iochpe-maxion - bear stearns transportation conference presentation

2005 Brazilian Infrastructure, Transport and Logistics Conference

Bear StearnsFebruary 2005

Bear Stearns

Iochpe-Maxion: Basics

Two major operations:

- Wheels and chassis for trucks, buses, pickups and agricultural machinery

- Equipments for the railroad industry

Third smaller operation:

- Autoparts for passenger cars

Plants located in the São Paulo and Minas Gerais States in Brazil.

Bear Stearns

Iochpe-Maxion: History

1918: Iochpe Group started in the lumber segment

From 1978 to 1996: period of diversification in several industries followed by divestitures and concentration in the autopart and railroad equipment segments

1984: become a public company

1994: issue of ADRs level I

1998: corporate restructuring and recapitalization – Bradesco and BNDESjoin shareholders’ agreement along with Iochpe Family

2000: joint venture in the railroad equipment business with Amsted Industries

2001: divestiture of the diesel engine business to Navistar

2002 / 2004: divestiture of the steering column and window mechanismbusiness, decreasing exposure to the passenger car autopart segment

2004: Bradesco sold its stake to Iochpe Family

Bear Stearns

Shareholder Composition

Issued Shares (*)

Voting 921,429,894 34.62%Non-voting 1,740,185,376 65.38%

Total 2,661,615,270 100.00%

Iochpe FamilyVoting 75.6%Non-voting 0.5%Total 26.5%

Iochpe-Maxion S.A.

Iochpe-Maxion

BNDES ParticipaçõesVoting 21.8%Non-voting 62.2%Total 48.2%

Free FloatVoting 2.6%Non-voting 37.3%Total 25.3%

Free Float – Dec. 03Voting 3.1%Non-voting 28.6%Total 19.8%

Shareholders Agreement

(*) all outstanding

Bear Stearns

Corporate Structure

Wheels andChassis Division

(2,926 Employees)

AutomotiveComp. Division

(1,315 Employees)

Maxion SistemasAutomotivos S.A.

Maxion ComponentesEstruturais Ltda.

Amsted Maxion Fund. eEquip. Ferroviários S.A.

(3,624 Employees)

Iochpe-Maxion S.A.(16 Employees)

Consolidated = 6,069 Employees

AmstedIndustries

99.99%

Bear Stearns

Net sales breakdown %

2004 - R$ 1,098.6 MM 2003 - R$ 675.7 MM

Amsted Maxion (*)

AutomotiveComp. Division Automotive

Comp. Division

(*) Consolidated figures consider 50% of the net sales of Amsted Maxion

WHEEL AND CHASSIS DIVISION (*)

(*) Division of

Bear Stearns

Wheels and Chassis Division: Basics

Conformation of flat steelFocused on the commercial vehicles segment (trucks, buses, pickupsand agricultural machinery)Continuous capex resulting in an unique manufacturing facility in theSouth American marketLocal leadershipExport base (16% of sales)

Bear Stearns

Wheels and Chassis Division

Chassis - 52% of Division’s net sales – R$ 325 MM – 2004

SiderailsStamped Parts

Chassis

StructuralParts

Heavy Medium Light

Bear Stearns

Wheels for Vehicles - 48% of Division’s net sales – R$ 301 MM – 2004

Bear Stearns

Automotive Industry – Brazilian Output Thousand units

4Q04 4Q03 ∆% 2004 2003 ∆%

Cars 452.0 400.1 13.0% 1,754.6 1,505.0 16.6%

Pickups 91.8 62.6 46.8% 315.6 216.1 46.0%

Trucks 27.9 20.6 35.1% 106.9 78.9 35.5%

Buses 7.3 7.0 3.7% 28.7 27.0 6.5%

Total Vehicles 579.0 490.3 18.1% 2,205.9 1,827.0 20.7%

Agricultural Machinery 15.8 14.6 7.7% 66.9 58.8 13.8%

Source : Anfavea

Bear Stearns

Automotive Industry - Export Thousand units

4Q04 4Q03 ∆% 2004 2003 ∆%

Cars 132.5 106.4 24.5% 493.8 440.3 12.1%

Pickups 35.7 23.5 52.3% 110.3 72.3 52.5%

Trucks 6.3 4.4 43.1% 25.3 12.8 97.5%

Buses 4.8 2.8 73.7% 12.9 9.3 38.8%

Total Vehicles 179.4 137.1 30.8% 642.3 534.7 20.1%

AgriculturalMachinery 7.8 6.5 19.9% 31.0 21.4 44.7%

Source : Anfavea

Bear Stearns

Wheels and Chassis Division R$ MM

1 7 42 0 8

6 0 0Net Sales

CAGR = 41.1% a.a.

