Navios Maritime Holdings Inc.

Q4 2011 Earnings Presentation 23 February 2012

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 Holdings Inc. (NYSE: NM)
45 vessel active drybulk fleet 28 owned and 17 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 2011 EBITDA NM Standalone: $190.2 million NM: Share price (as of February 22): $4.04

27.1% NM Ownership

$2.34 / share

53.7% NM Ownership

$0.89 / share

63.8% NM Ownership

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 18 dry bulk vessels of 1.9 M DWT NM receives incentive distributions through the wholly owned GP FY 2011 EBITDA: $137.8 million Market value of NM ownership: $239.8 million

Navios Maritime Acquisition Corp. (NYSE: NNA)

Navios entity in tanker sector Fleet of 29 vessels: 7 VLCC, 20 product tankers, 2 chemical tankers Acquired product tankers at historically low values Developing leading company in tanker sector Market value of NM ownership: $91.3 million

Navios South American Logistics

Integrated wet and dry logistics operator in Hidrovia Region Core operations: - Port Terminal facilities with storage - Barging (wet and dry) - Cabotage business - Expansion into mineral commodities FY 2011 EBITDA: $39.0 million

Strong Competitive Positioning

Strengthening our Balance Sheet
$350 million Bond issuance, 8.125% (instead of 9.500%) Senior Notes due 2019, eliminating refinancing risk until 2017 $72.7 million deleveraging by repaying bank debt

77.2% Fleet Coverage for 2012 Strong Cash Flow / Low 2012 Breakeven
Total cost of the fleet is already covered by fixed days Total Cost Total Fixed Revenue Surplus of revenue over cost Open Days Impact on revenue per $1000 day rate $ (257,580,043) $ 261,382,158 $ 3,802,115 3,529 $ 3,529,000

Capex Fully Funded = Inflow of $5.7 million

Acquired two Kamsarmax vessels, from South Korean Shipyard, delivering March 2012 and May 2012 - Aggregate purchase price: $70.75 million; Average purchase price = $35.38 million per vessel - Both vessels have a two year charters: one at $12,825 net per day, one at $12,716 net per day - Aggregate EBITDA (1): $11.8 million; Annual EBITDA: $5.9 million - Vessels financing through Credit Agricole (Emporiki) - Amount: $46.0 million; term: 10 years; margin: 2.75% / 3.25%; amortization profile: 15.3 years

Liquidity from Subsidiaries

$130.0 million from the two dropdown vessels (Navios Orbiter and Navios Luz), received as follows: - $120.0 million in cash; $10.0 million in common units (507,916 common units) Return of Capital to Shareholders through dividends from subsidiaries of $32.7 million in 2012 - NMM: Annual distribution for 2012 of $27.5 million; NNA: Annual distributions of $5.2 million
(1) Over the life of the contract; revenue over 360 days; daily operating expenses growing at 3% annually

Strong Liquidity Position

(in millions US$)
December 31, 2011 Cash (1) Debt (2) Shareholders' Equity Capitalization (3) Net Debt / Capitalization 177.5 1,453.6 1,059.1 2,512.7 50.8% Navios Holdings Liquidity Position Revolving Credit Facilities Drawn Portion (4) Undrawn portion Cash (1) Total Navios Holdings Liquidity 77.8 (25.7) 52.1 177.5 229.6

Debt Maturity
(1) Includes $6.4 million of restricted cash (2) Includes $200.7 million debt of Navios Logistics (3) Excludes noncontrolling interest (4) Drawing under facilities as of December 31, 2011
($ m)

Substantial Cashflow Cushion from Low Breakeven

Revenue
77.2% Fixed $23,792 $17,644

Cost

Fully Loaded Cost

Opex (incl. drydocking) + Charter-in Costs General & Administrative Expenses Interest Expense Capital Repayments

Average Contracted Daily Charter-Out Rate for 2012

2012 E

2012 Breakeven Analysis

Total Cost Total Fixed Revenue Surplus of revenue over cost Open Days Impact on revenue per $1000 day rate $ (257,580,043) $ 261,382,158 $ 3,802,115 3,529 $ 3,529,000

