Navios Partners Ownership Structure

First Quarter 2010 Earnings Presentation April 28, 2010

Agenda Company Overview Company Developments Review of Q1 2010 Financial Results Quarterly Cash Distribution Fleet and Operations Overview Industry Overview Appendix 2

Navios Partners Ownership Structure 100% Membership Interest Navios Maritime Holdings Inc. NYSE: NM Common Unitholders (1) Navios GP L.L.C. (General Partner) 2.0% General Partner Interest Incentive Distribution Rights 33.2% Limited Partner Interest Navios Maritime Partners L.P. NYSE: NMM 64.8% Limited Partner Interest 100% Membership Interest Navios Maritime Operating L.L.C. 13 Dry Bulk Vessels 2 Capesize, 10 Panamax and 1 Ultra Handymax drybulk carriers (1) Refers to publicly traded common units and includes approx. 1.3% of common units purchased by a corporation owned by Angeliki Frangou 3

Conservative Business Posture Long Term Charter Coverage Weighted average remaining term of charter coverage approx. 4.1 years Staggered 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 Young Fleet Fleet age of 6.2 years (1) 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 4

Company 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 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 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 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 $1.4 million estimated annual cash savings (replacing charter-in costs with Opex) * Issued at approximately 10% premium over the February equity offering price 6 6

Debt & Equity 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 tranche for vessel acquisitions, March 30, 2010 30.0 Loan outstanding March 31, 2010 236.5 New margin post prepayments and new tranche = 1.25% - 1.65% Effective interest rate for Q1 2010: 2.12% (4.27% for Q1 2009) No principal repayment until Q1 2012 $62.4 million successful, traditional overnight equity raise, in February 2010 Offering completed on February 8, 2010 4,025,000 units issued at $15.51 per unit including overallotment of 525,000 units exercised by underwriters 7

Multiple Avenues of Distribution Growth Since IPO 18.6% Distribution increase 83.8% Increase in operational fleet capacity Exercising Purchase Options Opportunities in the Dry Bulk S&P Market Growth Through Navios Holdings Controlled Vessels Exercised purchase option for Navios Fantastiks in Q2 2008 and Navios Sagittarius in Q1 2010 Purchase options on Navios Prosperity (2012) and Navios Aldebaran (2013) Vessel values have fallen significantly from 2008 s highs Sale and purchases of drybulk vessels Highly fragmented industry Right to purchase certain vessels on 3+ year charters Dropdown candidates feature known vessels and charterers along with credit risk insurance Navios Group has grown to a controlled fleet of 72 dry bulk vessels Nov. 2007 IPO 626,100 DWT +83.8% (*) 1,150,564 DWT (*) Includes owned and chartered-in tonnage. 8 March 2010

Review 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% Available Days 1,081 810 33.5% 10

Strong Balance Sheet Selected Balance Sheet Data (in $ m) March 31, 2010 December 31, 2009 Cash & cash equivalents $26.2 (1) $91.2 Other current assets 3.2 1.4 Vessels, net 426.9 299.7 Total Assets 562.1 436.8 Deferred revenue, current 9.3 9.0 Other current liabilities 11.1 4.3 Long Term Debt 236.5 195.0 Total Partners Capital 287.0 208.0 Total liabilities & partners capital 562.1 436.8 Net Debt / Asset Value (charter attached) (2) 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 March 31, 2010 11

Quarterly Cash Distribution 12

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 2010 Record Date: May 10, 2010 ; Payment Date: May 13, 2010 Cumulative Operating Surplus: $22.3 million 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 Tax Efficient Status Distributions reported on Form 1099 13

Significant Growth in Key Operating Metrics $ m 25 20 EB IT D A Operating Surplus N et Inco me 21.3 18.1 15 10 12.6 5 0 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 UNIT DISTRIBUTION TREND $0.45 $0.40 $0.385 $0.40 $0.40 $0.40 0.405 0.41 0.415 $0.35 $0.35 $0.35 $0.30 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 14

