3rd Quarter 2003 Presentation

1. Third Quarter 2003

2. Iochpe-Maxion at a glance
Holding of autoparts and railroad equipment companies
Domestic leadership in the majority of the line of products
Export capability
Updated technology
Quality
Competitive pricing
Operational results within the international benchmarking
Adjusted capital strucuture

3. Iochpe-Maxion at a glance
3 plants
Cruzeiro - SP (2)
Contagem - MG
Shared control
Companhia Iochpe
BNDESPAR
Bradesco

4. Iochpe-Maxion at a glance
Bradesco Companhia Iochpe BNDESPAR Outros
Total 11,1% 21,8% 48,2% 18,9%
Voting 18,8% 56,3% 21,8% 3,1%
Preferred 7,0% 3,8% 62,2% 27,3%
Iochpe-Maxion S.A.
11
Tecob Iochpe Holdings
3 2
50%
Maxion Componentes Amsted -Maxion Fundição Maxion Componentes
Estruturais Ltda. e Equip. Ferrov. S.A. Automotivos S.A.
2.216 1.774 1.021
Amsted
Industries
(50%)
Number of Employees
Total Consolidated 4.140

5. STRATEGIC
POSITION

6. Strategic Position
Constant improvement on operation margins,
% of net sales 22% 22% Gross Profit
21%
19% 18%
17% Ebitda
16%
14%
13%
11% 11%
9% 10%
Ebit
7% 7%
6%
2%
-1%
1998 1999 2000 2001 2002 3Q03
LTM(*)
Net Debt /
EBITDA ratio 4,4 3,6 2,2 1,1 1,5 1,1
(*) 3Q03 LTM = last 12 months

7. Strategic Position
Implementing a growth strategy,
Acquisition of assets related to existent business lines
Additional sales of R$ 8,9 milion - 9M03 vs. 9M02
Securing new supply agreements in the local market
Additional sales of R$ 92,9 million - 9M03 vs. 9M02
Export Growth
Additional sales of US$ 4,5 million (R$ 17,5 million) -
9M03 vs 9M02

8. Strategic Position
Revenue
R$ million
900,0
770,7
Acquisition
Batz
615,4 624,0 604,2
Borlem
600,0
411,2
373,7
300,0
0,0
1998 1999 2000 2001 2002 3Q03 LTM
Disposal Disposal Disposals Disposal
I. M. Ohio 50% Amsted-Maxion + 50% Maxion Maxion Nacam
Motores
50% Maxion
Motores
(*) 3Q03 LTM = last 12 months

9. Strategic Position
combined with the maintenance of a adjusted capital structure.
Net Debt / LTM EBITDA ratio
5,6
4,4
3,6
2,2
1,5
1,1 1,1
1997 1998 1999 2000 2001 2002 3Q03
LTM(*)
(*) 3Q03 LTM = last 12 months

10. Posicionamento Estratégico
Revenue breakdown by company
9M03 - R$ 494,9 MM 9M02 - R$ 301,9 MM
Maxion
Maxion Comp.
Comp. Autom. Maxion
Autom. 23%
Amsted- Nacam
16%
Maxion 4%
24%
Amsted-
Maxion
15%
Maxion Maxion
Comp. Comp.
Estrut. Estrut.
60% 58%
(*) Maxion Nacam sold in Sept/02

11. AUTOMOTIVE
INDUSTRY

12. Automotive Industry
Brazilian vehicle output showed the following performance in
the first nine months and third quarter.
Brazilian total output – thousand units, unless indicated otherwise
Var%
9M03 9M02 Var% 3Q03/3Q02
Cars 1.105,7 1.110,8 (0,5%) (5,2%)
Utility vehicles 154,5 136,2 13,4% 27,5%
Trucks 57,5 52,4 9,8% 13,6%
Buses 19,9 18,5 7,7% 25,5%
Agricultural Machinery 44,1 38,8 13,7% 15,1%
Source : Anfavea

13. Automotive Industry
Total Brazilian Output - Vehicles
2.250
THOUSAND UNITS
2.070 BRAZIL
2.000
1800
1.812 1775 1795
1.750
1.691
1.586
1.500
1.357
1.250
1.000
1.997 1.998 1.999 2.000 2.001 2.002 3Q03 2003E
LTM
Source : Anfavea and Sindipeças

