EARNINGS RELEASE – 3Q08EARNINGS RELEASE – 3Q08

October, 2008

2

3Q08October, 2008

DISCLAIMERDISCLAIMER

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

3Q08October, 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$ 87.6 million1 (17%)

Castings: R$ 33.7 million1 (6%)

Wheels: R$ 9.0 million1 (2%)

Wheels: R$ 152.4 million1 (29%)

Chassis: R$ 205.0 million1 (39%)

R$ 35.3 milhões1 (7%)R$ 130.3 million1 (25%) R$ 357.4 million1 (68%)

100%

Structural Stamped Parts: R$ 6.3 million1 (1%)

Hand Brake Leaver and Pedal Sets: R$ 12.8 million1 (2%)

SIMPLIFIED CORPORATE STRUCTURESIMPLIFIED CORPORATE STRUCTURE

Wheels and Chassis DivisionWheels and Chassis DivisionAutomotive Components Automotive Components

DivisionDivision

1 Consolidated net operating revenue in the

third quarter of 2008

4

3Q08October, 2008

� Consolidated net operating revenue of R$ 523.0 million, an increase of 47.0% over the same period of last year

� EBITDA(*) of R$ 92.2 million, an increase of 60.4% when compared to the same period of last year

� Net income of R$ 130.9 million, an increase of 277.9% over the same period of last year

� Not considering the non-recurring gain of R$ 76 million, net income would be R$ 54.9 million, an increase of 82,4% over the same period of last year

� Net bank debt of R$ 230.6 million (R$ 173.6 million on Sep/07), or 0,9x EBITDA(*) LTM (1.1x on Sep/07).

HIGHLIGHTS – 3Q08HIGHLIGHTS – 3Q08

(*) 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

3Q08October, 2008

� Growth of the Brazilian production of vehicles and agricultural machinery

� Recovery of domestic demand for railway freight cars

� Impact of the real appreciation (1.7051 – 3Q08 x 1.8928 – 3Q07) on net revenue of exports

(reduction of R$ 6.7 million)

� Participation of exports: US$ 39.1 million on 3Q08 x US$ 30.8 million on 3Q07 (13% of net

revenue on 3Q08 x 16% no 3Q07)

� Non-recurring gain of R$ 76 million, related to the merger of Maxion Sistemas Automotivos into

Iochpe-Maxion on July, 2008

3Q08 – MAIN DRIVERS3Q08 – MAIN DRIVERS

Industry Performance

7

3Q08October, 2008

216

318

366379

408

296

355

112130

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

72

114

156 153144

109

98

4134

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Export

� ∆ 3Q08 – 07 = 15.7%

� ∆ 9M08 – 07 = 19.9%

� CAGR 2003 – 07 = 17.2%

� ∆ 3Q08 – 07 = (17.0%)

� ∆ 9M08 – 07 = (10.6%)

� CAGR 2003 – 07 = 18.9%

Production

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

Source: Anfavea

8

3Q08October, 2008

79

107

117

106

137

100

128

38

49

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Source: Anfavea

13

25

38 3941

30 30

11 11

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Export

� ∆ 3Q08 – 07 = 28.3%

� ∆ 9M08 – 07 = 27.8%

� CAGR 2003 – 07 = 14.8%

� ∆ 3Q08 – 07 = 3.2%

� ∆ 9M08 – 07 = 1.1%

� CAGR 2003 – 07 = 33.3%

Production

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

9

3Q08October, 2008

2729

3534

39

30

36

1112

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Source: Anfavea

9

13

19

1615

1112

4 4

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Export

� ∆ 3Q08 – 07 = 15.9%

� ∆ 9M08 – 07 = 18.7%

� CAGR 2003 – 07 = 9.6%

� ∆ 3Q08 – 07 = 1.9%

� ∆ 9M08 – 07 = 8.8%

� CAGR 2003 – 07 = 13.6%

Production

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

10

3Q08October, 2008

59

69

53

46

65

48

63

19

24

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Source: Anfavea

21

31 31

22

27

20

23

8 8

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Export

� ∆ 3Q08 – 07 = 23.5%

� ∆ 9M08 – 07 = 32.7%

� CAGR 2003 – 07 = 2.5%

� ∆ 3Q08 – 07 = 2.2%

� ∆ 9M08 – 07 = 16.8%

� CAGR 2003 – 07 = 6.5%

Production

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

11

3Q08October, 2008

1,505

1,757

2,0092,092

2,389

1,756

2,101

637737

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Source: Anfavea

440

497

684

635

586

445427

160136

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Export

� ∆ 3Q08 – 07 = 15.7%

� ∆ 9M08 – 07 = 19.7%

� CAGR 2003 – 07 = 12.2%

� ∆ 3Q08 – 07 = (15.2%)

