Navios South American Logistics Inc. Company Presentation

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1 Navios South American Logistics Inc. Company Presentation August 2013

2 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios South American Logistics, Inc. s ( Navios Logistics, NSAL, or the Company ) 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 the Company believes that the expectations reflected in such forwardlooking 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 the Company. 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 barge, pushboat and product tanker vessels; competitive factors in the market in which the Company operates; weatherrelated risks; risks associated with operations outside the United States; and other factors listed from time to time in the Company s filings with the Securities and Exchange Commission. The Company 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 the Company s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For the selected financial data presented herein, Navios Logistics compiled consolidated statements of operation and selected balance sheets for the relevant periods. EBITDA represents Net Income/(Loss) attributable to Navios Logistics stockholders before interest, taxes, depreciation and amortization. EBITDA is presented because it is used by certain investors to measure a company's operating 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 principles generally accepted in the United States or as a measure of profitability or liquidity. While EBITDA is frequently used as a measure of operating performance, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation. 2

3 Navios Logistics Overview 3

4 Creating Shareholder Value: Navios Group Navios Maritime Holdings Inc. (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 Annual dividend: $0.24; 3.8% yield 23.4% NM Ownership $2.12/ share 51.6% NM Economic $2.15/ share Interest 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 25 dry bulk vessels of 2.7 M DWT NM receives incentive distributions through the wholly owned GP EBITDA: FY 2012: $177.4 million; H $82.1 million Market value of NM ownership: $218.7 million Annual dividend: $1.77; 12.6% yield All stock prices and yields as of August 21, 2013 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; H $57.3 million Market value of NM ownership: $222.6 million Annual dividend: $0.20; 5.4% yield 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 EBITDA: FY 2012: $48.1 million; H $31.7 million 4

5 Navios Logistics Ownership Structure Navios Maritime Holdings Inc. NYSE: NM Peers Business Inc. 63.8% Ownership 36.2% Ownership Navios South American Logistics Inc (Marshall Islands) Port Terminal Operations Barge Business Cabotage Business 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 m 3 storage capacity (1) Including 3 pushboats and 36 barges to be delivered 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 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 5

6 Navios Logistics Highlights Leading Logistics Provider in the Hidrovia Region of South America Multiple Avenues of Growth 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 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 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 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, Bunge, Cargill, Dreyfus, Petrobras, Petropar, Vale, Vitol among others Strategic positioning with fixed rate contracts and CoA s with minimum volume guarantees Long-term relationships with high contract renewal rates Strategic relationships Experienced management team Long operating history in region 6

7 Integrated Transportation and Storage Services Port Terminals Barge Business Cabotage Business Asset Base Bulk transfer and storage port terminal in Nueva Palmira, Uruguay Liquid port in San Antonio, Paraguay 259 dry barges (1) 40 tank barges 25 pushboats (1) 2 small inland oil tankers 3 LPG barges 1 floating dry dock 6 Product tankers (8,974 17,508 dwt) 2 self-propelled barges Commodities Transported or Stored Dry cargo (cereals, soybeans, iron ore, etc) Liquid cargo (primarily diesel fuel and naphtha) Dry cargo Liquid cargo Liquefied Petroleum Gas (LPG) Refined oil products Typical Customer Contracts Long-term storage and transshipment contracts Time charters and CoAs (1-5 years) Spot market contracts Time charters (1-3 years average duration) Spot market contracts Geographic Region Strategic locations along the Hidrovia river system Hidrovia river system Argentinean coastal trade Opportunity to expand into Brazilian cabotage market (1) Including 3 pushboats to be delivered in Q and 36 barges to be delivered in Q

8 Largest Independent Logistics Provider in Hidrovia Ports Barge Business Cabotage # Barges & Pushboats Top 5 Players DWT ( 000) Top 5 Argentinean Coastal Cabotage Players by Tonnage (1) 77 Largest Independent Dry Port in the Hidrovia One of the Largest Independent Liquid Ports in Paraguay 0 Ultrapetrol NSAL Fluvialba ADM Interbarge 0 NSAL National Shipping Corp Antares Maruba Petrotank Key Benefits of Large Scale Lower operating costs Greater market presence Higher quality charterers Strong strategic relationships (shipyards, commercial banks, etc.) (1) Includes vessels 5,000 29,000 DWT Source: Drewry 8

9 Presence Throughout Supply Chain CHILE BOLIVIA PARAGUAY Corumba Iron Ore 2 BRAZIL Port: Paraguay Fuel Terminal Grain / Crop Loading / unloading Storage 1 Barge Transportation 329 barges and pushboats Dry and liquid cargos ARGENTINA URUGUAY 2 Port: Uruguay Bulk Terminal Loading / unloading Storage Drying & conditioning facilities Refineries 3 Exports Cabotage Transportation Dry Ports Wet Ports Refineries Southern Argentina 6 ocean going tankers 2 self-propelled barges 9