14. Automotive Industry
Car and utility vehicles output
THOUSAND UNITS
1.680 BRAZIL
CARS
1.495
1.500 1500
1.274 1505
1.351
302,5
246,4 235,3 UTILITY VEHICLES
215,8
199,0
171,1 179,5 180,0
1.997 1.998 1.999 2.000 2.001 2002 3Q03LTM
Source : Anfavea and Sindipeças

15. Automotive Industry
Trucks, buses and agricultural machinery output
THOUSAND UNITS
BRAZIL
77,3
71,6 73,5 TRUCKS
68,4
63,7 63,8
55,1 57,3 AGRIC.
MACHINERY
52,0
44,3
33,4 35,5
31,7
28,2
24,1 BUSES
21,6 21,5 22,7 23,4 22,7
14,9
1.997 1.998 1.999 2.000 2.001 2002 3Q03LTM
Source : Anfavea and Sindipeças

16. SUBSIDIARIES
AUTOMOTIVE
INDUSTRY

17. Subsidiaries
MAXION COMPONENTES ESTRUTURAIS
Maxion
Comp.
Estrut.
60%
Revenue : R$ 295,3 MM – 9M03
R$ 174,9 MM – 9M02

18. Subsidiaries
Maxion Componentes Estruturais - CHASSIS
Products Segments
Completed Chassis Trucks
Siderails Buses
Cross members Utility vehicles
Tractors

19. Subsidiaries
Maxion Componentes Estruturais - CHASSIS
Market Share
9M03 9M02
DANA /
DANA / OTHER
OTHER 25%
21%
MAXION
79%
MAXION
75%

20. Subsidiaries
Maxion Componentes Estruturais - CHASSIS
Revenue breakdown by customer
9M03 - R$ 153,0 MM 9M02 - R$ 103,7 MM
DANA SCANIA SCANIA OTHER
5% 5% OTHER DANA
FORD 3% 15%
10% 4%
5% FORD
EXPORT. 5%
9%
EXPORT.
9% DAIMLER
GENERAL DAIMLER CHRYSLER
MOTORS CHRYSLER 22%
12% 29% GM
16%
VOLKS
VOLKS
WAGEN
WAGEN
25%
26%

21. Subsidiaries
Maxion Componentes Estruturais - CHASSIS
NEW SUPPLY AGREEMENTS: R$ 9,8 MM/ YEAR
CHASSIS Country Starting Date Annual Sales
R$ MM
Siderails - Workhorse EUA Sept.03 5,4
Siderails - John Deere Brazil Jun.03 1,7
Cross members - Iveco Brazil Nov.02 0,9
Stamped parts - Streparava - Tier 2 Iveco Brazil Sept.03 0,9
Siderails - Jacto Brazil Jun.03 0,9

22. Subsidiaries
Maxion Componentes Estruturais - WHEELS
Products Segments
Road wheels Trucks
Off-road wheels Buses
Agricultural wheels Agricultural machinery
Off-road vehicles

23. Subsidiaries
Maxion Componentes Estruturais - WHEELS
Market Share
9M03 9M02
BORLEM
44%
BORLEM
MAXION 34%
66%
MAXION
56%

24. Subsidiaries
Maxion Componentes Estruturais - WHEELS
Revenue Breakdown by Customer
9M03 - R$ 142,3 MM 9M02 - R$ 81,9 MM
DAIMLER DAIMLER
CHRYSLER CHRYSLER
SCANIA 5% VOLVO SCANIA
5%
6% 4% VOLKS 4% VOLVO
VOLKS OTHER WAGEN 5%
WAGEN 6% 9% OTHER
12% 2%
AFTER
AFTER MARKET
EXPORT.
MARKET 16%
28%
12% EXPORT.
37%
TRACTORS
TRACTORS 22%
27%

