Document:

EXHIBIT 4.33

                                   9 May 2007

     (1)  RANDGOLD RESOURCES (SOMILO) LIMITED, as Pledgor

     (2)  N M ROTHSCHILD & SONS LIMITED, as Agent of the Lenders

                                   ----------

                       REGISTERED SHARE PLEDGE AGREEMENT

                                   ----------

                          [MAYER BROWN ROWE & MAW LOGO]
                                      PARIS

                                TABLE OF CONTENTS

Article                                                                     Page
                                                                            ----
1.   DEFINITIONS.........................................................     3
2.   PLEDGE..............................................................     5
3.   APPROVAL OF THE PLEDGE BY THE COMPANY...............................     5
4.   CONSTITUTION OF THE PLEDGE..........................................     5
5.   SCOPE OF THE PLEDGE.................................................     6
6.   SECURED OBLIGATIONS - REGISTRATION..................................     7
7.   ENFORCEMENT OF THE PLEDGE...........................................     8
8.   REPRESENTATIONS AND WARRANTIES OF THE PLEDGOR.......................     8
9.   UNDERTAKINGS OF THE PLEDGOR.........................................     9
10.  NOTIFICATIONS.......................................................    10
     10.1   FOR THE AGENT (OR THE LENDERS)...............................    11
     10.2   FOR THE PLEDGOR..............................................    11
11.  MISCELLANEOUS.......................................................    11
     11.1   COSTS AND EXPENSES...........................................    11
     11.2   REGISTRATION.................................................    11
     11.3   ELECTION OF DOMICILE.........................................    12
     11.4   EFFECT OF THE PLEDGE.........................................    12
     11.5   FAILURE TO EXERCISE RIGHTS OR REMEDIES.......................    12
     11.6   PARTIAL INVALIDITY...........................................    12
     11.7   IRREVOCABLE AGREEMENT........................................    12
     11.8   ASSIGNMENT...................................................    13
     11.9   APPLICABLE LAW - JURISDICTION................................    13
12.  REMITTANCE OF THIS AGREEMENT TO THE MALIAN STATE....................    13

ANNEX 1: LIST OF THE LENDERS

ANNEX 2: FORM OF NOTIFICATION OF THE SHARE PLEDGE

ANNEX 3: FORM OF APPROVAL OF THE SHARE PLEDGE

                                        1

THIS REGISTERED SHARE PLEDGE AGREEMENT IS ENTERED INTO on [**] between the
following parties:

(1)  RANDGOLD RESOURCES (SOMILO) LIMITED, a company incorporated under the laws
     of Jersey, which registered office is located La Motte Chambers, La Motte
     Street, Saint Helier, Jersey, JE1 1BJ, Channel Islands, represented by Mr
     Mahamadou SAMAKE, duly empowered for the purposes hereof by a resolution of
     the board of directors dated April 30, 2007 (hereinafter referred to as the
     "PLEDGOR"),

(2)  THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 (together with
     their successors the "Lenders"), each being represented by N M ROTHSCHILD &
     SONS LIMITED, a credit institution incorporated under English law, which
     registered office is New Court, St Swithin's lane, Londres EC4P 4DU, the
     latter being represented by Mr Salif Karamoko TALL, duly empowered for the
     purposes hereof, acting as agent of the Lenders (hereinafter referred to as
     the "AGENT").

RECITALS:

(A)  Terms in capital letters and not expressly defined in the Recitals shall
     have the meaning ascribed to such terms in Article 1 below.

(B)  Under an agreement dated December 27, 1978, the Malian State and the Bureau
     de Recherches Geologiques et Minieres (hereinafter referred to as "BRGM")
     jointly created a mining research syndicate (the "SYNDICATE") for the
     recognition of gold, copper, tin and diamonds in the Kenieba and Kangaba
     authorized research area.

(C)  Further to the works carried out by the Syndicate, the Malian State and the
     partners of the Syndicate entered into an establishment agreement dated
     March 21, 1983 (the "1983 AGREEMENT").

(D)  The Company was created on October 20, 1988 by SEREM (a wholly owned
     subsidiary of BRGM) and the Malian State pursuant to the 1983 Agreement in
     order to operate the Loulo deposit (hereinafter the "PROJECT"), being
     specified that the Company is holder of the Operating Permit to carry out
     its activities.

(E)  The 1983 Agreement was amended by (i) an agreement dated April 2, 1993 for
     the benefit of the Company including the improvement and operating
     activities of the Loulo deposit and (ii) by an amendment dated November 17,
     2004, entered into between the State of Mali, Randgold Resources Limited
     and the Company, in order to facilitate the implementation of the 1983
     Agreement for the operation of the Loulo deposit (the "CONVENTION").

(F)  A loan agreement dated September 6, 2004 was entered into between, inter
     alia, the Company as borrower, Randgold Resources Limited and the Pledgor
     as guarantors and certain banks and financial institutions, including N M
     Rothschild & Sons Limited (the "INITIAL LOAN AGREEMENT") in order to
     finance the Project, and all the shares of the

                                        2

     Pledgor have been pledged (the "INITIAL PLEDGE") to secure the Initial Loan
     Agreement in accordance with the registered share pledge agreement dated
     December 15, 2004 (the "INITIAL SHARE PLEDGE AGREEMENT").

(G)  Under a Revolving Credit and Term Loan Facilities Agreement dated on or
     about the date of this agreement, entered into between the Lenders and the
     Mandated Lead Arrangers on the one hand and Randgold Resources (Somilo)
     Limited as Borrower and Randgold Resources Limited as Guarantor on the
     other hand (as amended and restated from time, hereinafter referred to as
     the "LOAN AGREEMENT"), the Lenders provided to Randgold Resources (Somilo)
     Limited a facility for a maximum amount of U.S.$ 60.000.000 in order to
     refinance, inter alia, the Initial Loan Agreement facilities. Under Article
     5 (conditions precedent to making loans) of the Loan Agreement, the
     creation of the Pledge is a condition precedent to the facilities listed
     therein.

(H)  On the date hereof, the Pledgor owns 170,634 class C shares of the Company
     and wishes to pledge the Pledged Shares for the benefit of the Lenders to
     secure the Secured Obligations.

(I)  Given the provisions of the Protocole, the Parties agreed to enter into
     this Agreement.

IT IS AGREED WHAT FOLLOWS:

1.   DEFINITIONS

"AGREEMENT"             means this registered share pledge agreement relating to
                        the Pledged Shares.

"ANNEX"                 means an annex to this Agreement.

"ARTICLE"               means an article of this Agreement.

"A.U.S."                means the Acte Uniforme de l'OHADA portant organisation
                        des suretes dated april 17, 1997 (as amended and
                        restated from time to time).

"A.U.S.C."              means the Acte Uniforme de l'OHADA relatif au droit des
                        societes commerciales et du groupement d'interet
                        economique dated April 17, 1997 (as amended and restated
                        from time to time).

                                          3

"COMPANY"               means Societe des Mines de Loulo SA, a Societe anonyme
                        with a share capital of FCFA 2.133.000.000, having its
                        registered office at Faladie, 6448 Avenue de l'OUA and
                        registered under the companies register of Bamako under
                        number Ma.Bko.2006.B.4716 du 15/09/06

"FCFA"                  means the legal currency in force in Mali.

"FINANCE DOCUMENT"      has the meaning ascribed to the term "Finance Document"
                        in the Loan Agreement.

"MINING CODE"           means the ordonnance n(DEG). 91-065/P-CTSP dated
                        September 19, 1991 bearing the Mali mining Code (as
                        amended and restated from time to time).

"OBLIGORS"              has the meaning ascribed to the term "Obligors" in the
                        Loan Agreement.

"OHADA"                 means the Organisation pour l'Harmonisation en Afrique
                        du Droit des Affaires created by the Port-Louis Treaty
                        dated October 17, 1993.