1999 2000 2001 2002 2003 2004CAGR = Compounded Annual Growth Rate

∆% = 73.1%

4Q03 4Q04

Bear Stearns

Chassis – Market Share and Customer Base – 2004

Market Share Customer Base

8 %5 %

OtherDaimlerChrysler

Volks-wagen General

Motors

Export

Scania

5 %6 9 %

Maxion

Bear Stearns

Wheels - Market Share and Customer Base – 2004

2 5 %2 4 %

1 2 % 6 %6 %

1 2 %1 5 %Other

ExportTractors

Volks-wagen Scania

VolvoTrailerOEMs

MaxionHayes

AUTOMOTIVE COMPONENTS DIVISION (*)

(*) Division of

Bear Stearns

Automotive Components Division: Basics

Light stampingAssembly of partsFocused on passenger carsLocal leadership in main productsStrong trend for globalization

Bear Stearns

Automotive Components Division

Partial Divestiture – Sept.10 , 2004

Sold assets related to the window mechanism businessBuyer: Brose do Brasil Ltda. – subsidiary of Brose International GmbHAmount: R$ 17.8 millionAsset transfer in 180 daysWindow mechanism business represents:

7% of the consolidated net sales51% of the net sales to the passenger car segment

Bear Stearns

Automotive Components Division: Main Products

HANDBRAKELEVERS

PEDALSETS

Bear Stearns

4Q04 4Q03 ∆% 2004 2003 ∆%

Cars 452.0 400.1 13.0% 1,754.6 1,505.0 16.6%

Pickups 91.8 62.6 46.8% 315.6 216.1 46.0%

Trucks 27.9 20.6 35.1% 106.9 78.9 35.5%

Buses 7.3 7.0 3.7% 28.7 27.0 6.5%

Total Vehicles 579.0 490.3 18.1% 2,205.9 1,827.0 20.7%

Agricultural Machinery 15.8 14.6 7.7% 66.9 58.8 13.8%

Source : Anfavea

Bear Stearns

Automotive Industry - Export Thousand units

4Q04 4Q03 ∆% 2004 2003 ∆%

Cars 132.5 106.4 24.5% 493.8 440.3 12.1%

Pickups 35.7 23.5 52.3% 110.3 72.3 52.5%

Trucks 6.3 4.4 43.1% 25.3 12.8 97.5%

Buses 4.8 2.8 73.7% 12.9 9.3 38.8%

Total Vehicles 179.4 137.1 30.8% 642.3 534.7 20.1%

AgriculturalMachinery 7.8 6.5 19.9% 31.0 21.4 44.7%

Source : Anfavea

Bear Stearns

Automotive Components Division R$ MM

9 29 9

9 4 9 8

3 34 4

Net Sales

CAGR = 10.3% a.a.

∆% = 35.6%

1999 2000 2001 2002 2003 2004 4Q03 4Q04CAGR = Compounded Annual Growth Rate

Bear Stearns

Market Share % 9M04 Chassis – Market Share and Customer Base – 9M04Market Share and Customer Base – 2004

6 %8 %

Volks-wagen

GeneralMotors

FordAfter

MarketOther

Hand break lever 42%

Pedal Set 26%

Jack 20%

Latch 9%

Knob / Key / Cylinder 7%

AMSTED MAXION FUNDIÇÃO E EQUIPAMENTOS FERROVIÁRIOS

Subsidiaries :

Bear Stearns

Amsted Maxion: Basics

Integrated freight car operation: castings and car assemblyCapex + technology resulting in an unique manufacturing facility and design capabilitiesSteel castings

Transformation of steel scrapFocused on the railroad equipment and industrial businessLocal leadershipExport base

Freight car assemblyAssembly of components and castingsLocal leadership

Bear Stearns

Amsted Maxion: Main Products

RAILROADWHEELS

RAILROADFREIGHT CARS

BOOGIES

Bear Stearns

Brazilian railroad equipment market

Sales 4Q04 4Q03 ∆% 2004 2003 ∆%

Railroad freight cars – units 1,447 1,060 37% 5,642 2,399 135%

Railroad wheels – thous. units 11.2 22.6 (50%) 41.6 49.6 (16%)

Railroad castings – thous. tons 0.7 0.7 0% 3.4 2.3 48%

Does not include wheels and castings used in the assembly of new freight cars

Bear Stearns

Amsted Maxion R$ MM

9 51 2 2 1 1 0 1 2 0

Net Sales (*)

CAGR = 46.9% a.a.

