2008 Results Presentation

1. EARNINGS RELEASE – 4Q08 / 2008
EARNINGS RELEASE – 4Q08 / 2008
February, 2009

2. 4Q08 / 2008
The material contained in this presentation is general background information about Iochpe-Maxion S.A. (Iochpe)
as of the date of the presentation. It is information in summary form and does not purport to be complete. It is
not intended to be relied upon as advice to potential investors. No representation or warranty, express or
implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the
information presented herein.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the U.S.
Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking
statements are only predictions and are not guarantees of future performance. Investors are cautioned that any
such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and
factors relating to the operations and business environments of Iochpe and its subsidiaries that may cause the
actual results of the companies to be materially different from any future results expressed or implied in such
forward-looking statements.
Although Iochpe believes that the expectations and assumptions reflected in the forward-looking statements are
reasonably based on information currently available to Iochpe management, Iochpe cannot guarantee future
results or events. Iochpe expressly disclaims a duty to update any of the forward-looking statement.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or
purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any
contract or commitment whatsoever.
2

3. 4Q08 / 2008
SIMPLIFIED CORPORATE STRUCTURE
Iochpe-Maxion S.A.
Iochpe-
50% 100% 100%
R$ 121.2 million1 (26%) R$ 321.3 million1 (70%) R$ 19.5 million1 (4%)
Amsted-Maxion Fundição e
Amsted- Automotive Components
Wheels and Chassis Division
Equipamentos Ferroviários S.A. Division
Wheels: R$ 137.5 million1 (30%)
Railway Freight Cars: R$ 67.2 million1 (15%)
Hand Brake Leaver and Pedal Sets:
R$ 6.5 million1 (1%)
Structural Stamped Parts: R$ 3.2
million1 (1%)
Castings: R$ 44.3 million1 (10%)
Chassis: R$ 183.8 million1 (40%)
Railway Wheels: R$ 9.7 million1 (2%)
1Consolidated net operating revenue in the
fourth quarter of 2008 3

4. 4Q08 / 2008
HIGHLIGHTS
Consolidated net operating revenue of R$ 462.0 million in the 4Q08 and R$ 1,827.7 in 2008, an
increase of 40.7% e 41.8% respectively, over the same period of last year
EBITDA(*) of R$ 46.0 million in the 4Q08 and R$ 267.7 in 2008, an increase of 34.3% and 71.7%
respectively, when compared to the same period of last year
Net income of R$ 4.9 million in the 4Q08 and R$ 214.1 in 2008, a reduction of 71.3% in the quarter
and an increase of 195.7% in the year, when compared to same period of last year
Net bank debt of R$ 255.5 million (R$ 128.3 million in Dec/07) or 1.0x LTM EBITDA (0.8x in
Dec/07)
(*) EBITDA, ao longo desta apresentação significa: lucro líquido mais imposto de renda e contribuição social, mais resultado não
operacional, mais despesas financeiras líquidas, mais depreciação e amortização, mais amortização de ágio.
4

5. 4Q08 / 2008
4Q08 – MAIN DRIVERS
Reduction of Brazilian production of passenger cars, light commercial vehicles and buses
Reduction of the growth rhythm of Brazilian production of trucks and agricultural machinery
Reduction of the growth rhythm of domestic demand for railway freight cars
Essential adjustments to reduce costs, due to the international economic crisis
Impact of the Real depreciation over the loans in foreing currency and over the operations to
fix the future value of the dollar (NDFs)
5

6. Industry Performance

7. 4Q08 / 2008
LIGHT COMMERCIALS – BRAZIL (‘000 units)
Production Export
448
156 153
406 144
379
366
122
318 114
110
93 35
25
2004 2005 2006 2007 2008 4Q07 4Q08 2004 2005 2006 2007 2008 4Q07 4Q08
2008 – 07 = 10.4% 2008 – 07 = -15.5%
4Q08 – 07 = -30.8%
4Q08 – 07 = -15.6%
CAGR 2004 – 08 = 1.71%
CAGR 2004 – 08 = 8.95%
Source: Anfavea 7