"OPERATING PERMIT"      means the operating gold permit granted by the Mali
                        State to the Ministry of Industrial Development and
                        Tourism and to the BRGM by the Decret n(DEG). 338/PRGM
                        dated December 8, 1987, and further assigned to the
                        Company by the Decret n(DEG). 96-048/PM-RM of February
                        14, 1996 (as amended by the Decret n(DEG). 99-193/PM-RM
                        of July 15 1999 and Decret n(DEG). 99-323/PM-RM of
                        October 7, 1999).

"PLEDGE"                means the registered share pledge relating to the
                        Pledged Shares and governed by this Agreement.

"PLEDGED SHARES"        means the 170,634 class C shares of the Company, held by
                        the Pledgor, with number 42,667 to 213,300 subject to
                        the Pledge, including any share held by the Pledgor or
                        any amount falling under the scope of the Pledge
                        following the date of this Agreement.

"PROTOCOLE"             means the memorandum of understanding dated 30 November
                        2004 (as amended from time to time) entered into between
                        the government of the Mali Republic and the Agent,
                        whereby (i) the Malian Republic certifies to the Agent
                        that the creation and the enforcement of the security
                        interests are valid, (ii) authorizes the creation of

                                          4

                        security interests on the shares of the Company and
                        (iii) waives any preemption right under the Convention.

"RECITALS"              means the recitals of this Agreement.

"R.C.C.M."              means the registered deemed to be the "Registre du
                        Commerce et du Credit Mobilier" within the meaning of
                        article 67 of the A.U.S.

"SECURED OBLIGATIONS"   means all or part of the sums due or which will be due
                        from time to time by any Obligor pursuant to any Finance
                        Document, and all costs, ancillary rights and interest
                        (including, but not limited to all costs, expenses,
                        fees, legal fees or penalties).

The Recitals and each Annex to this Agreement are incorporated into this
Agreement and have the same binding effect as the other provisions of this
Agreement.

2.   PLEDGE

By this Agreement, the Pledgor pledges for the benefit of the Lenders, which
accept it, the Pledged Shares to secure the Secured Obligations in accordance
with the A.U.S. and A.U.S.C, i.e the 170,634 class C shares of the Company, with
number 42,667 to 213,300.

3.   APPROVAL OF THE PLEDGE BY THE COMPANY

     (a)  The Pledgor declares that it has notified to the Company previously to
          this Agreement the contemplated Pledge over the Company's shares for
          the benefit of the Lenders, in accordance with article 773 of the
          A.U.S.C. in the terms set out in Annex 1.

     (b)  The Pledgor declares that the shareholders of the Company have
          approved the contemplated Pledge during the session held on April 25,
          2007, in the terms set out in Annex 2.

     (c)  The Pledgor declares that the Company has informed the Pledgor of the
          Company's consent to the Pledge in accordance with article 773 of the
          A.U.S.C., in the terms set out in Annex 3.

4.   FORMALITIES IN RELATION TO THE CONSTITUTION OF THE PLEDGE

(a)  The Parties declare that the Initial Pledge was released on the date
     hereof.

                                       5

     (b)  Pursuant to article 65 of the A.U.S., this Agreement shall be
          registered as provided in Article 11 of this Agreement.

     (c)  The shares of the Company being registered shares, the Pledge shall be
          created or and enforceable against third parties in accordance with
          the provisions of article 747 and 764 of the A.U.S.C., by registration
          of the Pledge in the transfer register of the Company.

     (d)  The Pledgor shall remit to the Agent as soon as possible (i) the
          bordereaux forms of share transfer signed and left blank by the
          Pledgor as security in favor of the Agent and (ii) the share
          certificates relating to the Pledged Shares.

     (e)  In order to perfect the Pledge, this Pledge shall be registered with
          the R.C.C.M in accordance with article 67 of the A.U.S. by the Pledgor
          on the date hereof.

     (f)  Finally, the Plegor shall notify the Pledge to the Company by bailiff
          (signification) as soon as the Pledge has been registered in
          accordance with article 67.2 of the A.U.S. and at his own expenses,
          and shall procure that the Company provides to the Agent the
          deliverance of a Pledge registration certificate on the transfer
          register of the Company.

5.   SCOPE OF THE PLEDGE

     (a)  All the Pledged Shares, including those replacing or supplementing
          such shares, by any means whatsoever (including by way of exchange,
          regrouping, division; attribution or cash subscription) fall
          automatically within the scope of the Pledge. For this purpose, the
          Pledgor hereby grants an irrevocable mandate to the account keeper of
          the Company in order to proceed, as the case may be, to the necessary
          requirements so as to include all new shares within the scope of the
          Pledge.

     (b)  The proceeds relating to the Pledged Shares shall also be pledged in
          favor of the Lenders under this Agreement.

     (c)  The Lenders authorize the full use by the Pledgor of the dividends
          relating to the Pledged Shares, being specified that such
          authorization shall be withdrawn as from the occurrence of an event of
          default listed in article 10 (Event of Default) of the Loan Agreement,
          so that any dividends to be due (or dividends due and not yet received
          by the Pledgor) shall be paid directly by the Company (or, as the case
          may be, by the Pledgor) to the Lenders or the Agent for application
          towards the Secured Obligations.

     (d)  Should the Company decide to reduce its share capital and such
          reduction would not be caused by losses of the Company, the Pledgor
          shall refrain from offering the Pledged Shares to the Company for
          repurchase.

     (e)  Should the Company decide to reduce its share capital due to losses,
          the Pledgor undertakes to inform the Lenders of the contemplated share
          capital reduction prior

                                        6

          to the shareholder's resolutions deciding such reduction, and any new
          shares subscribed by the Pledgor further to such share capital
          reduction shall fall within the scope of this Pledge.

6.   SECURED OBLIGATIONS - REGISTRATION

     (a)  For the purpose of registering this Pledge, the Parties assess the
          Secured Obligations for a maximum global amount of:

          (i)  USD 60,000,000 in principal (i.e a counter-value of FCFA
               29,010,000,000) on the date hereof); and

          (ii) USD 15,300,000 in interest and other sums (i.e a counter-value of
               FCFA 7,397,550,000 on the date hereof),

          being specified that such sums shall be added to the sums which could
          be due under hedging agreements entered into by the group to which the
          Pledgor belongs for an estimated amount of USD 90,000,000 (i.e. a
          counter-value of FCFA 43,515,000,000);

          i.e. A GLOBAL AMOUNT OF USD 165,300,000 (CORRESPONDING TO A
          COUNTER-VALUE OF FCFA 79,922,550,000 ON THE DATE HEREOF).

     (b)  The Pledgor shall fulfill as soon as possible and at his own expenses
          all necessary requirements for the validity and perfection of this
          Pledge, including the registration of the Pledge with the R.C.C.M
          (within ten (10) business days from the date of this Agreement).

     (c)  In case of failure of the Pledgor to fulfill this obligation in the
          time limit specified in the paragraph above, any holder of an original
          copy of this Agreement shall be entitled to carry out all formalities
          required for the validity and enforceability of this Pledge, at the
          Pledgor's sole expenses.

     (d)  Renewal of the registration with the R.C.C.M shall be made by the
          Pledgor every (5) years from the date of initial registration, and
          from the date of renewal of registration for further registrations.

     (e)  In case of failure by the Pledgor to carry out the registrations and
          renewals of the Pledge, the Lenders shall be entitled, at their own
          discretion, either to (i) carry out such registrations and renewals
          (or carry it out through the Agent, acting in the name and on behalf
          of the Lenders) either to (ii) decide to apply the provisions of
          article 10 (Events of Default) of the Loan Agreement.

                                        7

7.   ENFORCEMENT OF THE PLEDGE

     (a)  In case of failure of the Pledgor to pay the Secured Obligations on
          their respective due date or in case of occurrence of any of the
          events listed in article 10 (Events of Default) of the Loan Agreement,
          the Agent, acting in the name and on behalf of the Lenders, shall be
          entitled to enforce the Pledge in accordance with the provisions of
          article 56-1 of the A.U.S after an eight (8) days notice if the
          failure to pay or the default has not been remedied by the Pledgor.