Fleet and Operations Overview

Modern, High Quality Drybulk Fleet Vessel Type DWT Year Built Ownership Purchase Option Navios Fantastiks Capesize 180,265 2005 100% Navios Prosperity Panamax 82,535 2007 Chartered-in Initial Fleet 8 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% Navios Gemini S Panamax 68,636 1994 100% Navios Aldebaran Panamax 76,500 2008 Chartered-in Navios Hope Panamax 75,397 2005 100% Dropdown Vessels 5 Navios Sagittarius Panamax 75,756 2006 100% Navios Apollon Ultra-Handymax 52,073 2000 100% Navios Hyperion Panamax 75,707 2004 100% Navios Aurora II Capesize 169,031 2009 100% (1) Navios Partners fleet age weighted by DWT (2) Source: Drewry s as of March 2010 Average Age of Fleet: (1) Average Age of Dry Bulk Industry: (2) 6.2 years 15.3 years 16

Diversified Portfolio of Charters with Industry Leaders AA+ rated EU Governmental Agency insurance on all charters-out Remaining Charter Duration (1) Revenue by Charterer 6 10 years 1 3 years 22% 13.6% 9.4% 22.3% 48% 8.6% 3.5% 10.4% 3 6 years 30% 23.5% SAMSUN LOGIX 2.8% 5.8% Average Remaining Charter Term: 4.1 years 78% of contracted volume secured by charters running longer than 3 years Diversified customer base with strong creditworthy counterparties 17

Staggered Charter Expiration Profile (1) Navios Alegria Navios Libra II $23,750 $23,513 DEC-2010 DEC-2010 Navios Prosperity $24,000 JUL-2012 Navios Apollon $23,700 NOV-2012 Navios Aldebaran Navios Felicity Navios Hope $10,643 $28,391 $26,169 MAR-2013 JUN-2013 $17,562 AUG-2013 Navios Fantastiks $32,279 $36,290 FEB-2014 Navios Gemini S Navios Hyperion $32,300 $24,225 FEB-2014 $37,953 APR-2014 Navios Galaxy I Navios Sagittarius Navios Aurora II $21,937 $26,125 $41,325 FEB-2018 NOV-2018 NOV-2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Original Charter-Out Rate New Charter-Out Rate (1) Per day, net of commission 18

Industry Overview

Baltic Exchange Dry Index* 2002 YTD BDI 2002 up-to-date BDI October 2008 up-to-date * As of April 27, 2010. 20

World Dry Bulk Trade 1980 2009 Future Upside: 3.500 China admitted to the WTO India 3.000 4.1% Trade (Million Tons) 2.500 2.000 1.500 1.1% 2.8% 1.000 500 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: Drewry Shipping Consultants Ltd. (2009 estimates, Jan 2010) 21

GDP Growth Supported by Emerging Economies 10.0 8.0 6.0 4.0 2.0 0.0-2.0-4.0 7.5 7.9 8.3 7.1 5.9 6.3 6.1 5.1 5.0 4.8 4.9 5.1 5.2 4.1 4.7 3.8 4.5 3.7 4.0 2.6 3.5 3.6 3.0 3.3 2.8 2.2 3.5 3.5 4.0 2.8 3.0 3.0 2.5 3.2 2.6 2.7 3.5 1.9 2.5 1.6 1.2 0.5-3.2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Emerging and developing economies World Advanced economies 2.4-0.6 6.3 4.2 2.3 % Annual GDP Growth 6 5 4 3 2 1 0-1 -2 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Actual Oct-08 Nov-08 Jan-09 Mar-09 Jul-09 Sep-09 Jan-10 Απρ-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 22

Changing Trade Flows Increase Ton Miles Chinese Iron Ore Imports Indian Coal Imports 700 50% 100 600 45% 40% 90 80 06-10 CAGR of 21% 500 35% 70 400 30% 60 25% 50 300 20% 40 200 15% 30 100 10% 5% 20 10 0 2005 2006 2007 2008 2009 2010 E 0% 0 2005 2006 2007 2008 2009 2010 E Chinese Iron Ore Imports Australia % Brazil % India % Indian Coal Imports As market share of Indian Iron Ore to China declines, imports from Australia and Brazil increase favoring Capesize and Panamax vessels. Increasing Indian Coal imports increase demand for Panamax and Ultra-Handymax vessels Source: Clarksons March 2010 23

