First Quarter 2006 Full Presentation

1. May, 2006
1

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.
2

3. BUSINESS STRUCTURE
Iochpe-Maxion S.A.
Iochpe-
50% 100%
Amsted-Maxion Fundição e
Amsted- Maxion Sistemas Automotivos
Equipamentos Ferroviários S.A. Ltda.
Wheels and Frames Automotive
Railway Equipment Division Components Division
Auto parts for light
vehicles: 6%1
Railway freight cars: 28%1 Frames: 32%1
Railway casting and wheel: Wheels: 21%1
13%1
1 % of consolidated net revenues in the first quarter of 2006 3

4. MARKET SHARE – BRAZIL (1Q06)
Commercial Vehicle Railway Freight Railway
Frames Wheels Cars Castings
Maxion Maxion Maxion 85% 80%
71% Maxion
58%
39%
28%
1% 3% Borlem 15% 20%
Dana
OEM Others Others
Cruzaço
Maxion
69% 65% 80% 80%
1Q05
Source: Maxion estimate
4

5. AMSTED MAXION JOINT VENTURE
Amsted Industries is the leading manufacturer of railway castings in North America
Strategic alliance with Amsted Industries Benefits from the partnership with Amsted Industries:
General characteristics of Amsted-Industries:
Access to state of the art technologies
85% of sales are derived from the North
American market
Access to the largest markets of railway
47 plants located in 11 countries
castings worldwide
9,200 employees
Revenues in 2005: US$2.5bn Important costumer of Amsted-Maxion
exports
+ =
Brand widely recognized worldwide
Leadership in the Brazilian market and
Sucessful partnership
competitiveness in the international market
5

6. INDUSTRIAL PARK
Iochpe-Maxion’s production plants localization
Iochpe- Maxion’s Costs of goods sold (% of total - 2005)
2005)
Salaries
Raw 16%
materials
and inputs D& A and
78% maintence
expenses
Hortolândia (SP) 6%
Rayway Equipments
MG Iochpe-Maxion’s gross margin vs. steel price1 (US$/ton)
Iochpe-
Contagem (MG)
Osasco (SP) SP Iochpe’s gross margin International steel price
Auto parts division 25.0%
Rayway Equipments 2002 2003 2004 2005
20.0%
21,1% 20,2% 20,7% 19,3%
Cruzeiro (SP) Cruzeiro (SP) 15.0%
800 (1 8 ,3
% %)
Rayway Equipments Wheel and Frames 9 0 ,9
Divison 600
6,5%
4 4 , 2%
Utilization rate 400
92%
200
75%
0
Jan-02 Jun-02 Dec-02 Jun-03 Dec-03 May-04 Nov-04 May-05 Oct-05
Rayway Equipments Wheel and frame 1Weekly spot price of US imports of hot rolled coil
Division
Source: Bloomberg 6

7. CUSTOMERS AND QUALITY
Products and processes certified in Brazil and abroad by leading independent institutions
Distribution of consolidated net revenues by client (1Q06)
(1Q06) Exclusive supplier
Exclusivity in the supply of (among others):
Others
36% Frames of S10’ platform for General Motors
Frames for Volkswagen Caminhões (trucks)
Exports
19% Frames for Ford Cargo (8-ton trucks)
Brasil
Frames for Scania’s buses
Ferrovias
10% Side members for Daimler Chrysler
CVRD/FCA
Daimler 12% Highway wheels for (i) Volkswagen Caminhões (trucks); (ii)
VW
Chrysler Scania; (iii) Volvo; (iv) AGCO; (v) Valtra
12%
11% Castings for industrial machinery for Caterpillar
Distribution of net revenues by client in each of Iochpe Maxion’s major businesses (1Q06)
1Q06)
Wheels Frames Amsted-Maxion
Others Daimler Others
Exports CVRD/FCA
Others 23% Chrysler 12%
27% 29%
31% 31% MRS
5%
Ford
7%
Brasil
Scania Tractors GM Ferrov.
11% VW 19% 13% VW 25% Exports
12% 26% 29%
7