     (b)  The Pledgor shall not be bound to exercise any action against third
          parties or enforce any security interest before enforcing this Pledge.

     (c)  As a general principle, the Agent, acting in the name and on behalf of
          the Lenders, shall exercise all rights, actions and privilege
          available for the creditors of this Pledge. The Agent shall be
          entitled to sell the Pledged Shares, in order to pay any amount due
          under the Secured Obligations, by preference to other creditors.

8.   REPRESENTATIONS AND WARRANTIES OF THE PLEDGOR

The Pledgor makes the following representations and warranties:

     (a)  It has been validly incorporated and exists in compliance with its
          applicable laws;

     (b)  It has all powers and full capacity to execute this Agreement and has
          obtained all necessary authorizations for this purpose, including all
          corporate authorizations of its relevant corporate bodies;

     (c)  Its obligations under this Agreement, and if necessary under the Loan
          Agreement, are legal, valid and binding obligations, enforceable in
          accordance with their respective terms;

     (d)  No consent or authorization of any kind whatsoever is necessary for
          the execution or enforcement of this Pledge (other than those
          mentioned in this Agreement);

     (e)  The contemplated Pledge has been duly authorised by the Company and
          its shareholders in accordance with Article 3 of this Agreement;

     (f)  It has obtained the release of the Initial Pledge;

     (g)  It has full ownership over the Pledged Shares and all the Pledged
          Shares have been fully paid up;

     (h)  On the date hereof, the Pledged Shares are free from any registration,
          right, privilege, lien or other security interest and in particular,
          as the case may be, from the general mortgage of the competent tax
          administrations, so that the registration to be made pursuant to this
          Agreement shall bear a first priority and will not be challenged and
          the Pledged Shares have not been seized and are not under escrow;

                                        8

     (i)  The execution and performance of this Agreement do not violate or
          breach any legislative, regulatory or conventional (including any
          treaty) provisions applicable to the Pledgor or the Company, nor
          violate decisions or judgments of any court, arbitration entity,
          administrative authority or governmental entity;

     (j)  It complies with the terms and conditions of any agreement or other
          document to which it is a party;

     (k)  It is not in a situation of suspension of payments (cessation de
          paiements) and is not subject to any insolvency proceedings (or any
          similar proceedings aiming at the settlement of distressed companies)
          in any State where it operates its activities;

     (l)  It complies with all applicable regulations (or regulations applicable
          to the shareholders of the Company) and all authorizations have been
          obtained for the performance of its activities, the ownership of its
          assets, and the execution of its obligations resulting from the
          Convention;

     (m)  On the date hereof, no litigation, legal action or pending proceedings
          have been brought against it, and to his knowledge there is no risk of
          litigation, legal action, action or proceedings:

          (i)  which would relate directly to any provision of this Agreement;
               or

          (ii) which could affect its capacity to fulfill its obligations under
               this Agreement.

9.   UNDERTAKINGS OF THE PLEDGOR

On the date hereof and during the term of this Agreement, the Pledgor expressly
and irrevocably undertakes to:

     (a)  Abstain from selling, assigning (in consideration of a payment or not)
          or otherwise transferring (including by way or contribution, exchange
          or merger) or consenting to any right, security interest or privilege
          of any nature whatsoever over the Pledged Shares or on the proceeds
          relating thereto and from pledging the Pledged Shares to any third
          party without the written prior consent of the Agent;

     (b)  Hold at any time at least 80 % of the share capital and voting rights
          of the Company (to the exception of the shares owned by directors of
          the Company and notwithstanding the legal provisions related to the
          minimum number of directors) and to this end make any acquisition,
          subscribe or subscribe on its behalf to any share capital increase and
          to any new share issued by the Company;

                                        9

     (c)  Pledge in favor of the Lenders any shares held by the Pledgor which
          would not fall automatically (pursuant to this Agreement or pursuant
          to any law or regulation) within the scope of this Pledge;

     (d)  Pledge any share or transferable security which would replace or
          supplement the Pledged Shares;

     (e)  Maintain in favor of the Lenders a first priority over the Pledged
          Shares during the term of this Agreement;

     (f)  Refrain from any act which would reduce the value of the Pledged
          Shares during the term of this Agreement;

     (g)  Comply with all applicable obligations and exercise all rights that it
          holds as shareholder of the Company so as to preserve the rights of
          the Lenders and/or widen the scope of the Pledge;

     (h)  Obtain any authorization, sign and provide all necessary documents for
          the protection of the validity and enforceability of the Pledge
          (including any formalities with the R.C.C.M for the renewal of the
          registration of the pledge);

     (i)  Inform the Lenders of any fact they would have knowledge of which
          could have negative consequences on the activities of the Company or
          the Pledged Shares;

     (j)  Inform the Lenders of any third party's action and claim relating to
          the Pledged Shares and perform diligently, as the case may be, all
          appropriate measures as a defense;

     (k)  Procure that all information provided by the Pledgor to the Lenders or
          to any third parties pursuant to this Agreement are or will be to the
          best of its knowledge complete and accurate in all respects on the
          date on which it is provided;

     (l)  Upon occurrence of an event of default in accordance with article 10
          (Event of Default) of the Loan Agreement, exercise in accordance with
          the instructions of the Agent the voting rights relating to the
          Pledged Shares and the rights to participate in the management of the
          company;

     (m)  Provide if necessary all assistance to the Agent and/or the Lenders
          for the enforcement of the pledge, by providing, inter alia, any
          document which would be necessary for the sale or the judicial
          attribution of the Pledged Shares and to the exercise by the Lenders
          of all their rights under this Agreement and/or the law.

10.  NOTIFICATIONS

Any notification or claim relating to this Pledge shall be made in writing and
sent by registered letter with acknowledgement of receipt or fax. Any
notification shall be effective as from the date

                                       10

of first presentation of the letter with acknowledgement of receipt or as from
the date of reception of the fax sent to the following addresses:

10.1 FOR THE AGENT (OR THE LENDERS)

     N M ROTHSCHILD & SONS LIMITED

     Attention:   Alan Park / Derek McCrone
     Fax:         +44 20 72 80 5139
     E-mail:      alan.park@rothschild.co.uk / derek.mccrone@rothschild.co.uk

10.2 FOR THE PLEDGOR

     RANDGOLD RESOURCES (SOMILO) LIMITED

     Attention:   Roger A Williams
     Fax:         +44 1534 735 444
     E-mail:      DHaddon@randgoldresources.com

     With copy to:

     Attention:   DJ Haddon
     Fax:         +27 1148 17256
     E-mail:      DHaddon@randgoldresources.com

11.  MISCELLANEOUS

11.1 COSTS AND EXPENSES

     All cost, expenses, fees and other sums incurred by the Agent and/or the
     Lenders for the negotiation, preparation, drafting and execution of this
     Agreement and those incurred for the preservation (including the
     registration and any renewal of the Pledge) or the exercise of the rights
     of the Lenders under this Agreement shall be borne by the Company.

11.2 REGISTRATION

     (a)  This Agreement shall be registered in accordance with article 65 of
          the A.U.S. The registration formalities shall be carried out by the
          Pledgor and at his own expenses.

     (b)  The Pledgor shall bear all stamp and registration duties and all
          taxes, penalties and costs in connection with this Pledge, including
          the renewal of the registration and the execution Pledge.

                                       11

11.3 ELECTION OF DOMICILE

     Pursuant to article 65 of A.U.S., the Agent elects domicile at the
     registered office of the Company, at Faladie, 6448 Avenue de l'OUA BP
     E1160, Bamako, Mali.

11.4 EFFECT OF THE PLEDGE

     (a)  This Pledge does not and will not affect in any way whatsoever the
          nature and the scope of any undertakings and warranties which have
          been or could be entered into or granted to the Lenders by the
          Pledgor, the Company or any third parties.

     (b)  All rights granted to the Agent as agent of the Lenders or as Lender
          under this Agreement, as well as all rights resulting from law, are
          cumulative and may be exercised at any time.

