Navios South American Logistics Inc. Company Presentation

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1 Navios South American Logistics Inc. Company Presentation November 2014

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. Adjusted EBITDA represents Net Income/(Loss) attributable to Navios Logistics stockholders before interest, taxes, depreciation and amortization and excludes certain items as described under Earnings Highlights. Adjusted EBITDA is presented because it is used by certain investors to measure a company's operating performance. Adjusted 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 Adjusted EBITDA is frequently used as a measure of operating performance, the definition of Adjusted 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 Maritime Holdings Inc. (NYSE: NM) Controls 64-vessel dry bulk fleet; 40 owned and 24 long term chartered-in vessels. Global brand; Flexible business model Stable cash flow from charter out contracts and distributions (including IDRs) from subsidiaries FY 2013 EBITDA: $159.8 million; 9M 2014: $153.6 million Share price: $5.78 Annual Dividend: $0.24; 4.2% yield 20% $2.05/share 46.4% $2.06/share 63.8% Navios Maritime Partners L.P. (NYSE: NMM) Fleet: 32 vessels: 8 Capesize, 14 Panamax, 3 Ultra Handymax Dry Bulk Carriers and 7 Container vessels MLP with high dividend payout model FY 2013 EBITDA:$153.4 million; 9M 2014: $160.7 million Market value of NM ownership: $217.0 million Annual dividend: $1.77; 12.9% yield Navios Maritime Acquisition Corp. (NYSE: NNA) Fleet: 41 vessels: 29 product tankers, 8 VLCC, 4 chemical tankers Acquired crude and product tankers for historically low values Developing leading company in tanker sector EBITDA: FY 2013: $122.6 million; 9M 2014: $110.5 million Market value of NM ownership: $218.2 million Annual dividend: $0.20; 6.7% yield 57.5% Navios South American Logistics Logistics operator in Hidrovia Region Core operations: Port Terminal facilities (dry & wet), barging (dry & wet), cabotage business EBITDA: FY 2013: $56.8 million; 9M 2014: $53.5 million 20-year contract with Vale for port services expected $35 million annual minimum EBITDA All stock prices and yields as of November 12, Navios Maritime Midstream Partners L.P (NYSE: NAP) Fleet: 4 VLCCs Focused on long-term charter business in the tanker midstream sector Options on 7 VLCC dropdowns provide built-in fleet & distribution growth NTM EBITDA: $47million 4

5 Navios Logistics Ownership Structure Navios Maritime Holdings Inc. NYSE: NM 63.8% Ownership 36.2% Ownership Navios South American Logistics Inc. (Marshall Islands) Peers Business Inc. Port Terminals Barge Business Cabotage Business Storage and Transshipment Bulk Terminal Nueva Palmira, Uruguay (tax free zone) with 460,000 mt storage capacity Fuel Terminal San Antonio, Paraguay with 45,660 m 3 storage capacity 20-year contract with Vale for port services expected $35 million annual minimum EBITDA 361 (1) barges and pushboats transporting dry and liquid cargoes across the river system Push boats Dry barges Oil barges LPG barges 1 floating dry dock Refined product transportation along the Argentinean coast Six ocean going product tankers, two self-propelled barges and one bunker vessel Strategy to secure cash flows with long term contracts Awarded Brazilian Cabotage contracts for six new building vessels (1) Including three new building push boats to be delivered in Q

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 river barge fleets serving a diverse set of industries Largest Argentinean product cabotage fleet with an average age of 5 years Opportunities to invest in new port infrastructure 20-year contract with Vale for storage and transshipment of mineral commodities 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 ADM, Bunge, Cargill, Dreyfus, Petrobras, Petropar, Vale, Vitol among others 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 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 295 dry barges 34 tank barges 27 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 1 Bunker Vessel (1,693 dwt) 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 New 20-year storage and transshipment contract with Vale for mineral commodities Time charters and CoAs (1-6 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 three new building push boats 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 72 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 Antares Petrotank Maruba 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 2. Including three new building push boats to be delivered in Q Sources: Drewry 8

9 Navios Logistics Presence Throughout Supply Chain Brazil Bolivia Paraguay Fuel Port Terminal Loading / Unloading 45,660 m 3 storage capacity Paraguay Barge Transportation barges and push boats Dry and liquid cargos Uruguay Bulk Port Terminal Loading / Unloading 460,000 mt storage capacity Drying & conditioning facility Dry Port Liquid Port Iron ore Grains Liquid cargo Argentina 1. Including three new building push boats to be delivered in Q Uruguay Exports Cabotage Transportation 6 ocean going tankers 2 self-propelled barges 1 bunker vessel Distribution of oil products 9