8. 4Q08 / 2008
TRUCKS – BRAZIL (‘000 units)
Production Export
167 41
38 39 39
137
117
107 106
25
12
37 39 9
2004 2005 2006 2007 2008 4Q07 4Q08 2004 2005 2006 2007 2008 4Q07 4Q08
2008 – 07 = 22.1% 2008 – 07 = -6.6%
4Q08 – 07 = -25.2%
4Q08 – 07 = 6.3%
CAGR 2004 – 08 = 11.8%
CAGR 2004 – 08 = 11.8%
Source: Anfavea 8

9. 4Q08 / 2008
BUSES – BRAZIL (‘000 units)
Production Export
19
44
39 16 16
15
35 34
13
29
5
9 4
8
2004 2005 2006 2007 2008 4Q07 4Q08 2004 2005 2006 2007 2008 4Q07 4Q08
2008 – 07 = 12.9% 2008 – 07 = 1.7%
4Q08 – 07 = -12.8%
4Q08 – 07 = -7.6%
CAGR 2004 – 08 = 5.3%
CAGR 2004 – 08 = 11.0%
Source: Anfavea 9

10. 4Q08 / 2008
AGRICULTURAL MACHINERY – BRAZIL (‘000 units)
Production Export
85
31 31
30
69 27
65
22
53
46
22 8
17 7
2004 2005 2006 2007 2008 4Q07 4Q08 2004 2005 2006 2007 2008 4Q07 4Q08
2008 – 07 = 30.7% 2008 – 07 = 10.9%
4Q08 – 07 = -4.5%
4Q08 – 07 = 25.4%
CAGR 2004 – 08 = -0.8%
CAGR 2004 – 08 = 5.3%
Source: Anfavea 10

11. 4Q08 / 2008
PASSENGER CARS – BRAZIL (‘000 units)
Production Export
2,567 684
2,388 635
588
2,092 558
2,009
497
1,757
632 144
457 125
2004 2005 2006 2007 2008 4Q07 4Q08 2004 2005 2006 2007 2008 4Q07 4Q08
2008 – 07 = 7.5% 2008 – 07 = -5.1%
4Q08 – 07 = -12.7%
4Q08 – 07 = -27.7%
CAGR 2004 – 08 = 2.9%
CAGR 2004 – 08 = 9.9%
Source: Anfavea 11

12. 4Q08 / 2008
RAILWAY FREIGHT CARS – BRAZIL (units)
7,270
Sales
2008 – 07 = 309.8%
5,642 4Q08 – 07 = 88.2%
5,118 CAGR 2004 – 08 = -2.4%
3,668
1,249 1,372
729
2004 2005 2006 2007 2008 4Q07 4Q08
Sales
Source: Amsted Maxion estimate 12

13. 4Q08 / 2008
MARKET SHARE – BRAZIL (2008)
Commercial Vehicles Railway Freight Railway
Chassis
Wheels Cars Castings
Maxion Maxion
Maxion Maxion 85% 80%
65% 62%
Dana
Borlem
20%
33%
Others Cruzaço
Others Others
15% 20%
15% 5%
Maxion: 67% in 2007 Maxion: 62% in 2007 Maxion: 89% in 2007 Maxion: 80% in 2007
Source: Iochpe-Maxion estimate
13

14. Financial and Operating
Performance

15. 4Q08 / 2008
NET OPERATING REVENUE (R$ million)
1,828
Net Operating Revenue
1,494 2008 – 07 = 41.8%
4Q08 – 07 = 40.7%
1,289
1,248 CAGR 2004 – 08 = 13.6%
1,099
462
329
2004 2005 2006 2007 2008 4Q07 4Q08
15

16. 4Q08 / 2008
NET OPERATING REVENUE (R$ million)
Revenue by Market Revenue by Division / Business
462
462
99 329 121
329
19
46 79
29 184
363
283 132
138
89
4Q07 4Q08 4T07 4T08
Domestic Export Wheels Chassis Automotive Comp. Amsted Maxion
Domestic: 4Q08 – 07 = 28.4% Wheels: 4Q08 – 07 = 54.8%
Chassis: 4Q08 – 07 = 39.8%
Export: 4Q08 – 07 = 116.2% Automotive Comp.: 4Q08 – 07 = -32.1%
Amsted Maxion: 4Q08 – 07 = 52.7%
16