11.5 FAILURE TO EXERCISE RIGHTS OR REMEDIES

     No failure to exercise, nor any delay in exercising, on the part of the
     Agent, acting on behalf of the Lenders, or on behalf of each Lender, any
     right or remedy shall operate as a waiver nor shall any single or partial
     exercise of any right or remedy prevent any further exercise by the Agent
     or the Lenders of any right or remedy or the exercise of any other right
     and remedy.

11.6 PARTIAL INVALIDITY

     If, at any time, any provision (or part of a provision) of this Agreement
     becomes illegal, invalid or unenforceable, the legality, validity or
     enforceability of the remaining provision will not be affected or impaired.

11.7 IRREVOCABLE AGREEMENT

     Subject to the provisions of the A.U.S. and A.U.S.C., this Agreement is
     irrevocable and shall be effective notwithstanding, in particular:

     (a)  any novation or amendment of the Secured Obligations;

     (b)  any novation or amendment of the Finance Documents;

     (c)  any grace period;

     (d)  any amendment of the Company's by-laws; and

     (e)  any insolvency proceedings against the Company.

                                       12

11.8 ASSIGNMENT

     (a)  Any beneficiary of an assignment of all or part of the rights and
          obligations of the Lenders under the Loan Agreement which would be
          substituted in the rights and obligations of the Lenders further to
          the date of execution of this Agreement shall fully benefit of this
          Pledge subject only to the performance of the perfection formalities
          of the A.U.S., and the Pledgor acknowledges that the Pledge shall
          benefit to any successor or beneficiary being substituted, in whole or
          part, in the rights of the Lenders;

     (b)  As a result, any reference to the Lenders shall encompass any
          beneficiary or successor of any Lender, which the Pledgor acknowledges
          and hereby expressly accepts. So as to give effect to this provision,
          the Pledgor irrevocably undertakes, upon first demand of the Agent, to
          execute at his own expenses any document, agreement and any other deed
          and to perform any formalities that the Agent would consider necessary
          or appropriate for the implementation of the paragraph above.

11.9 APPLICABLE LAW - JURISDICTION

     (a)  This Agreement shall be governed for its validity, interpretation and
          execution, by the laws applicable in Mali and in particular the
          A.U.S.C. and the A.U.S.

     (b)  The Bamako courts shall have jurisdiction in connection with any
          actions relating to this Agreement or any matter relating thereto.

12.  REMITTANCE OF THIS AGREEMENT TO THE MALIAN STATE

     This Agreement may result in a change of control of the Company and
     therefore the Pledgor shall remit a copy of this Agreement to the Malian
     State in accordance with article 53 of the Malian Mining Code.

Dated May 9, 2007

RANDGOLD RESOURCES (SOMILO) LIMITED  )  Mahamadou Samake
By Mr Mahamadou Samake

N M ROTHSCHILD & SONS LIMITED        )  Salif Karamoko Tall
By Mr Salif Karamoko Tall

                                       13

                           ANNEX 1 LIST OF THE LENDERS

1. N M ROTHSCHILD & SONS LIMITED

2. FORTIS BANK S.A. / NV

3. BARCLAYS BANK PLC

4. SOCIETE GENERALE

                                       14

                ANNEX 2: FORM OF NOTIFICATION OF THE SHARE PLEDGE

To   Societe des Mines de Loulo S.A.

From Randgold Resources (SOMILO) Limited
Address

By Fax [o]

Sirs,

In accordance with the provisions of article 772 s. of the "Acte Uniforme de
l'OHADA relatif au droit des societes commerciales et du groupement d'interet
economique" dated April 17, 1997, we hereby inform you that we contemplate to
pledge the 170,634 shares of type class C numbered 42,667 to 213,300 in
accordance with the terms and conditions of the share pledge agreement hereby
enclosed.

Kind regards.

In the name of the company:
Randgold Resources (SOMILO) Limited

By: [o]

                                       15

              ANNEX 3: FORM OF APPROVAL FOR THE DRAFT SHARE PLEDGE

                     Societe des Mines de Loulo - SOMILO SA
                                 Societe anonyme
                     Having a share capital of 2.133.000.000
         Registered office at: Faladie, 6448 Avenue de l'OUA, BP E1160,
                                  Bamako, Mali.
                      RCCM Bamako nDEG. Ma.Bko.2006.B.4716

                  MINUTES OF THE SHAREHOLDERS MEETING HELD THE
                                   [o] AT [o]

DATE: [o]
TIME: [o]

The shareholders of Societe des Mines de Loulo SA, a societe anonyme having a
share capital of 2.133.000.000 divided among 213,300 shares having a par value
of 10.000 FCFA (with shares having the same priority and fully paid up), have
received notice from the Chairman of the Shareholder's Meeting pursuant to a
letter addressed to each shareholder.

The draft pledge of the 170,634 shares of class C type are attached to this
letter.

Mr. [o] chairs the meeting.

Mr. [o] and [o] are appointed as secretaries.

THOSE PRESENT,

The company Randgold Resources (SOMILO) Limited, represented by Mr. [o]

The meeting is duly convened.

[o], acting as statutory auditor of the Company, duly empowered by letter
delivered with receipt [is absent and excused] [is present].

THE AGENDA IS THE FOLLOWING:

     o    Approval of the draft pledge of 170,634 shares of class C type,

     o    Powers to carry out any legal formalities.

                                       16

The shareholders have at their disposition:

1.   Copies of the notice letters sent to shareholders and the statutory
     auditor, as well as delivery receipt to the latter.

2.   The presence sheet, including the list of shareholders and members of the
     Shareholder's Meeting.

3.   The report of the Board of Directors.

4.   The draft share pledge of 170,634 class C shares submitted to the Company.

5.   The draft resolutions submitted to the Shareholder's Meeting.

6.   A copy of the Company's by-laws.

The Chairman reads the Board of Director's report

The discussion is open,

No one taking the floor, the Chairman calls to deliberate on the following two
issues:

1.   FIRST RESOLUTION

The President submits to the shareholders a draft of pledge agreement relating
to the shares of the Company to be entered into between the Company and Randgold
Resources (SOMILO) Limited to secure a loan of a maximum amount of USD
60.000.000.

The Shareholder's Meeting approves the draft pledge of 170,634 shares of Class C
type submitted by the company Randgold Resources (SOMILO) Limited to the Company

by fax dated [o].

The President specifies that, in accordance with article 773 A.U.S., the consent
to the contemplated pledge entails the approval of the secured creditors (that
is the Lenders as defined in the Loan Agreement) in case of enforcement of such
pledge.

This decision is passed unanimously.

2.   SECOND RESOLUTION

The Shareholder's Meeting delegates all powers to the bearer of this document
and of a copy of the minutes to carry out any registration and any required
legal formalities.

This decision is passed unanimously.

                                       17

The session is over at [o]

With respect to all of the foregoing, these minutes were prepared, and after
review, were executed by the members upon review.

                                    PRESIDENT

SECRETARY                                                              SECRETARY

                                       18Exhibit 4.6
	 

	 
		NAVIOS MARITIME HOLDINGS INC.
	 

	 
		9 1/2% Senior Exchange Notes
		2014
	 

	 
		CUSIP No. 
	 

	 
		ISIN No. 
	 

	 
		 
	 

	 
			
				
				  No.
				

			 	
				
				  $300,000,000.00
				

			 

 
 

	 
		NAVIOS MARITIME HOLDINGS INC., a Marshall
		Islands corporation, as issuer, (the “COMPANY”), for value received
		promises to pay to CEDE & CO. or its registered assigns, the principal sum
		of THREE HUNDRED MILLION U.S. dollars or such other amount as is provided in a
		schedule attached hereto on December 15, 2014.
	 

	 
		Interest Payment Dates: June 15 and December
		15, commencing June 15, 2007. 
	 

	 
		Record Dates: June 1 and December 1.
	 