Total cost of the fleet is already covered by fixed days

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: 14,597 for 2012 5

One of the Largest US-listed Dry Bulk Fleets

Navios Holdings Controls 57(1) Vessels (5.8 million DWT) 45 Vessels Currently Operating (4.8 million DWT) Average Age: 5.3 years
19 Capesize
11 Vessels
1.95 million DWT

16 Panamax
5 Vessels
0.39 million DWT

20 UltraHandymax
14 Vessels
0.75 million DWT

2 Handysize
0 Vessels 2 Vessels
0.07 million DWT

30 Owned
3.10 million DWT

8 Vessels
1.44 million DWT

11 Vessels
0.87 million DWT

6 Vessels
0.34 million DWT

27 LT Charter-In
2.73 million DWT (2)

4 Vessels
0.72 million DWT

6 Vessels
0.48 million DWT

4 Vessels
0.24 million DWT

2 Vessels
0.07 million DWT

16 Purchase Options
1.51 million DWT

Charter-in strategy allows fleet expansion with zero capital outlay & future ownership via purchase options Navios Group(3) controls 104 vessels 75 dry bulk (7.7 million DWT) and 29 tankers (3.4 million DWT)
(1) Excludes Navios Logistics fleet, Navios Partners and Navios Acquisition fleets (2) Includes 16 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

Long-Term Contracted Revenue

AA insurance on Charters-out
Contracted Revenue
Excludes CoAs, Kleimar controlled fleet, Navios Logistics Fleet, NMM and NNA

2011 2012 2013 2014

$312.6 million $261.4 million $179.1 million $122.6 million

Efficient, Low Cost Operator

LTM Average Daily Operating Costs / Vessel (including dry-docking)
Opex is approximately 31% 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 Navios Partners
$7,000 $6,000 $5,000

Favorable Long-Term Charter-in Contracts(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 Navios insured for entirety of contracted charteredout/charter-in spread

$6,327

$4,390

$/Day

$4,000 $3,000 $2,000 $1,000 $0 Navios Average per Vessel Industry Average per Vessel (1)
8

(1) (2)

Source: Drewry Shipping Consultants July 2011. Excludes Kleimar controlled vessels.

$/Day

Baltic Exchange Dry Index* 2002 - 2011

BDI 2002 to date

BDI October 2008 to date

* As of 2/22/2012

GDP Growth Driven by Emerging Economies

12 10 8 6 4 2 0 -2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Emerging and developing economies World Advanced Economies

5.4 3.3 1.2

5.9 3.9 1.9

Changing economic growth expectations: In January, the IMF forecast 2012

world growth at 3.3%, advanced economies growth at 1.2% and emerging and developing economies growth at 5.4%, over 4x greater than advanced economies.

Source: IMF January 2012

10

The Southern Trade Routes: How China / India Can Keep Growing Without the OECD
OECD Trade Expansion 1950+ Europe United States China India Africa S.E. Asia Southern Silk Route Australia Japan
Massive expansion in South: South Trade, as expanding economies such as China and India invest overseas to secure raw material supply

South America

Movements of Oil, Iron Ore, Coal, Grain etc. from emerging nations in return for investment/infrastructure, Oil/Steel products from China and India
Source: Galbraiths, Oct 2011 and HSBC Southern Silk Road June 2011

11

Chinese Urbanization & Steel Production

Urban Population %
100% 90% 80% 71% 70% 60% 50% 40% 30% 20% 10% 18% 0% 1962 1969 1976 1983 1990 1997 2004 2011 2018 2025 2032 2039 2046

Iron Ore Projected Additional Production

90% 600 500 Cumulative MTPA 400 300 200 100 0 2011P 2012 2013 2014 (Cumulative MTPA)

82% 73%

51%

54%

25% 17%

30%

China Urban %

India Urban %

US Urban %
Iron Ore

Certain/probable iron ore projects

Steel Production Million tons 2006 2007 2008 2009 2010 2011 Domestic Production 580 707 785 873 1,065 1,315 YoY% 22% 11% 11% 22% 24% 326 384 444 630 619 687 Imports YoY% 18% 16% 42% -2% 11% 421 488 500 567 626 683 YoY% 16% 2% 13% 10% 9%

Sources: UN FAO Aquastat, National Bureau of Statistics of China/Mysteel, UNCTAD, CIA Factbook, Financial Times, SSY