8. STRATEGIC VIEW
Our strategies have focused on the maintenance of our leadership position in the markets in which we operate
Expand our
production Enlarge our industrial park and increase production capacity in Brazil so as to enable the
capacity Company to meet the growing demand in the national and international markets
Consolidate our presence in the segment of spare wheels for commercial vehicles
Increase our Increase exports of railway freight cars to countries with no local production
share in Increase exports of railway castings through the partnership with Amsted Industries
international
markets Increase share in the U.S. market of large steel castings for industrial machinery
Manufacture of some of our products in Asia
Strengthen services rendered to railway operators (maintenance of railway cars and
New business supply of spare parts)
and products
Increase number of products and services having synergies with our current activities
Selected acquisitions in our industry
8

9. NET OPERATING REVENUE (R$ million)
%
36
41% 4=
= 5-0
– 05 ∆0
01
GR
CA
1,494
1,099
∆ 1Q06 – 05 = (4
%)
676
374 411
353 340
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
9

10. GROSS PROFIT
R$ MM % net sales
350 50%
300
40%
250
30%
200
21% 289
150 21% 21% 19%
20% 20% 20%
19%
228
100
137 10%
50 87
80 72 64
0 0%
00
1
00
2
00
3
00
4
00
5 05 06
2 2 2 2 2 1Q 1Q
10

11. NET EARNINGS
R$ MM % net sales
80 20%
60 15%
40 10%
51 72
7%
20 5% 5% 5%
4% 4%
25
15
15
0 0%
-1%
00
1
00
2 (24)
00
3 (5)
00
4
00
5 05 06
2 2 2 2 2 1Q 1Q
(20) -5%
-6%
(40) -10%
11

12. EBITDA (*)
R$ MM % net sales
250 20%
17%
200 16%
15%
14% 14% 14%
13% 13%
150
10%
100 205
156
5%
50 89
69
58
48 45
0 0%
00
1
00
2
00
3
00
4
00
5 05 06
2 2 2 2 2 1Q 1Q
(*) 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.
12

13. NET BANK DEBT
R$ MM x EBITDA (*)
200 2.0
175
150 1.5 1.5
1.3
125
1.1
100 1.0
0.9
158
75 151
0.7
0.6 1250.6
115
106
50 0.5
102
65
25
0 0.0
00
1
00
2
00
3
00
4
00
5 05 06
2 2 2 2 2 1Q 1Q
(*) 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.
13

14. LIGHT COMMERCIALS – BRAZIL (‘000 units)
Production
%
= 14 Export
– 05
R 01 %
C AG = 29
– 05
R 01
C AG
366 %
05 = 13
318 ∆ 1Q06 -
%
– 05 = 8
∆ 1Q06
216 216
180
156
114
72 80 90
56
40 32 35
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Anfavea
14

15. TRUCKS – BRAZIL (‘000 units)
Production
Export
1%
5=1
R0 1–0 %
C AG = 54
– 05
R 01
C AG
∆ 1Q
06 –
05 =
(12%
)
116
107
05 = 5 %
77 79 ∆ 1Q06 –
69
13 37
7 5 25 28 7 24 7.4
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Anfavea
15

16. BUSES – BRAZIL (‘000 units)
Production
1%
5=1 Export
R0 1–0
C AG 29%
– 05 =
R 01
C AG
= 6%
∆ 1Q06 – 05
35
29 ∆ 1Q
27 06 –
24 05 =
23 ( 8%
)
19
13
9 8.2 8.6
7 7
4 3.6
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Anfavea
16

17. AGRICULTURAL MACHINERY – BRAZIL (‘000 units)
Production
%
–0 5=4 Export
R 01
C AG 9%
–0 5=3
R 01
C AG
69 ∆ 1Q
06 –
59 05 =
53 ∆ 1Q (18%
52 06 – )
44 05 =
(35%
)
31 31
21 5
10 14 11
8 8
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Anfavea
17

18. PASSENGER CARS – BRAZIL (‘000 units)
Production
= 7%
0 1 – 05
C A GR Export
= 17 %
01 – 05
C AG R
05 = 8%
1,931 ∆ 1Q06 –
1,757 %
05 = 5
1,496 1,521 1,505 ∆1 Q06 –
606
440 497 470 148 509 155
319 363
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Anfavea
18

19. RAILWAY FREIGHT CARS – BRAZIL (units)
Sale
%
= 77
– 05
01
GR
CA
7,270
5,642
∆1Q06 – 05 = (5%)
2,459
294 1,375 1,309
748
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Amsted Maxion estimate
19

