Iochpe-Maxion - Deutsche Bank GEMS Conference Presentation

DB GEM Conference

Deutsche Bank GEM Conference September, 2005

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DISCLAIMER: FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements. Such statements are not statements ofhistorical facts, and reflect the beliefs and expectations of Iochpe-Maxion’s management. The word “anticipates”, “expects”, “estimates”, “intends”, “forecasts”, “plans”, “predicts”, “projects”, “targets” and similar words are intended to identify these statements. Although Iochpe-Maxion believes that expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to Iochpe-Maxion’s management, Iochpe-Maxion cannot guarantee future results or events.

Iochpe-Maxion undertakes no obligation to update publicly or revise any forward-looking statements because of new information, future events or other facts.

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IOCHPE – MAXION: BASICS

• Plants located in São Paulo and Minas Gerais States

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SHAREHOLDER COMPOSITION: JUN-05

Issued Shares after reverse split (*)

Common 18,428,597 34.62%Preferred 34,803,707 65.38%

Total 53,232,304 100.00%

Iochpe FamilyVoting 75.6%Non-voting 0.5%Total 26.5%

Iochpe-Maxion S.A.

Iochpe-Maxion

BNDES ParticipaçõesVoting 21.8%Non-voting 62.2%Total 48.2%

OtherVoting 2.6%Non-voting 37.3%Total 25.3%

Shareholder Agreement

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CORPORATE STRUCTURE: JUN-05

Wheels andChassis Division

(3,116 Employees)

AutomotiveComp. Division

(864 Employees)

Maxion SistemasAutomotivos S.A.

Maxion ComponentesEstruturais Ltda.

Amsted Maxion Fund. eEquip. Ferroviários S.A.

(4,425 Employees)

Iochpe-Maxion S.A.(14 Employees)

Consolidated =6,207 Employees

6.2%

AmstedIndustries

50%

50%

99.99%

93.7%

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CONSOLIDATED NET SALES BREAKDOWN (%)

29%

14%

57%

1H05 – R$ 750 MM 1H04 – R$ 482 MM

36%

7%

57%

Amsted Maxion (*) Amsted

Maxion (*)Wheels and Chassis Division

Autom.Comp. Division

Autom.Comp. Division

Wheels and Chassis Division

(*) Consolidated figures consider 50% of the net sales of Amsted-Maxion

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WHEELS AND CHASSIS DIVISION (*)

57% (*) Division of

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WHEELS AND CHASSIS DIVISION : BASICS

• Conformation of flat steel

• Focused on the commercial vehicles segment (trucks, buses, pickups and agricultural machinery)

• Continuous capex resulting in an unique manufacturing facility in the South American market

• Local leadership

• Export base (13% of sales)

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WHEELS AND CHASSIS DIVISION

SiderailsStamped Parts

Chassis

StructuralParts

Heavy Medium Light

Chassis - 55% of the Division’s Net Sales

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Wheels for Vehicles - 45% of the Division’s Net Sales

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BRAZILIAN AUTOMOTIVE INDUSTRY (THOUSAND UNITS)

1H05 1H04 Var%

Pickups 170.5 140.9 21%

Trucks 58.5 50.2 17%

Buses 18.3 13.7 33%

AgriculturalMachinery 29.2 33.5 (13%)

1H05 1H04 Var%

67.7 46.8 45%

15.2 11.9 27%

8.9 4.8 83%

17.1 14.8 16%

Output Exports

Source: Anfavea

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BRAZILIAN FLEET – 2004

Fleet Size

(In thousand units)

Pickups 3,088

Trucks 1,169

Buses 258

Source: Sindipeças

Average Fleet Age

(In years)

Pickups 8.6

Trucks 12.0

Buses 9.9

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∆% = 49%

WHEELS AND CHASSIS DIVISION (R$ MM)

174208 241

397

626

785

145218

270

429

0

250

500

750

1000Net Sales

CAGR = 40% a.a.

