1st Quarter 2009 Presentation

1. 1Q09 Earnings Release
May 2009

2. 4T08 / 2008
1Q09 Earnings Release
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. 4T08 / 2008
1Q09 Earnings Release
HIGHLIGHTS
Consolidated net operating revenue R$ 290.6 million in the 1Q09, a reduction of 27.4% over the
same period of last year
EBITDA(*) of R$ 25.2 million in the 1Q09, a reduction of 58.1% when compared to the same
period of last year
Net loss of R$ 3.2 million in the 1Q09, a reduction of 109.2% when compared to the same period
of last year
Net bank debt of R$ 188.1 million (R$ 161.9 million in March 2009), or 0,8x LTM EBITDA (0,9x in
March 2008)
(*) 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.
3

4. 4T08 / 2008
1Q09 Earnings Release
MAIN DRIVERS
Reduction of Brazilian production of vehicles and agricultural machineries
Reduction of domestic demand for railway freight cars
Reduction of exports
Financial expenses on the operations to fix the future value of the dollar (NDFs)
4

5. Industry Performance

6. 4T08 / 2008
1Q09 Earnings Release
LIGHT COMMERCIALS – BRAZIL (‘000 units)
Production Export
448
156 153
406 144
379
366
122
107
92 30
14
2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09
1Q09 – 08 = -13.7% 1Q09 – 08 = -53.7%
CAGR 2005 – 08 = 7.0% CAGR 2005 – 08 = -7.9%
Source: Anfavea 6

7. 4T08 / 2008
1Q09 Earnings Release
TRUCKS – BRAZIL (‘000 units)
Production Export
167 41
38 39 39
137
117
106
37 9
25
3
2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09
1Q09 – 08 = -33.3% 1Q09 – 08 = -62.6%
CAGR 2005 – 08 = 12.6% CAGR 2005 – 08 = 0.9%
Source: Anfavea 7

8. 4T08 / 2008
1Q09 Earnings Release
BUSES – BRAZIL (‘000 units)
Production Export
19
44
39 16 16
15
35 34
11
8 3
2
2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09
1Q09 – 08 = -24.8% 1Q09 – 08 = -41.1%
CAGR 2005 – 08 = 7.9% CAGR 2005 – 08 = -5.6%
Source: Anfavea 8

9. 4T08 / 2008
1Q09 Earnings Release
AGRICULTURAL MACHINERY – BRAZIL (‘000 units)
Production Export
85
31 31
30
27
65
22
53
46
19 7
15
4
2005 2006 2007 2008 1Q08 1Q09 2004 2005 2006 2007 2008 1Q08 1Q09
1Q09 – 08 = -22.9% 1Q09 – 08 = -40.4%
CAGR 2005 – 08 = 17.1% CAGR 2005 – 08 = -1.1%
Source: Anfavea 9

10. 4T08 / 2008
1Q09 Earnings Release
PASSENGER CARS – BRAZIL (‘000 units)
Production Export
2,567 684
2,388 635
588
2,092 558
2,009
638
536 138
68
2005 2006 2007 2008 1Q08 1Q09 2005 2006 2007 2008 1Q08 1Q09
1Q09 – 08 = -15.9% 1Q09 – 08 = -51.2%
CAGR 2005 – 08 = 8.5% CAGR 2005 – 08 = -6.56%
Source: Anfavea 10

11. 4T08 / 2008
1Q09 Earnings Release
RAILWAY FREIGHT CARS – BRAZIL (units)
7,270
Sales
1Q09 – 08 = -72.1%
5,118
CAGR 2005 – 08 = -11.0%
3,668
1,249 1,253
349
2005 2006 2007 2008 1Q08 1Q09
Vendas
Source: Amsted Maxion estimate 11

12. 4T08 / 2008
1Q09 Earnings Release
MARKET SHARE – BRAZIL
Railway Freight
Chassis
Cars
15%
33% 34%
50%
Others Others
Maxion Maxion
85%
67% 66%
50%
1Q08 1Q09 1Q08 1Q09
Commercial Vehicles
Wheels Railway Castings
20% 20%
37% 43%
Others Others
Maxion Maxion
80% 80%
63% 57%
1Q08 1Q09 1Q08 1Q09
Source: Iochpe-Maxion estimate 12