20. RAILWAY CASTINGS – BRAZIL (metric tons)
Sale
10%
05 =
01 –
C AGR
5,100
3,500 3,386
∆ 1 Q0 6 –
05 = (30%
2,230 2,288 )
1,046
733
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Amsted Maxion estimate
Does not include castings used in the assembly of railway freight cars
20

21. RAILWAY WHEELS – BRAZIL ( ‘000 units)
Sale
4%
01 – 05 =
CAGR
50 50 48
42 42
%
6–0 5 = 19
∆ 1Q0
9 11
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
Source: Amsted Maxion estimate
Does not include wheels used in the assembly of railway freight cars
21

22. SHAREHOLDER COMPOSITION : MAR ´06
Iochpe Family BNDES Participações Other
Voting 74.6% Voting 21.8% Voting 3.6%
Non-Voting
Non- 0.4% Non-Voting
Non- 27.6% Non-Voting
Non- 72.0%
Total 26.1% Total 25.6% Total 48.3%
Issued Shares (*)
Common 18,428,597 34.62%
Preferred 34,803,707 65.38%
Total 53,232,304 100.00%
22

23. NET OPERATING REVENUE – 1Q06
R$ 340 million
Segment (%) Customer (%)
Automotive Comp.
Daimler
Division Chrysler
Volks-
wagen
6% 11% Brasil
12% Ferrovias
10%
CVRD/ 12% General
41% FCA 6% Motors
53% 4% Scania
4%
19% 3% Tractors
Exports
Amsted Ford
Maxion (*) Wheels and 19%
Chassis Division
Other
(*) Consolidation considers 50% of Amsted Maxion’s net operating revenue
23

24. EXPORTS – 1Q06
US$29 million
R$63 million
Segment (%) Destination (%)
Canada/
Mexico
8%
63%
Railway
Equip. USA 50%
26% South
America
30% Commercial
Vehicle
7% 6% 10%
Wheels
Chassis Africa/
Europe Middle East
24

25. EXPORTS (USD million)
%
= 48 1%
05 =6
01
–
5 -04
R ∆0
C AG
96
%
6–0 5 = 29
∆ 1Q0
47
33 29
24 24 23
0 1 0 2 0 3 0 4 0 5 05 06
20 20 20 20 20 1 Q 1 Q
25

26. CAPEX (R$ million)
84
80
73
54
41
13 14
0 2 0 3 0 4 0 5 6 E 05 06
20 20 20 20 00 1 Q 1 Q
2
26

27. INCOME STATEMENT (R$ thousand)
First Quarter
2,006 % N.O.R. 2,005 % N.O.R. Var%
Net operating revenue 340,321 100.0% 352,579 100.0% -3.5%
(-) Cost of goods sold (276,483) -81.2% (281,082) -79.7% -1.6%
Gross profit 63,838 18.8% 71,497 20.3% -10.7%
Operating expenses
Sales (14,708) -4.3% (17,238) -4.9% -14.7%
General and Administrative (11,505) -3.4% (12,202) -3.5% -5.7%
Other operating expenses 58 0.0% (807) -0.2% -107.2%
(26,155) -7.7% (30,247) -8.6% -13.5%
Earnings before interest and taxes - EBIT 37,683 11.1% 41,250 11.7% -8.6%
Net financial expenses (6,162) -1.8% (8,700) -2.5% -29.2%
Earnings after financial expenses 31,521 9.3% 32,550 9.2% -3.2%
Non-operating result (5,106) -1.5% (5,284) -1.5% -3.4%
Earnings before taxes 26,415 7.8% 27,266 7.7% -3.1%
Income taxes (11,511) -3.4% (12,151) -3.4% -5.3%
Net income 14,904 4.4% 15,115 4.3% -1.4%
EBITDA (*) 44,666 13.1% 47,724 13.5% -6.4%
(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating 27
result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization.

