May 13, 2010May 13, 20102010 Master Limited Partnership Investor Conference

Disclosures

Statements in this presentation which are not statements of historical fact are “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements are based on the information available to, and theamended). These forward looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by, the Company at the time this presentation was made. Although the Company believes that the assumptions underlying such statements are reasonable, it can give no assurance that they will be attained. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information or g p y gfuture events, unless it is required to do so under the securities laws. The Company makes no prediction or statement about the performance of its common units.

EBITDA represents net income plus interest and finance costs plus depreciation and amortizationEBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, unless otherwise stated. EBITDA is included because it is used by certain investors to measure a company's financial performance. 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 p p p gprinciples 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 determination of cash distribution. While EBITDA is frequently used as a measure of operating

2

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.

Agendag

Company Overview Company Overview Company Developments Review of Q1 2010 Financial Results

Q t l C h Di t ib ti Quarterly Cash Distribution Fleet and Operations Overview Industry Overview Appendix

33

Navios Partners Ownership Structure

100% Membership Interest

Common Unitholders Common Unitholders (1)(1)Navios Maritime Holdings Inc.Navios Maritime Holdings Inc.NYSE: NMNYSE: NM

68.7% Limited Partner Interest29.3% Limited Partner Interest

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

2.0% General Partner InterestIncentive Distribution Rights

Navios Maritime Partners L.P.NYSE: NMM

100% Membership Interest

Navios Maritime Operating L.L.C.Navios Maritime Operating L.L.C.

13 Dry Bulk Vessels2 Capesize, 10 Panamax and 1 Ultra Handymax drybulk carriers

(1) Refers to publicly traded common units and includes approx. 1.1% of common units purchased by a corporation owned by Angeliki Frangou

4

Conservative Business Posture

Long Term Charter CoverageWeighted average remaining term of charter

coverage approx. 4.1 yearsStaggered charter-out expirations - minimize

charter renewal risk

Strong Counterparties Strong creditworthy counterparties (Mitsui, Cosco, Rio Tinto, Cargill, etc.)

Insured Revenue Stream Charter-out contracts insured by AA+ rated EU Governmental Agency

Steady Increase in Distributions Per Unit 18.6% increase in distributions in 2.5 years

Operating Expense Visibility Fixed operating costs until November 2011

Fleet age of 6 3 years (1) vs industry fleet age of

5

Young Fleet Fleet age of 6.3 years ( ) vs. industry fleet age of 15.3 years (2)

(1) Navios Maritime Partners fleet age weighted by DWT(2) Source: Drewry’s as of March 2010

Company DevelopmentsCompany Developments

Q1 2010 Key Developments$ & $26.2 million annual EBITDA & improved ratios

– Navios Aurora II - acquired for $110.0 million• 2009 built Capesize; DWT = 169,031; delivered March 18, 2010

Charter Out: $41 325 (net daily) to November 2019• Charter Out: $41,325 (net daily) to November 2019• Financed with:

$20.0 million through issuance of 1,174,219 units to Navios Holdings * $30.0 million new tranche to existing credit facility $60.0 million of cash from balance sheet

• Annualized EBITDA = $12.9 million

– Navios Hyperion - acquired for $63.0 million• 2004 built Panamax; DWT = 75,707; delivered January 8, 2010• Charter Out: $37,953 (net daily) to April 2014( y) p• Financed with cash from balance sheet • Annualized EBITDA = $11.9 million

– Navios Sagittarius - exercise of purchase option for $25.0 million • 2000-built Panamax; DWT: 75,756; delivered to Navios Partners’ owned fleet on January y

12, 2010 • Charter out: $26,125 (net daily) for 10 years (expires November 2018)• NMM exercised purchase option for $25.0 million on favorable terms:

– 11.0% reduction in contracted exercise price (approx $3.1 million)$12 0 million increase in net asset value leading to improvement in LTV ratios– $12.0 million increase in net asset value leading to improvement in LTV ratios

– $1.4 million estimated annual cash savings (replacing charter-in costs with Opex)

77

* Issued at approximately 10% premium over the February equity offering price

Debt Key Developments

Credit Facility - Update $ million

Loan Outstanding January 1, 2010 195.0

Prepayment of cash pledged to the banks (12.5)

New tranche for vessel acquisitions, January 11, 2010 24.0

– New margin post prepayments and new tranche = 1.25% - 1.65%

New tranche for vessel acquisitions, March 30, 2010 30.0

Loan outstanding March 31, 2010 236.5

g p p p y– Effective interest rate for Q1 2010: 2.12% (4.27% for Q1 2009)– No principal repayment until Q1 2012