12

Indian Urbanization Leads to Increasing Industrial Production Monthly Steel Production

(Indexed Jan 2004 = 100)

Indian Coal Imports

Index

250
2006 == 25% 2006-2011 2011CAGR CAGR 25%

200

350 300 250 200 150 100 50 0 02/04 08/04 02/05 08/05 02/06 08/06 02/07 08/07 02/08 08/08 02/09 08/09 02/10 08/10 02/11
40% 28% 30%
2030

150

China

India

Japan

South Korea

100

UrbanPopulation 1991to 2030and PercentUrban

(increaseofabout 11.5 millionpeople/year) 700

50
Population (millions)

600 500 400 300 200 100 0 1991 2001 2008

2006

2008

2010

2012F

2014F

26%

Sources: Clarksons, Credit Suisse, World Steel Association, McKinsey Global Institute

08/11 13

Scrapping Dynamics
Bulk Carrier Demolition(1)
Aging Fleet + Restricted Credit + High Scrap Price = Accelerated Scrapping(1) 2009 scrapping 2.4% of fleet DWT (10.0 million DWT) 2010 scrapping 1.3% of fleet DWT (5.8 million DWT) 2011 scrapping 4.2% of fleet DWT (22.3 million DWT) 2012 scrapping 0.6% of fleet DWT (3.6 million DWT) through 2/17 2012 Projected scrapping 4.5% or 27.8 million DWT Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
6.6% 11.1%

Total Demolition (m dwt) 12.2 9.1 4.5 8.1 6.0 4.1 0.3 0.9 1.8 0.4 5.0 10.0 5.8 22.3 3.6

Demolition as % of Fleet 4.60% 3.40% 1.60% 2.80% 2.00% 1.40% 0.10% 0.30% 0.50% 0.10% 1.20% 2.37% 1.26% 4.17% 0.59%
14

2009 total dry bulk fleet 459.2 million DWT Non-delivery 40% 2010 total dry bulk fleet 536.1 million DWT Non-delivery 38% 2011 total dry bulk fleet 613.0 million DWT Non-delivery 30% Net fleet growth for 2009 = 9.8% Net fleet growth for 2010 = 16.5% Net fleet growth for 2011 = 14.0%

Dry Bulk Industry Age Profile(2)

(% DWT)

30.0% 20.0% 20+ Years

25+ Years

10.0% 0.0%

17.7% (110m dwt)

2009 2010 2011 Through 2/17/2012

Total Dry Bulk Fleet

(1) (2) Source: Clarksons Source: SSY Dry Bulk Forecaster, February 2012

Dry Bulk Orderbook

Actual & Non-Deliveries: Early indication of high level of non-deliveries for 2012
2011 December 2011: 137.3 M DWT projected; 95.9M actual DWT delivered (30% non-delivery by DWT-preliminary) 1,147 actual deliveries, 1,691 newbuilds projected (32% non-delivery by # of vessels) 125.6M DWT projected; 77.9 million actual DWT delivered (38% non-delivery by DWT) 957 actual deliveries, 1,528 newbuilds projected (38% non-delivery by # of vessels) 71.3M 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)

2010

2009

Orderbook by year of delivery

140 120
137.3 125.6

Before non-delivery
138.9

Million DWT

100 80 60

Actual nondelivery 28.2 dwt

43.1

Actual nondelivery 47.7 dwt

77.9

101.1

Actual nondelivery 41.4 dwt

95.9

Before non-delivery
50.5

40 20 0 As of Jan 1, 2010 As of Jan 1, 2011 As of Jan 1, 2012

15 2009 2010 2010 2011 2012 2011 2012 2013

Source: Clarksons

Navios Partners Ownership Structure

Navios Maritime Holdings Inc. NYSE: NM Common Unitholders

100% Membership Interest

Navios GP L.L.C. (General Partner)

2.0% General Partner Interest Incentive Distribution Rights

25.1% Limited Partner Interest

72.9% Limited Partner Interest

Navios Maritime Partners L.P. NYSE: NMM

100% Membership Interest

Navios Maritime Operating L.L.C.

