EARNINGS RELEASE – 1Q08EARNINGS RELEASE – 1Q08

May, 2008

1Q08May, 2008

2

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

1Q08May, 2008

3

50% 100%

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

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

Maxion Sistemas Automotivos Maxion Sistemas Automotivos Ltda.Ltda.

Railway EquipmentsRailway Equipments

Railway freight cars: R$ 76.8 million1 (19%)

Castings: R$ 25.3 million1 (6%) and wheels: R$ 7.6 million1 (2%)

Wheels and Chassis DivisionWheels and Chassis DivisionAutomotive Components Automotive Components

DivisionDivision

Wheels: R$ 106.4 million1 (27%)

Chassis: R$ 153.2 million1 (38%)

Autoparts: R$ 31.4 milhões1 (8%)

1 Consolidated net revenue in the first

quarter of 2008

R$ 109.7 million1 (27%)

R$ 259.6 million1 (65%)

SIMPLIFIED CORPORATE STRUCTURESIMPLIFIED CORPORATE STRUCTURE

1Q08May, 2008

4

� Consolidated net operating revenue of R$ 400.6 million, an increase of 40,0% over the same period of last year

� EBITDA(*) of R$ 61.3 million, an increase of 70.4% when compared with the same quarter of last year

� Net income of R$ 34.7 million, an increase of 203.7% over the same period of last year

� Net debt bank of R$ 161.9 million (R$ 150.1 million in Mar, 07), or 0.9x EBITDA LTM(*) (1.0x in Mar, 07)

HIGHLIGHTS – 1Q08HIGHLIGHTS – 1Q08

(*) 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.

1Q08May, 2008

5

1Q08 – MAIN DRIVERS1Q08 – MAIN DRIVERS

� Growth of the Brazilian production of vehicles and agricultural machinery

� Recovery of domestic demand for railway freight cars

� Impact of the real appreciation (1.7309 – 1Q08 x 2.0978 – 1Q07) on net revenue of

exports (reduction of R$ 11.3 million)

Industry Performance

1Q08May, 2008

7

216

318

366379

408

87105

72

114

156 153144

30 30

2003 2004 2005 2006 2007 1Q07 1Q07

Production Export

CAGR 03 – 07 = 17%

CAGR 03 – 07 = 19%∆ 07 - 06 = 8%

∆ 07 – 06 = (6%)

∆ 1Q08 – 07 = 21%

∆ 1Q08 – 07 = (1%)

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

Source: Anfavea

1Q08May, 2008

8

79

107

117

106

137

28

37

13

25

38 39 41

8 8

2003 2004 2005 2006 2007 1Q07 1Q07

Production Export

CAGR 03 – 07 = 15%

CAGR 03 – 07 = 33%

∆ 07 – 06 = 29%

∆ 07 – 06 = 8%

∆ 1Q08 – 07 = 33%

∆ 1Q08 – 07 = 3%

Source: Anfavea

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

1Q08May, 2008

9

2729

3534

39

911

9

13

19

1615

3 3

2003 2004 2005 2006 2007 1Q07 1Q08

Production Export

CAGR 03 – 07 = 10%

CAGR 03 – 07 = 14%

∆ 07 – 06 = 6%

∆ 07 – 06 = 15%

∆ 1Q08 – 07 = 29%

∆ 1Q08 – 07 = 27%

Source: Anfavea

BUSES – BRAZL (‘000 units)BUSES – BRAZL (‘000 units)

1Q08May, 2008

10

59

69

53

46

65

12

1921

31 31

22

27

57

2003 2004 2005 2006 2007 1Q07 1Q08

Production Export

CAGR 03 – 07 = 2%

CAGR 03 – 07 = 6%

∆ 07 – 06 = 24%

∆ 07 – 06 = 41%

∆ 1Q08 – 07 = 40%

∆ 1Q08 – 07 = 56%

Source: Anfavea

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

1Q08May, 2008

11

1,505

1,757

2,0092,092

2,389

534630

440497

684 635 586

141 136

2003 2004 2005 2006 2007 1Q07 1Q08

Production Export

CAGR 03 – 07 = 12%

CAGR 03 – 07 = 7%

∆ 07 – 06 = (8%)

∆ 07 – 06 = 14%

∆ 1Q08 – 07 = 18%

∆ 1Q08 – 07 = (4%)

Source: Anfavea

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

1Q08May, 2008

12

2,459

5,642

7,270

3,668

1,249

140

1,253

2003 2004 2005 2006 2007 1Q07 1Q08

Sales

CAGR 03 – 07 = (16%)

∆ 07 – 06 = (66%)

∆ 1Q08 – 07 = 795%

Source: Amsted Maxion estimate

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

1Q08May, 2008

13

MARKET SHARE – BRAZIL (1Q08)MARKET SHARE – BRAZIL (1Q08)