8

Equity Key Developments

$92.3 million successful, traditional “overnight” equity raise, in May 2010– Offering completed on May 5, 2010

5 175 000 it i d t $17 84 it– 5,175,000 units issued at $17.84 per unit– The joint book-running managers for this offering were Citi, J.P. Morgan, Bank of America /

Merryll Lynch and the co-managers were S. Goldman Advisors LLC, DVB Capital Markets and Cantor Fitzgerald & Co., Knight Capital Market LLCP i i di t 5 25% d it di t 4 5% t t l t t 9 75%– Pricing discount: 5.25%; underwriters discount: 4.5%; total cost to company: 9.75%

$62.4 million “overnight” equity raise, in February 2010– Offering completed on February 8, 2010Offering completed on February 8, 2010– 4,025,000 units issued at $15.51 per unit including overallotment of 525,000 units exercised by

underwriters

9

Multiple Avenues of Distribution Growth• 18.6% Distribution increase Since IPO

Opportunities in the Dry Bulk

Growth Through Navios Holdings

Exercising Purchase

• 83.8% Increase in operational fleet capacity

Right to purchase certain vessels on 3+ year

S&P Market Controlled Vessels

Exercised purchase option for Navios

Vessel values have fallen significantly from

Options

vessels on 3 year charters

Dropdown candidates feature known vessels and charterers along with

option for Navios Fantastiks in Q2 2008 and Navios Sagittarius in Q1 2010

Purchase options on

fallen significantly from 2008’s highs

Sale and purchases of drybulk vessels

charterers along with credit risk insurance

Navios Group has grown to a controlled fleet of 72 d b lk l

Purchase options on Navios Prosperity (2012) and Navios Aldebaran (2013)

Highly fragmented industry

dry bulk vessels

1010

626,100 DWT 1,150,564 DWTNov. 2007IPO

April 2010

(*) Includes owned and chartered-in tonnage.

+83.8%(*)

Review of Q1 2010 Financial ResultsReview of Q1 2010 Financial Results

First Quarter 2010 Earnings Highlights

($ m) Three months ended March 31, 2010

Three months ended March 31, 2009 Y-O-Y Growth

Time charter and voyage revenue $29.4 $21.2 38.7%

Net Income 12.6 9.0 40.0%

EBITDA 21.3 14.7 44.9%

Operating Surplus 17.8 10.6 67.9%

Replacement Capex Reserve 3.3 2.0 65.0%

Active vessels 13 9 44 4%Active vessels 13 9 44.4%

Available Days 1,081 810 33.5%

12

Strong Balance SheetSelected Balance Sheet Data (in $ m)

March 31, 2010 December 31, 2009

Cash & cash equivalents $26.2 $91.2Other current assets 3.2 1.4

Vessels, net 426.9 299.7Total Assets 562.1 436.8

(1)

Total Assets 562.1 436.8

Deferred revenue, current 9.3 9.0Other current liabilities 11.1 4.3Long Term Debt 236.5 195.0Total Partners Capital 287.0 208.0Total liabilities & partners’ capital 562.1 436.8

N t D bt / A t V l ( h t tt h d) 38 3% 28 0%(2)Net Debt / Asset Value (charter attached) 38.3% 28.0%Accumulated Replacement Capex Reserve 22.2 18.9

(1) $34.4 million cash & cash equivalents excluding $56.8 million net proceeds from the November 2009 offering(2) Considers Clarksons’ charter attached values of owned vessels and chartered-in vessels (less the exercise values) as of

M h 31 2010

(2)

March 31, 2010

13

Quarterly Cash DistributionQuarterly Cash Distribution

14

Q1 2010 Cash Distribution

Increase in distributions: 1.2% increase to $0.415 quarterly ($1.66 annualized)

Cash Distribution of $0.415 per unit for Q1 2010Record Date: May 10, 2010 ; Payment Date: May 13, 2010

Cumulative Operating Surplus: $22.3 million

Di t ib ti $15 8 illi ($12 2 illi t C U it )Distribution: $15.8 million ($12.2 million to Common Units)

($3.6 million to GP and Subordinated Units)

Common Unit Coverage: 1.83x

Total Unit Coverage: 1.41x

15

Tax Efficient Status – Distributions reported on Form 1099

EB IT D A Operat ing Surplus N et Inco me

Significant Growth in Key Operating Metrics

21.3

18.120

25

EB IT D A Operat ing Surplus N et Inco me$ m

18.1

12.6

10

15

0

5

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q120102008 2008 2008 2008 2009 2009 2009 2009 2010