25. Subsidiaries
Maxion Componentes Estruturais - WHEELS
NEW SUPPLY AGREEMENTS: R$ 37,1 MM / year
WHEELS Country Starting date Annual Sales
R$ MM
GKN Europe / USA. Sept.03 15,7
Insak Singapore Jun.03 1,0
Accuride USA Dec.02 9,1
Tredcor South Africa Dec.02 2,9
AGCO Brazil Jun.03 1,5
Dunlop South Africa Jun.04 1,5
Henred-Fruehalf South Africa Mar.03 1,3
MCI - Motor Canada Apr.03 1,3
John Deere Brazil Jul.03 1,1
Continental Germany Jun.03 0,7
SPHF Morocco Feb.03 0,6
Thai Boss Thailand Apr.03 0,4

26. Subsidiaries
MAXION COMPONENTES AUTOMOTIVOS
Maxion
Comp.
Autom.
16%
Revenue : R$ 81,7 MM – 9M03
R$ 70,7 MM – 9M02

27. Subsidiaries
Maxion Componentes Automotivos
Products Segments
Cars
Window raiser mechanisms
Latches
Knobs, cylinders and keys
Hand brake levers
Pedal sets
Jacks
Water and oil pumps

28. Subsidiaries
Maxion Componentes Automotivos
Market Share
Main Products 9M03 9M02
Window raiser
43% 41%
mechanism
Hand brake levers 46% 42%
Latches 10% 16%
Knobs, Cylinders and
Keys 10% 7%
Jacks 15% -

29. Subsidiaries
Maxion Componentes Automotivos
Revenue breakdown by customer
9M03 - R$ 81,7 MM 9M02 - R$ 70,7 MM
OTHER FORD
FORD
4% 10%
7%
AFTER
MARKET AFTER
FIAT
8% MARKET
28% FIAT
15%
35%
SAS
12%
VW
GM 18%
VW 23%
19%
GM
22%

30. Subsidiaries
Maxion Componentes Automotivos
NEW SUPPLY AGREEMENTS: R$ 11,4 MM / year
Model Product Starting Annual Sales
Date R$ MM
Knobs, Cylinders and Keys
Gol 2002 - VW Jan.03 5,0
Acello - DaimlerChrysler Window raiser mechanisms Jun.03 1,4
Ecosport - Ford Window raiser mechanisms Mar.03 3,2
Fox - VW Jacks Oct.03 0,9
Celta - GM Window raiser mechanisms Feb.04 0,5
Doblò - Fiat Window raiser mechanisms Mar.03 0,4

31. RAILROAD
INDUSTRY

32. Railroad Industry
The Brazilian market of railroad equipment presented the
following pattern,
Sales - Brazilian Market
9M03 9M02 Var%
Railroad freight cars – units 1.339 214 526%
Railroad wheels – units 45.430 39.407 15%
Railroad castings – ton 9.654 4.716 105%

33. Railroad Industry
as a result of the big supply agreements signed in the last few
months.
Orders of Companhia Vale do Rio Doce
First Agreement
1.886 railroad freight cars (1.326 delivered - dec/2002 and sept/2003)
Delivery schedule : Dec/2002 to Dec/2003
Net revenue: R$ 207,2 million
Second Agreement
1.667 railroad freight cars
Delivery schedule : Jan/2004 to Jun/2004
Net revenue: aprox. R$ 200 million

34. SUBSIDIARIES
RAILROAD
INDUSTRY

35. Subsidiaries
AMSTED-MAXION
Amsted-
Maxion
24%
Revenue : R$ 118,0 MM – 9M03 (*)
R$ 44,1 MM – 9M02 (*)
(*) refers to 50% of the total revenue of the company of R$ 235,9 MM in 2003 and R$ 88,2 MM in 2002

36. Subsidiaries
Amsted-Maxion
Products Segments
Railroad Wheels Railroad Equipment
Railroad Freight Cars Trucks
Railroad Castings Off-road Vehicles
Road Castings Mining equipment
Industrial Castings

37. Subsidiaries
Amsted-Maxion
Market Share
Main Products 9M03 9M02
Railroad Freight Cars 100% 96%
Railroad Wheels 60% 60%
Railroad Castings 80% 80%
Industrial Castings 60% 60%

