2005 Results Conference Call Presentation

1. Conference Call
2005 Results
February 17, 2006

2. 2
DISCLAIMER
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. 3
2005 HIGHLIGHTS
Net income of R$72 million, a growth of 42% over the previous year;
Consolidated net operating revenue of R$1,494 million, a growth of 36% over the
previous year;
EBITDA(*) of R$205 million, a growth of 32% over the previous year;
Net bank debt of R$125 million (R$102 million in 2004), or 0.6x EBITDA(*) (0.6x in
2004)
(*) 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.

4. Market
2005

5. 5
LIGHT COMMERCIAL – BRAZIL (‘000 units)
Production
% Export
= 14
– 05
R 01
C AG = 29
%
– 05
R 01
C AG
366 3%
5 – 04 =
318 ∆ 4Q 0
%
– 04 = 3 3
216 216 ∆ 4Q05
180
156
114
93 96
56 72
40 37 50
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q
Source: Anfavea

6. 6
TRUCKS – BRAZIL (‘000 units)
Production
Export
= 11%
01 – 05
C AG R = 54
%
– 05
R 01
C AG
)
= (1%
5 – 04
∆ 4Q 0
116 %
107 04 = 8 6
∆ 4Q05 –
77 79
69
13 37 12
7 5 25 28 6 27
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q
Source: Anfavea

7. 7
BUSES – BRAZIL (‘000 units)
Production
%
= 11 Export
– 05
R 01
C AG = 29
%
– 05
R 01
C AG
∆ 4Q
05 –
35 04 =
∆ 4Q (2%
)
29 05 –
27 0 4=(
24 23 8 %)
19
13
9
7 7 7 5 7
4
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q
Source: Anfavea

8. 8
AGRICULTURAL MACHINERY – BRAZIL (‘000 units)
Production
= 4% Export
– 05
R 01
C AG = 39
%
– 05
R 01
C AG
∆ 4Q
05 –
69 04 =
∆ 4Q (42%
59 05 – )
52 53 04 =
(
22%
44 )
31 31
21 8 6
16
8 10 9
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q
Source: Anfavea

9. 9
PASSENGER CARS – BRAZIL (‘000 units)
Production
7%
01 – 05 = Export
CAGR
%
5 = 17
01 – 0
CAGR
6%
1,931 5 – 04 =
1,757 ∆ 4Q 0
%
1,496 1,521 1,505 – 04 = 1 1
∆ 4Q05
606
440 497 453 134 482 149
319 363
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q
Source: Anfavea

10. 10
Units
RAILWAY FREIGHT CARS – BRAZIL (units)
Sales
7%
5 =7
1 –0
G R0
CA
7,270
= 23%
5 – 04
5,642
∆ 4Q 0
2,459
294 1,447 1,775
748
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q
Source: Amsted Maxion estimate

11. 11
Tons
RAILWAY CASTINGS – BRAZIL (tons)
Sales
Do not include
castings used in the
5 = 10% assembly of our own
01 – 0
AGR
freight cars
C
5,100
3,500 7%
04 = 1
3,386
5–
∆ 4T 0
2,230 2,288
686 800
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q
Source: Amsted Maxion estimate

12. 12
Units
RAILWAY WHEELS – BRAZIL ( ‘000 units)
Sales
= 4%
01 – 05
CAGR Do not include
castings used in the
assembly of our own
freight cars
50 50 48 ∆ 4Q
42 42 05 –
04 =
(36%
)
11
7
01 02 03 04 05 04 05
20 20 20 20 20 4 Q 4 Q
Source: Amsted Maxion estimate

13. 13
MARKET SHARE – BRAZIL (2005)
Chassis Commercial Vehicle Railway Freight Railway
Wheels Cars Castings
Maxion Maxion Maxion 84% Maxion 80%
71%
60%
34%
26%
3% 6% Borlem 16% 20%
Dana
OEM Other Other Cruzaço
Maxion
2004
69% 57% 74% 80%
Source: Maxion estimate

14. Consolidated
Results
2005

15. 15
NET OPERATING REVENUE - 2005
R$1,494 million
Segment (%) Customer (%)
Automotive Comp. Volks-
Division wagen
Daimler
Chrysler
6% 13%
Export 10%
General
15% Motors
5%
5% Tractors
40%
54% 4% MRS
4%
22% 3% Scania
CVRD
Amsted Ford
Maxion (*) 19%
Wheels and Other
Chassis Division
(*) Consolidation considers 50% of Amsted Maxion’s net operating revenue