	 
		Reference is made to the further provisions
		of this Note contained herein, which shall for all purposes have the same
		effect as if set forth at this place.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the Company has caused
		this Note to be signed manually or by facsimile by its duly authorized
		officers.
	 

	 
			
				
				  Dated: 
				

			 	
				
				  , 2007
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

				
				  NAVIOS MARITIME HOLDINGS INC.,
				  
 as Company
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-2-
	 

	 
		 
	 

	 
	 

	 

	 
		FORM OF TRUSTEE’S CERTIFICATE OF
		AUTHENTICATION
	 

	 
		This is one of the 9 1/2% Senior Exchange
		Notes due 2014 described in the within-mentioned Indenture.
	 

	 
			
				
				  Dated: 
				

			 	
				
				  , 2007
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  WELLS FARGO BANK, N.A.,

				  as Trustee
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Authorized Signatory
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-3-
	 

	 
		 
	 

	 
	 

	 

	 
		Exhibit A
	 

	 
		(Reverse of Note)
	 

	 
		9 1/2% Senior Exchange Notes due
		2014
	 

	 
		Capitalized terms used herein shall have the
		meanings assigned to them in the Indenture referred to below unless otherwise
		indicated. 
	 

	 
		SECTION 1. Interest.
		
	 

	 
		Navios Maritime Holdings Inc., a Marshall
		Islands corporation, as issuer, (the “COMPANY”), promises to pay
		interest on the principal amount of this Senior Exchange Note (the
		“NOTE”) at 9 1/2% per annum from December 18, 2006 until maturity.
		The Company shall pay interest semi-annually in arrears on June 15 and December
		15 of each year, or if any such day is not a Business Day, on the next
		succeeding Business Day (each an “INTEREST PAYMENT DATE”), commencing
		June 15, 2007. Interest on the Notes shall accrue from the most recent date to
		which interest has been paid or, if no interest has been paid, from the date of
		original issuance. The Company shall pay interest (including post-petition
		interest in any proceeding under any Bankruptcy Law) on overdue principal and
		premium, if any, from time to time on demand to the extent lawful at the
		interest rate applicable to the Notes; it shall pay interest (including
		post-petition interest in any proceeding under any Bankruptcy Law) on overdue
		installments of interest (without regard to any applicable grace periods) from
		time to time on demand at the same rate to the extent lawful. Interest shall be
		computed on the basis of a 360-day year of twelve 30-day months.
	 

	 
		SECTION 2. Method of Payment. 
	 

	 
		The Company shall pay interest on the Notes
		to the Persons who are registered Holders at the close of business on the June
		1 or December 1 next preceding the Interest Payment Date, even if such Notes
		are canceled after such Record Date and on or before such Interest Payment
		Date, except as provided in Section 2.12 of the Indenture dated December 18,
		2006 by and among the Company, the Guarantors (as defined therein) and the
		Trustee, with respect to defaulted interest. The Notes shall be issued in
		denominations of $1,000 and integral multiples of $1,000 in excess thereof. The
		Company shall pay principal, premium, if any, and interest on the Notes in such
		coin or currency of the United States of America as at the time of payment is
		legal tender for payment of public and private debts (“U.S. LEGAL
		TENDER”). Principal, premium, if any, and interest on the Notes shall be
		payable at the office or agency of the Company maintained in the United States
		for such purpose except that, at the option of the Company, the payment of
		interest may be made by check mailed to the Holders at their respective
		addresses set forth in the register of Holders; provided that for Holders
		owning at least $100,000 aggregate principal amount of Notes that have given
		wire transfer instructions to the Company at least ten (10) Business Days prior
		to the applicable payment date, the Company shall make all payments of
		principal, interest and premium by wire transfer of immediately available funds
		to the accounts specified by the Holders thereof. Until otherwise designated by
		the Company, the Company’s office or agency in the United States shall be
		the office of the Trustee maintained for such purpose.
	 

	 
		 
	 

	 
		 
	 

	 
		-4-
	 

	 
		 
	 

	 
	 

	 

	 
		SECTION 3. Paying Agent and Registrar. 
	 

	 
		Initially, Wells Fargo Bank, N.A., as
		trustee (the “Trustee”) under the Indenture (as defined below), shall
		act as Paying Agent and Registrar. The Company may change any Paying Agent or
		Registrar without notice to any Holder. Except as provided in the Indenture,
		the Company or any of its Subsidiaries may act in any such capacity.
	 

	 
		SECTION 4. Indenture.
		
	 

	 
		The Company issued the Notes under an
		Indenture dated as of December 18, 2006, as supplemented by the Supplemental
		Indenture, dated February 22, 2007, the Second Supplemental Indenture, dated
		March 8, 2007 and the Third Supplemental Indenture, dated May 2, 2007 (herein
		called, together with all other indentures supplemental thereto, the
		“INDENTURE”) by and among the Company, the Guarantors (as defined
		therein) and the Trustee. The terms of the Notes include those stated in the
		Indenture and those made part of the Indenture by reference to the Trust
		Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb) (the
		“TRUST INDENTURE ACT”). The Notes are subject to all such terms, and
		Holders are referred to the Indenture and the Trust Indenture Act for a
		statement of such terms. To the extent any provision of this Note conflicts
		with the express provisions of the Indenture, the provisions of the Indenture
		shall govern and be controlling.
	 

	 
		SECTION 5. Optional Redemption.
	 

	 
		(a) On or after December 15, 2010, the
		Company may redeem all or a part of the Notes upon not less than 30 nor more
		than 60 days’ notice, at the redemption prices (expressed as percentages
		of principal amount) set forth below plus accrued and unpaid interest on the
		Notes redeemed, to the applicable Redemption Date, if redeemed during the
		twelve-month period beginning on December 15 of the years indicated below,
		subject to the rights of Holders on the relevant Record Date to receive
		interest on the relevant Interest Payment Date:
	 

	 
		 
	 

	 
			
				
				  YEAR
				

			 	
				
				   
				

			 	
				
				  PERCENTAGE 
				

			 
	
				
				  2010
				

			 	
				
				   
				

			 	
				
				  104.750%
				

			 
	
				
				  2011
				

			 	
				
				   
				

			 	
				
				  102.375%
				

			 
	
				
				  2012 and thereafter
				

			 	
				
				   
				

			 	
				
				  100.000%
				

			 

 
 

	 
		(b) Prior to December 15, 2010, the Company
		may, at its option, redeem all or a part of the Notes upon not less than 30 nor
		more than 60 days’ notice at a redemption price equal to the sum
		of:
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  100% of the principal amount of the
				  Notes to be redeemed, plus
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  the Applicable Premium, plus
				

			 

 

	 
		accrued and unpaid interest on the Notes
		redeemed, to the applicable Redemption Date, subject 
	 

	 
		 
	 

	 
		 
	 

	 
		-5-
	 

	 
		 
	 

	 
	 

	 

	 
		to the right of Holders on the relevant
		Record Date to receive interest due on the relevant interest payment date (a
		“MAKE-WHOLE REDEMPTION”).
	 

	 
		SECTION 6. Redemption With Proceeds of Equity
		Offerings. 
	 

	 
		At any time prior to December 15, 2009, the
		Company may on any one or more occasions redeem up to 35% of the aggregate
		principal amount of Notes issued under the Indenture (including any Additional
		Notes) at a Redemption Price of 109.5% of the principal amount, plus accrued
		and unpaid interest to the Redemption Date, with the net cash proceeds of one
		or more Equity Offerings; provided that:
	 

	 
		(1)      at
		least 65% of the aggregate principal amount of Notes issued under the Indenture
		(excluding Notes held by the Company and its Subsidiaries) remains outstanding
		immediately after the occurrence of such redemption; and
	 

	 
		(2)       such
		redemption occurs not more than 180 days after the date of the closing of the
		relevant such Equity Offering.
	 

	 
		SECTION 7. Redemption for Changes in Withholding
		Tax. 
	 