67%

26%

7%

Maxion

Dana

OEM

63%

32%

5%

Maxion

Borlem

Maxion 80%

20%

Maxion

Cruzaço

ChassisChassis

MaxionMaxion

1Q071Q0768%68% 62%62% 100%100% 80%80%

86%

14%

Commercial Vehicles Commercial Vehicles WheelsWheels

Railway Freight Railway Freight CarsCars

Railway Railway

CastingsCastings

Others Others

Source: Maxion Estimate

Financial and Operating Performance

1Q08May, 2008

15

1,494

1,248 1,289

401286

676

1,099

2003 2004 2005 2006 2007 1Q07 1Q08

CAGR 03 – 07 = 18%

∆ 1Q08 – 07 = 40%

∆ 07 – 06 = 3%

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

1Q08May, 2008

16

84 106

15328

3164

110

111

1Q07 1Q08

Wheels Chassis Automotive Comp. Amsted Maxion

224

346

55

62

1Q07 1Q08

Domestic Export

286

401

286

401

Revenue by Market Revenue by Division / Business

(12%)

55%

72%

13%

39%

27%

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

1Q08May, 2008

17

6%

4% 4%

1% 2%

4%

2%

22%

7%

13%

5%

3%

5%

9%

2%

9%

1%

14%

7%

9%

13%

15%

2%

6%

16%

2%

4%

13%

Daimler Scania Volvo VW GM Ford Fiat Vale ALL MRS Caterpillar Export AgriculturalMach.

Others

1Q07 1Q08

Revenue by Customer

NET OPERATING REVENUENET OPERATING REVENUE

1Q08May, 2008

18

33

119 120

30 31

96

47

2003 2004 2005 2006 2007 1Q07 1Q08

CAGR 03 – 07 = 38%

∆ 1Q08 – 07 = 5%

∆ 07 – 06 = 1%

EXPORTS (USD million)EXPORTS (USD million)

1Q08May, 2008

19

R$ thousand

19 20

160

0

34 18

9

1Q07 1Q08

Wheels Chassis Automotive Comp. Amsted Maxion

62

55

US$ thousand

3031

9 12

90

016

10

4

1Q07 1Q08

Wheels Chassis Automotive Comp. Amsted Maxion

(12)%

5%

EXPORTS BY DIVISION / BUSINESSEXPORTS BY DIVISION / BUSINESS

1Q08May, 2008

20

54%

9%

3%

44%

15%

2%

8%5%

0%

22%

5%4%

24%

6%

Africa / Midle East Latin America Asia / Oceanic Canada United States Europe Mexico

1Q07 1Q08

EXPORTS BY DESTINATIONEXPORTS BY DESTINATION

1Q08May, 2008

21

137

228

80

289

50

219236

20%19%19%21%20%

18% 18%

2003 2004 2005 2006 2007 1Q07 1Q08

Gross Profit % NOR

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

1Q08May, 2008

22

58

127

178

136 135

29

53

13%10%10%

11%12%12%

9%

2003 2004 2005 2006 2007 1Q07 1Q08

EBIT % NOR

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

1Q08May, 2008

23

89

156

205

163 165

3661

13%14%

15%13%13%13%14%

2003 2004 2005 2006 2007 1Q07 1Q08

EBITDA % NOR

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.

1Q08May, 2008

24

3338

510

37

-2

21 -1%

2%1%

2%2%3%

6%

2003 2004 2005 2006 2007 1Q07 1Q08

Financial Exp. % NOR

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

1Q08May, 2008

25

(5)

35

72

11

58

72

51

-1%

5%

9%

4%6%

5%5%

2003 2004 2005 2006 2007 1Q07 1Q08

Net Income % NOR

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

1Q08May, 2008

26

115128

162

102125

132

1500.6

1.3

1.0

0.80.8

0.6

0.9

2003 2004 2005 2006 2007 1Q07 1Q08

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.

1Q08May, 2008

27

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

81%

2%1%

16%

TJLP Dollar IGP-M YUAN

Debt Indexation

LINESSHORT

TERM

LONG

TERMTOTAL

Trade Finance / Export 37.2 37.7 74.9

Equipment Finance / EXIM 147.2 41.3 188.5

184.4 79.0 263.4

(-) Cash & Marketable Securities 101.5 - 101.5

Net Debt 82.9 79.0 161.9

Indexation Average Cost

Index by TJLP, CDI and IGP-M in

R$85% CDI

Index by Dólar in US$ 7.2% per year

� At the end of Mar 08, the company had consolidated contracts for US$ 64.2 million of non-deliverable forward

operations at R$ 1.8809 per USD average FX rate, for the period of Apr 08 to Mar 09

� Forward positive operations to expire is not accounted, only the positive operations expired

� According to Brazilian GAAP, if at any end of a month a negative future result is foreseen on the operations,

the full negative future result must be provisioned at that time, using the average month value of the operations

to expire

1Q08May, 2008

28

54

84

6868

1620

73

2003 2004 2005 2006 2007 1Q07 1Q08

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

Capital Market

1Q08May, 2008

30

48.88%

38.63%

42.20%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

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

MYPK3 IBOV IBX-100

� Closing price of the last day of the month

� Apr/08 – closing price of Apr, 30 (R$ 35.73)