18 Dry Bulk Vessels 6 Capesize, 11 Panamax and 1 Ultra Handymax Dry Bulk Carriers
16

NMs Ownership Interest in NMM

Economic Interest (3) Value Appreciation Book Value Market Value $139.5 million or 139% $100.3 million $239.8 million (1,2) Cash Distributions FY 2011 FY 2010 FY 2009 FY 2008 Total $25.6 million $22.2 million $18.1 million $11.9 million $77.8 million

NM Ownership of NMM Units December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 November 12, 2007 (IPO) 15.4 million units 14.7 million units 12.4 million units 11.2 million units 8.0 million units 27.1% 28.7% 37.0% 51.6% 43.2%

Market Value(1) $212.2 million $267.3 million $169.0 million $79.9 million $159.8 million

(1) Market values excludes mtm of 1.0 million subordinated units (approx. $16.2 million) (2) As of February 22, 2012 (3) Including GP interest

Effective January 1, 2012: 7.6 million subordinated units were converted to common units

17

Navios Acquisition Ownership Structure

Navios Maritime Holdings Inc. NYSE: NM Public Shareholders

45.24% voting rights

53.96% Economic Interest

54.76% voting rights 46.04% Economic Interest

Navios Maritime Acquisition Corp. NYSE: NNA

100% Ownership Interest

29 Tanker Vessels
7 VLCC, 8 LR1, 12 MR2 and 2 Chemical Tankers

18

Navios Acquisition Company Highlights

Large, Modern and Diverse Tanker Fleet 29 owned vessels, including 14 newbuildings (15 in the water) Modern high-quality fleet with an average age of 5.8 years (5.2 years upon delivery of all vessels) Diverse portfolio of VLCC, LR1, MR2 and Chemical Tankers 89.4% of revenue days in 2012 - $146.4 million 58.4% of revenue days in 2013 - $147.1 million Available revenue days will grow from 1,104 days in 2010 to 9,371 days in 2013 (749% growth) Average duration of long term charters of 4.5 years Full cost of entire fleet covered from existing long term charters for 2012 Low cash flow breakeven for 2013 Fixed operating expenses below the industry average Leverage economies of scale of Navios Holdings Diverse group of large, first-class charterers Exposure to large Asian petrochemical, refining and shipping companies (DOSCO, Formosa, Sinochem, SK Shipping) Strategic relationships with shipyards, commercial banks and other key industry players Average industry experience of 20+ years per person Tanker expertise supplemented with drybulk industry veterans Strong emerging market demand, increasing transport distances, recovering product tanker industry fundamentals, cancellations of ships in orderbook

Focus on Long-Term Contracted Revenue

Low Cash Flow Breakeven

Strong Counterparties

Seasoned Management Team with Established Brand and Track Record

Favorable Long-Term Industry Dynamics

19

Navios Logistics Ownership Structure

Navios Maritime Holdings Inc. NYSE: NM Grandall Investment S.A. (Lopez Family)

63.8% Ownership

36.2% Ownership

Navios South American Logistics Inc. (Marshall Islands)

Port Terminal Operations

Storage and Transfer Bulk Terminal Nueva Palmira Uruguay (tax free zone) with 360,000 mt dry storage capacity Fuel Terminal San Antonio Port Paraguay with 38,600 m3 storage capacity

River Business

Cabotage Business

295 barges and pushboats transporting dry and liquid cargoes across the river system Pushboats Dry barges Oil barges LPG barges 1 floating dry dock

Refined product transportation along the Argentinean coast Six ocean going product tankers and two self-propelled barges Secured cash flows with long term contracts Awarded Brazilian Cabotage contracts for 6 newbuilding vessels
20

Navios Logistics Highlights

Largest independent dry terminal in Hidrovia Leading Logistics Provider in South America 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 2 years Opportunities to invest in new port infrastructure Multiple Avenues of Growth Increasing minerals and grain production and fuel demand create need for new convoys Opportunity to expand in Brazilian cabotage Robust growth in exports of grain and mineral commodities Hidrovia system and coastal cabotage are critical infrastructure for region Economies of scale provide low costs per ton transported Integrated terminal, barge and cabotage network offers substantial operating leverage Diverse group of large, high-quality counterparties Exposure to ADM, Cargill, Dreyfus, Petrobras, Petropar, Vale, Vitol, Bunge Strategic positioning with fixed rate contracts and CoAs with minimum volume guarantees Long-term relationships with high contract renewal rates Strategic relationships Experienced management team Long operating history in region
21