UNIT DISTRIBUTION TREND

16

Fleet and Operations OverviewFleet and Operations Overview

Vessel Type DWT Year Built Ownership

Purchase Option

Modern, High Quality Drybulk Fleet

Navios Fantastiks Capesize 180,265 2005 100% Navios Prosperity Panamax 82,535 2007 Chartered-in Navios Alegria Panamax 76,466 2004 100%

Navios Galaxy I Panamax 74,195 2001 100%

Navios Felicity Panamax 73,867 1997 100%

Navios Libra II Panamax 70,136 1995 100%

InitialFleet 8

Navios Gemini S Panamax 68,636 1994 100%

Navios Aldebaran Panamax 76,500 2008 Chartered-in Navios Hope Panamax 75,397 2005 100% Navios Sagittarius Panamax 75,756 2006 100% Navios Apollon Ultra-Handymax 52,073 2000 100% Navios Hyperion Panamax 75,707 2004 100%

DropdownVessels 5

Navios Aurora II Capesize 169,031 2009 100%

Average Age of Fleet: (1) 6.3 years(1) Navios Partners fleet age weighted by DWT g g

Average Age of Dry Bulk Industry: (2)

y

15.3 years

(1) Navios Partners fleet age weighted by DWT (2) Source: Drewry’s as of March 2010

18

Diversified Portfolio of Charters with Industry LeadersAA+ rated EU Governmental Agency insurance on all charters-out

Revenue by ChartererRemaining Charter Duration(1)

1 3 years

AA+ rated EU Governmental Agency insurance on all charters-out

9.4%

22.3%13.6%22%

1 – 3 years6 – 10 years

3.5%

10 4%8.6%

48%

5.8%

10.4%

2.8% 23.5%

30%3 – 6 years

SAMSUN LOGIX

Diversified customer base with78% of contracted volume secured

Average Remaining Charter Term: 4.1 years

191919191919

Diversified customer base with strong creditworthy counterparties

78% of contracted volume secured by charters running longer than 3 years

Staggered Charter Expiration Profile (1)

Navios Prosperity

Navios Libra II

Navios Alegria

DEC-2010$23,513

$24,000

$23,750 DEC-2010

JUL-2012

Navios Felicity

Navios Aldebaran

Navios Apollon

Navios Prosperity

$28,391

$24,000

JUN-2013$26 169

JUL 2012

MAR-2013

$23,700 NOV-2012

Navios Gemini S

Navios Fantastiks

Navios Hope

Navios Felicity

FEB-2014

FEB-2014

$24 225

JUN 2013

$36,290

$26,169

$17,562 AUG-2013

$32,279

$10,643

Navios Sagittarius

Navios Galaxy I

Navios Hyperion

Navios Gemini S

FEB-2018

FEB-2014

$26 125

$24,225

$21,937

NOV-2018

$37,953 APR-2014$32,300

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Navios Aurora II

Navios Sagittarius $26,125 NOV-2018

NOV-2019$41,325

Original Charter-Out Rate

(1) Per day, net of commission

20

Original Charter-Out RateNew Charter-Out Rate

Industry Overview

Baltic Exchange Dry Index* 2002 – YTDBDI 2002 up-to-date

BDI October 2008 up-to-date

* As of May 12, 2010. 22

World Dry Bulk Trade 1980–2009F t U id

y

3,500

China admitted to the WTO

Future Upside:

India

2,500

3,000

2 8%2 8%

4.1%4.1%

1 500

2,000

(Mill

ion

Tons

)

1.1%1.1%2.8%2.8%

1,000

1,500

Trad

e

0

500

1980 1984 1988 1992 1996 2000 2004 2008

Source: Drewry Shipping Consultants Ltd. (2009 estimates, Jan 2010)

1980 1984 1988 1992 1996 2000 2004 2008

23

GDP Growth Supported by Emerging Economies

4.7

2 3

3.85.9 6.1

2.4

6.34.85.1 5.04.1

3 5

6.37.5 7.1 7.9 8.3

2.23.5

4.5 5.1 5.23.0 4.24.0

3.33.7 3.6

2.84.9

2.63 5 4 0

4.06.08.0

10.0

2.32.5

3.5-0.62.5 3.0

-3.2

0.5

2.72.63.21.91.6

2.8 3.0 3.53.5 4.0

1.2

-4.0-2.00.02.0

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

6

wth

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Emerging and developing economies World Advanced economies

