, 2013 60.0 million shares 51.6% $222.6 million

December 31, 2012 26.0 million shares 54.0% $61.6 million



31

Economic Interest

Value Appreciation $28.3 million or 15%

Book Value $194.3 million

Market Value $222.6 million (1)

(1) As of August 21, 2013

32

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 newbuilding

vessels

Barge Business

• 329 barges and pushboats (1)

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 Transfer

• 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

Navios Logistics Ownership Structure

(1) Including 3 pushboats and 36 barges to be delivered

Navios Logistics Highlights

33

Leading Logistics

Provider in the Hidrovia

Region of South

America

Largest independent dry terminal in Hidrovia

One of the largest independent liquid terminals in Paraguay

One of the largest, most versatile barge river fleets serving a diverse set of industries

Largest Argentinean product cabotage fleet with an average age of 4 years

Multiple Avenues of

Growth

Opportunities to invest in new port infrastructure

Increasing minerals and grain production and fuel demand create need for new convoys

Opportunity to expand in Brazilian cabotage

Favorable Market

Fundamental

Robust growth in exports of grain and mineral commodities

Hidrovia system and coastal cabotage are critical infrastructure for region

Scale and Strong Asset

Base Provide Operating

Efficiency

Economies of scale provide low costs per ton transported

Integrated terminal, barge and cabotage network offers substantial operating leverage

Strong

Counterparties

Diverse group of large, high-quality counterparties

Exposure to ADM, Bunge, Cargill, Dreyfus, Petrobras, Petropar, Vale, Vitol among others

Focus on Contracted

Cash Flow

Strategic positioning with fixed rate contracts and CoA’s with minimum volume guarantees

Long-term relationships with high contract renewal rates

Seasoned Management

Team with Strong Track

Record and Established

Brand

Strategic relationships

Experienced management team

Long operating history in region

New Business

34

Acquired three barge convoys for approximately $49.2 million

• Estimated cost:

– $22.7 million for three second hand push boats ($7.6 million each, including

transportation) – delivery Q4 2013

– $26.5 million for 36 new building barges ($736,500 each, including transportation) –

delivery Q1 2014

• 36 “Parana-type” barges to be built in China

– Shipyard relationship leverages Navios Holdings’ global reach

– “Parana-type” = 2,800 dwt vs. “Mississippi-type” = 1,500 dwt

– 12-barge “Parana-type” convoy has ~ 40% higher carrying capacity compared to a

16-barge “Mississippi-type” convoy with similar operating costs

– Option for additional 36 barges under same pricing and terms

Agreement in principle for long-term take-or-pay contract

• Convoys to be employed for an initial seven-year period

• Estimated annual EBITDA = $9.9 million ($3.3 million per convoy)

• Tariff adjustments for fuel, crew cost and FX movements

• Contract party: A-/Baa2 rated quality credit

Track Record of Strong EBITDA Growth

35

188.0 234.7 247.0

2010 2011 2012

32.5 39.0

48.1

2010 2011 2012

Revenue ($ million) EBITDA ($ million)

14.6%

CAGR

21.7%

CAGR

123.4

136.7

H1 2012 H1 2013

24.1 31.7

H1 2012 H1 2013

10.7% 31.6%

$90.0 Million Raised in Q1 2013 through Add-On Bond for Growth Capex

Navios Logistics Q2 & H1 2013 Earnings Highlights

36

(in $ ‘000)

Three months

ended

June 30, 2013

Three months

ended

June 30, 2012

Y-O-Y

Variance

Six months

ended

June 30, 2013

Six months

ended

June 30, 2012

Y-O-Y

Variance

Navios

Logistics

Revenue 63,467 73,293 (13%) 136,697 123,440 11%

EBITDA 17,583 15,373 14% 31,705 24,091 32%

Net income 4,423 2,397 85% 10,357 8 n/a

Port

Terminals

Revenue 22,705 30,286 (25%) 59,418 49,923 19%

EBITDA 6,971 6,363 10% 14,257 11,713 22%

Barge

Business

Revenue 25,787 27,424 (6%) 49,069 47,398 4%

EBITDA 4,519 3,723 21% 7,384 5,552 33%

Cabotage

Business

Revenue 14,975 15,583 (4%) 28,210 26,119 8%

EBITDA 6,093 5,287 15% 10,064 6,826 47%

Navios Logistics Strong Balance Sheet

Selected Balance Sheet Data (in $'000)

June 30, 2013 December 31, 2012

Cash & cash equivalents 124,543 45,538

Accounts Receivable 31,431 29,122

Vessels port terminal and other fixed assets, net 362,414 356,038

Total Assets 737,432 636,344

Senior notes 293,251 200,000

Current portion of long term debt 69 69

Long term debt, net of current portion 498 529

Current portion of capital lease obligations 1,376 1,353

Capital lease obligations, net of current portion 23,074 23,759

Noncontrolling Interest 673 561

Stockholders Equity (1) 331,197 320,840

Book Capitalization (1) 649,465 546,550

Net Debt / Book Capitalization 30% 33%

(1) Excludes noncontrolling interest

37

NM Summary Large, Modern Fleet Provides Scale

in a Fragmented Industry

• 58 (2) controlled vessels; 40 owned / 18 chartered-in

• Modern high-quality fleet with an average age of 6.4 years (vs. 9.3 year(3) 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