2000 2001 2002 2003 2004 2Q04 2Q052Q05 LTM 1H04 1H05

∆% = 59%

CAGR = Compund Annual Growth Rate / LTM = last 12 months

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Chassis – 1H05

69%

26%5%

Maxion

Dana

OEM

30%

24%

9%

6%6%3%11%

11%

Other

DaimlerChrysler

Volks-wagen General

Motors

Exports

Ford

Scania

Dana

Market Share (%) Customer Base (%)

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Wheels – 1H05

63%

7%

30%

Maxion

Hayes

Other

23%

21%10%

9%

8%5%11%

13%

Other

Tractors

Exports

Volks-wagen

Volvo

After-Market

Scania

DaimlerChrysler


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Chassis – New Contracts : R$ 73 MM per yearProduct / Customer Country Starting Date Saler per year

R$ MMLight/Medium Stamped Parts - DaimlerChrysler Brazil Sept.05 21.6

Chassis - Volkswagen Brazil Oct.05 17.8

Siderails and Stamped Parts - AM General U.S.A. Jan.06 12.0

Stamped Parts - ArvinMeritor Brazil May.05 9.6

Siderails - DaimlerChrysler Brazil Dec.05 7.0

Medium Stamped Parts - DaimlerChrysler Brazil Aug.04 3.1

Chassis - Scania Brazil Feb.05 0.7

Medium Stamped Parts - Peugeot Citroen Brazil Oct.04 0.4

Stamped Parts - DaimlerChrysler Germany May.05 0.4

Medium Stamped Parts - Volkswagen Brazil May.05 0.4

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Wheels – New Contracts: R$ 29.8 MM per yearCustomer Country Starting Date Saler per year

R$ MMNyanza / Sarl El Jaouda / ECTC / Region 4 / Somaa / Oumnia / Cacomiaf / Maxprest / Royal Vulcanising / Barakat / MIS-Salhya

Africa Nov.04 / Apr.05 15.7

Radial LLantas / Sultana / Servillantas / Ruedas y Ejes / Dina Camiones

Mexico May.05 / Jul.05 3.7

John Deere Brazil Mar.06 3.2GKN / Accuride U.S.A. Jan.05 2.8Petromaster / Skuba Russia / Lithuania Jan.05 1.4Al Khateb / Ahmed Khalfan / Alkha Teeb& Sons

Middle East Jan.05 / May.05

1.3

Continental Germany / Morroco Jun.05 0.9Nordex / Wilar Technic Uruguay / Peru Jan.05 0.8

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AMSTED MAXION

36%

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30%

AMSTED MAXION : BASICS

• Integrated freight car operation: castings and car assembly

• Capex + technology resulting in an unique manufacturing facility and designcapabilities

• Steel castings

- Transformation of steel scrap- Focused on the railway equipment and industrial businesses- Local leadership- Export base

• Freight car assembly

- Assembly of components and castings- Local leadership

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AMSTED MAXION : MAIN PRODUCTS

RAILWAYWHEELS

RAILWAYFREIGHT CARS

BOOGIES

30%

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BRAZILIAN RAIL EQUIPMENT MARKET – SALES

30%

2Q05 2Q04 ∆% 1H05 1H04 ∆% Freight Railcars(units) 1,897 1,563 21% 3,272 2,616 25%

Railway Wheels (thousand units) 14.1 10.3 37% 23.1 16.8 38%

Railway Castings(thousand tons) 1.6 1.2 37% 2.7 2.0 34%

Source: Amsted-Maxion

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30%

BRAZILIAN RAILWAY TRANSPORTATION

254 260 260289 302 301

331351

55 58

0

100

200

300

400

500Million of tons

97 04

CAGR% = 4.7%

030201009998Source: ANTF / Revista Ferroviária

∆% = 6.2%

04 05Jan - Feb

CAGR = Compound Annual Growth Rate

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30% Ore69%

Steel8%

Grain8%

Other15%

Goods - 2004Other

2%

CVRD60%

MRS28%

ALL6%

Brasil Ferrov.

