EARNINGS RELEASE – 2Q08EARNINGS RELEASE – 2Q08

July, 2008

2

2Q08July, 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.

DISCLAIMERDISCLAIMER

3

2Q08July, 2008

SIMPLIFIED CORPORATE STRUCTURE*SIMPLIFIED CORPORATE STRUCTURE*

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$ 95.9 million1 (22%)

Castings: R$ 30.1 million1 (7%)

Wheels: R$ 5.7 million1 (1%)

Wheels and Chassis DivisionWheels and Chassis DivisionAutomotive Components Automotive Components

DivisionDivision

Wheels: R$ 114.4 million1 (26%)

Chassis: R$ 163.1 million1 (37%)

R$ 32.9 million1 (7%)R$ 131.7 million1 (30%) R$ 277.5 million1 (63%)

100%

Structural Stamped Parts: R$ 6,6 million1 (2%)

Hand Brake Leaver and Pedal Sets: R$ 12.1 million1 (3%)

* Consider the grouping of Maxion Sistemas Automotivos by Iochpe-Maxion, approved in a Extraordinary Shareholders Meeting on 01/07/2008

1 Consolidated net revenue in the

second quarter of 2008

4

2Q08July, 2008

HIGHLIGHTS – 2Q08HIGHLIGHTS – 2Q08

� Consolidated net operating revenue of R$ 442.1 million, an increase of 38.6% over the same period of last year

� EBITDA(*) of R$ 71.9 million, an increase of 97.3% when compared with the same period of last year

� Net income of R$ 44.1 million, an increase of 217.5% over the same period of last year

� Net debt bank of R$ 198.9 million (R$ 164.0 million on Jun/07), or 0.9x EBITDA LTM(*) (1.2x on Jun/07).

(*) 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.

5

2Q08July, 2008

� Growth of the Brazilian production of vehicles and agricultural machinery

� Recovery of domestic demand for railway freight cars

� Impact of the real appreciation (1.6362 – 2Q08 x 1.9630 – 2Q07) on net revenue of

exports (reduction of R$ 10.2 million)

� Reduction of exports: US$ 31.2 million on 2Q08 x US$ 33.8 million on 2Q07 (12% of net

revenue on 2Q08 x 21% on 2Q07)

2Q08 – MAIN DRIVERS2Q08 – MAIN DRIVERS

6

2Q08July, 2008

Abrasca (Brazilian Association of Public Companies) Award for Value Creation

� Iochpe-Maxion was awarded for the outstanding performance in Value Creation in 2007 among

the companies in the Machinery and Equipments sector, according to the Public Companies

Statistics Yearbook - 2008

� 1st place in value creation among public companies in 60 months, according to the Public

Companies Statistics Yearbook - 2008

AWARDAWARD

Industry Performance

8

2Q08July, 2008

216

318

366379

408

184

225

97

119

72

114

156 153144

68 64

38 34

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Production Export

Source: Anfavea

Production

� ∆ 2Q08 – 07 = 21.8%

� ∆ 1H08 – 07 = 22.5%

� CAGR 2003 – 07 = 17.2%

Export

� ∆ 2Q08 – 07 = (10.6%)

� ∆ 1H08 – 07 = (6.2%)

� CAGR 2003 – 07 = 18.9%

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

9

2Q08July, 2008

79

107

117

106

137

62

79

34

42

13

25

38 39 41

19 19

11 10

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Production Export

Source: Anfavea

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

Production

� ∆ 2Q08 – 07 = 22.2%

� ∆ 1H08 – 07 = 27.4%

� CAGR 2003 – 07 = 14.8%

Export

� ∆ 2Q08 – 07 = (4.7%)

� ∆ 1H08 – 07 = 0.1%

� CAGR 2003 – 07 = 33.3%

10

2Q08July, 2008

2729

3534

39

19

23

1113

9

13

19

1615

78

4 4

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Production Export

Source: Anfavea

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

Production

� ∆ 2Q08 – 07 = 16.6%

� ∆ 1H08 – 07 = 20.3%

� CAGR 2003 – 07 = 9.6%

Export

� ∆ 2Q08 – 07 = 6.3%

� ∆ 1H08 – 07 = 13.3%

� CAGR 2003 – 07 = 13.6%

11

2Q08July, 2008

59

69

53

46

65

29

40

17

2121

31 31

22

27

1215

7 8

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Production Export

Source: Anfavea

Production

� ∆ 2Q08 – 07 = 25.9%

� ∆ 1H08 – 07 = 38.8%

� CAGR 2003 – 07 = 2.5%

Export

� ∆ 2Q08 – 07 = 16.6%

� ∆ 1H08 – 07 = 26.5%

� CAGR 2003 – 07 = 6.5%

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

12

2Q08July, 2008

1,505

1,757

2,0092,092

2,389

1,119

1,353

585

721

440497

684 635 586

284 277143 139

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Production Export

Source: Anfavea

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

Production

� ∆ 2Q08 – 07 = 23.1%

� ∆ 1H08 – 07 = 20.9%

� CAGR 2003 – 07 = 12.2%

Export

� ∆ 2Q08 – 07 = (3.1%)