10 Navios Logistics Recent Developments Iron ore port development for 20-year storage and transshipment contract with Vale Developing the engineering design and advancing on equipment selection and procurement Advancing on remaining regulatory processes Acquisition update of six convoys Three convoys: Three convoys have been delivered and started performing six-year TC contracts at $14,500 per day per convoy within Q2; expected annualized EBITDA of $10 million or $3.3 million per convoy (1) Three additional convoys: Barges have already been delivered in China and transported to South America, three new building push boats are expected to be delivered in Q Acquisition of 1,693 dwt, 2012 built, bunkering vessel $4.9 million estimated total acquisition cost including repositioning cost to Argentina Three year time charter at $16,525 net per day adjusted for crew cost and FX differences Estimated annualized EBITDA of $2.0 million (1) (1) EBITDA estimates assume expenses approximating current operating costs for similar vessels and 360 revenue days per year 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: ~ 2,100 Number of barges: ~ 29,000 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 ~52% 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 River Plate - 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, USDA November

14 New Jumbo Barges: Even More Efficient Design One Jumbo Barge: 2,875 Tons One Mississippi Barge: 1,500 Tons Jumbo Hopper Car: 112 Tons Large Semi: 26 Tons ~2x ~26x ~111x One 16-Mississippi Barge Convoy = 24,000 dwt = ~2.1x 100-Car unit Train = ~920x Large Semis (Trucks) One 20-Mississippi Barge Convoy = 30,000 dwt ~2.7x 100-Car unit Train ~1,150x Large Semis (Trucks) = = One 12-Jumbo Barge Convoy = 34,500 dwt ~3.1x 100-Car unit Train ~1,330x Large Semis (Trucks) = = Source: IOWA Department of Transportation 14

15 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14P 14/15E Million Metric Tons Million Metric Tons Strategically Positioned to Serve the Soybean Production Hidrovia Region Soybean Production Uruguay Soybean Production % % 50% 45% Region % of World % 0.0 Soybean Production Region % of World Uruguay Soybean Production Hidrovia accounts for ~52% of world soybean production Uruguay is the fastest growing soybean producer in the region Note: Crop years for Soybean Production according to USDA definition, P = Preliminary, E = Estimate Source: Drewry, USDA November

16 and the Corumba Region Iron-Ore Production Million Metric Tons Corumba Iron Ore Production Source: Drewry 16

17 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: SIWI and IWMI, 2004 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 17

18 Q Earnings Highlights 18

19 Track Record of Strong EBITDA Growth Revenue ($ million) Adjusted EBITDA ($ million) % CAGR % CAGR % (1) M 2013 Sales of Product Time charter, voyage and port terminals revenue 9M M M 2014 $10 million (2) expected annualized EBITDA from three new convoys (started operation in Q2 2014) Further EBITDA expected from three additional convoys to be delivered and port terminal expansion (1) Adjusted EBITDA for the nine months ended September 30, 2014 has been adjusted to exclude $27.3 million loss on bond extinguishment (2) EBITDA estimates assume expenses approximating current operating costs; 360 revenue days per year per convoy 19

20 Navios Logistics Q3 & Nine Months 2014 Earnings Highlights (in $ 000) Three months ended September 30, 2014 Three months ended September 30, 2013 Y-O-Y Variance Nine months ended September 30, 2014 Nine months ended September 30, 2013 Y-O-Y Variance Revenue 79,136 49,819 59% 194, ,516 4% Navios Logistics Adjusted EBITDA 18,127 10,824 67% 53, ,530 26% Net income/(loss) 3,072 (956) n/a (18,540) 9,401 n/a Adjusted net income/(loss) 3,072 (956) n/a 8, ,401 (7%) Port Terminals Revenue 32,451 12, % 66,574 71,734 (7%) Adjusted EBITDA 8,773 8,270 6% 22,566 22,527 - Barge Business Revenue 29,312 22,886 28% 80,290 71,955 12% Adjusted EBITDA 5,674 1, % 14, ,655 67% Cabotage Business Revenue 17,373 14,617 19% 47,838 42,827 12% Adjusted EBITDA 3,680 1, % 16, ,348 45% 1. Adjusted EBITDA and Adjusted Net Income for the nine months ended September 30, 2014 have been adjusted to exclude $27.3 million loss on bond extinguishment 20

21 Navios Logistics Balance Sheet Selected Balance Sheet Data (in $'000) September 30, 2014 December 31, 2013 Cash & cash equivalents 101,956 86,569 Accounts Receivable 23,841 21,503 Vessels port terminal and other fixed assets, net 462, ,879 Total Assets 805, ,060 Senior notes 375, ,156 Current portion of long term debt Long term debt, net of current portion Current portion of capital lease obligations 1,436 1,400 Capital lease obligations, net of current portion 21,282 22,359 Stockholders Equity 311, ,479 Book Capitalization 710, ,922 Net Debt / Book Capitalization 42% 36% 21

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