4%

Company - 2004

Source: ANTF

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Cargo Transportation Matrix

% by type - 2003

% Railway Cargo Transportation

Railway Road Waterway

Russia 81% 08% 11%

India 50% 50% 00%

Canada 46% 43% 11%

Australia 43% 53% 04%

USA 43% 32% 25%

Brazil 24% 62% 14%

21%24%

0%

10%

20%

30%

20031997

Source: ANTF

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BRAZILIAN FREIGHT RAILCARS FLEET (units)

Jun/05 Jun/04 ∆ units ∆ %

CVRD / FCA 37,843 32,372 5,471 17%

MRS 13,441 12,490 951 8%

ALL 12,730 11,805 925 8%

Brasil Ferrovias 10,506 10,162 344 3%

Other 2,292 2,266 26 1%

76,812 69,095 7,717 11%

Source: Revista Ferroviária

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AMSTED MAXION – 1H05


30%

54%24%

8%14%

Other

CVRD Exports

ALL

Freight Railcars 80%

Railway Wheels 20%

Railway Castings 80%

Industrial Castings 45%

Source: Amsted-Maxion

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122 110 120

328

646

915

165

308 274

544

0

200

400

600

800

1000

1200

∆% = 87%

AMSTED MAXION (R$ MM)

Net Sales (*)

27

CAGR = 57% a.a.

2000 2001 2002 2003 2004 2Q04 2Q05

(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s salesCAGR = Compound Annual Growth Rate / LTM = last 12 months

2Q05LTM

1H04 1H05

∆% = 98%

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AMSTED MAXION

Spot Orders 2005/2006 – Railcars – R$ 1.28 Billion (*)

CVRD / FCA – 6,032Brasil Ferrovias – 247MRC (Mitsui / Bunge / ALL) – 350CVG Ferrominera Orinoco – 225Comilog – 126CBG Compagnie des Bauxites de Guinee – 22MRS – 716Total – 7,718 units

30%

Deliveries (units)

Delivered jan-jun 2005 2,909To deliver jul-dec 2005 3,508Total 2005 6,417

Total 2006 1,301

(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s sales

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AMSTED MAXION

Recurring Orders : R$ 242.6 MM per year (*)

ASF-Amsted (USA) – railway castings – R$ 145.3 MM

Caterpillar (Brazil and USA) – tractor parts – R$ 81.4 MM

Metso (France) – industrial castings – R$ 4.8 MM

Truck OEMs (Brazil) – fifth-wheel – R$ 4.8 MM

Komatsu / CNH (USA and Italy) – industrial castings – R$ 6.3 MM

(*) Amsted-Maxion’s net sales. Consolidated figures consider 50% of Amsted-Maxion’s sales

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C o n s o l i d a t e dSecond Quarter 2005

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EXPORTS (%)

37%

12%

51%

Chassis

RailwayEquipment

Wheels

Imports 1H05 - US$ 6.3MM / R$ 17.4MM (*)(*) Includes US$ 1.6MM / R$ 4.2MM of machinery and equipment

Exports – US$ 46.1MM / R$ 126.2 MM – 1H05 (US$ 19.6MM / R$ 58.8MM – 1H04)

Segment (%) Destination (%)

42%

10%

26%

12%1%7%

2%

Africa/M. East

USA

Canada

Asia/Oceania

SouthAmerica

Europe

Mexico

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624

374 411

676

1,099

1,365

482

750

0

250

500

750

1000

1250

1500

1750

NET SALES – CONSOLIDATED (R$ MM)

Net Sales

CAGR = 45% a.a.