� ∆ 1H08 – 07 = (2.6%)

� CAGR 2003 – 07 = 7.4%

13

2Q08July, 2008

Source: Amsted Maxion estimate

2,459

5,642

7,270

3,668

1,249

238

2,692

98

1,439

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Sales

Production

� ∆ 2Q08 – 07 = 1,368.4%

� ∆ 1H08 – 07 = 1,031.1%

� CAGR 2003 – 07 = (15.6%)

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

14

2Q08July, 2008

MARKET SHARE – BRAZIL (1H08)MARKET SHARE – BRAZIL (1H08)

68%

20%

12%

Maxion

Dana

OEM

62%

33%

5%

Maxion

Borlem

Others

Maxion

Others

80%

20%

Maxion

Cruzaço

ChassisChassis

Source: Maxion Estimate

MaxionMaxion

1H071H0767%67% 62%62% 65%65% 80%80%

97%

3%

Commercial Vehicles Commercial Vehicles WheelsWheels

Railway Freight Railway Freight CarsCars

Railway Railway

CastingsCastings

Financial and Operating Performance

16

2Q08July, 2008

1,2891,248

1,494

843

319

442

605

676

1,099

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Net Operating Revenue

� ∆ 2Q08 – 07 = 38.6%

� ∆ 1H08 – 07 = 39.3%

� CAGR 2003 – 07 = 17.5%

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

17

2Q08July, 2008

97 114

163

27

3362

132

132

2Q07 2Q08

Wheels Chassis Automotive Comp. Amsted Maxion

253

391

51

66

2Q07 2Q08

Domestic Export

319

442

319

442

� Domestic: ∆ 2Q08 – 07 = 54.8%

� Export: ∆ 2T08 – 07 = (23.0%)

� Wheels: ∆ 2Q08 – 07 = 17.4%

� Chassis: ∆ 2T08 – 07 = 23.4%

� Automotive Comp.: ∆ 2Q08 – 07 = 20.7%

� Amsted Maxion: ∆ 2Q08 – 07 = 112.1%

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

Revenue by Market Revenue by Division / Business

18

2Q08July, 2008

NET OPERATING REVENUENET OPERATING REVENUE

Revenue by Customer – 2Q07

Scania

6%

Volvo

2%

VW

16%MRS

2%

Export

20%

After Market

4%

Others

11%

Vale

2%

Caterpillar

1%

ALL

1%

Agricultural

Mach.

7%

Daimler

14%

GMB

6%

Ford

4%Fiat

4%Fiat

5% Ford

4%GMB

5%

Daimler

12%

Scania

5%Volvo

3%

VW

14%ALL

1%

MRS

10%

Vale

11%

Caterpillar

1%

Export

12%

Others

7%

After Market

3%

Agricultural

Mach.

7%

Revenue by Customer – 2Q08

19

2Q08July, 2008

3134

6364

120119

33

96

47

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

EXPORTS (USD million)EXPORTS (USD million)

Exports

� ∆ 2Q08 – 07 = (7.5%)

� ∆ 1H08 – 07 = (1.4%)

� CAGR 2003 – 07 = 38.1%

20

2Q08July, 2008

10 11

600

18 13

5

2Q07 2Q08

Whees Chassis Automotive Comp. Amsted Maxion

R$ thousand

20 19

10

0 0

36

22

10

2Q07 2Q08

Wheels Chassis Automotive Comp. Amsted Maxion

66

51

US$ thousand

3431

Variation 2Q8 - 07 = (23%)

� Wheels = (4.8%)

� Chassis = 3.0%

� Automotive Comp. = (13.8%)

� Amsted Maxion: = (40.0%)

Variation 2Q8 - 07 = (8%)

� Wheels = 14.3%

� Chassis = 23.0%

� Automotive Comp. = 4.3%

� Amsted Maxion: = (27,8%)