� ∆ 9M08 – 07 = (3.9%)

� CAGR 2003 – 07 = 7.4%

Production

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

12

3Q08October, 2008

Source: Amsted Maxion estimate

2,459

5,642

7,270

3,668

1,249

569

3,669

281

1,195

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Sales

Sales

� ∆ 3Q08 – 07 = 325.3%

� ∆ 9M08 – 07 = 544.8%

� CAGR 2003 – 07 = (15.6%)

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

13

3Q08October, 2008

MARKET SHARE – BRAZIL (9M08)MARKET SHARE – BRAZIL (9M08)

Maxion

65%

Dana

20%

Others

15%

ChassisChassis

Source: Maxion estimate

Maxion

63%

Borlem

32%Others

5%

Maxion

97%

Others

3%

Maxion

80%

Cruzaço

20%

� Maxion: 67% on 9M07 � Maxion: 62% on 9M07 � Maxion: 79% on 9M07 � Maxion: 80% on 9M07

Commercial Vehicles Commercial Vehicles WheelsWheels

Railway Freight Railway Freight CarsCars

Railway Railway

CastingsCastings

Financial and Operating Performance

15

3Q08October, 2008

1,2891,248

1,494

1,366

356

523

961

676

1,099

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Net Operating Revenue

� ∆ 3Q08 – 07 = 47.0%

� ∆ 9M08 – 07 = 42.1%

� CAGR 2003 – 07 = 17.5%

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

16

3Q08October, 2008

104152

20631

35

74

147

130

3Q07 3Q08

Wheels Chassis Automotive Comp. Amsted Maxion

298

456

67

58

3Q07 3Q08

Domestic Export

356

523356

523

� Domestic: ∆ 3Q08 – 07 = 53.2%

� Export: ∆ 3Q08 – 07 = 15.4%

� Wheels: ∆ 3Q08 – 07 = 44.8%

� Chassis: ∆ 3Q08 – 07 = 39.5%

� Automotive Comp.: ∆ 3Q08 – 07 = 14.0%

� Amsted Maxion: ∆ 3Q08 – 07 = 76.7%

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

Revenue by Market Revenue by Division / Business

17

3Q08October, 2008

Fiat

3%Ford

4%GMB

5%

Others

9%

Agricultural

Machinery

6%

Vale

2%

VW

14%

After Market

3%

Scania

4%

MRS

10%

Volvo

2%

Export

22%

Daimler

12%

Caterpillar

2%

ALL

2%Daimler

10%

Export

14%

Fiat

3%Ford

4%

GMB

4%

MRS

10%

Agricultural

Machinery

6%

Vale

14%

Volvo

2%

VW

14%

Others

10%

After Market

2%

Scania

4%

Caterpillar

2%

ALL

1%

NET OPERATING REVENUENET OPERATING REVENUE

Revenue by Customer – 3Q07 Revenue by Customer – 3Q08

18

3Q08October, 2008

39

31

102

94

120119

33

96

47

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Exports

� ∆ 3Q08 – 07 = 27.1%

� ∆ 9M08 – 07 = 7.9%

� CAGR 2003 – 07 = 38.1%

EXPORTS (USD million)EXPORTS (USD million)

19

3Q08October, 2008

913

9

0

018

17

4

3Q07 3Q08

Wheels Chassis Automotive Comp. Amsted Maxion

1623

14

0

134

29

8

3Q07 3Q08

Wheels Chassis Automotive Comp. Amsted Maxion

58

67

31

39

Variation 3Q8 - 07 = 15.4%

� Wheels = 30.0%

� Chassis = 84.2%

� Automotive Comp. = 86.7%

� Amsted Maxion: = (13.3%)

Variation 3Q8 - 07 = 27.1%

� Wheels = 44.0%

� Chassis = 106.3%

� Automotive Comp. = 105.8%

� Amsted Maxion: = (5.1%)

EXPORTS BY DIVISION / BUSINESSEXPORTS BY DIVISION / BUSINESS

R$ thousand US$ thousand

20

3Q08October, 2008

137

72

114

228283289

184219

236

22%20%21%

19%19%21%20%

18% 18%

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Gross Profit % NOR

Gross Profit

� ∆ 3Q08 – 07 = 57.5%

� ∆ 9M08 – 07 = 53.9%

� CAGR 2003 – 07 = 14.6%

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

21

3Q08October, 2008

49

83

135136

107

178

200

58

127

10%11%

9%

12% 12% 11%

15% 14%16%

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

EBIT % NOR

Operating Income

� ∆ 3Q08 – 07 = 68.6%

� ∆ 9M08 – 07 = 86.2%

� CAGR 2003 – 07 = 23.5%

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

22

3Q08October, 2008

89

57

92

225

165163130

205

156

13%13%13%14% 14% 14%

17% 16%18%

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

EBITDA % NOR

EBITDA

� ∆ 3Q08 – 07 = 60.4%

� ∆ 9M08 – 07 = 72.9%

� 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.