38. Subsidiaries
Amsted-Maxion
Revenue breakdown by customer
9M03 - R$ 118,0 MM (*) 9M02 - R$ 44,1 MM (*)
EXPORT. MRS
CAT 3% OTHER
22% FCA
5% 22%
6%
FCA
3%
CAT
MRS 10%
2%
CVRD
24%
CVRD EXPORT.
68% 35%
(*) refers to 50% of the total revenue of the company of R$ 235,9 MM in 2003 and R$ 88,2 MM in 2002

39. Empresas Controladas
Amsted-Maxion
ORDERS
New agreements spot - R$ 200,0 million
CVRD - 1.667 railroad freight cars
Previous agreements spot - R$ 67,8 million
CVRD - 560 railroad freight cars - R$ 59,7 MM
Mineração Serra do Sossego (CVRD) – 22 railroad freight cars – R$ 2,5 MM
ALL/Coinbra – 10 railroad freight cars - R$ 1,5 MM
CVRD / FCA / ALL - 4.164 railroad wheels - R$ 4,1 MM

40. Empresas Controladas
Amsted-Maxion
AGREEMENTS
Long term recurring agreements - R$ 48,2 million / year
ASF-Amsted (USA) – railroad castings - R$ 17,0MM
ConMet-Amsted (USA) - fifth wheel - R$ 5,6MM
Caterpillar (Brazil) - tractor parts - R$ 14,6MM
Caterpillar (USA) - tractor parts - R$ 5,1MM
Metso (France) - mining equipment parts - R$ 1,8MM
Komatsu / Meritor / CNH (USA and Italy) - industrial castings - R$ 2,7MM
Other (Canada) - mining equipment parts - R$ 1,4 MM

41. CONSOLIDATED

42. Iochpe-Maxion - Consolidated
Revenue breakdown by customer
9M03 - R$ 494,9 MM 9M02 - R$ 301,9 MM
After Scania Ford SAS Other
Market 3% 3% 2% Other Ford 19%
5% 9% 5%
Fiat Scania
5% 2% CVRD
Aftermarket 4%
Tractors
8% 7%
CVRD Export.
16% 12%
GM Fiat
8% 12%
Daimler Export. Tractors
2% Volkswagen
Chrysler 16% 15%
10% GM
Volkswagen 14%
15% Daimler
Chrysler
8%

43. Iochpe-Maxion - Consolidated
Revenue breakdown by segment
Customers 9M03 9M02
OEMs installed in the country 65% 73%
- Buses, trucks and utility vehicles 49% 46%
- Passenger cars 16% 27%
Brazilian railroad operators 19% 10%
Exports 16% 17%

44. Iochpe-Maxion - Consolidated
Export breakdown by product
9M03 9M02
US$ 25,0 MM / R$ 80,4 MM US$ 18,2 MM / R$ 52,6 MM
AUTOM. AUTOM.
COMP. COMP.
2% 1%
RAILROAD
EQUIP.
RAILROAD 27%
EQUIP.
28%
ROAD ROAD
WHEELS WHEELS
52% 56%
CHASSIS
CHASSIS 16%
18%
Import 9M03 Import - 9M2002
US$ 6,5 MM / R$ 20,9 MM US$ 8,4 MM / R$ 24,3 MM

45. Iochpe-Maxion - Consolidated
Export breakdown by destination
9M03 9M02
US$ 25,0 MM / R$ 80,4 MM US$ 18,2 MM / R$ 52,6 MM
AFRICA /
AFRICA / MIDLE
MIDLE EAST
EAST 15%
18% EUROPE
7%
EUROPE
8% USA ASIA / USA
37% OCEANIA 40%
ASIA /
5%
OCEANIA
3% SOUTH
SOUTH AMERICA
AMERICA 12%
15% CANADA
CANADA MEXICO
MEXICO 17% 4% 17%
2%
Nafta : 56% / Alca : 71% Nafta : 61% / Alca : 73%