2000 2001 2002 2003 2004 2Q05LTM 1H04 1H05

∆% = 56%

End of

Divestiture

Phase

CAGR = Compound Annual Growth Rate / LTM = last 12 months

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GROSS PROFIT

116

80 87

137

228

273

100

145

19%21% 21% 20% 21% 20% 21%

19%

0

50

100

150

200

250

300

10%

20%

30%

40%

50%

% sales

2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05

R$ MM

(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM

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EBIT

46

2736

58

127

155

56

84

7% 7% 9% 9%12% 11% 12% 11%

0

40

80

120

160

0%

10%

20%

30%

40%

50%

R$ MM % sales

2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05


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FINANCIAL EXPENSES, NET

56

41

54

3833

2723

189%

11%13%

6%3% 2%

5%2%

0

20

40

60

80

0%

5%

10%

15%

20%

25%

30%

35%

40%

R$ MM % sales

2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05

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OPERATIONAL RESULT AFTER FINANCIAL EXPENSES

-10 -14 -18

19

94

128

33

66

-4% -4%

3%

9% 9%7%

9%

-2%

-40

-20

0

20

40

60

80

100

120

140

-10%

-5%

0%

5%

10%

15%

R$ MM % sales

2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05


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EBITDA

% salesR$ MM

89

5869

89

156

182

71

97

14% 16% 17%13% 14% 13%

15%13%

0

20

40

60

80

100

120

140

160

180

200

0%

10%

20%

30%

40%

50%

2000 2001 2002 2003 2004 2Q05 LTM 1H04 1H05


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NET BANK DEBT

195

65

106115

102

150

176

2,2

1,11,5

1,3

0,6

1,31,0

0

50

100

150

200

250

0

1

2

3

4

5

2001 2002 2003 2004 2Q05 LTM

R$ MM x EBITDA

2Q04 LTM2000

LTM = last 12 months

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INCOME STATEMENT - CONSOLIDATED (R$ Mil)

2,005 % net sales 2,004 % net sales Var 05/04 %Net Sales 749,759 100.0% 482,094 100.0% 55.5%

Gross profit 145,095 19.4% 100,160 20.8% 44.9%

Operating expenses (61,401) -8.2% (44,402) -9.2% 38.3%

Earnings before interest and taxes 83,694 11.2% 55,758 11.6% 50.1%

Net financial expenses (17,666) -2.4% (23,247) -4.8% -24.0%

Earnings after net financial expenses 66,028 8.8% 32,511 6.7% 103.1%

Non-operational result (10,047) -1.3% (4,312) -0.9% 133.0%

Earnings befores income taxes and minority interest 55,981 7.5% 28,199 5.8% 98.5%

Income taxes and minority interest (24,084) -3.2% (13,881) -2.9% 73.5%

Net income 31,897 4.3% 14,318 3.0% 122.8%

EBITDA 96,691 12.9% 70,962 14.7% 36.3%

First Half

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IOCHPE-MAXION: STOCK PERFORMANCE

0.9

23.9

3.2 2.7 2.84.2 4.2

3.2

22.3

6.7

15.2

10.0

5.8

3.3

6.7 7.0

4.1 3.8

6.26.3

16.0 15.9 15.5

13.6

4.04.9 4.7

4.0 4.0 3.9 4.1

5.56.8

8.7 8.5

9.6

12.4

14.114.2

16.3

-

5

10

15

20

25

30

Dec-03

Jan-04

Feb-04

Mar-04

Apr-04

May-04

Jun-04

Jul-04

Aug-04

Sep-04

Oct-04

Nov-04

Dec-04

Jan-05

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-05

-

5.0

10.0

15.0

20.0VOLUME / MONTHLY AVERAGE PRICE

IOCHPE-MAXION PN (MYPK4)

R$ MM R$ / SHARE

PRICE VOLUME

(*) adjusted for reverse split

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IOCHPE – MAXION: GOVERNANCE AND CAPITAL MARKETS

– Public company since 1984 / ADR Level I since 1994– Board with 2 independent members and no executive officer member

– Audit Board (“Conselho Fiscal”) with 1 representative of the non-controlling shareholders

– Dividend payout – 37% of net income and an additional 10% for non-voting shares

2004 Result / Paid in April 2005 : R$ 16.1 MM / Yield – 2.3% (12.31.2004)

– Reverse Split

Approved at a Shareholder Meeting of March 21, 2005

Proportion - 50:1

Price quote by unit and standard quantity of one hundred shares since April 25, 2005

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A d d i t i o n a l I n f o r m a t i o nSecond Quarter 2005

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AUTOMOTIVE COMPONENTS DIVISION (*)

7%

(*) Division of

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AUTOMOTIVE COMPONENTS DIVISION: BASICS