23

3Q08October, 2008

5

13

2

38

33 37

10

21

10

2%

1%0%

1%2%

3%

6%

2%

1%

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Financial Exp. % NOR

Net Financial Expenses

� ∆ 3Q08 – 07 = 517.6%

� ∆ 9M08 – 07 = (51.8%)

� CAGR 2003 – 07 = (28.4)%

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

24

3Q08October, 2008

IMPACT OF THE FX RATE VARIATIONIMPACT OF THE FX RATE VARIATION

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

� Impact of the FX rate variation on Temporary Equity Reserve

3Q08

Balance Balance Variation

R$ MM

Foreign Investments 6.6 7.4

NDF (to expire) (8.5) (16.4)

Total Effect on Equity (1.9) (8.9)

3Q08

BalanceValue

US$ Million

FX Rate Var.

R$ million

NDF (expired) 35.8 1.5

ACC 14.6 (4.7)

Loans 30.2 (9.1)

Financial Exp./ Rev. (12.3)

25

3Q08October, 2008

30

131

7258 55

7251

209

-5

6%5%

-1%

5% 5%6%

15%

9%

25%

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

Net Income % NOR

Net Income

� ∆ 3Q08 – 07 = 335.7%

� ∆ 9M08 – 07 = 277.9%

� CAGR 2003 – 07 * = 196.2%

76

55

Non-recurring gain generated by

the merger of Maxion Sistemas

Automotivos into Iochpe-Maxion

76

133

Net Income w/ Non-

recurring Effect

� ∆ 3Q08 – 07 = 82.4%

� ∆ 9M08 – 07 = 140.5%

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

* Consider the absolute variation in the period

Non-recurring gain generated by

the merger of Maxion Sistemas

Automotivos into Iochpe-Maxion

26

3Q08October, 2008

115128

231

102125

132

1740.6

1.3

1.1

0.80.8

0.6

0.9

2003 2004 2005 2006 2007 9M07 9M08

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

3Q08October, 2008

TJLP

62%

YUAN

6%

CDI

5%

Dollar

27%

178

- -

121

68

231

299

Short Term Long Term Total Debt Cash Net Debt

Working

Capital

6%

Import

16%

ACC

9%

Others

8%

BNDES-EXIM

61%

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

Debt Indexation

Indexation Average Cost

Indexed in R$ 79% CDI

Indexed in US$ 5,5% per year

Debt by Lines

28

3Q08October, 2008

OPERATIONS RELATED TO FIXING THE FUTURE VALUE OF THE DOLLAR (NDFs)OPERATIONS RELATED TO FIXING THE FUTURE VALUE OF THE DOLLAR (NDFs)

� At the end of Sep/08, the company had contracted US$ 82.1 million in operations related to selling future dollar at R$

1.8701 per USD FX rate, for the period of Oct/08 to Sep/09

� At the end of Sep/08, the company had contracted US$ 5.2 million in operations related to buying future dollar at R$

1.6630 per USD FX rate, for the period of Oct/08 to Jan/09

� If the operations would expire on 09/30/2008, it would represented a negative result of R$ 8.5 million, which was

accounted as a negative temporary equity reserve

* Amount accounted as a negative temporary equity reserve

Period OperationsContracted Value

US$

Average FX

Rate

Gain/Loss*

R$ thousand

NDFs (Buying) 82,100 1.8701 (9,817)

NDFs (Selling) 5,212 1.6630 1,335

Total NDFs (8,482)

At the end

of 3Q08

29

3Q08October, 2008

54

84

6868

47

67

20 20

73

2003 2004 2005 2006 2007 9M07 9M08 3Q07 3Q08

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

Capital Market

31

3Q08October, 2008

-58.18%

-39.62%

-39.47%

-60.00%

-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

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

MYPK3 IBOV IBX-100

SHARES PERFORMANCE - LTMSHARES PERFORMANCE - LTM

� Oct/08 – closing price of the 20th (R$ 14.95)

� 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

3Q08October, 2008

Average Daily Trade Volume LTM - R$ thousand

2,2942,598

2,952

1,413

1,747 1,6711,377

3,3702,978

1,164

1,9871,793

86

77

38

75

56 55

3743

3743

74

81

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

Volume Trades

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

� Oct/08 – volume and trades until the 20th

� 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)