EXPORTS BY DIVISION / BUSINESSEXPORTS BY DIVISION / BUSINESS

21

2Q08July, 2008

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

137

228

170

5890

289

112219

236

20%18%

20%19%19%

21%20%18% 18%

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Gross Profit %NOR

Gross Profit

� ∆ 2Q08 – 07 = 55.8%

� ∆ 1H08 – 07 = 51.6%

� CAGR 2003 – 07 = 14.6%

22

2Q08July, 2008

29

63

135136

58

178

117

58

127

10%11%

9%

12% 12%10%

14%

9%

14%

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

EBIT % NOR

Operating Income

� ∆ 2Q08 – 07 = 119.9%

� ∆ 1H08 – 07 = 101.3%

� CAGR 2003 – 07 = 23.5%

OPERATING INCOME – EBIT (R$ million)OPERATING INCOME – EBIT (R$ million)

23

2Q08July, 2008

89

36

72133

165163

73

205

156

13%13%13%14% 14%

12%

16%

11%

16%

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

EBITDA % NOR

EBITDA

� ∆ 2Q08 – 07 = 97.3%

� ∆ 1H08 – 07 = 82.8%

� CAGR 2003 – 07 = 16.7%

EBITDA* (R$ million) EBITDA* (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.

24

2Q08July, 2008

-8 -6

4

38

33

37

8

21

10-1%

1%

-1%

1%2%

3%

6%

2%

1%

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

Financial Exp. % NOR

Net Financial Expenses

� ∆ 2Q08 – 07 = (260.6)%

� ∆ 1H08 – 07 = (194.0%)

� CAGR 2003 – 07 = (28.4)%

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

25

2Q08July, 2008

14

44

-5

78

51

72

25

58

72

10%

4%

9%

4%

5%5%

-1%

5%6%

2003 2004 2005 2006 2007 1S07 1S08 2T07 2T08

Lucro Líquido % ROL

Net Income

� ∆ 2Q08 – 07 = 217.5%

� ∆ 1H08 – 07 = 209.2%

� CAGR 2003 – 07 * = 196.2%

* Consider the absolute variation in the period

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

26

2Q08July, 2008

115128

199

102125

132

164

0.6

1.31.2

0.80.8

0.6

0.9

2003 2004 2005 2006 2007 1H07 1H08

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

EBITDA LTM

27

2Q08July, 2008

77.2%

2.3%1.8%

18.6%

TJLP Dollar CDI YUAN

� At the end of Jun/08, the company had consolidated contracts for US$ 53.7 million of Non Deliverable Forwards

(NDFs) at R$ 1,8078 per USD average FX rate, for the period of Jul 08 to Jun 09

� If the such NDFs were expired on June 30, 2008, the company would have posted a gain of R$ 8.3 million,

which was accounted as a temporary Equity Reserve, according to the recent Brazilian law 11,638/07

Debt Indexation

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

LINES SHORT TERMLONG

TERMTOTAL

Trade Finance / Export 28.3 48.2 76.5

Equipment Finance / EXIM 140.0 30.1 170.1

Local Currency 6.7 - 6.7

175.1 78.2 253.3

(-) Cash & Marketable Securities 54.4 - 54.4

Net Debt 120.7 78.2 198.9

Indexation Average Cost

Index in Reais 83% CDI

Index by Dollar in US$ 6,3% per year

28

2Q08July, 2008

54

84

6868

35

44

12

28

73

2003 2004 2005 2006 2007 1H07 1H08 2Q07 2Q08

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

Capital Market

30

2Q08July, 2008

14.98%

10.73%

10.45%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08

MYPK3 IBOV IBX-100

� Closing price of the last day of the month

� Jul/08 – closing price of 30 (R$ 34.00)

� 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)

SHARES PERFORMANCE - LTMSHARES PERFORMANCE - LTM

31

2Q08July, 2008

� Jul/08 – volume and trades until the 30th

� Due to the low liquidity of MYPK3 before the conversion of the shares, was considered the volume and trade of

MYPK4 before the conversion (02/26/08)

1,377

3,723

4,114

5,577

2,5982,952

1,4131,747 1,671

3,3702,978

1,924

65

8174

43

91 89

110

56 55

3743

37

Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08

Volume Trades

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

32

2Q08July, 2008

OUTLOOKOUTLOOK

� Continued upside on domestic demand for vehicles and agriculture machinery

� Continued upside on domestic demand for railway freight cars

� Increase of production of commercial vehicle wheels plant in China in the third quarter of 2008

33

2Q08July, 2008

� An Extraordinary Shareholders Meeting held on July 1, 2008, approved the grouping of the subsidiary Maxion

Sistemas Automotivos by Iochpe-Maxion, based on its book value

� This restructuring aims to simplify the company’s operational and corporate structure, by concentrating all its

main Brazilian operations, except for the subsidiary Amsted Maxion Equipamentos Ferroviarios S.A., in a single

company, which will generate a non-recurring gain of approximately R$76 million, upon the conclusion of such

restructuring, foreseen for the third quarter

RESTRUCTURINGRESTRUCTURING

Additional Information

35

2Q08July, 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.