012345

nual

GD

P G

row

-2-10

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

% A

nn

Actual Oct-08 Nov-08 Jan-09 Mar-09 Jul-09 Sep-09 Jan-10 Apr-10

Changing economic growth expectations: The IMF recently increased (April 2010) its forecast for 2010 World growth to 4.2% from 3.9%, as of January 2010, advanced economies growth to 2.3% from 2.1% and emerging and developing economies growth to 6.3% from 6.0 Source: IMF, April 2010 24

Changing Trade Flows Increase Ton Miles Chinese Iron Ore Imports Indian Coal Imports

45%

50%

600

700

90

100

‘06-’10 CAGR of 21%

30%

35%

40%

400

500

600

60

70

8006- 10 CAGR of 21%

10%

15%

20%

25%

200

300

20

30

40

50

0%

5%

10%

0

100

2005 2006 2007 2008 2009 2010 E0

10

20

2005 2006 2007 2008 2009 2010 E

As market share of Indian Iron Ore to China declines, imports from Australia and Brazil increase As market share of Indian Iron Ore to China declines, imports from Australia and Brazil increase favoring Capesize and Panamax vessels. favoring Capesize and Panamax vessels.

Chinese Iron Ore Imports Australia % Brazil % India % Indian Coal Imports

Source: Clarksons March 2010

Increasing Indian Coal imports increase demand for Panamax and UltraIncreasing Indian Coal imports increase demand for Panamax and Ultra--Handymax vessels Handymax vessels

25

Changing Trade Flows

50 50

China becomes net coal importer

20

30

40

ons

10

20

30

40

mi

-10

0

10

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

mill

ion

to

-20

-10

0

10

llion tons

-30

-202001 2002 2003 2004 2005 2006 2007 2008 2009 2010

-40

-30

Imports Exports Net

As China exports less coal, other Pacific Rim countries source from farther afield locations As China exports less coal, other Pacific Rim countries source from farther afield locations increasing tonincreasing ton--mile requirementsmile requirements

Source: National Bureau of Statistics of China/ Mysteel. 26

Chinese Steel Production and Iron Ore Imports

40506070

Mill

. Mt

2530354045

Day

s

203040

Jan

Feb

Mar

Apr

May Jun

Jul

Aug

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May Jun

Jul

Aug

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May Jun

Jul

Aug

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May Jun

Jul

Aug

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

2006 2007 2008 2009 2010

M

101520

Stockpiles Inventory Days (6 Month MA) Iron Ore Imports Steel Production

IRON ORE STEEL PRODUCTION

Domestic Production Imports

2006 579.73 YoY% 326.30 YoY% 421.46 YoY%

2007 707.07 22% 383.70 18% 488.05 16%

2008 784.82 11% 444.10 16% 500.02 2%

2009 873.29 11% 630.42 42% 566.61 13%

Source: National Bureau of Statistics of China/ Mysteel.

Q1 2010 204.00 22% 155.01 18% 157.51 24%

27

Aging Fleet + Credit Crisis = Accelerated Scrapping

50%

Dry Bulk Industry Age Profile (% dwt)

Over 60- 40- 10- Total Demo as %

Bulk Carrier Demolition By Size

DWT

26%30%

40%

50% Year End 100 100 60 40 Demolition of fleet2000 1.0 0.2 0.8 2.4 4.5 1.60%2001 1.5 2.3 0.7 3.6 8.1 2.80%2002 1.3 1.4 0.5 2.8 6.0 2.00%2003 0.8 0.6 0.6 2.2 4.1 1.40%2004 0.1 0.3 0.3 0.10%

Over 20 Years Old Over 25 Years Old

16%

10%

20%2005 0.2 0.2 0.1 0.4 0.9 0.30%2006 0.3 0.5 0.2 0.9 1.8 0.50%2007 0.1 0.1 0.2 0.4 0.10%2008 1.9 1.1 0.4 1.6 5.0 1.20%

2009 1.6 2.2 1.3 5.0 10.0 2.37%2010 0.6 0.1 0.3 0.8 1.8 0.39%

Scrapping Dynamics:

0%Total Dry Bulk Fleet Total Dry Bulk Fleet

8

Source: SSY’s Dry Bulk Forecaster (April 2010).

Note: DWT for vessel categories in thousands. DWT figures for 2000 to 2010 (May YTD) in millions.Source: Clarksons.