13. Financial and Operating
Performance

14. 4T08 / 2008
1Q09 Earnings Release
NET OPERATING REVENUE (R$ million)
1,828
Net Operating Revenue
1,494 1Q09 – 08 = -27.4%
1,248
1,289 CAGR 2005 – 08 = 7.0%
401
291
2005 2006 2007 2008 1Q08 1Q09
14

15. 4T08 / 2008
1Q09 Earnings Release
NET OPERATING REVENUE (R$ million)
1Q09 1Q08
43.9 54.6
Domestic: 1Q09 – 08 = -28.7%
246.8 346.0
Export: 1Q09 – 08 = -19.6%
Domestic Export Domestic Export
46.6
109.7
25.5 Wheels and Chassis: 1Q09 – 08 = -15.8%
218.5 Automotive Comp.: 1Q09 – 08 = -18.7% 259.6
31.4
Amsted Maxion: 1Q09 – 08 = -57.5%
Wheels & Chassis Automotive Comp. Wheels & Chassis Automotive Comp.
Amsted-Maxion Amsted-Maxion
15

16. 4T08 / 2008
1Q09 Earnings Release
NET OPERATING REVENUE
Revenue by Customer – 1Q09 Revenue by Customer – 1Q08
Caterpillar Caterpillar
1% 1%
Others ALL
ALL
9% 6% Others
2% Daim ler
12%
Daim ler 13%
14% Export
14%
VW
21% VW
17%
Vale
Fiat
2%
Vale 4%
Tractors Export
9% Ford
7% 15%
Fiat 3%
Scania 5% GMB
Ford Tractors
5% GMB MRS 5%
MRS 5% 7% Scania
2% 8% 9%
4%
16

17. 4T08 / 2008
1Q09 Earnings Release
EXPORTS (USD million)
146
119 120 Exports
1Q09 – 08 = -40.3%
96
CAGR 2005 – 08 = 15.0%
31
19
2005 2006 2007 2008 1Q08 1Q09
17

18. 4T08 / 2008
1Q09 Earnings Release
EXPORTS BY DIVISION
1Q09 - US$ thousand 1Q08 - US$ thousand
Variation 1Q09 - 08 = -40.3%
10.4
6.9 Wheels & Chassis: 1Q09 – 08 = -43.1%
11.8 20.8
Automotive Comp.: 1Q09 – 08 = -80.5%
Amsted Maxion: 1Q09 – 08 = -34.1%
0.2
0.0
Wheels & Chassis Automotive Comp.
Wheels & Chassis Automotive Comp.
Amsted-Maxion
Amsted-Maxion
1Q09 - R$ thousand 1Q08 - R$ thousand
18.2
16.1 Variation 1Q09 - 08 = -19.6%
27.7
36.1
Wheels & Chassis: 1Q09 – 08 = -23.2%
Automotive Comp.: 1Q09 – 08 = -74.1%
0.1 0.3
Amsted Maxion: 1Q09 – 08 = -11.5%
Wheels & Chassis Automotive Comp. Wheels & Chassis Automotive Comp.
Amsted-Maxion Amsted-Maxion 18

19. 4T08 / 2008
1Q09 Earnings Release
GROSS PROFIT (R$ million)
Gross Profit
1Q09 – 08 = -49.3%
357 CAGR 2005 – 08 = 16.1%
289
228 236
219
21% 20% 20%
19% 18%
18%
14%
80
40
2004 2005 2006 2007 2008 1Q08 1Q09
Gross Profit % NOR
19

20. 4T08 / 2008
1Q09 Earnings Release
EARNINGS BEFORE INCOME TAX – EBIT (R$ million)
178 232 EBIT
1Q09 – 08 = -72.0%
136
126
CAGR 2005 – 08 = 9.2%
52
12% 13%
11%
10%
13%
15
5%
2005 2006 2007 2008 1Q08* 1Q09
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 into operating expenses, therefore reducing EBIT
presented in the 1Q08 presentation
20