SHARES PERFORMANCE - LTMSHARES PERFORMANCE - LTM

1Q08May, 2008

31

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

1,413

2,948

7,0487,738

3,723 4,114

5,577

2,5982,952

1,747 1,671 1,377

4337

43

37

6970

86

91

89

110

56 55

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

Volume Negócios

� Apr 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)

1Q08May, 2008

32

PERSPECTIVAS PERSPECTIVAS

� Strong domestic demand for vehicles and agriculture machinery

� Recovery of domestic demand for railway freight cars

� Start up of commercial vehicle wheels plant in China in the second quarter

1Q08May, 2008

33

� Corporate Governance

� A Special Meeting of the Iochpe-Maxion’s preferred shareholders held on Jan 17, 2008 approved the conversion of the preferred shares to common shares in the proportion of 1.2 preferred shares for 1.0 common share

� On the same date an Extraordinary Shareholders Meeting approved the conversion and also approved the proposed amendment to the Company’s Bylaws to align them with the Novo Mercado trading segment of Bovespa

� The period during which dissenting shareholders could exercise their right to withdraw terminated on Feb 20, 2008 and no right to withdraw was exercised

� Iochpe-Maxion was listed on the Novo Mercado on Mar 24, 2008

� Restructuring

� Iochpe-Maxion intend to carry out, over the next few months, the grouping of its subsidiary Maxion Sistemas Automotivos Ltda.

� 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 could generate a non-recurring gain of approximately R$76 million, upon the conclusion of such restructuring

� The grouping of Maxion Sistemas Automotivos Ltda. into Iochpe-Maxion will be implemented based on its book value

� On March 24, 2008, an Extraordinary Shareholder’s meeting approved the transfer of the company’s main address from the city of São Paulo to the municipality of Cruzeiro, state of São Paulo, where the headquarter of its subsidiary Maxion Sistemas Automotivos is located

Additional Information

1Q08May, 2008

35

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$

thousand2007 N.O.R 2006 N.O.R

Net Operating Revenue 400,610 100.0% 286,154 100.0%

Cost of Goods Sold (321,030) 80.1% (232,060) 81.1%

Gross Profit 79,580 19.9% 54,094 18.9%

Operating Expenses

General and Administrative (11,792) 2.9% (12,425) 4.3%

Commercial (15,152) 3.8% (13,430) 4.7%

Others 576 -0.1% 863 -0.3%

(26,368) 6.6% (24,992) 8.7%

Operating Income (EBIT) 53,212 13.3% 29,103 10.2%

Financial Results

Financial Revenue 9,809 2.4% 4,744 1.7%

Financial Expenses (7,344) 1.8% (9,374) 3.3%

2,465 -0.6% (4,630) 1.6%

Earnings After Financial Income 55,677 13.9% 24,472 8.6%

Non Operating Results (1,269) 0.3% (4,268) 1.5%

Earnings Before Taxes 54,408 13.6% 20,204 7.1%

Income Taxes (19,745) 4.9% (8,790) 3.1%

Net Income 34,663 8.7% 11,414 4.0%

EBITDA 61,261 15.3% 35,947 12.6%

1Q08May, 2008

36

ASSETS LIABILITIES

Mar-08 Mar-07 Mar-08 Mar-07

CURRENT CURRENT

Cash 101,461 84,222 Loans 184,367 89,194

Receivables 198,930 145,213 Payables 77,669 64,344

Inventory 183,241 129,257 Customers Advance 27,708 18,177

Recoverable Taxes 32,645 19,295 Wage and Charges 39,456 29,397

Others 5,977 16,782 Taxes 12,798 7,511

522,254 394,769 Dividends 21,253 4,410

Others 26,785 18,272

390,036 231,305

LONG TERM LONG TERM

Receivable 792 1,026 Loans 78,996 145,160

Deferred Income Taxes 19,268 18,899 Provisions 56,853 59,025

Others 11,975 28,697 Others 6,341 13,754

32,035 48,622 142,190 217,939

MINORITY - 14

PERMANENT EQUITY

Investments 359 359 Capital 261,463 161,463

Plants, Property and Equipment 320,926 280,405 Capital Reserves 49,078 103,472

Deferred Items 1,856 1,452 Retained Earnings 34,663 11,414

323,141 282,216 345,204 276,349

TOTAL ASSETS 877,430 725,607 TOTAL LIABILITIES 877,430 725,607

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

1Q08May, 2008

37

Shareholders Structure on 3/31/2008

SHAREHOLDERS STRUCTURESHAREHOLDERS STRUCTURE

Shareholder Common % TOTAL %

IOSCHPE FAMILY 14,046,813 29.6% 14,046,813 29.6%

BNDESPAR 11,593,401 24.4% 11,593,401 24.4%

CONTROLLING SHAREHOLDERS 25,640,214 54.1% 25,640,214 54.1%

OTHER 21,791,472 45.9% 21,791,472 45.9%

TOTAL 47,431,686 100.0% 47,431,686 100.0%

EARNINGS RELEASE – 1Q08EARNINGS RELEASE – 1Q08

May, 2008