1999 2000 2001 2002 2003 2004

∆% = 97.4%

4Q03 4Q04

(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s salesCAGR = Compounded Annual Growth Rate

Bear Stearns

Amsted Maxion

Market Share and Customer Base – 2004

Railroad Freight Cars

Railroad Wheels

Railroad Castings

Industrial Castings

1 2 %6 %

3 %4 %

Other ALL

CVRD Export

Ferronorte

Bear Stearns

Amsted Maxion

Spot Orders 2005/2006 – Freight Cars : R$ 1.1Billion MM (*)

CVRD / FCA – 5,760 cars

Brasil Ferrovias - 500 cars

MRC(Mitsui/Bunge/ALL) - 350 cars

CVG Ferrominera Orinoco - 225 cars

Comilog – 76 cars

CBG Compagnie desBauxites de Guinee – 22 cars

Total = 6,933 cars

Deliveries

2005 – 5,557 cars

2006 – 1,376 cars

(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales

Bear Stearns

Amsted Maxion

Recurring Orders : R$ 250.4 MM per year (*)

ASF-Amsted (USA) – railroad castings – R$ 153.5MM

Caterpillar (Brazil and USA) – tractor parts – R$ 72.5MM

Holland Group (USA) – fifth-wheel components - R$ 12.9MM

Metso (France) – industrial castings – R$ 4.5MM

Truck OEMs (Brazil) – fifth-wheel – R$ 4.0MM

Komatsu / CNH (USA and Italy) – industrial castings – R$ 3.0MM

(*) Amsted Maxion’s net sales. Consolidated figures consider 50% of Amsted Maxion’s sales

CONSOLIDATEDFIGURES

Bear Stearns

Consolidated

Net sales breakdown by customer and segment – 2004

Customer Base Segment

1 0 %8 %

7 %5 %

4 %3 %

Volks-wagen

DaimlerChrysler

ExportGeneralMotors

Tractors

TrailerOEMs

OEMs producing in Brazil

- Bus, truck and

pickups - Passenger cars

49% 13%

Brazilian railroad operators

Export 13%

Bear Stearns

Consolidated

9M03 – US$ 24.9 MM / R$ 80.6 MM

5 2 %1 6 %

Chassis

RailroadEquipment

Wheels

Exports by product segment and destination – US$ 47.3 MM / R$ 144.1 MM – 2004

DestinationProduct Segment

5 2 %1 1 %

2 %7 %7 %

3 %Mexico

Canada

SouthAmerica

Asia /Oceania

EuropeAfrica / Middle East

Import 2004 - US$ 10.2MM / R$ 29.5MM (*)(*) includes US$ 3.4MM / R$ 10.0MM of machineryand equipment

Bear Stearns

Consolidated R$ MM

1999 2000 2001 2002 2003 2004

6 1 5 6 2 4 , 0

3 7 4 4 1 1

1 0 9 9

1 0 0 0Net Sales

CAGR = 43.2% a.a.

DivestiturePhase

∆% = 72.5%

4Q03 4Q04

CAGR = Compounded Annual Growth Rate

Bear Stearns

Five Years Review

8 0 8 7

1 9 %2 1 % 2 1 % 2 0 % 2 1 %

Gross Profit

% sales

2000 2001 2002 2003 2004

(*) 2002 results includes change in accounting for profit sharing, amounting to R$ 3.8 MM

Bear Stearns

Five Years Review

2 73 6

7 % 7 % 9 % 9 %1 2 %

% sales

2000 2001 2002 2003 2004

Bear Stearns

Five Years Review

3 83 3

9 %1 1 %

6 %3 %

Financial Expenses, net

% sales

2000 2001 2002 2003 2004

Bear Stearns

Five Years Review

- 1 0 - 1 4 - 1 8

- 4 % - 4 %

- 2 %- 4 0

- 1 0 %

Operational Result after Financial Exp.

% sales

2000 2001 2002 2003 2004

Bear Stearns

Five Years Review

5 86 9

1 4 % 1 6 % 1 7 %1 3 % 1 4 %

EBITDA

% sales

2000 2001 2002 2003 2004

Bear Stearns

Five Years Review

1 0 61 1 5

1 0 22 , 2

1 , 11 , 5

Net Debt

x EBITDA

2000 2001 2002 2003 2004

Bear Stearns

Consolidated – Income Statement R$ Thous.

Bear Stearns

Consolidated – Income Statement R$ Thous.