• 84.6% (1) of revenue days in 2013 - $149.4 million

• 21.5% (1) of revenue days in 2014 - $61.6 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

• About 60 years of operating history

• Strategic relationships with shipyards, commercial banks and other industry players

• Contracts with reputable creditworthy counterparties

Proven Market Access • Approx. $1.4 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

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 fleet

(3) Source: Drewry’s as of August 2013

38

Long-term contracts insured

by AA rated Insurance

Company in the EU

www.navios.com

Appendix

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 15,533 10/13/2013 No

Navios Ionian Ultra Handymax 2000 52,067 8,788 12/17/2013 No

Navios Horizon Ultra Handymax 2001 50,346 9,500 09/05/2013 No

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

Navios Achilles Ultra Handymax 2001 52,063 8,788 10/28/2013 No

Navios Meridian Ultra Handymax 2002 50,316 8,883 11/04/2013 No

Navios Mercator Ultra Handymax 2002 53,553 10,450 08/30/2013 No

Navios Vector Ultra Handymax 2002 50,296 9,738 08/29/2013 No

Navios Arc Ultra Handymax 2003 53,514 8,788 09/19/2013 No

Navios Hios Ultra Handymax 2003 55,180 8,181 08/07/2015 100% in excess of $8,500

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

Navios Astra Ultra Handymax 2006 53,468 10,213 09/25/2013 No

Navios Ulysses Ultra Handymax 2007 55,728 9,975 04/30/2014 No

Navios Vega Ultra Handymax 2009 58,792 9,025 12/16/2013 No

Navios Celestial Ultra Handymax 2009 58,063 8,833

7,600

11/08/2013

05/08/2015

No

70% in excess of $8,000

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

Navios Star Panamax 2002 76,662 7,790 01/22/2014 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

Total: 19 vessels 1,099,181

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

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

Appendix: Core Fleet

(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) 01/18/2014 No

Navios Stellar Capesize 2009 169,001 10,450 11/11/2013 No

Navios Phoenix Capesize 2009 180,242 13,656 01/27/2014 (3) No

Navios Antares Capesize 2010 169,059 12,350 01/06/2014 No

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

Navios Bonheur Capesize 2010 179,259 17,100 11/20/2013 No

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

Navios Azimuth Capesize 2011 179,169 9,738 01/15/2014 No


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 6,175 08/25/2013 Yes (4) No

Navios Apollon Ultra Handymax 2000 52,073 7,700 08/14/2014 No 100% in excess of

$8,000

Navios Primavera Ultra Handymax 2007 53,464 8,835 11/16/2013 Yes No

Navios Armonia Ultra Handymax 2008 55,100 9,263 09/24/2013 No No

Navios Oriana Ultra Handymax 2012 61,442 8,788 08/28/2013 Yes No

Navios Libra II Panamax 1995 70,136 8,550 10/07/2013 No No

Navios Altair Panamax 2006 83,001 8,075 10/22/2013 No No

Navios Esperanza Panamax 2007 75,356 6,840 09/03/2013 No No

Navios Marco Polo Panamax 2011 80,647 7,838 01/13/2014 Yes No

Navios Southern

Star

Panamax 2013 82,224 10,450 10/12/2013 Yes No

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

Total: 11 vessels 829,576

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

(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 Mercury Ultra-Handymax 09/2013 61,000 Yes

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

Navios Felix Capesize 04/2016 180,000 Yes

Total: 3 vessels 302,000

44


Vessels Type Built

Owned Vessels

Navios Galileo Panamax 2006

Navios Northern Star Panamax 2005

Navios Amitie Panamax 2005

Navios Taurus Panamax 2005

Total: 4 vessels of 303, 982 DWT

45

Appendix: Navios Asia LLC Fleet (1)

Vessel Name Type Built Charter Period (2) Charter Rate (net)

Navios TBN Kamsarmax 2007 Q4 2014 $13,199

Navios TBN Panamax 2007 Q4 2014 $11,426



Navios TBN Panamax 2006


Total: 6 vessels of 464,173 DWT

(1) 51% ownership of NM

(2) Expiration date assuming no exercise of optional periods

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

SC Lotta Capesize 169,056 2009 03/2014 No

King Ore Capesize 176,800 2010 05/2020 No

Navios Obeliks Capesize 181,415 2012 07/2022 Yes


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

46

Appendix

www.clarksons.com

Containership Sector | Clarkson Research

www.navios.com