	 
		The Company may, at its option, redeem all,
		but not less than all, of the Notes then outstanding at a redemption price
		equal to 100% of the principal amount of the Notes, plus accrued and unpaid
		interest thereon to the Redemption Date, if the Company has become or would
		become obligated to pay, on the next date on which any amount would be payable
		with respect to such Notes, any Additional Amounts as a result of change in law
		(including any regulations promulgated thereunder) or in the interpretation or
		administration of law, if such change is announced and becomes effective on or
		after the Issue Date and the Company determines in good faith that such
		obligation cannot be avoided (including, without limitation, by changing the
		jurisdiction from which or through which payment is made) by the use of
		reasonable measures (not requiring material cost) available to the Company and
		the Guarantor.
	 

	 
		Notice of any such redemption must be given
		within 60 days of the earlier of the announcement and the effectiveness of any
		such amendment or change referred to in the preceding paragraph. At the time
		such notice of redemption is given, such obligation to pay such Additional
		Amounts must remain in effect. Immediately prior to the mailing of any notice
		of redemption described above, the Company shall deliver to the Trustee (i) an
		Officers’ Certificate stating that the Company is entitled to elect to
		effect such redemption and setting forth a statement of facts showing that the
		conditions precedent to the right of the Company so to elect to redeem have
		occurred and (ii) if requested by the Trustee, an Opinion of Counsel qualified
		under the laws of the relevant jurisdiction to the effect that the Company or
		the applicable Guarantor or such successor Person, as the case may be, has or
		will become obligated to pay such Additional Amounts as a result of such
		amendment or change.
	 

	 
		SECTION 8. Selection
		and Notice of Redemption. 
	 

	 
		Notes in denominations larger than $1,000
		may be redeemed in part; provided that Notes 
	 

	 
		 
	 

	 
		 
	 

	 
		-6-
	 

	 
		 
	 

	 
	 

	 

	 
		shall be redeemed only in integral multiples
		of $1,000 unless all Notes held by a Holder are to be redeemed. Notice of
		redemption shall be mailed by first class mail at least 30 days but not more
		than 60 days before the Redemption Date to each Holder whose Notes are to be
		redeemed at its registered address, except that redemption notices may be
		mailed more than 60 days prior to a Redemption Date if the notice is issued in
		connection with a defeasance of the Notes or a satisfaction and discharge of
		the Indenture. If any Note is to be redeemed in part only, the notice of
		redemption that relates to such Note shall state the portion of the principal
		amount thereof to be redeemed. A new Note in principal amount equal to the
		unredeemed portion of the original Note shall be issued in the name of the
		Holder upon cancellation of the original Note. Notes called for redemption
		become due on the date fixed for redemption. On and after the Redemption Date,
		interest ceases to accrue on Notes or portions thereof called for redemption,
		unless the Company defaults in the payment of the Redemption Price.
	 

	 
		SECTION 9. Mandatory Redemption. 
	 

	 
		The Company shall not be required to make
		mandatory redemption or sinking fund payments with respect to the Notes (it
		being understood that the foregoing shall not limit Section 10 below). 
	 

	 
		SECTION 10. Repurchase at Option of Holder.
	 

	 
		(a)       Upon the
		occurrence of a Change of Control, and subject to certain conditions set forth
		in the Indenture, the Company shall be required to offer to purchase all or any
		part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of
		the outstanding Notes at a purchase price equal to 101% of the aggregate
		principal amount thereof, plus accrued and unpaid interest thereon to the date
		of repurchase, subject to the rights of Holders on the relevant Record Date to
		receive interest due on the relevant interest payment date.
	 

	 
		(b)       The Company
		is, subject to certain conditions and exceptions, obligated to make an offer to
		purchase Notes and certain other pari passu Indebtedness at 100% of their
		principal amount, plus accrued and unpaid interest thereon to the date of
		repurchase, with certain Excess Proceeds of Asset Sales in accordance with the
		Indenture.         
	 

	 
		SECTION 11. Denominations, Transfer, Exchange. 
	 

	 
		The Notes are in registered form without
		coupons in minimum denominations of $1,000 and integral multiples of $1,000 in
		excess thereof. The transfer of Notes may be registered and Notes may be
		exchanged as provided in the Indenture. The Registrar and the Trustee may
		require a Holder, among other things, to furnish appropriate endorsements and
		transfer documents and the Company may require a Holder to pay any taxes and
		fees required by law or permitted by the Indenture. The Company and the
		Registrar are not required to transfer or exchange any Note selected for
		redemption, except the unredeemed portion of any Note being redeemed in part.
		Also, the Company and the Registrar are not required to transfer or exchange
		any Notes for a period of 15 days before the mailing of a notice of redemption
		of Notes to be redeemed.
	 

	 
		SECTION 12. Persons Deemed Owners. 
	 

	 
		 
	 

	 
		 
	 

	 
		-7-
	 

	 
		 
	 

	 
	 

	 

	 
		The registered Holder of a Note may be
		treated as its owner for all purposes.
	 

	 
		SECTION 13. Amendment, Supplement and Waiver. 
	 

	 
		The Indenture and the Notes may be amended,
		supplemented or waived as set forth in, and subject to the terms and conditions
		of, the Indenture.
	 

	 
		SECTION 14. Defaults and Remedies. 
	 

	 
		The Events of Default relating to the Notes
		are set forth in Section 6.01 of the Indenture. If an Event of Default occurs
		and is continuing, the Trustee or the Holders of at least 25% in principal
		amount of the then outstanding Notes generally may declare all the Notes to be
		due and payable immediately. Notwithstanding the foregoing, in the case of an
		Event of Default arising from certain events of bankruptcy or insolvency as set
		forth in the Indenture, all outstanding Notes shall become due and payable
		without further action or notice. Holders may not enforce the Indenture or the
		Notes except as provided in the Indenture. Subject to certain limitations,
		Holders of a majority in principal amount of the then outstanding Notes may
		direct the Trustee in its exercise of any trust or power. The Trustee may
		withhold from Holders notice of any continuing Default (except a Default
		relating to the payment of principal, premium or interest, including an
		accelerated payment or the failure to make a payment on the Change of Control
		Payment Date pursuant to a Change of Control Offer or the Asset Sale Payment
		Date pursuant to a Asset Sale Offer) if it determines that withholding notice
		is in their interest. The Holders of a majority in aggregate principal amount
		of the Notes then outstanding, by notice to the Trustee, may on behalf of the
		Holders of all of the Notes rescind an acceleration or waive any existing
		Default and its consequences under the Indenture except a continuing Default in
		the payment of interest on, or the principal of, or the premium on, the Notes,
		subject to certain conditions being met. The Company shall deliver to the
		trustee a statement specifying any Default or Event of Default within 30 days
		of becoming aware thereof.
	 

	 
		SECTION 15. Additional Amounts. 
	 

	 
		All payments made by the Company under or
		with respect to this Note or by a Guarantor under or with respect to its Note
		Guarantee shall be made free and clear of and without withholding or deduction
		for or on account of any present or future Taxes imposed or levied by or on
		behalf of any Taxing Authority in any jurisdiction in which the Company or any
		Guarantor is organized or is otherwise a resident for tax purposes or any
		jurisdiction from or through which payment is made (each, a “RELEVANT
		TAXING JURISDICTION”), unless the Company or such Guarantor is required to
		withhold or deduct Taxes by law or by the interpretation or administration
		thereof. 
	 

