February, 2009

EARNINGS RELEASE – 4Q08 / 2008EARNINGS RELEASE – 4Q08 / 2008

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.

3

4Q08 / 2008

50% 100%

IochpeIochpe--Maxion S.A.Maxion S.A.

AmstedAmsted--Maxion Fundição e Maxion Fundição e Equipamentos Ferroviários S.A.Equipamentos Ferroviários S.A.

Railway Freight Cars: R$ 67.2 million1 (15%)

Castings: R$ 44.3 million1 (10%)

Railway Wheels: R$ 9.7 million1 (2%)

Wheels: R$ 137.5 million1 (30%)

Chassis: R$ 183.8 million1 (40%)

R$ 19.5 million1 (4%)R$ 121.2 million1 (26%) R$ 321.3 million1 (70%)

100%

Structural Stamped Parts: R$ 3.2 million1 (1%)

Hand Brake Leaver and Pedal Sets: R$ 6.5 million1 (1%)

SIMPLIFIED CORPORATE STRUCTURESIMPLIFIED CORPORATE STRUCTURE

Wheels and Chassis DivisionWheels and Chassis DivisionAutomotive Components Automotive Components

DivisionDivision

1 Consolidated net operating revenue in the

fourth quarter of 2008

4

4Q08 / 2008

� 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 nãooperacional, mais despesas financeiras líquidas, mais depreciação e amortização, mais amortização de ágio.

HIGHLIGHTSHIGHLIGHTS

5

4Q08 / 2008

� 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)

4Q08 – MAIN DRIVERS4Q08 – MAIN DRIVERS

Industry Performance

7

4Q08 / 2008

318

366379

406

448

11093

2004 2005 2006 2007 2008 4Q07 4Q08

Source: Anfavea

114

156 153144

122

3525

2004 2005 2006 2007 2008 4Q07 4Q08

� ∆ 2008 – 07 = 10.4%

� ∆ 4Q08 – 07 = -15.6%

� CAGR 2004 – 08 = 8.95%

� ∆ 2008 – 07 = -15.5%

� ∆ 4Q08 – 07 = -30.8%

� CAGR 2004 – 08 = 1.71%

LIGHT COMMERCIALS – BRAZIL (‘000 units)LIGHT COMMERCIALS – BRAZIL (‘000 units)

Production Export

8

4Q08 / 2008

107

117

106

137

167

37 39

2004 2005 2006 2007 2008 4Q07 4Q08

Source: Anfavea

25

38 3941

39

12

9

2004 2005 2006 2007 2008 4Q07 4Q08

� ∆ 2008 – 07 = 22.1%

� ∆ 4Q08 – 07 = 6.3%

� CAGR 2004 – 08 = 11.8%

� ∆ 2008 – 07 = -6.6%

� ∆ 4Q08 – 07 = -25.2%

� CAGR 2004 – 08 = 11.8%

ExportProduction

TRUCKS – BRAZIL (‘000 units)TRUCKS – BRAZIL (‘000 units)

9

4Q08 / 2008

29

35 34

39

44

9 8

2004 2005 2006 2007 2008 4Q07 4Q08

Source: Anfavea

13

19

1615

16

54

2004 2005 2006 2007 2008 4Q07 4Q08

� ∆ 2008 – 07 = 12.9%

� ∆ 4Q08 – 07 = -7.6%

� CAGR 2004 – 08 = 11.0%

� ∆ 2008 – 07 = 1.7%

� ∆ 4Q08 – 07 = -12.8%

� CAGR 2004 – 08 = 5.3%

ExportProduction

BUSES – BRAZIL (‘000 units)BUSES – BRAZIL (‘000 units)

10

4Q08 / 2008

69

53

46

65

85

17

22

2004 2005 2006 2007 2008 4Q07 4Q08

Source: Anfavea

31 31

22

27

30

87

2004 2005 2006 2007 2008 4Q07 4Q08

� ∆ 2008 – 07 = 30.7%

� ∆ 4Q08 – 07 = 25.4%

� CAGR 2004 – 08 = 5.3%

� ∆ 2008 – 07 = 10.9%

� ∆ 4Q08 – 07 = -4.5%

� CAGR 2004 – 08 = -0.8%

ExportProduction

AGRICULTURAL MACHINERY – BRAZIL (‘000 units)AGRICULTURAL MACHINERY – BRAZIL (‘000 units)

11

4Q08 / 2008

1,757

2,0092,092

2,388

2,567

632

457

2004 2005 2006 2007 2008 4Q07 4Q08

Source: Anfavea

497

684

635

588558

144125

2004 2005 2006 2007 2008 4Q07 4Q08

� ∆ 2008 – 07 = 7.5%

� ∆ 4Q08 – 07 = -27.7%

� CAGR 2004 – 08 = 9.9%

� ∆ 2008 – 07 = -5.1%

� ∆ 4Q08 – 07 = -12.7%

� CAGR 2004 – 08 = 2.9%

ExportProduction

PASSENGER CARS – BRAZIL (‘000 units)PASSENGER CARS – BRAZIL (‘000 units)