• Light stamping

• Assembly of parts

• Focused on passenger cars

• Local leadership in main products

• Strong trend for globalization

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AUTOMOTIVE COMPONENTS DIVISION: MAIN PRODUCTS

HANDBRAKELEVERS

PEDALSETS

JACKS

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AUTOMOTIVE INDUSTRY (THOUSAND UNITS)

Output Exports

2Q05 2Q04 Var%

503.4 428.6 17%

2Q05 2Q04 Var%

171.9 118.9 45%

1H05 1H04 Var%

954.8 834.0 15%

1H05 1H04 Var%

303.1 215.2 41%

Passenger Cars

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AUTOMOTIVE COMPONENTS DIVISION (R$ MM)

∆% = (26%)

99 94 98114

150131

34 26

6850

0

50

100

150

200 Net Sales

CAGR = 6% a.a.

2000 2001 2002 2003 2004 2Q04 2Q052Q05LTM 1H04 1H05

∆% = (28%)

CAGR = Compund Annual Growth Rate / LTM = last 12 months

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AUTOMOTIVE COMPONENTS DIVISION


24%

24%

13%

8%11%

20%

Other

Volks-wagen

GeneralMotors

Ford

Fiat

Brose

Hand break lever 43%

Pedal set 25%

Jack 21%

Latch 9%

knob / Key / Cylinder 8%

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AUTOMOTIVE COMPONENTS DIVISION

New Contracts: R$ 9.2 MM per year

Model - Customer Product Starting Date

Sales per year R$ MM

FLP - Fiat Lock / Reinforcement Jun.06 4.4New Cabin - VW Knobs set Nov.05 1.6310 - Fiat Hinges Dec.06 1.2Fox Euro - VW Jacks / Door Locks Jun.05 1.1Idea - Fiat Hinges Aug.05 0.4Uno - Fiat Bracket Jan.06 0.3Pickup FLP - Fiat Hinges Jun.06 0.2

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B e n c h m a r k2º Tri 2005

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BENCHMARK – GROSS PROFIT (% NET SALES)

LearSuperior

Dana

MarcopoloTenneco

Federal Mogul

Gentex

Borg WarnerCummins

Iochpe-MaxionNippon Denso

Accuride

EatonStoneridge

Strattec

TitanAutoliv

Johnson ControlsDura

TRW AutoValeo

American Axle

ArvinMeritorFaurecia

0% 10% 20% 30% 40%

2Q04 2Q05

Average = 14.8%

Source: Companies releases2005 First Half of each company, except for Nippon Denso with first quarter results, Strattec with 12 monthsresult and ArvinMeritor / Johnson Controls with 9 months results.

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BENCHMARK – EBIT ( % NET SALES )

StrattecIochpe-Maxion

Titan

Nippon Denso

Stoneridge

Tenneco

American Axle

GentexAccuride

Eaton

AutolivCummins

Borg Warner

DuraTRW Auto

FaureciaMarcopolo

SuperiorJohnson Controls

DanaFederal MogulValeo

ArvinMeritorLear

0% 10% 20% 30%

2Q04 2Q05

Average= 6.7%


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BENCHMARK – EBITDA ( % NET SALES )

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Cummins

Autoliv

Titan

Strattec

Tenneco

Accuride

Iochpe-Maxion

Borg Warner

TRW Auto

American Axle

Federal Mogul

Valeo

Faurecia

Dura

Dana

Marcopolo

Johnson Controls

ArvinMeritor

Lear

0% 10% 20% 30%

2Q04 2Q05

Average - 9.2%


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B a n k D e b tSecond Quarter 2005

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NET DEBT BREAKDOWN – CONSOLIDATED – JUN05 (R$ MM)

LINES SHORT TERM

LONG TERM TOTAL

Trade Finance / Export 23.4 18.2 41.6Equipment Financing 23.6 67.5 91.1

Buyers - Local 73.4 73.4120.4 85.7 206.1

(-) Cash and Marketable Securities 30.5 30.5

Net Debt 89.9 85.7 175.6

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DEBT INDEXATION – CONSOLIDATED – JUN05 (%)

IGPM(inflation rate)

42%

36%

2% 20%

CDI(interbank)

Dollar

TJLP(BNDES

rate)

AVERAGE COST (1H05)

In R$ - 84% CDI

In US$ - 5.6% a.a.