46. Iochpe-Maxion - Consolidated
Income Statement 9 Months
2003 2002
Net Revenue 494.905 301.925
(-) Cost of Products Sold (387.632) (239.316)
Gross Profit 107.273 62.609
Operational Expenses
Sales (32.625) (21.845)
General and Administrative (24.077) (21.432)
Other (1.226) 1.352
(57.928) (41.925)
EBIT 49.345 20.684
Net Financial Expenses (29.160) (35.481)
Operational Result 20.185 (14.797)
Non-operational Result (2.499) 6.577
Earnings before taxes and minority interest 17.686 (8.220)
Taxes and minority interest (14.886) (4.672)
Net Income 2.800 (12.892)
EBITDA 73.722 45.121

47. Iochpe-Maxion - Consolidated
Net Debt - R$ million
350
307 313
300
250 217 208
195
200
130,3
150 115,1
105,7
100 65,1
50
0
1996 1997 1998 1999 2000 2001 2002 2Q03 3Q03

48. Iochpe-Maxion - Consolidated
Debt breakdown by type of loan - Sept 2003 - R$ MM
SHORT LONG
TYPE OF LOAN TERM TERM
TOTAL
Local Bonds 20,1 24,5 44,6
Trade Finance / ACC / Res. 2770 55,4 4,0 59,4
Finame / BNDES / BDMG / EXIM 14,2 9,7 23,9
Local Currency Loans 8,5 8,5
98,2 38,2 136,4
(-) Cash 16,8 4,5 21,3
Net Debt 81,4 33,7 115,1

49. Iochpe-Maxion - Consolidated
Debt breakdown by denomination
Sept 2003 - R$ 136,4 MM - % Total
Other
TJLP 4%
8%
INPC
Dollar 33%
19%
CDI IGPM
29% 7%

50. Iochpe-Maxion - Consolidated
Foreign currency exposure - Sept/03 - US$ MM
Balance Sheet
Assets denominated in foreign currency
. Marketable securities / Investments 3,1
. Receivables 4,2
7,3
Liabilities in foreign currency
. Bank debt (ACC / Res. 2770) (8,0)
. Payables (3,7)
(11,7)
Net position (4,4)

51. Iochpe-Maxion - Consolidado
Stock Performance
THOUSAND R$ R$ / 1000 shares
4.500 60,0
VOLUME / PRICE
51,9
IOCHPE-MAXION PN (MYPK4)
3.750
45,0
3.050
3.000
PRICE
2.250 26,8 27,6 30,0
26,8 26,4
23,5 25,2 24,7 24,2 25,1
1.500 22,5
20,9
VOLUME 15,0
750
177 312
85 131 35 115 104 50 50 125 136
- -
02
02
3
03
2
03
3
03
3
3
3
3
/0
t/0
r/0
/0
/0
/0
/0
v/
c/
g/
b/
/
jul
r
jan
jun
pt
y
oc
ma
ap
no
de
au
fe
ma
se

52. BENCHMARK

53. Benchmark
Gross Profit % sales
Gentex
Eaton
Strattec
Iochpe-Maxion
Federal Mogul
Borg Warner
Valeo
Tenneco
Superior
Johson Controls
Autoliv
Dura
Dana
Intermet
Tower
Lear
Delphi
Visteon
0% 10% 20% 30% 40%
Source : Companies releases

54. Benchmark
EBIT % Sales
Gentex
Strattec
Superior
Iochpe-Maxion
Borg Warner
Autoliv
Eaton
Dura
Johson Controls
Tenneco
Lear
Valeo
Dana
Intermet
Federal Mogul
Delphi
Visteon
Tower
-10% 0% 10% 20% 30% 40%
Source : Companies releases

55. Benchmark
EBITDA %Sales
Strattec
Iochpe-Maxion
Borg Warner
Autoliv
Intermet
Tenneco
Dura
Johson Controls
Federal Mogul
Dana
Lear
Delphi
Tower
Visteon
0% 5% 10% 15% 20% 25%
Source : Companies releases

56. OUTLOOK

57. Outlook
Outlook
Revenue trend:
(+) new supply agreements
(+) growth of the local market of agricultural machinery, trucks, buses and
railroad equipment
(-) stability in the local market of passenger cars
(-) export revenue reduction due to Brazilian Real appreciation
Maintenance of the operational performance
(+) scale gains
(+) on-going cost reduction programs
(-) increase of non negotiable costs (energy, wages, raw material)
Adjusted capital structure