21. 4T08 / 2008
1Q09 Earnings Release
EBITDA* (R$ million)
EBITDA
268
1Q09 – 08 = -59.5%
205
CAGR 2005 – 08 = 9.3%
163
156
15% 15%
14% 13%
12%
60
8%
24
2005 2006 2007 2008 1T08** 1T09
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 into operating expenses, therefore reducing EBIT
presented in the 1Q08 presentation 21

22. 4T08 / 2008
1Q09 Earnings Release
NET FINANCIAL EXPENSES (R$ million)
Net Financial Expenses
1Q09 – 08 = 746.6%
37
CAGR 2005 – 08 = -8.9%
6%
28
21
2% 2%
2% 16
1%
1%
10
-2
2005 2006 2007 2008 1Q08 1Q09
Financial Expenses %NOR
22

23. 4T08 / 2008
1Q09 Earnings Release
IMPACT OF THE FX RATE VARIATION
1Q09
Value Impact
Balance
US$ million R$ MM
Impact of the FX rate variation on Financial Expense (Revenue)
NDF Expired 24.0 10.6
NDF to Expire* 6.8 2.9
Financial Exp./Rev. 13.5
Operations related to fix the future value of the dollar Contracted Value Average FX Gain/Loss
Period Operations
US$ Rate R$ thousand
(NDFs)
At the end NDFs (selling) 30,050 1.9010 13,509
If the operations would expire on 03/31/2009 (at FX Rate of R$ of 1Q09 Total NDFs 13,509
2.3297) , it would represent a negative result of R$ 13.5 million
(R$ 8.9 net of taxes)
At the end of the 1Q09, the Equity had a positive adjustment of R$ 7.1 million, due to the market value of the non-
deliverable forward operations (negative adjustment of R$ 8.9 million, net of taxes) and the FX rate variation of the
foreign investments (positive adjustment of R$ 16.0 million)
(*) provision for NDFs related to selling future dollar that at the end of the quarter had no forecasted exports shipment for the subsequent months
23

24. 4T08 / 2008
1Q09 Earnings Release
NET INCOME (R$ million)
Net Income
214 1Q09 – 08 = -109.1%
CAGR 2005 – 08 = 43.8%
76
12%
9%
6%
5%
72
72
58 76
5%
133 35
-1%
-3
2005 2006 2007 2008 1Q08 1Q09
Net Income %NOR
24

25. 4T08 / 2008
1Q09 Earnings Release
NET BANK DEBT (R$ million)
256
188
162
132 128
125
1.0 0.8
0.9
0.8 0.8
0.6
2005 2006 2007 2008 1Q08 1Q09
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 25

26. 4T08 / 2008
1Q09 Earnings Release
INDEBTEDNESS – Mar/08 (R$ million)
Debt by Lines
97 100 BNDES-EXIM
45% Working
Capital
6%
288
ACC Import
20% 19%
191 188 Others
10%
- -
Short Term Long Term Total Debt Cash Net Debt
Debt Indexation
Indexation Average Cost Dollar
TJLP 42%
Indexed in R$ 78% CDI 47%
Indexed in US$ 6,5% per year
YUAN
10%
Others
1%
26

27. 4T08 / 2008
1Q09 Earnings Release
CAPEX (R$ million)
113
84
68 68
20
12
2005 2006 2007 2008 1Q08 1Q09
27

28. Additional Information

29. 4T08 / 2008
1Q09 Earnings Release
SHARES PERFORMANCE - LTM
20.00%
10.00%
0.00%
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09
-10.00%
-20.00%
-30.00%
-41,22%
-40.00%
-50.00%
-60.00%
-70.00%
-72.20%
-80.00%
MYPK3 IBOVESPA
29