17. 4Q08 / 2008
NET OPERATING REVENUE
Revenue by Customer – 2007 Revenue by Customer – 2008
Volvo ALL Volvo
Vale Fiat
0% 1% 2%
3% 3%
ALL Ford Caterpillar Ford
Export 1% 4% VW 1%
MRS 4%
18% 17% Scania
4%
5%
Fiat
5% GMB
5%
Scania
6% Agricultural
Export
Machinery
VW 15%
7%
GMB
17%
6%
MRS
Agricultural 7%
Machinery
7%
Daim ler
12% Vale
Daim ler Others
10%
14% 13% Others
11%
17

18. 4Q08 / 2008
EXPORTS (USD million)
146
119 120
Exports
2008 – 07 = 21.3%
96 4Q08 – 07 = 69.9%
CAGR 2004 – 08 = 32.7%
47 44
26
2004 2005 2006 2007 2008 4Q07 4Q08
18

19. 4Q08 / 2008
EXPORTS BY DIVISION / BUSINESS
R$ thousand US$ thousand
99
44
52
26 23
46
0
11 0
20 21
0 9
0 5
8
26 10 12
17
4Q07 4Q08 4Q07 4Q08
Wheels Chassis Automotive Comp. Amsted Maxion Wheels Chassis Automotive Comp. Amsted Maxion
Variation 4Q8 - 07 = 116.2% Variation 4Q8 - 07 = 69.9%
Wheels = 51.9% Wheels = 20.3%
Chassis = 149.5% Chassis = 96.3%
Automotive Comp. = 0.4% Automotive Comp. = -21.2%
Amsted Maxion: = 159.3% Amsted Maxion: = 103.0% 19

20. 4Q08 / 2008
GROSS PROFIT (R$ million)
Gross Profit
2008 – 07 = 51,4%
4T08 – 07 = 42,6%
357
CAGR 2004 – 08 = 11,9%
289
228 236
219
21% 20%
19% 18%
18%
16% 16%
74
52
2004 2005 2006 2007 2008 4Q07 4Q08
Gross Profit % NOR
20

21. 4Q08 / 2008
EARNINGS BEFORE INCOME TAX – EBIT (R$ million)
178 232
EBIT
2008 – 07 = 83.8%
136
127 126
4Q08 – 07 = 32.5%
CAGR 2004 – 08 = 16.3%
12% 12% 13%
11% 10%
26 35
8% 8%
2004 2005 2006 2007* 2008 4Q07 4Q08
EBIT % NOR
(*) In compliance with Instruction 539/08 of CVM (Brazil’s securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement
Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 and 2007 into operating expenses, therefore reducing
EBIT presented in the previous reports.
21

22. 4Q08 / 2008
EBITDA* (R$ million)
268 EBITDA
2008 – 07 = 71.7%
205 4Q08 – 07 = 34.3%
CAGR 2004 – 08 = 14.5%
163 156
156
14% 14% 15%
13% 12%
10% 10%
34 46
2004 2005 2006 2007** 2008 4Q07 4Q08
EBITDA % NOR
(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses,
plus depreciation and amortization, plus goodwill amortization.
(**) In compliance with Instruction 539/08 of CVM (Brazil’s securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement
Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 and 2007 into operating expenses, therefore reducing
EBITDA presented in the previous reports. 22

23. 4Q08 / 2008
NET FINANCIAL EXPENSES (R$ million)
Net Financial Expenses
2008 – 07 = 187.1%
37
4Q08 – 07 = 3,243.0%
33
CAGR 2004 – 08 = -4.0%
28
5%
23
21
3%
2% 2%
2%
1%
10
0%
-1
2004 2005 2006 2007 2008 4Q07 4Q08
Financial Exp. % NOR
23