Changing Trade Flows China becomes net coal importer 50 50 40 40 30 30 million tons 20 10 0-10 -20 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 20 10 0-10 -20-30 million tons -30 Imports Exports Net -40 As China exports less coal, other Pacific Rim countries source from farther afield locations increasing ton-mile requirements Source: National Bureau of Statistics of China/ Mysteel. 24

Chinese Steel Production and Iron Ore Imports Mill. Mt 70 60 50 40 30 20 45 40 35 30 25 20 15 10 Days 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 2006 2007 2008 2009 2010 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% Q1 2010 204.00 22% 155.01 18% 157.51 24% Source: National Bureau of Statistics of China/ Mysteel. 25

Aging Fleet + Credit Crisis = Accelerated Scrapping Dry Bulk Industry Age Profile (% dwt) Bulk Carrier Demolition By Size 50% DWT Over 60-40- 10- Total Demo as % Year End 100 100 60 40 Demolition of fleet 40% 30% 20% 10% 0% Over 20 Years Old 26% Total Dry Bulk Fleet Over 25 Years Old 16% Total Dry Bulk Fleet 2000 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% 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 0.5 0.3 0.1 0.3 1.2 0.27% Note: DWT for vessel categories in thousands. DWT figures for 2000 to 2010 YTD in millions. Source: Clarksons. Source: SSY s Dry Bulk Forecaster (April 2010). 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. 26

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) 140.00 Orderbook 2009 125.6 120.00 Orderbook 2010 112.00 Million DW WT 100.00 80.00 60.00 55.20 82.15 71.27 EXPECTED SLIPPAGE 48.2% 40.00 20.00 42.50 Actual Deliveries 0.00 as of January 2008 as of January 2009 as of January 2010 Source: Clarksons 27

Dry Bulk Orderbook: Actual and projected non-deliveries m. DWT % Non Deliveries 140 60% 120 50% 100 40% 80 30% 60 20% 40 10% 20 0 0% 2007 2008 2009 2010 2010 Q1 deliveries 16.3 m dwt equating to 41% non-delivery 2010 expected deliveries 65.1 m dwt equating to 48.2% non-delivery Conservative lending environment causing non-deliveries Renegotiations commonly result in delivery postponements and cancellations Non-deliveries for 2009: 40% by dwt (71.3 dwt expected, 42.5 dwt delivered) 45% by number of vessels (962 newbuilds expected, 531 actual deliveries) Orderbook Deliveries % Non Deliveries Source: Scheduled and actual deliveries data from Clarksons (Apr 2010). 28

Appendix

Navios MLP Fleet Owned Vessels Vessels Type Built DWT Charter Rate ($) 1 Expiration Date 2 Navios Fantastiks Capesize 2005 180,265 32,279 03/01/2011 36,290 02/26/2014 Navios Alegria Panamax 2004 76,466 23,750 12/31/2010 Navios Hope Panamax 2005 75,397 10,643 05/18/2010 17,562 08/16/2013 Navios Libra II Panamax 1995 70,136 23,513 12/31/2010 Navios Gemini S Panamax 1994 68,636 24,225 02/08/14 Navios Felicity Panamax 1997 73,867 26,169 06/09/13 Navios Galaxy I Panamax 2001 74,195 21,937 02/03/18 Navios Apollon Ultra-Handymax 2000 52,073 23,700 11/08/12 Navios Sagittarius Panamax 2006 75,756 26,125 11/19/2018 Navios Hyperion Panamax 2004 75,707 37,953 4/01/2014 Navios Aurora II Capesize 2009 169,031 41,325 11/24/2019 Total - 11 Vessels 991,529 Long-Term Chartered-In Vessels Vessels Type Built DWT Charter-Out Rate ($) 1 Expiration Date 2 Purchase Option Navios Prosperity Panamax 2007 82,535 24,000 7/4/2012 Yes Navios 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) Daily charter-out rate net of commissions (2) Assumed midpoint of redelivery by charterers 31