	 
		If the Company or any Guarantor is so
		required to withhold or deduct any amount for or on account of Taxes imposed by
		a Relevant Taxing Jurisdiction from any payment made under or with respect to
		this Note or the Note Guarantee of such Guarantor, the Company or such
		Guarantor, as applicable, shall pay such additional amounts (“ADDITIONAL
		AMOUNTS”) as may be necessary so that the net amount received by each
		Holder (including Additional 
	 

	 
		 
	 

	 
		 
	 

	 
		-8-
	 

	 
		 
	 

	 
	 

	 

	 
		Amounts) after such withholding or deduction
		shall equal the amount the Holder would have received if such Taxes had not
		been withheld or deducted; provided, however, that no Additional Amounts shall
		payable with respect to any Tax that would not have been imposed, payable or
		due:
	 

	 
		(1)       but for the
		existence of any present or former connection between the Holder (or the
		beneficial owner of, or person ultimately entitled to obtain an interest in,
		such Notes) and the Relevant Taxing Jurisdiction (including being a citizen or
		resident or national of, or carrying on a business or maintaining a permanent
		establishment in, or being physically present in, the Relevant Taxing
		Jurisdiction) other than the mere holding of this Note or enforcement of rights
		hereunder or the receipt of payments in respect hereof;
	 

	 
		(2)       but for the
		failure to satisfy any certification, identification or other reporting
		requirements whether imposed by statute, treaty, regulation or administrative
		practice; provided, however, that the Company has delivered a request to the
		Holder to comply with such requirements at least 30 days prior to the date by
		which such compliance is required; 
	 

	 
		(3)       if the
		presentation of this Note (where presentation is required) for payment has
		occurred within 30 days after the date such payment was due and payable or was
		duly provided for, whichever is later; 
	 

	 
		(4)       subject to
		the last paragraph of this Section 15, with respect to any estate, inheritance,
		gift, sales, excise, transfer or personal property tax, assessment or charge;
		or
	 

	 
			
				
				   
				

			 	
				
				  (5)
				

			 	
				
				  as a result of a combination of the
				  foregoing clauses (1) through (4).
				

			 

 

	 
		In addition, Additional Amounts shall not be
		payable if the beneficial owner of, or person ultimately entitled to obtain an
		interest in, this Note had been the Holder and such beneficial owner would not
		be entitled to the payment of Additional Amounts by reason of clause (1), (2),
		(3), (4) or (5) above. In addition, Additional Amounts shall not be payable
		with respect to any Tax which is payable otherwise than by withholding from
		payments of, or in respect of principal of, or any interest on, this
		Note.
	 

	 
		Whenever in this Note or the Indenture there
		is mentioned, in any context, the payment of principal, premium, if any, or
		interest of any other amount payable under or with respect to this Note, such
		mention shall be deemed to include mention of the payment of Additional Amounts
		to the extent that, in such context, Additional Amounts are, were or would be
		payable in respect thereof.
	 

	 
		The Company and the Guarantors shall pay any
		present or future stamp, court or documentary taxes, or any other excise or
		property taxes, charges or similar levies that arise in any jurisdiction from
		the execution, delivery or registration of this Note, this Indenture or any
		other document or instrument referred to therein, or the receipt of any
		payments with respect to this Note, excluding any such taxes, charges or
		similar levies imposed by any jurisdiction in which the Company or any
		Guarantor or any successor Person is organized or is otherwise resident for tax
		purposes, the United States of America or any jurisdiction in which a Paying
		
	 

	 
		 
	 

	 
		 
	 

	 
		-9-
	 

	 
		 
	 

	 
	 

	 

	 
		Agent is located, but not excluding those
		resulting from, or required to be paid in connection with, the enforcement of
		this Note or other such document or instrument following the occurrence of an
		Event of Default with respect to this Note.
	 

	 
		SECTION 16. No Recourse Against
		Others. 
	 

	 
		No past, future or present director,
		Officer, employee, incorporator, member, manager, agent or shareholder of the
		Company or any Guarantor, as such, shall have any liability for any obligations
		of the Company or any Guarantors under the Notes, the Indenture, the Note
		Guarantees or for any claim based on, in respect of, or by reason of, such
		obligations or their creation. The Holder by accepting this Note and the Note
		Guarantees waives and releases all such liability. Such waiver and release are
		part of the consideration for issuance of this Note and the Note Guarantees.
		
	 

	 
		SECTION 17. Note Guarantees. 
	 

	 
		This Note shall be entitled to the benefits
		of certain Note Guarantees made for the benefit of the Holders. Reference is
		hereby made to the Indenture for a statement of the respective rights,
		limitations of rights, duties and obligations thereunder of the Guarantors, the
		Trustee and the Holders. 
	 

	 
		SECTION 18. Trustee Dealings with the
		Company. 
	 

	 
		Subject to certain terms set forth in the
		Indenture, the Trustee, in its individual or any other capacity, may become the
		owner or pledgee of Notes and may otherwise deal with the Company, the
		Guarantors their Subsidiaries or their respective Affiliates as if it were not
		the Trustee.
	 

	 
		SECTION 19. Authentication. 
	 

	 
		This Note shall not be valid until
		authenticated by the manual signature of the Trustee or an authenticating
		agent. 
	 

	 
		SECTION 20. Abbreviations. 
	 

	 
		Customary abbreviations may be used in the
		name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN
		ENT (= tenants by the entirety), JT TEN (= joint tenants with right of
		survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
		Uniform Gifts to Minors Act).
	 

	 
		 
	 

	 
		 
	 

	 
		-10-
	 

	 
		 
	 

	 
	 

	 

	 
		SECTION 21. CUSIP and ISIN Numbers. 
	 

	 
		Pursuant to a recommendation promulgated by
		the Committee on Uniform Security Identification Procedures, the Company has
		caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may
		use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders.
		No representation is made as to the accuracy of such numbers either as printed
		on the Notes or as contained in any notice of redemption and reliance may be
		placed only on the other identification numbers placed thereon. 
	 

	 
		SECTION 22. GOVERNING LAW.
		
	 

	 
		THIS NOTE SHALL BE GOVERNED BY, AND
		CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
		EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE
		LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
	 

	 
		The Company shall furnish to any Holder upon
		written request and without charge a copy of the Indenture.
	 

	 
		 
	 

	 
		 
	 

	 
		-11-
	 

	 
		 
	 

	 
	 

	 

	 
		ASSIGNMENT FORM
	 

	 
		I or we assign and transfer this Note
		to
	 

	 
		 
	 

	 
			
				
				   
				

			 
	
				
				  __(Print or type name, address and
				  zip code of assignee or transferee)
				

			 

 

	 
		 (Insert Social Security or other
		identifying number of assignee or transferee) and irrevocably appoint
		_______________________________________ agent to transfer this Note on the
		books of the Company. The agent may substitute another to act for him.
	 

	 
		 
	 

	 
			
				
				  Dated: _________________
				

			 	
				
				   
				

			 	
				
				  Signed:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  (Sign exactly as name appears on the
				  other side of this Note)
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  Signature Guarantee:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Participant in a recognized
				  Signature Guarantee 
				

				
				  Medallion Program (or other
				  signature guarantor program reasonably acceptable to the Trustee)
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		In connection with any transfer of this Note
		occurring prior to the date which is the date following the second anniversary
		of the original issuance of this Note, the undersigned confirms that it has not
		utilized any general solicitation or general advertising in connection with the
		transfer and is making the transfer pursuant to one of the following:
	 

	 
		[Check One] 
	 

	 
		 
	 

	 
			
				
				  (1)
				

			 	
				
				  o
				

			 	
				
				  to the Company or a subsidiary
				  thereof; or
				

			 
	
				
				  (2)
				

			 	
				
				  o
				

			 	
				
				  to a person who the transferor
				  reasonably believes is a “qualified institutional buyer” pursuant to
				  and in compliance with Rule 144A under the Securities Act of 1933, as amended
				  (the “Securities Act”); or 
				

			 
	
				
				  (3)
				

			 	
				
				  o
				

			 	
				
				  outside the United States to a
				  non-”U.S. person” as defined in Rule 902 of Regulation S under the
				  Securities Act in compliance with Rule 904 of Regulation S under the Securities
				  Act; or
				

			 
	
				
				  (4)
				

			 	
				
				  o
				

			 	
				
				  pursuant to the exemption from
				  registration provided by Rule 144 under the Securities Act or pursuant to
				  another exemption available under the Securities Act; or
				

			 
	
				
				  (5)
				

			 	
				
				  o
				

			 	
				
				  pursuant to an effective
				  registration statement under the Securities Act.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-12-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
		and unless the box below is checked, the
		undersigned confirms that such Note is not being transferred to an
		“affiliate” of the Company as defined in Rule 144 under the
		Securities Act (an “Affiliate”):
	 

	 
		 o transferee is an Affiliate of the Company.
	 