33

3Q08October, 2008

� Extension of the impacts of the financial crisis still to be seen

OUTLOOKOUTLOOK

34

3Q08October, 2008

RESTRUCTURINGRESTRUCTURING

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

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

� This restructuring aimed 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

Additional Information

36

3Q08October, 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$

thousand3Q08 N.O.R 3Q07 N.O.R 9M08 N.O.R 9M07 N.O.R

Net Operating Revenue 522,983 100.0% 355,705 100.0% 1,365,713 100.0% 960,822 100.0%

Cost of Goods Sold

Raw Material (261,560) 50.0% (164,250) 46.2% (664,569) 48.7% (445,223) 46.3%

Labor / Others (147,529) 28.2% (119,154) 33.5% (417,744) 30.6% (331,489) 34.5%

(409,089) 78.2% (283,404) 79.7% (1,082,313) 79.2% (776,711) 80.8%

Gross Profit 113,894 21.8% 72,301 20.3% 283,400 20.8% 184,111 19.2%

Operating Expenses

General and Administrative (14,178) 2.7% (11,678) 3.3% (38,080) 2.8% (34,934) 3.6%

Commercial (19,666) 3.8% (13,815) 3.9% (50,077) 3.7% (42,914) 4.5%

Others 3,380 0.6% 2,676 0.8% 4,759 0.3% 1,139 0.1%

(30,464) 5.8% (22,817) 6.4% (83,398) 6.1% (76,709) 8.0%

Operating Income (EBIT) 83,430 16.0% 49,484 13.9% 200,002 14.6% 107,402 11.2%

Financial Results

Financial Revenue (25) 0.0% 5,272 1.5% 31,412 2.3% 17,286 1.8%

Financial Expenses (12,724) 2.4% (7,336) 2.1% (36,392) 2.7% (27,611) 2.9%

(12,749) 2.4% (2,064) 0.6% (4,983) 0.4% (10,325) 1.1%

Earnings After Financial Income 70,681 13.5% 47,420 13.3% 195,019 14.3% 97,077 10.1%

Non Operating Results (1,199) 0.2% (830) 0.2% (3,229) 0.2% (7,703) 0.8%

Earnings Before Taxes 69,482 13.3% 46,590 13.1% 191,790 14.0% 89,374 9.3%

Income Taxes 61,501 11.8% (16,530) -4.6% 17,416 1.3% (34,013) -3.5%

Net Income 130,983 25.0% 30,060 8.5% 209,206 15.3% 55,361 5.8%

EBITDA 92,157 17.6% 57,455 16.2% 225,266 16.5% 130,262 13.6%

37

3Q08October, 2008

ASSETS LIABILITIES

Sep-08 Sep-07 Sep-08 Sep-07

CURRENT CURRENT

Cash 28,177 25,821 Loans 177,715 100,528

Financial Investments 40,076 19,842 Payables 101,750 75,160

Receivables 291,554 176,473 Customers Advance 12,061 11,323

Inventory 237,566 162,080 Taxes 15,020 8,757

Supliers Advanced 5,481 9,271 Wage, Charges and

others 60,542 45,301

Recoverable Taxes 13,548 22,937 Others Provision 14,952 6,823

Deferred Taxes 23,376 - Others 20,145 14,713

Others 1,140 5,818 402,185 262,605

640,918 422,242

LONG TERM LONG TERM

Receivable 609 1,524 Loans 121,171 118,786

Obligatory deposits and

judicial 12,695 9,186

Provisions 55,854 56,814

Recoverable Taxes 11,010 7,761 Others 6,481 9,243

Deferred Taxes 76,100 34,785 183,506 184,843

Others 1,718 (5,510)

102,132 47,746

MINORITY - -

PERMANENT EQUITY

Investments 441 125 Capital 261,463 161,463

Plants, Property and

Equipment 350,533 296,952

Temporaty Equity

Reserve (1,891) -

Intangible 4,894 - Capital Reserves 49,078 103,472

Deferred Items 4,629 679 Retained Earnings 209,206 55,361

360,497 297,756 517,856 320,296

TOTAL ASSETS 1,103,547 767,744 TOTAL LIABILITIES 1,103,547 767,744

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

38

3Q08October, 2008

SHAREHOLDERS STRUCTURESHAREHOLDERS STRUCTURE

Shareholders Structure on 9/30/2008

Shareholders Shares %

Ioschpe Family 13,534,057 28.53%

BNDESPAR 11,593,401 24.44%

Controlling Shareholders 25,127,458 52.98%

Others 22,304,228 47.02%

Total Iochpe-Maxion 47,431,686 100.00%

EARNINGS RELEASE – 3Q08EARNINGS RELEASE – 3Q08

October, 2008