12

4Q08 / 2008

Source: Amsted Maxion estimate

5,642

7,270

3,668

1,249

5,118

729

1,372

2004 2005 2006 2007 2008 4Q07 4Q08

Sales

Sales

� ∆ 2008 – 07 = 309.8%

� ∆ 4Q08 – 07 = 88.2%

� CAGR 2004 – 08 = -2.4%

RAILWAY FREIGHT CARS – BRAZIL (units)RAILWAY FREIGHT CARS – BRAZIL (units)

13

4Q08 / 2008

MARKET SHARE – BRAZIL (2008)MARKET SHARE – BRAZIL (2008)

Others

15%

Dana

20%

Maxion

65%

Source: Iochpe-Maxion estimate

Borlem33%

Maxion62%

Others5%

Maxion

85%

Others

15%

Maxion

80%

Cruzaço

20%

� Maxion: 67% in 2007 � Maxion: 62% in 2007 � Maxion: 89% in 2007 � Maxion: 80% in 2007

ChassisChassis Commercial Vehicles Commercial Vehicles WheelsWheels

Railway Freight Railway Freight CarsCars

Railway Railway

CastingsCastings

Financial and Operating Performance

15

4Q08 / 2008

1,828

1,2891,248

462

329

1,099

1,494

2004 2005 2006 2007 2008 4Q07 4Q08

Net Operating Revenue

� ∆ 2008 – 07 = 41.8%

� ∆ 4Q08 – 07 = 40.7%

� CAGR 2004 – 08 = 13.6%

NET OPERATING REVENUE (R$ million)NET OPERATING REVENUE (R$ million)

16

4Q08 / 2008

89138

18429

19

79

132

121

4T07 4T08

Wheels Chassis Automotive Comp. Amsted Maxion

283363

99

46

4Q07 4Q08

Domestic Export

329

462

329

462

� Domestic: ∆ 4Q08 – 07 = 28.4%

� Export: ∆ 4Q08 – 07 = 116.2%

� Wheels: ∆ 4Q08 – 07 = 54.8%

� Chassis: ∆ 4Q08 – 07 = 39.8%

� Automotive Comp.: ∆ 4Q08 – 07 = -32.1%

� Amsted Maxion: ∆ 4Q08 – 07 = 52.7%

NET OPERATING REVENUE (R$ million)NET OPERATING REVENUE (R$ million)

Revenue by Market Revenue by Division / Business

17

4Q08 / 2008

Volvo

0%

ALL

1%

Vale

3%

Export

18%

Scania

6%

Others

13%

Agricultural

Machinery

7%

Ford

4%MRS

4%

Fiat

5%

GMB

6%

Daimler

14%

VW

17%

Export

15%

Daimler

12%

MRS

7%

GMB

5%

Scania

5%

Ford

4%

Vale

10%Others

11%

Agricultural

Machinery

7%

VW

17%

Fiat

3%

Volvo

2%

Caterpillar

1%

ALL

1%

NET OPERATING REVENUENET OPERATING REVENUE

Revenue by Customer – 2007 Revenue by Customer – 2008

18

4Q08 / 2008

44

26

146

120

47

119

96

2004 2005 2006 2007 2008 4Q07 4Q08

Exports

� ∆ 2008 – 07 = 21.3%

� ∆ 4Q08 – 07 = 69.9%

� CAGR 2004 – 08 = 32.7%

EXPORTS (USD million)EXPORTS (USD million)

19

4Q08 / 2008

10 12

90

011

23

5

4Q07 4Q08

Wheels Chassis Automotive Comp. Amsted Maxion

R$ thousand

1726

21

0

0

20

52

8

4Q07 4Q08

Wheels Chassis Automotive Comp. Amsted Maxion

46

99

US$ thousand

26

44

Variation 4Q8 - 07 = 116.2%

� Wheels = 51.9%

� Chassis = 149.5%

� Automotive Comp. = 0.4%

� Amsted Maxion: = 159.3%

Variation 4Q8 - 07 = 69.9%

� Wheels = 20.3%

� Chassis = 96.3%

� Automotive Comp. = -21.2%

� Amsted Maxion: = 103.0%

EXPORTS BY DIVISION / BUSINESSEXPORTS BY DIVISION / BUSINESS

20

4Q08 / 2008

228

289

74

219

52

236

357

16%16%18%

19%21%

18%20%

2004 2005 2006 2007 2008 4Q07 4Q08

Gross Profit % NOR

Gross Profit

� ∆ 2008 – 07 = 51,4%

� ∆ 4T08 – 07 = 42,6%

� CAGR 2004 – 08 = 11,9%

GROSS PROFIT (R$ million)GROSS PROFIT (R$ million)

21

4Q08 / 2008

178

127

35

136

26

126

232

8%8%

11%12%12%

10%

13%

2004 2005 2006 2007* 2008 4Q07 4Q08

EBIT % NOR

EBIT

� ∆ 2008 – 07 = 83.8%

� ∆ 4Q08 – 07 = 32.5%

� CAGR 2004 – 08 = 16.3%

(*) 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.