	 
		Unless one of the foregoing items (1)
		through (6) is checked, the Trustee shall refuse to register any of the Notes
		evidenced by this certificate in the name of any person other than the
		registered Holder thereof; provided, however, that if item (3) or (4) is
		checked, the Company or the Trustee may require, prior to registering any such
		transfer of the Notes, in their sole discretion, such written legal opinions,
		certifications (including an investment letter in the case of box (3)) and
		other information as the Trustee or the Company has reasonably requested to
		confirm that such transfer is being made pursuant to an exemption from, or in a
		transaction not subject to, the registration requirements of the Securities
		Act.
	 

	 
		If none of the foregoing items (1) through
		(5) are checked, the Trustee or Registrar shall not be obligated to register
		this Note in the name of any person other than the Holder hereof unless and
		until the conditions to any such transfer of registration set forth herein and
		in Section 2.16 of the Indenture shall have been satisfied.
	 

	 
		 
	 

	 
			
				
				  Dated: _________________
				

			 	
				
				   
				

			 	
				
				  Signed:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  (Sign exactly as name appears on the
				  other side of this Note)
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  Signature Guarantee:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Participant in a recognized
				  Signature Guarantee 
				

				
				  Medallion Program (or other
				  signature guarantor program reasonably acceptable to the Trustee)
				

			 	
				
				   
				

			 

 

	 
		TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS
		CHECKED
	 

	 
		The undersigned represents and warrants that
		it is purchasing this Note for its own account or an account with respect to
		which it exercises sole investment discretion and that it and any such account
		is a “qualified institutional buyer” within the meaning of Rule 144A
		under the Securities Act and is aware that the sale to it is being made in
		reliance on Rule 144A and acknowledges that it has received such information
		regarding the Company as the undersigned has requested pursuant to Rule 144A or
		has determined not to request such information and that it is aware that the
		transferor is relying upon the undersigned’s foregoing representations in
		order to claim the exemption from registration provided by Rule 144A.
	 

	 
		 
	 

	 
			
				
				  Dated: _______________
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  NOTICE: To be executed by an
				  executive officer
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-13-
	 

	 
		 
	 

	 
	 

	 

	 
		OPTION OF HOLDER TO ELECT
		PURCHASE
	 

	 
		 
	 

	 
		If you want to elect to have this Note
		purchased by the Company pursuant to Section 4.09 or Section 4.13 of the
		Indenture, check the appropriate box:
	 

	 
			
				
				   
				

			 	
				
				  Section 4.09 o
				

			 	
				
				  Section 4.13 o
				

			 

 

	 
		If you want to elect to have only part of
		this Note purchased by the Company pursuant to Section 4.09 or Section 4.13 of
		the Indenture, state the amount (in denominations of $1,000 and integral
		multiples of $1,000 in excess thereof): $___________
	 

	 
		 
	 

	 
			
				
				  Dated: _________________
				

			 	
				
				   
				

			 	
				
				  Signed:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  (Sign exactly as name appears on the
				  other side of this Note)
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  Signature Guarantee:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Participant in a recognized
				  Signature Guarantee 
				

				
				  Medallion Program (or other
				  signature guarantor program reasonably acceptable to the Trustee)
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-14-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
		SCHEDULE OF EXCHANGES OF INTERESTS IN THE
		GLOBAL NOTE
	 

	 
		The following exchanges of a part of this
		Global Note for an interest in another Global Note or for a Physical Note, or
		exchanges of a part of another Global Note or Physical Note for an interest in
		this Global Note, have been made:
	 

	 
		 
	 

	 
			

				
				  Date of Exchange
				

			 	

				
				   
				

			 	

				
				  Amount of decrease in

				  Principal Amount of 
 this Global
				  Note
				

			 	

				
				   
				

			 	

				
				  Amount of increase in

				  Principal Amount of
 this Global Note
				

			 	

				
				   
				

			 	

				
				  Principal Amount of
 this
				  Global Note
 following such
 decrease (or increase)
				

			 	

				
				   
				

			 	

				
				  Signature of
 authorized
				  signatory
 of Trustee 
 or Note
				  Custodian
				

			 	

				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	

				
				   
				

			 	
				
				   
				

			 	

				
				   
				

			 	
				
				   
				

			 	

				
				   
				

			 	
				
				   
				

			 	

				
				   
				

			 	
				
				   
				

			 	

				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-15-
	 

	 
		 
	 

	 
	 

	 

	 
		NOTATION OF GUARANTEE
	 

	 
		For value received, each Guarantor (which
		term includes any successor Person under the Indenture) has, jointly and
		severally, unconditionally guaranteed, to the extent set forth in the Indenture
		and subject to the provisions in the Indenture dated as of December 18, 2006,
		as supplemented by the Supplemental Indenture, dated February 22, 2007, the
		Second Supplemental Indenture, dated March 8, 2007 and the Third Supplemental
		Indenture, dated May 2, 2007 (herein called, together with all other indentures
		supplemental thereto, the “INDENTURE”), among Navios Maritime
		Holdings Inc. (the “COMPANY”), the Guarantors party thereto and Wells
		Fargo Bank, N.A., as trustee (the “TRUSTEE”), (a) (x) the due and
		punctual payment of the principal of, premium, if any, and interest, on the
		Notes when and as the same shall become due and payable, whether at maturity,
		upon redemption or repurchase, by acceleration or otherwise, (y) the due and
		punctual payment of interest on the overdue principal and (to the extent
		permitted by law) interest on the Notes and (z) the due and punctual payment
		and performance of all other obligations of the Company and all other
		obligations of the other Guarantors (including under the Note Guarantees). The
		obligations of the Guarantors to the Holders and to the Trustee pursuant to the
		Note Guarantee and the Indenture are expressly set forth in Article 10 of the
		Indenture and reference is hereby made to the Indenture for the precise terms
		of the Note Guarantee.
	 

	 
		Capitalized terms used but not defined
		herein have the meanings given to them in the Indenture.
	 

	 
		[signature page follows]
	 

	 
		 
	 

	 
		 
	 

	 
		-16-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
		IN WITNESS WHEREOF, each Guarantor has
		caused its Notation of Guarantee to be duly executed.
	 

	 
			
				
				  Dated:  
				

			 	
				
				  , 2007
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  WHITE NARCISSUS MARINE S.A., as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  KLEIMAR N.V., as a Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  NAV HOLDINGS LIMITED, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  NAVIOS CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ANEMOS MARITIME HOLDINGS INC., as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-17-
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  NAVIOS SHIPMANAGEMENT INC., as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  AEGEAN SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  LIBRA SHIPPING ENTERPRISES
				  CORPORATION, as a Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ALEGRIA SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  FELICITY SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 GEMINI SHIPPING CORPORATION, as
				  a Guarantor
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-18-
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ARC SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  GALAXY SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  MAGELLAN SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  IONIAN SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  APOLLON SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-19-
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  HERAKLES SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  ACHILLES SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  KYPROS SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  HIOS SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  MERIDIAN SHIPPING ENTERPRISES INC.,
				  as a Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-20-
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  MERCATOR SHIPPING CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  HORIZON SHIPPING ENTERPRISES
				  CORPORATION, as a Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  HYPERION ENTERPRISES INC., as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  STAR MARITIME ENTERPRISES
				  CORPORATION, as a Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  NAVIMAX CORPORATION, as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Shunji Sasada
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  President
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  NAVIOS HANDYBULK INC., as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-21-
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  NAVIOS INTERNATIONAL INC., as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director and Authorized
				  Officer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  HESTIA SHIPPING LTD., as a
				  Guarantor
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Vasiliki Papaefthymiou
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Authorized Officer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-22-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]