Favorable Market Fundamental Scale and Strong Asset Base Provide Operating Efficiency Strong Counterparties Focus on Contracted Cash Flow Seasoned Management Team with Strong Track Record and Established Brand

Navios Logistics Recent Developments

Dry Port Terminal in Uruguay
New 100,000 tons capacity silo expected to be operational in March 2012 Increasing loading capacity up to 60% via a new conveyor belt expected to be operational in the first half of 2013 Renewed several client contracts at better terms Approximately 24% higher rates Significantly increased minimum rotations

Liquid Port Terminal in Paraguay

3,000 m3 of storage capacity added in December 2011, contracted to an Oil Major for a 2-year period Two additional storage tanks with 7,100 m3 combined capacity expected to be operational in Q2 of 2012

Barge Business
Delivery of three new convoys operating as of Q3 and Q4 2011 under 5-year contract for iron ore transportation on take or pay terms Renewal of employment for five existing convoys for iron ore transportation Three convoys renewed under 3-year contract on take or pay terms, operating as of Q4 2011 Approximately 20% higher base rate Two convoys renewed under 18-month time charter contracts, operating as of Q1 2012 Approximately 8% higher time charter rate New 5-year contract for one convoy for grains transportation on take or pay terms

22

Navios Logistics Q4 2011 Earnings Highlights

(in $ 000) Revenue Navios Logistics EBITDA Net (loss)/income Three months Three months ended ended Y-O-Y Dec 31, 2011 Dec 31, 2010 Variance 66,780 10,071 (1,179) 44,830 9,744 2,274 49% 3% N/A Year ended Dec 31, 2011 234,688 39,021 (196) Year ended Dec 31, 2010 187,973 32,501 5,600 Y-O-Y Variance 25% 20% N/A

Port Terminals

Revenue EBITDA

29,927 2,926

14,683 3,707

104% (21%)

92,410 14,432

74,591 17,936

24% (20%)

Barge Business

Revenue EBITDA

26,088 6,526

19,621 2,375

33% 175%

91,050 11,539

76,296 4,547

19% 154%

Cabotage Business

Revenue EBITDA

10,765 619

10,526 3,662

2% (83%)

51,228 13,050

37,086 10,018

38% 30%

23

Navios Logistics Q4 2011 Balance Sheet Highlights

Balance Sheet Highlights ($ Thousand) Cash & cash equivalents Restricted Cash Accounts Receivable Vessels port terminal and other fixed assets, net Total Assets Senior notes Current portion of long term debt Long term debt, net of current portion Current portion of capital lease obligations Capital lease obligations, net of current portion Noncontrolling Interest Stockholders Equity (1) Book Capitalization (1) Net Debt / Book Capitalization

12/31/2011 40,529 31,959 350,088 621,234 200,000 69 599 31,221 541 320,684 552,573 34.6%

12/31/2010 39,204 564 17,102 296,133 547,461 10,171 117,251 1,252 31,009 19,249 310,030 469,713 25.5%

(1) Excludes noncontrolling interest.

24

NM Q4 & Year End Earnings Highlights

Earnings Highlights (excludes NNA)
($ 000 except per share data) Revenue EBITDA Adjusted EBITDA Net Income Adjusted Net Income Basic EPS Adjusted Basic EPS
(1) (2) (3) (4) (5)

Three months ended December 31, 2011 168,420 63,913 65,654 (1) 11,816 13,556 (1) 0.11 0.13 (1)

Three months ended December 31, 2010 164,487 106,272 73,175 (2) 57,503 24,406 (2) 0.56 0.23 (2)

Y-O-Y Variance 2.4% (39.9%) (10.3%) (79.5%) (44.5%) (80.4%) (43.5%)

Year ended December 31, 2011 (5) 664,225 245,889 265,366 (3) 42,267 61,744 (3) 0.40 0.59 (3)

Year ended December 31, 2010 (5) 646,350 338,665 265,714 (4) 154,051 81,100 (4) 1.51 0.78 (4)

Y-O-Y Variance 2.8% (27.4%) (0.1%) (72.6%) (23.9%) (73.5%) (24.4%)