EARNINGS BEFORE INCOME TAX – EBIT (R$ million)EARNINGS BEFORE INCOME TAX – EBIT (R$ million)

22

4Q08 / 2008

156

46

268

156

34

163

205

15%12%

14% 14%13%

10% 10%

2004 2005 2006 2007** 2008 4Q07 4Q08

EBITDA % NOR

EBITDA

� ∆ 2008 – 07 = 71.7%

� ∆ 4Q08 – 07 = 34.3%

� CAGR 2004 – 08 = 14.5%

(*) 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.

EBITDA* (R$ million) EBITDA* (R$ million)

23

4Q08 / 2008

23

33

37

21

-1

10

28

5%

0%

2%2%

3%

1%2%

2004 2005 2006 2007 2008 4Q07 4Q08

Financial Exp. % NOR

Net Financial Expenses

� ∆ 2008 – 07 = 187.1%

� ∆ 4Q08 – 07 = 3,243.0%

� CAGR 2004 – 08 = -4.0%

NET FINANCIAL EXPENSES (R$ million)NET FINANCIAL EXPENSES (R$ million)

24

4Q08 / 2008

� Impact of the FX rate variation on Finacial Expense (Revenue)

� Operations related to fix the future value of the

dollar (NDFs)

� If the operations would expire on 12/30/2008, it

would represent a negative result of R$ 28.7 million

IMPACT OF THE FX RATE VARIATIONIMPACT OF THE FX RATE VARIATION

4Q08

BalanceValue

US$ Million

Impact

R$ million

NDF (expired) 25.4 (7.8)

Loan in Foreing Currency 58.9 (18.8)

Financial Exp./ Rev. (26.6)

Period OperationsContracted Value

US$

Average FX

Rate

Gain/Loss

R$ thousand

NDFs (Buying) 60.8 1.8940 (30.0)

NDFs (Selling) 2.0 1.6786 1.3

Total NDFs (28.7)

At the end

of 4Q08

25

4Q08 / 2008

17

214

725172

58

5

1%

5%

12%

6%5%

5%

5%

2004 2005 2006 2007 2008 4Q07 4Q08

Net Income % NOR

Net Income

� ∆ 2008 – 07 = 195.7%

� ∆ 4Q08 – 07 = -71.3%

� CAGR 2004 – 08 = 43.1%

76

76

133

Non-recurring gain generated by

the merger of Maxion Sistemas

Automotivos into Iochpe-Maxion

Net Income w/o Non-

recurring Effect

� ∆ 2008 – 07 = 90.7%

138

76

NET INCOME (R$ million)NET INCOME (R$ million)

26

4Q08 / 2008

115

128

102

125 132

256

0.6

1.3

1.0

0.80.8

0.6

2003 2004 2005 2006 2007 2008

Net Debt x EBITDA*

NET BANK DEBT (R$ million)NET BANK DEBT (R$ million)

(*) 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

27

4Q08 / 2008

Working

Capital

3%

Import

11%ACC

12%Others

6%

BNDES-EXIM

68%

INDEBTEDNESS – DEC/08 (R$ million)INDEBTEDNESS – DEC/08 (R$ million)

TJLP

69%

Others

1%YUAN

5%

Dollar

25%

Debt by Lines

220

- -

12690

256

346

Short Term Long Term Total Debt Cash Net Debt

Debt Indexation

Indexation Average Cost

Indexed in R$ 73% CDI

Indexed in US$ 5,5% per year

28

4Q08 / 2008

68 6873

113

84

2004 2005 2006 2007 2008

CAPEX (R$ million)CAPEX (R$ million)

Additional Information

30

4Q08 / 2008

INCOME STATEMENT (R$ thousand)INCOME STATEMENT (R$ thousand)

(**) 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.

Consolidated Income Statement R$

thousand4Q08 N.O.R

4Q07*

AdjustedN.O.R 2008 N.O.R

2007*

(Adjusted)N.O.R

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%

31

4Q08 / 2008

BALANCE SHEET (R$ thousand)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

Instruments28.752 -

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

32

4Q08 / 2008

� 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)

-76.18%

-41,22%

-80.00%

-70.00%

-60.00%

-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08

MYPK3 IBOVESPA

SHARES PERFORMANCE - LTMSHARES PERFORMANCE - LTM

33

4Q08 / 2008

Average Daily Trade Volume LTM - R$ thousand

1,987

1,413

1,7471,671

1,377

3,370

2,978

2,294

1,164

1,543

685 734

146

91

105

77

3743

3743

7481

75

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)

AVERAGE DAILY TRADE VOLUME – R$ thousandAVERAGE DAILY TRADE VOLUME – R$ thousand

34

4Q08 / 2008

SHAREHOLDERS STRUCTURESHAREHOLDERS 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%

February, 2009

EARNINGS RELEASE – 4Q08 / 2008EARNINGS RELEASE – 4Q08 / 2008