24. 4Q08 / 2008
IMPACT OF THE FX RATE VARIATION
4Q08
Value Impact
Balance
US$ Million R$ million
Impact of the FX rate variation on Finacial Expense (Revenue)
NDF (expired) 25.4 (7.8)
Loan in Foreing Currency 58.9 (18.8)
Financial Exp./ Rev. (26.6)
Operations related to fix the future value of the Contracted Value Average FX Gain/Loss
Period Operations
dollar (NDFs) US$ Rate R$ thousand
NDFs (Buying) 60.8 1.8940 (30.0)
At the end
If the operations would expire on 12/30/2008, it NDFs (Selling) 2.0 1.6786 1.3
of 4Q08
would represent a negative result of R$ 28.7 million
Total NDFs (28.7)
24

25. 4Q08 / 2008
NET INCOME (R$ million)
Net Income
2008 – 07 = 195.7%
4Q08 – 07 = -71.3%
Non-recurring gain generated by
214 CAGR 2004 – 08 = 43.1%
the merger of Maxion Sistemas
Automotivos into Iochpe-Maxion
76
76
Net Income w/o Non-
12%
recurring Effect
76 2008 – 07 = 90.7%
6% 133
5% 5% 5%
5%
138 1%
72 72
51 58 17
5
2004 2005 2006 2007 2008 4Q07 4Q08
Net Income % NOR
25

26. 4Q08 / 2008
NET BANK DEBT (R$ million)
256
1.3
125 132 128
115 1.0
102
0.8 0.8
0.6 0.6
2003 2004 2005 2006 2007 2008
Net Debt x EBITDA*
(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net
financial expenses, plus depreciation and amortization, plus goodwill amortization
LTM EBITDA 26

27. 4Q08 / 2008
INDEBTEDNESS – DEC/08 (R$ million)
Debt by Lines
90
126
BNDES-EXIM
68%
Import
346 Others ACC 11%
6% 12%
256
220
Working
Capital
3%
- -
Short Term Long Term Total Debt Cash Net Debt
Debt Indexation
Indexation Average Cost TJLP
Indexed in R$ 73% CDI 69%
Dollar
25%
Indexed in US$ 5,5% per year
Others YUAN
1% 5%
27

28. 4Q08 / 2008
CAPEX (R$ million)
113
84
73
68 68
2004 2005 2006 2007 2008
28

29. Additional Information

30. 4Q08 / 2008
INCOME STATEMENT (R$ thousand)
Consolidated Income Statement R$ 4Q07* 2007*
4Q08 N.O.R N.O.R 2008 N.O.R N.O.R
thousand Adjusted (Adjusted)
Net Operating Revenue 462,013 100.0% 328,459 100.0% 1,827,726 100.0% 1,289,282 100.0%
Cost of Goods Sold
Raw Material (231,838) 50.2% (153,707) 46.8% (896,406) 49.0% (598,928) 46.5%
Labor (79,205) 17.1% (38,122) 11.6% (284,595) 15.6% (222,604) 17.3%
Others (77,401) 16.8% (85,037) 25.9% (289,755) 15.9% (232,044) 18.0%
(388,443) 84.1% (276,866) 84.3% (1,470,756) 80.5% (1,053,576) 81.7%
Gross Profit 73,570 15.9% 51,593 15.7% 356,970 19.5% 235,706 18.3%
Operating Expenses
General and Administrative (14,307) 3.1% (12,105) 3.7% (52,386) 2.9% (47,009) 3.6%
Commercial (23,081) 5.0% (12,807) 3.9% (73,158) 4.0% (55,749) 4.3%
Others (1,300) -0.3% (361) -0.1% 229 0.0% (6,927) -0.5%
(38,688) 8.4% (25,273) 7.7% (125,315) 6.9% (109,685) 8.5%
Operating Income (EBIT) 34,882 7.6% 26,320 8.0% 231,655 12.7% 126,021 9.8%
Financial Results
Financial Revenue 4,271 0.9% 1,685 0.5% 13,795 0.8% 6,233 0.5%
Financial Expenses (26,869) 5.8% (966) 0.3% (41,376) 2.3% (15,839) 1.2%
(22,598) 4.9% 719 -0.2% (27,582) 1.5% (9,606) 0.7%
Earnings After Financial Income 12,284 2.7% 27,039 8.2% 204,073 11.2% 116,415 9.0%
Non Operating Results - 0.0% - 0.0% - 0.0% - 0.0%
Earnings Before Taxes 12,284 2.7% 27,039 8.2% 204,073 11.2% 116,415 9.0%
Income Taxes (7,393) -1.6% (10,010) -3.0% 10,021 0.5% (44,024) -3.4%
Net Income 4,891 1.1% 17,029 5.2% 214,094 11.7% 72,391 5.6%
EBITDA** 46,024 10.0% 34,275 10.4% 267,727 14.6% 155,899 12.1%
(**) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating result, plus net financial expenses,
plus depreciation and amortization, plus goodwill amortization.
(*) In compliance with Instruction 539/08 of CVM (Brazil’s securities commission) of March 14, 2008 and guidance of the Accounting Pronouncement
Committee, Iochpe-Maxion incorporated the amounts accounted as non-operating expenses in 2008 and 2007 into operating expenses, therefore reducing 30
EBITDA presented in the previous reports.