Adjusted EBITDA, Adjusted Net income and Adjusted Basic EPS for the fourth quarter ended December 31, 2011, excludes a $1.7 million accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation. Adjusted EBITDA, Adjusted Net income and Adjusted Basic EPS for the fourth quarter ended December 31, 2010, excludes the $22.1 million and the $7.2 million gain on sale of the Navios Fulvia and the Navios Melodia, respectively, to Navios Partners and $3.8 million gain on the buyback of the convertible notes. Adjusted EBITDA, Adjusted Net income and Adjusted Basic EPS for the year ended ended December 31, 2011, excludes (i) $21.2 million of expenses relating to the bond extinguishment in January 2011, (ii) $35.3 million loss on deconsolidation of NNA, (iii) $38.8 million gain on sale of Navios Luz and Navios Orbiter to Navios Partners and (iv) $1.7 million accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation. Adjusted EBITDA, Adjusted Net Income and Adjusted Basic EPS for the year ended ended December 31, 2010, excludes (i) $55.4 million gain on sale of Navios Hyperion, Navios Aurora II, Navios Pollux, Navios Melodia and Navios Fulvia to Navios Partners, (ii) $4.0 million write-off of an unfavorable ST charter contract, (iii) $17.7 million gain recognized as a result of obtaining control of Navios Acquisition as of May 28, 2010; and (iv) $3.8 million gain on the buyback of the convertible notes. The effect of NNA is excluded.

25

NM: Strong Balance Sheet

Selected Balance Sheet Data
(in $'000) December 31, 2011 Cash & cash equivalents Restricted Cash Other current assets Deposit for vessel acquisitions Vessels, port terminals and other fixed assets, net Total Assets Current portion of long term debt Other current liabilities Senior notes, net of discount Long term debt, net of current portion Stockholders Equity (1) 171,096 6,399 193,479 63,814 1,767,946 2,913,824 70,093 181,910 945,538 437,926 1,059,106 Navios Holdings Pro-forma December 31, 2010 (2) 146,050 19,778 110,315 80,834 1,720,018 2,850,902 58,211 121,752 693,787 614,494 1,091,820

Book Capitalization (1) Net Debt / Book Capitalization

(1) Excludes noncontrolling interest. (2) Excludes effect of NNA consolidation

2,512,663 50.8%

2,458,312 48.8%

26

Returning Capital to Shareholders

Dividend Policy: Q4 2011 NM Distribution: $0.06 per share
Record Date: Payment Date: Shares Outstanding as of Q4: Total cost: Annual run rate: March 22, 2012 April 12, 2012 102,409,364 $6.1 million $24.6 million

Dividend receivable in 2012 from NMM : $27.5 million Dividend receivable from NNA (annualized): $5.2 million

27

Company Highlights
Large, Modern Fleet Provides Scale in a Fragmented Industry 57 controlled vessels, including 12 newbuildings - 45 active ships of which 28 owned / 17 chartered-in Modern high-quality fleet with an average age of 5.3 years (vs. 12.0 year avg for industry) Diverse portfolio of Capesize, Panamax, Ultra-Handymax and Handysize vessels 77.2% of revenue days in 2012 - $261.4 million 41.4% of revenue days in 2013 - $179.1 million 24.9% of revenue days in 2014 - $122.6 million
Charter-out contract revenue insured by AA rated EU governmental agency

Focus on Long-Term Contracted Revenue (1)

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 55+ years of operating history Strategic relationships with shipyards, commercial banks and other industry players Contracts with reputable creditworthy counterparties Approx. $1.0 billion of debt and equity issued since September 2008 Strong emerging market demand, aging dry bulk fleet, increased scrapping activity, and slippage of new buildings Average industry experience of 20+ years per person Navios Maritime Partners L.P. Navios South American Logistics Inc. Navios Maritime Acquisition Corporation Navios Maritime Holdings Inc. core activities
28

Strong Brand with Established Track Record in the Drybulk Industry

Proven Market Access Favorable Long-Term Industry Dynamics Seasoned Management Team Multiple Avenues of Growth