Consolidated Income Statement R$

thousand2Q08 N.O.R 2Q07 N.O.R 1H08 N.O.R 1H07 N.O.R

Net Operating Revenue 442,120 100.0% 318,963 100.0% 842,730 100.0% 605,117 100.0%

Cost of Goods Sold (352,194) 79.7% (261,247) 81.9% (673,224) 79.9% (493,307) 81.5%

Gross Profit 89,926 20.3% 57,716 18.1% 169,506 20.1% 111,810 18.5%

Operating Expenses

General and Administrative (12,110) 2.7% (10,831) 3.4% (23,902) 2.8% (23,256) 3.8%

Commercial (15,259) 3.5% (15,669) 4.9% (30,411) 3.6% (29,099) 4.8%

Others 803 -0.2% (2,400) 0.8% 1,379 -0.2% (1,537) 0.3%

(26,566) 6.0% (28,900) 9.1% (52,934) 6.3% (53,892) 8.9%

Operating Income (EBIT) 63,360 14.3% 28,816 9.0% 116,572 13.8% 57,919 9.6%

Financial Results

Financial Revenue 17,233 3.9% 9,034 2.8% 26,512 3.1% 13,778 2.3%

Financial Expenses (11,402) 2.6% (12,665) 4.0% (18,746) 2.2% (22,039) 3.6%

5,831 -1.3% (3,631) 1.1% 7,766 -0.9% (8,261) 1.4%

Earnings After Financial Income 69,191 15.6% 25,185 7.9% 124,338 14.8% 49,657 8.2%

Non Operating Results (761) 0.2% (2,605) 0.8% (2,030) 0.2% (6,873) 1.1%

Earnings Before Taxes 68,430 15.5% 22,580 7.1% 122,308 14.5% 42,784 7.1%

Income Taxes (24,340) 5.5% (8,693) 2.7% (44,085) 5.2% (17,483) 2.9%

Net Income 44,090 10.0% 13,887 4.4% 78,223 9.3% 25,301 4.2%

EBITDA* 71,848 16.3% 36,417 11.4% 133,110 15.8% 72,807 12.0%

36

2Q08July, 2008

ASSETS LIABILITIES

Jun-08 Jun-07 Jun-08 Jun-07

CURRENT CURRENT

Cash 54,378 46,457 Loans 175,060 83,451

Receivables 227,558 156,345 Payables 98,206 72,322

Inventory 220,105 146,990 Customers Advance 18,691 15,885

Recoverable Taxes 18,599 21,685 Wage and Charges 53,312 39,093

Others 19,149 18,240 Taxes 12,853 5,663

539,789 389,717 Dividends 172 153

Others 21,954 21,817

380,248 238,384

LONG TERM LONG TERM

Receivable 690 932 Loans 78,243 127,062

Deferred Income Taxes 19,367 24,958 Provisions 58,426 58,226

Others 21,935 24,278 Others 6,199 12,226

41,992 50,168 142,868 197,514

MINORITY - -

PERMANENT EQUITY

Intangible 4,090

Investments 359 359 Capital 261,463 161,463

Plants, Property and Equipment 329,418 284,842 Capital Reserves 56,156 103,472

Deferred Items 3,310 1,048 Retained Earnings 78,223 25,301

337,177 286,249 395,842 290,236

TOTAL ASSETS 918,958 726,134 TOTAL LIABILITIES 918,958 726,134

BALANCE SHEET (R$ thousand)BALANCE SHEET (R$ thousand)

37

2Q08July, 2008

SHAREHOLDERS STRUCTURESHAREHOLDERS STRUCTURE

Shareholders Structure on 6/30/2008

Shareholder Shares %

IOSCHPE FAMILY 13,942,006 29.4%

BNDESPAR 11,593,401 24.4%

CONTROLLING SHAREHOLDERS 25,535,407 53.8%

OTHER 21,896,279 46.2%

TOTAL 47,431,686 100.0%

EARNINGS RELEASE – 2Q08EARNINGS RELEASE – 2Q08

July, 2008