16. 16
EXPORTS - 2005
US$96.0 million
Segment (%) Destination (%)
R$231.4 million
Canada/
Mexico
11%
Railway
Equip. 53%
USA 46% South
25% America
37%
Commercial
Vehicle 11%
10% Wheels 1%7%
Africa/
Asia/ Middle East
Chassis
Pacific Europe

17. 17
R$ MM
NET OPERATING REVENUE (R$ million)
3 6%
4=
4 1% 5 -0
5= ∆0
–0
01
GR
CA
1,494
1,099 = 15%
5 – 04
∆ 4Q 0
676
374 411 358
312
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q

18. 18
R$ MM
EXPORTS (R$ million)
4 8% 1%
6
5= 4=
–0 5-0
01 ∆0
GR
CA
231
= 20%
5 – 04
∆ 4Q 0
144
101
75
48 45 54
0 1 0 2 0 3 0 4 0 5 04 05
20 20 20 20 20 4 Q 4 Q

19. 19
GROSS PROFIT
R$ MM % net sales
350 50%
300
40%
250
30%
200
289
150 21% 21% 21%
20% 20%
19% 18%
228 17%
100
137 10%
50 87
80 65
53
0 0%
00
1
00
2
00
3
00
4
00
5 04 05
2 2 2 2 2 4Q 4Q

20. 20
EBIT
R$ MM % net sales
200 20%
150 15%
12% 12%
11%
100 10%
9% 9% 178
7% 7%
127
50 5%
58
36 40
27 23
0 0%
00
1
00
2
00
3
00
4
00
5 04 05
2 2 2 2 2 4Q 4Q

21. 21
NET FINANCIAL EXPENSES
R$ MM % net sales
75 15%
13%
11%
50 10%
6%
54
25 5%
41 38 37
3%
33 2% 2% 2%
7 8
0 0%
00
1
00
2
00
3
00
4
00
5 04 05
2 2 2 2 2 4Q 4Q

22. 22
EARNINGS AFTER FINANCIAL EXPENSES
R$ MM % net sales
150 15%
125
10%
100 9% 9% 9%
75
141 5% 5%
50 3%
94 0%
25
33
-4% -4% 19 16
0
(14) (18) -5%
00
1
00
2
00
3
00
4
00
5 04 05
(25) 2 2 2 2 2 4Q 4Q
(50) -10%

23. 23
EBITDA (*)
R$ MM % net sales
250 20%
17%
200 16%
15%
14% 14%
13% 13%
150
10%
9%
100 205
156
5%
50
89
58 69
48
30
0 0%
00
1
00
2
00
3
00
4
00
5 04 05
2 2 2 2 2 4Q 4Q
(*) 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. 24
NET EARNINGS
R$ MM % net sales
80 20%
60 15%
40 10%
51 72
7%
20 5% 5% 5% 5%
25 3% 18
9
0 0%
-1%
00
1
00
2(24) 03 (5)
00
4
00
5 04 05
2 2 20 2 2 4Q 4Q
(20) -5%
-6%
(40) -10%

25. 25
NET BANK DEBT
R$ MM x EBITDA (*)
150 2.0
120
1.5 1.5
1.3
90
1.1
1.0
60 125
115 102
106
0.6 0.6
0.5
30 65
0 0.0
1 2 3 4 5
200 200 200 200 200
(*) 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.

26. 26
INCOME STATEMENT (R$ thousand) – YEAR
(*) 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.

27. 27
STOCK PERFORMANCE
(*) after reverse split

28. Additional
Information

29. 29
INCOME STATEMENT (R$ thousand) – 4th QUARTER
(*) 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.

30. 30
CASH FLOW STATEMENT (R$ thousand)

31. 31
NET DEBT BREAKDOWN – DEC ‘05 (R$ million)
SHORT LONG
LINES TOTAL
TERM TERM
Trade Finance / Export 33.9 25.4 59.3
Equipment financing 45.3 72.3 117.6
79.2 97.7 176.9
(-) Cash and cash equivalents 52.0 52.0
Net debt 27.2 97.7 124.9

32. 32
DEBT INDEXATION – DEC ‘05 (%)
TJLP
(BNDES 64% AVERAGE COST (DEC ‘05)
rate)
In R$ - 72% CDI
In US$ - 6,8% p.a.
33%
Dollar
3%
IGPM
(whosale inflation
index)

33. 33
FREIGHT CARS – FIRM ORDERS FOR DELIVERY IN 2006
CVRD / FCA – 1,276 units
Brasil Ferrovias – 1,150 units
MRC (Mitsui / Bunge / ALL) – 300 units
MRS – 280 units
CVG Ferrominera Orinoco – 75 units
Revenue approx.
Total – 3,081 units R$600 million

34. Conference Call
2005 Results
February 17, 2006