(1) Excludes Kleimar vessels

www.navios.com

Appendix

Owned Fleet: Panamax & Ultra Handymax

Vessels Navios Ionian Navios Horizon Navios Herakles Navios Achilles Navios Meridian Navios Mercator Navios Vector Navios Arc Navios Hios Navios Kypros Navios Astra Navios Ulysses Navios Vega Navios Celestial Navios Magellan Navios Star Total: 16 vessels
(1) (2) (3) (4)

Appendix: Core Fleet

Type Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Ultra Handymax Panamax Panamax Built 2000 2001 2001 2001 2002 2002 2002 2003 2003 2003 2006 2007 2009 2009 2000 2002 DWT 52,067 50,346 52,061 52,063 50,316 53,553 50,296 53,514 55,180 55,222 53,468 55,728 58,792 58,063 74,333 76,662 901,664

Charter Rate ($) (1) 13,726 9,025 10,450 25,521 29,783

(4)

Expiration Date (2) 09/18/2012 04/19/2012 04/11/2012 11/17/2013 02/15/2012 01/12/2015 04/14/2012 07/07/2012 03/09/2012 01/28/2014 11/18/2012 10/12/2013 05/23/2013 05/04/2012 04/12/2012 04/07/2013 12/04/2012

Profit Share NM%/Base(3) No No No 65% / $20,000 after March 2012 No 65% / $20,000 after March 2012 No No No 50% / $19,000 No No No No No No

14,250
(4)

10,830 9,975 8,550 20,778 12,825 31,281 15,751 12,350 7,600 10,925 16,958

Daily rate net of commissions Expected Redelivery basis midpoint of full redelivery period Profit share based on applicable Baltic TC Average exceeding $/day rates listed Amount represents daily net rate of insurance proceeds following the default of the original charterer. The contracts for these vessels have been temporarily suspended and the vessels have been re-chartered to third parties for variable charter periods. Upon completion of the suspension period, the contracts with the original charterers will resume at amended terms. The obligations of our insurers are reduced by an amount equal to the mitigation charter hire revenues earned under the contracts with third parties and/or the original charters or the applicable deductibles for any idle periods. The Company has filed claims for all unpaid amounts in respect of the employment of the vessels in the corporate rehabilitation proceedings.

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Owned Fleet: Capesize

Vessels Navios Bonavis Navios Happiness Navios Lumen Type Capesize Capesize Capesize

Appendix: Core Fleet

Built 2009 2009 2009 DWT 180,022 180,022 180,661 Charter Rate ($) (1) 47,400 52,345 (6) 39,830 (3) 43,193 (3) 42,690 (3) 39,305 (3) 36,974(4) 17,005 37,590(4) 45,875(4) 29,356 29,356 27,888 (6) 25,025 (6) 24,674 26,469 (6) Expiration Date (2) 06/29/2014 05/24/2014 12/10/2012 12/10/2013 12/10/2016 12/10/2017 12/22/2016 11/27/2012(5) 01/19/2015 01/19/2018 10/28/2020 12/02/2020 12/16/2013 07/17/2022 01/27/2021 09/14/2022 Profit Share NM%/Base (7) No 50% / $32,000 after March 2012 Yes Yes Yes Yes No No No No 50% / $38,500 50% in excess of $38,500 50% / $32,000 after March 2012 No 50% / $34,500 after March 2012

Navios Stellar Navios Phoenix Navios Antares Navios Buena Ventura Navios Etoile Navios Bonheur Navios Altamira Navios Azimuth Total: 11 vessels
(1) (2) (3) (4) (5) (6)

Capesize Capesize Capesize Capesize Capesize Capesize Capesize Capesize

2009 2009 2010 2010 2010 2010 2011 2011

169,001 180,242 169,059 179,259 179,234 179,259 179,165 179,169 1,955,093

(7)

Daily rate net of commissions Expected Redelivery basis midpoint of full redelivery period Year eight optional (option to Navios Holdings) included in the exhibit above. Profit sharing = 100% to Navios Holdings until net daily rate of $44,850 and becomes 50/50 thereafter Amount represents daily rate of insurance proceeds following the default of the original charterer. These vessels have been rechartered to third parties for variable charter periods. Obligations of the insurer are reduced by an amount equal to the mitigation charter hire revenues earned under these contracts and the applicable deductibles under the insurance policy. Subject to COA of $45,500 for the remaining period until Q1 2015 Amount represents daily net rate of insurance proceeds following the default of the original charterer. The contracts for these vessels have been temporarily suspended and the vessels have been re-chartered to third parties for variable charter periods. Upon completion of the suspension period, the contracts with the original charterers will resume at amended terms. The obligations of our insurers are reduced by an amount equal to the mitigation charter hire revenues earned under the contracts with third parties and/or the original charters or the applicable deductibles for any idle periods. The Company has filed claims for all unpaid amounts in respect of the employment of the vessels in the corporate rehabilitation proceedings. Profit share based on applicable Baltic TC Average exceeding $/day rates listed.

