FOURTH SUPPLEMENTAL INDENTURE (this “ Fourth Supplemental Indenture ”), dated as of
June 7, 2010, among Navios Maritime Holdings Inc., a Marshall Islands corporation, (the “ Company ”),
Navios Maritime Finance (US) Inc., a Delaware corporation (together with the Company, the “ Co-Issuers ”),
and Faith Marine Ltd., a Liberian corporation and an indirect subsidiary of the Company (the “ Guaranteeing
Subsidiary ”), the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank,
National Association, as trustee (or its permitted successor) under the Indenture referred to below (the “
Trustee ”) and as collateral trustee (or its permitted successor) under the Indenture referred to below (the “
Collateral Trustee ”).
WHEREAS, the Co-Issuers and the Guarantors have heretofore executed and delivered to the Trustee an
indenture (the “ Indenture ”), dated as of November 2, 2009 providing for the issuance of 8 7 / 8 % First Priority
Ship Mortgage Notes due 2017 (the “ Notes ”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall
execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall
unconditionally guarantee all of the Co-Issuers’ obligations under the Notes and the Indenture on the terms and
conditions set forth herein (the “ Note Guarantee ”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this
Fourth Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and
agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned
to them in the Indenture.