28. INCOME STATEMENT (R$ thousand)
2005 % net sales 2004 % net sales Var. 05/04
Net operating revenue 1,494,029 100.0% 1,098,597 100.0% 36.0%
(-) Cost of goods sold (1,205,374) -80.7% (871,084) -79.3% 38.4%
Gross profit 288,655 19.3% 227,513 20.7% 26.9%
Operating expenses
Sales (65,452) -4.4% (55,339) -5.0% 18.3%
General and administrative (43,241) -2.9% (38,874) -3.5% 11.2%
Other operating expenses (2,357) -0.2% (6,586) -0.6% -64.2%
(111,050) -7.4% (100,799) -9.2% 10.2%
Earnings before interest and taxes - EBIT 177,605 11.9% 126,714 11.5% 40.2%
Net financial expenses (37,118) -2.5% (32,578) -3.0% 13.9%
Earnings after financial expenses 140,487 9.4% 94,136 8.6% 49.2%
Non-operating result (20,272) -1.4% (20,570) -1.9% -1.4%
Income taxes and minority interest (48,084) -3.2% (22,740) -2.1% 111.5%
Net income 72,131 4.8% 50,826 4.6% 41.9%
EBITDA(*) 204,724 13.7% 155,478 14.2% 31.7%
(*) EBITDA, throughout this presentation means: net income plus income tax and social contribution, plus non-operating 28
result, plus net financial expenses, plus depreciation and amortization, plus goodwill amortization.

29. BALANCE SHEET (R$ thousand)
ASSETS Mar ´06 Mar ´05 LIABILITES AND EQUITY Mar ´06 Mar ´05
CURRENT CURRENT
Cash and marketable securities 22,639 30,287 Loans 113,814 144,965
Receivables 186,422 180,713 Payables 64,501 73,969
Inventories 131,822 160,479 Costumers advances 51,984 69,558
Recoverable taxes 18,895 26,648 Wages and charges 29,507 25,403
Other 28,077 18,833 Taxes 9,360 23,601
387,855 416,960 Provisions 7,869 15,067
Other 12,648 36,820
289,683 389,383
LONG TERM LONG TERM
Receivables 2,832 4,533 Loans 59,625 42,148
Deferred income taxes 28,945 40,090 Provisions 62,601 36,918
Other 13,762 29,872 Other 14,865 4,246
45,539 74,495 137,091 83,312
MINORITY INTEREST 195 176
PERMANENT EQUITY
Investments 369 265 Paid-up capital 161,463 161,463
Plant, property and equipment 235,540 178,763 Profit reserves 68,468 24,770
Deferred items 2,501 3,736 Retained earnings 14,904 15,115
238,410 182,764 244,835 201,348
671,804 674,219 671,804 674,219
29

30. BALANCE SHEET (R$ thousand)
ASSET Dec ´05 Dec ´04 LIABILITIES Dec ´05 Dec ´04
CURRENT CURRENT
Cash and cash equivalents 51,962 73,926 Loans, financing and debenture 79,195 116,846
Trade accounts receivable 151,733 122,538 Accounts payable to suppliers 66,557 68,305
Inventories 142,494 149,353 Salaries and related charges 30,672 25,931
Taxes recoverable 6,130 18,779 Taxes payable 3,891 13,268
Other 22,842 23,060 Provisions 13,360 13,759
375,161 387,656 Other 89,997 106,789
283,672 344,898
NON CURRENT ASSETS NON CURRENT LIABILITIES
Trade accounts receivable 3,890 5,220 Loans, financing and debenture 97,694 58,983
Taxes recoverable 21,361 12,945 Provisions 46,866 38,032
Deferred income and social contribution taxes 32,353 40,090 Other 16,586 2,899
Other 9,810 9,053 161,146 99,914
67,414 67,308
MINORITY INTEREST 182 167
PERMANENT ASSETS SHAREHOLDERS' EQUITY
Investments 369 509
Property, plant and equipment 229,123 171,568 Capital 161,463 161,463
Deferred charges 2,864 4,171 Profit reserves 68,468 24,770
232,356 176,248 229,931 186,233
674,931 631,212 674,931 631,212
30

31. NET DEBT BREAKDOWN – MAR ‘06 (R$ million)
Lines Short Term Long Term Total
Trade Finance / Export 27.9 15.0 42.9
Equipment financing 82.6 44.6 127.2
Other lines in R$ 3.3 3.3
113.8 59.6 173.4
(-) Cash and Cash equivalents 22.6 22.6
Net Debt 91.2 59.6 150.8
31