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Long-Term Chartered-In Fleet

2012 Weighted Average Charter-in Rate = $12,592
Vessels Navios Serenity Navios Primavera Navios Armonia Navios Titan Navios Orion Navios Altair Navios Esperanza Navios Marco Polo Navios Koyo Total: 9 vessels Type Handysize Ultra Handymax Ultra Handymax Panamax Panamax Panamax Panamax Panamax Capesize Built 2011 2007 2008 2005 2005 2006 2007 2011 2011 DWT 34,718 53,464 55,100 82,936 76,602 83,001 75,356 80,647 181,415 723,239 Charter Rate ($) (1) 10,756 13,300 13,894 19,000 49,400 13,063 14,513 11,875 17,005 Expiration Date (2) 07/28/2012 10/07/2012 03/10/2012 11/09/2012 12/14/2012 09/05/2012 02/19/2013 01/09/2013 01/30/2013 Purchase Option (3)
Yes (50%)

Appendix: Core Fleet

Profit Sharing 40% / $14,000 -

Yes No No No No No Yes Yes

(1) (2) (3)

Daily charter-out rate net of commissions. Assumed midpoint of redelivery by charterers. Generally, Navios Holdings may exercise its purchase option after three to five years of service.

33

Appendix: Core Fleet

Vessels to be Delivered
Vessels Owned Vessel on Order Navios Centaurus Navios Avior
Vessels Optional Vessels on Order Navios TBN Navios TBN Navios TBN Navios TBN Vessels Navios Lyra Navios Oriana Navios Apollon Navios TBN Navios TBN Long-term Chartered-in Vessels on Order Navios TBN Navios TBN Navios TBN Navios TBN Navios TBN Total: 10 vessels
(1) (2) Daily charter-out rate net of commissions. The charter period is two years from delivery of each vessel.

Type Panamax Panamax

Type Panamax Panamax Panamax Panamax Type Handysize Ultra-Handymax Ultra-Handymax Ultra-Handymax Ultra-Handymax Panamax Panamax Panamax Panamax Capesize

Anticipated Delivery Date 03/2012 05/2012

Anticipated Delivery Date H2 2013 H2 2013 H1 2014 H1 2014 Anticipated Delivery Date 09/2012 02/2012 Q1 2012 05/2013 10/2013 01/2013 07/2013 09/2013 11/2013 12/2013

DWT 81,600 81,600

DWT 82,000 82,000 82,000 82,000 DWT 34,718 61,000 52,073 61,000 61,000 82,100 80,500 80,500 80,500 180,000 773,391

Charter rate (1) (2) 12,825 12,716

Purchase Option Yes (50%) Yes No Yes Yes Yes Yes (50%) Yes (50%) Yes (50%) Yes

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Kleimar Controlled Fleet

Owned Vessels Vessels Navios Asteriks Type Panamax DWT 76,801 Built 2005 % Owned 100%

Appendix

Long-Term Chartered-in Vessels Vessels Golden Heiwa Torm Antwerp Beaufiks Rubena N SC Lotta Phoenix Beauty King Ore Navios Obeliks (3) Total 9 vessels(2) Type Panamax Panamax Capesize Capesize Capesize Capesize Capesize Capesize DWT 76,662 75,250 180,310 203,233 169,056 169,150 176,800 180,000 1,307,262 Built 2007 2008 2004 2006 2009 2010 2010 2012 Expiration(1) 03/2017 01/2013 06/2017 01/2016 03/2014 12/2012 05/2020 07/2022 Purchase Option No Yes Yes No No No No Yes

(1) (2) (3)

Assumes vessels redeliver to owners post expiration of extension period Includes new build vessel to be delivered Anticipated delivery date July 1, 2012

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