Statement of Significant Differences Between the Corporate Governance Practices of Navios Maritime Holdings Inc., a Marshall Islands company, and the Corporate Governance Standards of the New York Stock Exchange, Inc. (the ’NYSE’).

Pursuant to an exception for foreign private issuers, we are not required to comply with the corporate governance practices followed by U.S. companies under the NYSE listing standards. However, pursuant to Section 303.A.11 of the NYSE Listed Company Manual, we are required to state any significant differences between our corporate governance practices and the standards required by the NYSE. In order to provide adequate protection to our shareholders, we have voluntarily adopted all of the NYSE required practices, except we do not have a compensation committee but all compensation decisions with respect to our officers and directors are currently made by a majority of our independent board members. The significant difference between our corporate governance practices and the NYSE standards is set forth below.

Compensation Committee. The NYSE requires that a listed company have a compensation committee of independent directors and a committee charter specifying the purpose and responsibilities of the committee. On July 9th, 2007, Navios established the Compensation Committee with following members:

• Allan Shaw, Chairman
• Spiridon Magoulas, Committee Member
• John Stratakis, Committee Member