32. DEBT INDEXATION – MAR ‘06 (%)
TJLP
(BNDES Average Cost (1Q06)
rate) 71%
In R$ 71% CDI
In US$ 7.8% p.a.
2% 25%
2% Dollar
IGPM Interbank
(whosale rate
inflation
index)
32

33. FREIGHT CARS – FIRM ORDERS FOR DELIVERY IN 2006
CVRD / FCA 1,276 units
Brasil Ferrovias 720 units
MRC (Mitsui / Bunge / ALL)
(Mitsui 300 units
Revenue Approx.
MRS 280 units
R$510 million
CVG Ferrominera Orinoco 50 units
Itaú Leasing (Inlogs / ALL)
Itaú (Inlogs 69 units
Total 2,695 units
33

34. STOCK PERFORMANCE
R$ THOUS. R$ / SHARE (*)
5,000 24.0
DAILY VOLUME / MONTHLY AVERAGE PRICE
IOCHPE-MAXION PN (MYPK4)
4,500 21.1
20.0
4,000
16.8 18.8
16.2 16.2 18.0
3,500 16.3 16.0 15.9
15.5 3,225 16.0
14.114.2 14.2 14.4
3,000 13.6
12.4
PRICE 2,388
2,500 12.0
9.6
2,000 8.7 8.5
VOLUME
6.8 8.0
1,500 1,385 5.5 1,366
4.9 4.7
4.0 4.0 1,004 966
1,000
4.0 3.9 4.1 849
4.0
556
500 401 354 253 381
262 296 289 333 303 384
171 205 183 144 156
43 151 190 123 139
- -
Ju 4
Ju 5
Fe 04
Au 04
Se 04
Fe 05
Au 05
Se 05
Fe 06
Ja 03
M 05
M 04
M 04
Ju 04
O 04
D 04
Ja 04
M 05
M 06
Ju 05
O 05
D 05
Ja 05
Ap 04
N 04
Ap 05
6
N 05
0
0
-0
n-
n-
n-
l-
n-
l-
n-
-
b-
g-
b-
g-
b-
-
r-
-
p-
-
-
r-
-
p-
-
-
-
-
-
ay
ov
ay
ov
ec
ar
ec
ar
ec
ar
ct
ct
D
(*) after reverse split
34

35. Logistics Segment Overview
35

36. BRAZILIAN RAILWAY TRANSPORTATION
Million of tons Goods - 2005
Others
.9% %
14.5
500
R %=5 ∆%
= 15%
CAG 402
400 351
331
302 301
289
300 260 260 Grain
254
8%
200
100
Steel Ore
8% 69%
0
97 98 99 00 01 02 03 04 05
Source: ANTF / Revista Ferroviária Source: ANTF
36

37. BRAZILIAN RAILWAY TRANSPORTATION
Cargo Transportation Matrix
% Railway Cargo Transportation
% by type - 2003
30%
Railway Road Waterway 25%
24% 24%
Russia 81% 08% 11% 21%
20%
India 50% 50% 00%
Canada 46% 43% 11%
10%
Australia 43% 53% 04%
USA 43% 32% 25%
0%
Brazil 24% 62% 14% 1997 2003 2004 2005
Source: ANTF
37

38. BRAZILIAN RAILWAY TRANSPORTATION
Announced expansion projects in the railway network
Expansion of transported volume by Estrada de Ferro Carajás from 70 million tons to 100
million tons and, later, to 180 million tons;
Extension of Ferrovia Norte-Sul;
New routes for Companhia Ferroviária Nordeste – CFN;
Expansion of transported volume by MRS from 110 million tons in 2005 to 180 million tons in
2009
Expansion of CSN’s Casa de Pedra mine from 16 million tons to 40 million tons;
Change of control and extension of Brasil Ferrovias;
Change of control of Ferrovia Novoeste; and
Construction of metropolitan “ring” railways (São Paulo, Belo Horizonte, Rio de Janeiro and
Curitiba)
Source: Newsrun
38

39. BRAZILIAN COMMERCIAL VEHICLE FLEET
Fleet Size Average Fleet Age
(in thousand units) (in years)
Pickups 3,088 Pickups 8.6
Trucks 1,169 Trucks 12.0
Buses 258 Buses 9.9
Source: Sindipeças
39

40. May, 2006
40