Bear Stearns

Iochpe-Maxion: Fundamentals

Strong organic revenue growth

Steady operating margins

Growing cash generation

Solid capital structure – net debt / EBITDA ratio

Focus on businesses related to the transportation industry

Local market leadership

Capex aiming at a strong competitive position – barriers to entry

Growing exports

Capacity expansion in line with demand growth

Bear Stearns

Iochpe-Maxion: Capital Markets and Governance

Public company since 1984 / ADR Level I since 1994

Investor relationshipQuarterly meetings

Website – exclusive IR content

Annual Reports, press releases, etc.

Dividend payout – 37% of net income and an additional 10% for non voting shares

Growing liquidity and floatBoard with 2 independent members and no executive officer members

Audit Board (“Conselho Fiscal”) with 1 representative of the non-controlling shareholders

Bear Stearns

Stock Performance

3 5 115 10 4 5 0 5 0 12 5 17 7 3 12 13 61.3 9 8

3 .6 8 9

7 5 8 8 9 5

2 3 .8 8 1

3 .19 7 3 .7 5 52 .6 6 5

6 .17 24 .17 5

3 .2 3 6

2 2 .2 5 7

2 .8 154 .0 9 4 4 .2 11

6 .3 14

2 4 7 ,0 1

9 4 ,18

8 0 ,4

16 9 ,17

19 1,6 4

8 1,3 07 8 ,5 1

17 3 ,6 6

13 6 ,4 9

110 ,7 8

8 0 ,7 77 9 ,6 3

9 7 ,9 88 4 ,38 0 ,9

5 1,92 7 ,62 6 ,42 6 ,82 5 ,12 4 ,22 4 ,72 5 ,22 6 ,82 3 ,5

5 .0 0 0

10 .0 0 0

15 .0 0 0

2 0 .0 0 0

2 5 .0 0 0

d e c / 02

j an / 0

b / 03

ma r /

0 3a p r / 0

a y / 03

j un / 0

l / 03

a u g / 03

s e p / 03

o c t/ 0

3n o v / 0

3d e c / 0

n / 04

f eb / 0

a r /0 4

a p r / 04

ma y / 0 4j u

n / 04

j ul / 0

4a u g / 0

4s e p / 0

4o c t

n o v / 04

d e c / 04

5 0 ,0

10 0 ,0

15 0 ,0

2 0 0 ,0

2 5 0 ,0

3 0 0 ,0V O L U M E / M O N T H L Y A V E R A G E P R I C E

I O C H P E - M A X I O N P N ( M Y P K 4 )

R $ T H O U S . R $ / T H O U S . S H A R E S

A V E R A G E P R I C E

V O L U M E

AdditionalInformation

Bear Stearns

BENCHMARK

Bear Stearns

Benchmark – Gross Profit % net sales

Source: Companies releasesFull Year 2004 of each company, except for Strattec with 6 months result and ArvinMeritor, Johnson Controls and Thyssen Krupp with 3 months results

V i s t e o n

S t o n e r i d g e

B o r g W a r n e r

A u t o l i v

A m e r i c a n A x l e

V a l e o

T R W A u t o

F a u r e c i a

D e l p h i

C u m m i n s

T h y s s e n K r u p p

D u r a

J o h n s o n C o n t r o l s

G e n t e x

T e n n e c o

L e a r

A r v i n M e r i t o r

Io c h p e - M a x i o n

S t r a t t e c

E a t o n

0 % 1 0 % 2 0 % 3 0 % 4 0 %

2 0 0 4 2 0 0 3

A ve g a r e = 1 5 %

Bear Stearns

Benchmark – EBIT % net sales

E a t o nB o r g W a r n e r

S t r a t t e c

G e n t e x

L e a r

T R W A u t o

T e n n e c oD u r a

C u m m i n s

V a l e o

F a u r e c i a

D e l p h iV i s t e o n

S t o n e r i d g e

A u t o l i v

- 2 0 % - 1 0 % 0 % 1 0 % 2 0 % 3 0 % 4 0 %

2 0 0 4 2 0 0 3

A ve r a g e = 5 %

Bear Stearns

Benchmark – EBITDA % net sales

T e n n e c o

D u r a

C u m m i n s

F a u r e c i a

L e a r

D e l p h i

V i s t e o n

S t r a t t e c

B o r g W a r n e r

T R W A u t o

A u t o l i v

V a l e o

- 1 0 % 0 % 1 0 % 2 0 % 3 0 % 4 0 %

2 0 0 4 2 0 0 3

A ve r a g e = 9 %

Bear Stearns

ROCE – Return of Capital Employed - 2004 (*)