31. 4Q08 / 2008
BALANCE SHEET (R$ thousand)
ASSETS LIABILITIES
dez/08 dez/07 dez/08 dez/07
CURRENT CURRENT
Cash 90.036 151.519 Loans 219.885 131.820
Receivables 243.056 142.348 Payables 60.972 62.093
Inventory 244.527 173.181 Taxes 2.886 3.114
Recoverable Taxes 13.694 21.975 Wage & Salaries 49.908 40.253
Deferred Taxes 27.538 8.979 Customers Advance 24.152 50.033
Recoverable Taxes 1.901 2.546 Dividends 79.214 26.785
Other Receivables 7.985 3.748 Other Payables 34.937 21.666
Payable Financial
28.752 -
Instruments
628.737 504.296 500.706 335.764
LONG TERM LONG TERM
Receivable 603 802 Loans 125.604 148.045
Recoverable Taxes 16.667 20.219 Provisions 58.021 57.431
Deferred Taxes 82.362 19.902 Others 6.611 7.579
Obligatory deposits and judicial 12.847 1.669 190.236 213.055
Other Receivables 1.718 2.388
114.197 44.980
MINORITY - -
PERMANENT EQUITY
Investments 395 359 Capital 261.463 161.463
Plants, Property and Equipment 379.330 305.263 Profit Reserves 183.958 149.078
Intangible 5.910 4.117 Equity Adjustment (2.484) -
Deferred Items 5.310 345
390.945 310.084 442.937 310.541
TOTAL ASSETS 1.133.879 859.360 TOTAL LIABILITIES 1.133.879 859.360
31

32. 4Q08 / 2008
SHARES PERFORMANCE - LTM
20.00%
10.00%
0.00%
Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
-10.00%
-20.00%
-30.00%
-40.00%
-41,22%
-50.00%
-60.00%
-70.00%
-80.00% -76.18%
MYPK3 IBOVESPA
Due to the low liquidity of MYPK3 before the conversion of the shares, was considered the price of MYPK4 before
the conversion (02/26/08)
32

33. 4Q08 / 2008
AVERAGE DAILY TRADE VOLUME – R$ thousand
Average Daily Trade Volume LTM - R$ thousand
146
3,370
2,978
105
2,294
1,987 91
1,747
1,671 81
74 75 1,543
1,413 1,377 77
1,164
43 43 685 734
37 37 38
Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
Volume Trades
Due to the low liquidity of MYPK3 before the conversion of the shares, was considered the price of MYPK4 before
the conversion (02/26/08)
33

34. 4Q08 / 2008
SHAREHOLDERS STRUCTURE
Shareholders Structure on 12/30/2008
Shareholders Shares %
Ioschpe Family 13,034,376 27.48%
BNDESPAR 11,593,401 24.44%
Controlling Shareholders 24,627,777 51.92%
Others 22,803,909 48.08%
Total Iochpe-Maxion 47,431,686 100.00%
34

35. EARNINGS RELEASE – 4Q08 / 2008
EARNINGS RELEASE – 4Q08 / 2008
February, 2009