10 New Business 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 Q $26.5 million for 36 new building barges ($736,500 each, including transportation) delivery Q 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 10

11 Market Overview 11

12 Hidrovia: Agricultural Heartland of South America Runs over 4,500 kilometers across the agricultural heartland of South America Comparable in length to the Mississippi system South America Hidrovia Region Mississippi Region Number of barges: ~ 1,700 Number of barges: ~ 27,000 Source: Drewry Significant Capacity for Growth 12

13 Favorable Market Fundamentals of Hidrovia VENEZUELA COLOMBIA ECUADOR Navios Oil Products Terminal PERU CHILE BOLIVIA ARGENTINA GUYANA SURINAME PARAGUAY URUGUAY Coastal Cabotage Trade FRENCH GUIANA BRAZIL Hidrovia River System Navios Dry Port Terminal Growing exports of grain and mineral commodities - Region accounts for ~54% of global soybean production - Significant expansion in iron ore production - Significant exporter to emerging market economies, such as China Stable growth in oil demand - 69% of Argentina s refining capacity is located near the Hidrovia and in the Plate River - Paraguay does not produce any crude oil and relies on imports from larger refineries in Argentina Reliance on waterborne transportation - Shortage of highway or rail infrastructure alternatives - River system provides access to Atlantic Ocean and global export markets - River barges and coastal tankers are the most cost-efficient method of transportation Source: Drewry 13

14 The Economics of River Transportation: Barge Transport is Cost-Effective One Barge: 1,500 Ton One 15 Barge Convoy: 22,500 Ton Jumbo Hopper Car: 112 Ton 100 Car Train Unit: 11,200 Ton Large Semi: 26 Ton One Barge Equivalent Units 13.4 Jumbo Hopper Cars 58 Large Semis (Trucks) = = One 15 Barge Convoy Car-unit Train 870 Large Semis (Trucks) = = One 20 Barge Convoy Car-unit Train 1,160 Large Semis (Trucks) = = Source: IOWA Department of Transportation 14

15 Million Metric Tons Thousand Metric Tons Hidrovia Importance in World Dry Bulk Trade Hidrovia Region Soybean Production Corumba Brazil Iron Ore Production % 9, , % 50% Region % of World 7,000 6,000 5,000 4,000 3, % 2, , % 0 Soybean Production Region % of World Iron Ore Corumba Production Hidrovia accounts for ~54% of world soybean production Increased Chinese demand driving Brazilian iron ore production growth Note: Crop years for Soybean Production according to USDA definition, P = Preliminary, E = Estimate Source: Drewry, USDA August

16 Fresh Water Availability vs. Population: Grain Exports = Virtual Water Trade Water requirement equivalent of main food products North & Central America Europe Asia Product Unit Equivalent water in m3 per unit 15% 8% South America 26% 6% 8% 13% Africa 11% 13% 36% % of Global Water Supply % of Global Population 60% Australia & Oceania 5% <1% Fresh beef kg 15 Fresh lamb kg 10 Fresh poultry kg 6 Cereals kg 1.5 Citrus fruits kg 1 Palm oil kg 2 Puls, roots and tubers kg 1 This table gives examples of water required per unit of major food products, including livestock, which consume the most water per unit. Cereals, oil crops, and pulses, roots and tubers consume far less water. Source: FAO, 1997a Global Virtual Water Imbalances Will Continue to be a Driver of Agricultural Trade Source: Web site of the UNESCO/IHP Regional Office of Latin America and the Caribbean 16

17 Q Earnings Highlights 17

18 Track Record of Strong EBITDA Growth Revenue ($ million) EBITDA ($ million) % CAGR % CAGR % 31.6% H H H H $90.0 Million Raised in Q through Add-On Bond for Growth Capex 18

19 Navios Logistics Q2 & H Earnings Highlights (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, ,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% 19

20 Navios Logistics Strong Balance Sheet Selected Balance Sheet Data (in $'000) Six months Ended June 30, 2013 Year Ended 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, ,038 Total Assets 737, ,344 Senior notes 293, ,000 Current portion of long term debt Long term debt, net of current portion Current portion of capital lease obligations 1,376 1,353 Capital lease obligations, net of current portion 23,074 23,759 Noncontrolling Interest Stockholders Equity (1) 331, ,840 Book Capitalization (1) 649, ,550 Net Debt / Book Capitalization 30% 33% (1) Excludes noncontrolling interest 20

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