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FOREIGN CURRENCY EXPOSURE – JUN05 (US$ MM)

Balance Sheet

Assets denominated in foreign currency. Marketable Securities / Investments 3.9. Accounts Receivable 19.7

23.6

Liabilities denominated in foreign currency. Bank debt (19.2). Accounts Payable (7.6)

(26.8)

Net Position (3.2)

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B a l a n c e S h e e tSecond Quarter 2005

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INCOME STATEMENT – CONSOLIDATED (R$ MM)

2,005 % net sales 2,004 % net sales Var 05/04 %Net Sales 397,180 100.0% 269,222 100.0% 47.5%

Gross profit 73,598 18.5% 61,483 22.8% 19.7%

Operating expenses (31,154) -7.8% (23,975) -8.9% 29.9%

Earnings before interest and taxes 42,444 10.7% 37,508 13.9% 13.2%

Net financial expenses (8,966) -2.3% (14,650) -5.4% -38.8%

Earnings after net financial expenses 33,478 8.4% 22,858 8.5% 46.5%

Non-operational result (4,763) -1.2% (2,678) -1.0% 77.9%

Earnings befores income taxes and minority interest 28,715 7.2% 20,180 7.5% 42.3%

Income taxes and minority interest (11,933) -3.0% (7,956) -3.0% 50.0%

Net income 16,782 4.2% 12,224 4.5% 37.3%

EBITDA 49,031 12.3% 45,130 16.8% 8.6%

Second Quarter

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BALANCE SHEET – CONSOLIDATED (R$ THOUSAND)

ASSET Jun/05 Jun/04 LIABILITY AND STOCKHOLDERS' EQUITY Jun/05 Jun/04

CURRENT CURRENT Cash and marketable securities 30,567 29,266 Loans and local bonds 120,427 111,256 Account receivables 193,015 103,006 Account payables 92,676 52,263 Inventory 182,150 120,839 Prepayment 67,478 11,635 Recoverable taxes 30,754 21,566 Wages, labor charges and other 32,054 24,698 Other 17,754 15,813 Taxes payable 25,624 11,799

454,240 290,490 Accruals, miscelaneous 15,676 15,355 Other 29,198 14,299

383,133 241,305

LONG TERM LONG TERM Account receivables 4,021 4,458 Loans and local bonds 85,713 67,580 Deferred taxes 40,090 42,959 Accruals, miscelaneous 39,082 28,186 Other 36,192 13,934 Other 18,608 16,227

80,303 61,351 143,403 111,993

MINORITY INTEREST 191 117

PERMANENT STOCKHOLDERS' EQUITY Investments 210 6,806 Paid in capital 161,463 161,463 Property, plant and equipment 206,675 147,066 Profit reserve 24,770 Deferred 3,429 13,555 Retained profit 31,897 4,390

210,314 167,427 218,130 165,853

TOTAL ASSET 744,857 519,268 TOTAL LIABILITY AND STOCKHOLDERS' EQUITY 744,857 519,268

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H i s t o r i c a l M a r k e t D a t a

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Automotive Industry – Brazilian Output

0

500

1000

1500

2000

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2Q05

LTM

Cars


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0

50

100

150

200

250

300

350

400

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2Q05

LTM

Pickups


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0

20

40

60

80

100

120

140

160

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2Q05

LTM

Trucks Buses


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0

10

20

30

40

50

60

70

80

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2Q05

LTM

Agricultural Machinery


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66Units

Brazilian Railway Equipment Industry

0

1000

2000

3000

4000

5000

6000

7000

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2Q05

LTM

Freight Cars


DB GEM Conference


Units

0

10000

20000

30000

40000

50000

60000

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2Q05

LTM

Railroad Wheels

Does not include wheels used in the assembly of new freight cars

67


DB GEM Conference


Tons

0500

10001500200025003000350040004500

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2Q05

LTM

Railroad Castings

68

Does not include wheels used in the assembly of new freight carsLTM = last 12 months

Investor Relations

Iochpe-Maxion - Deutsche Bank GEMS Conference Presentation