30. 4T08 / 2008
1Q09 Earnings Release
AVERAGE DAILY TRADE VOLUME – R$ thousand
Average Daily Trade Volume - LTM
221
3,370
2,978
2,885
2,294
2,047 132
1,987
146
1,632
1,543
1,377 105 106
1,164
91
81
74 75 77
685 734
43
38
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09
Volume Trades
30

31. 4T08 / 2008
1Q09 Earnings Release
SHAREHOLDERS STRUCTURE
Shareholders Structure on 03/31/2009
Shares
Shareholders %
ON
Ioschpe Family 13,441,557 28.34%
BNDES Participações 11,593,401 24.44%
Controlling Shareholders 25,034,958 52.78%
BNY Mellon ARX Invest. Ltda 2,462,493 5.19%
Credit Suisse Hedging-Griffo Corr. Valores S.A 3,081,047 6.50%
Others 16,853,188 35.53%
Total Iochpe-Maxion 47,431,686 100.00%
31

32. 4T08 / 2008
1Q09 Earnings Release
INCOME STATEMENT (R$ thousand)
Income Statement - R$ thousand 1Q09 1Q08** Var.
Net Operating Revenue 290,645 400,610 -27.4%
Cost of Goods Sold
Raw Material (144,224) (210,599) -31.5%
Labor (58,743) (62,201) -5.6%
Others (47,343) (48,230) -1.8%
(250,310) (321,030) -22.0%
Gross Profit 40,335 79,580 -49.3%
13.9% 19.9%
Operating Expenses
General and Administrative (12,379) (11,791) 5.0%
Commercial (12,379) (15,152) -18.3%
Others (1,054) (705) 49.5%
(25,812) (27,649) -6.6%
Operating Income (EBIT) 14,523 51,932 -72.0%
5.0% 13.0%
Financial Results
Financial Revenue 4,311 3,524 22.4%
Financial Expenses (20,339) (1,045) 1847.0%
(16,028) 2,479 -746.5%
Earnings After Financial Income (1,504) 54,411 -102.8%
Income Taxes (1,664) (19,745) -91.6%
Net Income (Loss) (3,169) 34,666 -109.1%
-1.1% 8.7%
EBITDA* 24,294 59,983 -59.5%
8.4% 15.0%
(*) 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 into operating expenses, therefore reducing EBIT
presented in the 1Q08 presentation 32

33. 4T08 / 2008
1Q09 Earnings Release
BALANCE SHEET (R$ thousand)
ASSETS LIABILITIES
Mar-09 Dec-08 Mar-09 Dec-08
CURRENT CURRENT
Cash 99,812 90,036 Loans 191,047 219,885
Receivables 182,733 243,056 Payables 53,394 60,972
Inventory 205,174 244,527 Taxes 12,337 2,886
Recoverable Taxes 10,270 13,694 Wage & Salaries 29,563 49,908
Deferred Taxes 16,975 27,538 Customers Advance 20,052 24,152
Antecipated Expenses 2,283 1,901 Dividends 79,214 79,214
Other Receivables 8,488 7,985 Other Payables 25,635 34,937
Payable Financial
16,443 28,752
Instruments
525,735 628,737 427,685 500,706
LONG TERM LONG TERM
Receivable 593 603 Loans 96,810 125,604
Recoverable Taxes 16,934 16,667 Provisions 59,239 58,021
Deferred Taxes 92,671 82,362 Others 8,356 6,611
Obligatory deposits and judicial 12,892 12,847 164,405 190,236
Other Receivables 1,883 1,718
124,973 114,197
MINORITY - -
PERMANENT EQUITY
Investments 397 395 Capital 261,463 261,463
Plants, Property and Equipment 379,605 379,330 Profit Reserves 180,788 183,958
Intangible 6,084 5,910 Equity Adjustment 7,101 (2,484)
Deferred Items 4,649 5,310
390,734 390,945 449,352 442,937
TOTAL ASSETS 1,041,442 1,133,879 TOTAL LIABILITIES 1,041,442 1,133,879
33

34. 1Q09 Earnings Release
May 2009