Scrapping Dynamics: Average scrapping for the period 1978-2007 was approximately 1.62% of fleet dwt per year Average scrapping over 4-year period 2004-2007 was 0.25% of fleet dwt per year Scrapping for 2008 exceeded 1% of fleet on dwt basis (all within Q4) Scrapping for 2009 near record levels was 2.37% or 10.0 million dwt

Total dry bulk fleet end 2008 about 418.1 million dwt; non-delivery about 21% Total dry bulk fleet end 2009 about 459.7 million dwt; non-delivery about 40% Net fleet growth from 2008 to 2009 of 9.9%

Source: Historical drybulk fleet size and scrapping data from Clarksons. 28

Changes to the Orderbook Projections

• Non-deliveries for 2009 = 40% (29.8 m dwt)

• Non-deliveries for 2010 projected at 48% (60.5 m dwt)

112.00

125.6

120.00

140.00Orderbook 2009

Orderbook 2010

55.20

71.27

82.15

60.00

80.00

100.00

Mill

ion

DW

T

EXPECTEDSLIPPAGE

48.2%

42.50

20.00

40.00

M

Actual Deliveries

0.00as of January 2008 as of January 2009 as of January 2010

Source: Clarksons’29

Dry Bulk Orderbook: Actual and projected non-deliveries

2010 April YTD deliveries 22.9 m dwt equating to 48 5% non-delivery

140 60%

m. DWT % Non Deliveries

equating to 48.5% non-delivery 2010 expected deliveries 65.1 m dwt

equating to 48.2% non-delivery Conservative lending environment

causing non deliveries100

120

40%

50%

causing non-deliveries Renegotiations commonly result in

delivery postponements and cancellations 60

80

30%

40%

Non-deliveries for 2009: 40% by dwt (71.3 dwt expected,

42.5 dwt delivered) 45% by number of vessels (962 20

40

10%

20%

5% by u be o esse s (96newbuilds expected, 531 actual deliveries) 0

2007 2008 2009 20100%

Orderbook Deliveries % Non Deliveries

Source: Scheduled and actual deliveries data from Clarksons (Apr 2010).

30

Conservative Business Posture

Long Term Charter CoverageWeighted average remaining term of charter

coverage approx. 4.1 yearsStaggered charter-out expirations - minimize

charter renewal risk

Strong Counterparties Strong creditworthy counterparties (Mitsui, Cosco, Rio Tinto, Cargill, etc.)

Insured Revenue Stream Charter-out contracts insured by AA+ rated EU Governmental Agency

Steady Increase in Distributions Per Unit 18.6% increase in distributions in 2.5 years

Operating Expense Visibility Fixed operating costs until November 2011

Fleet age of 6 3 years (1) vs industry fleet age of

31

Young Fleet Fleet age of 6.3 years ( ) vs. industry fleet age of 15.3 years (2)

(1) Navios Maritime Partners fleet age weighted by DWT(2) Source: Drewry’s as of March 2010

AppendixAppendix

Navios MLP FleetOwned Vessels

Vessels Type Built DWT Charter Rate ($) 1 Expiration Date 2

Navios Fantastiks Capesize 2005 180,265 32,279 03/01/201136,290 02/26/2014

Navios Alegria Panamax 2004 76,466 23,750 12-31-2010Navios Hope Panamax 2005 75,397 10,643 05/18/2010

17,562 08/16/2013Navios Libra II Panamax 1995 70,136 23,513 12-31-2010

Navios Gemini S Panamax 1994 68,636 24,225 2-8-2014Navios Felicity Panamax 1997 73,867 26,169 6-9-2013Navios Galaxy I Panamax 2001 74 195 21 937 2 3 2018Navios Galaxy I Panamax 2001 74,195 21,937 2-3-2018Navios Apollon Ultra-Handymax 2000 52,073 23,700 11-8-2012

Navios Sagittarius Panamax 2006 75,756 26,125 11/19/2018Navios Hyperion Panamax 2004 75,707 37,953 4/01/2014Navios Aurora II Capesize 2009 169,031 41,325 11/24/2019

Total - 11 Vessels 991,529

Long-Term Chartered-In VesselsVessels Type Built DWT Charter-Out Rate ($) 1 Expiration Date 2 Purchase Option

Navios Prosperity Panamax 2007 82,535 24,000 7/4/2012 YesNavios Aldebaran Panamax 2008 76 500 28 391 3/16/2013 YesNavios Aldebaran Panamax 2008 76,500 28,391 3/16/2013 Yes

Total - 2 Vessels 159,035

Total Fleet - 13 Vessels 1,150,564 dwt

(1) D il h t t t t f i i

33333333

(1) Daily charter-out rate net of commissions(2) Assumed midpoint of redelivery by charterers

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