V i s t e o n

S t o n e r i d g e

F a u r e c i a

D u r a

T R W A u t o

L e a r

B o r g W a r n e r

E a t o n

C u m m i n s

G e n t e x

S t r a t t e c

V a l e o

T e n n e c o

A u t o l i v

- 8 0 , 0 % - 6 0 , 0 % - 4 0 , 0 % - 2 0 , 0 % 0 , 0 % 2 0 , 0 % 4 0 , 0 % 6 0 , 0 %

A ve r a g e = 1 2 , 0 %

Source: Companies releases(*) (Net Income + Interest net of 34% income taxes) / (Average Net Bank Debt + Average Net Worth)

Bear Stearns

02 0 04 0 06 0 08 0 0

1 0 0 01 2 0 01 4 0 01 6 0 01 8 0 02 0 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4

C a r s

Bear Stearns

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4

P ic k u p s

Bear Stearns

02 04 0

6 08 0

1 0 01 2 0

1 4 01 6 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4

T r u c k s B u s e s

Bear Stearns

01 02 0

3 04 05 06 0

7 08 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4

A g r ic u lt u r a l M a c h in e r y

Bear Stearns

Brazilian Railroad Equipment Industry Units

1 0 0 0

2 0 0 0

3 0 0 0

4 0 0 0

5 0 0 0

6 0 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4

F r e ig h t C a r s

Bear Stearns

Brazilian Railroad Equipment Industry Units

1 0 0 0 0

2 0 0 0 0

3 0 0 0 0

4 0 0 0 0

5 0 0 0 0

6 0 0 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4

R a ilr o a d W h e e ls

Does not include wheels used in the assembly of new freight cars

Bear Stearns

Brazilian Railroad Equipment Industry Tons

05 0 0

1 0 0 01 5 0 02 0 0 02 5 0 03 0 0 03 5 0 04 0 0 04 5 0 0

1 9 9 41 9 9 51 9 9 61 9 9 71 9 9 81 9 9 92 0 0 02 0 0 12 0 0 22 0 0 32 0 0 4

R a ilr o a d C a s t in g s

Does not include castings used in the assembly of new freight cars

Bear Stearns

Chassis – New Orders: R$ 19.2 MM Annual Sales

P r o d u c t / C u s t o m e r C o u n t r y S t a r t i n g D a t e A n n u a l S a l e s R $ M M

L i g h t S t a m p i n g s - A r v i n M e r i t o r B r a z i l M a y . 0 5 9 . 6

M e d i u m S t a m p i n g s - D a i m l e r C h r y s l e r B r a z i l A u g . 0 4 3 . 1

C h a s s i s - V o l k s w a g e n ( C K D - M e x i c o ) B r a z i l M a r . 0 4 2 . 3

C h a s s i s - V o l k s w a g e n B r a z i l A p r . 0 4 2 . 2

L i g h t S t a m p i n g s - D a i m l e r C h r y s l e r B r a z i l J u n . 0 4 1 . 3

M e d i u m S t a m p i n g s - P e u g e o t C i t r o e n B r a z i l O c t . 0 4 0 . 4

S i d e r a i l R e i n f o r c e m e n t - D a i m l e r C h r y s l e r B r a z i l M a y . 0 4 0 . 3

Bear Stearns

Wheels – New Orders: R$ 19.1 MM Annual Sales

C U S T O M E R C o u n t r y S t a r t i n g D a t e A n n u a l S a l e s R $ M M

W o r k h o r s e U S A J u n . 0 5 6 . 5J o h n D e e r e B r a z i l N o v . 0 4 3 . 2S t i p T u n i s i a M a y . 0 4 2 . 3D u n l o p S o u t h A f r i c a J u n . 0 4 1 . 5K u r t L e y s e r C o r p . S o u t h A f r i c a A p r . 0 4 1 . 5P e t r o m a s t e r R u s s i a J a n . 0 5 1 . 2M A A P M o r o c c o M a y . 0 4 1 . 0J a r l E l J a o u d a A r g e l i a N o v . 0 4 0 . 8K r i s t a n a s S p i r o s G r e e c e J u l . 0 4 0 . 6I n t e r n a t i o n a l T r a d e M o r o c c o J a n . 0 5 0 . 5

Bear Stearns

New Orders: R$ 3.1 MM Annual Sales (*)

M o d e l - C u s t o m e r s P r o d u c t S t a r t i n g D a t e

A n n u a l S a l e s R $ M M

N e w C a b - V W K n o b s J u n . 0 5 1 . 6F o x E u r o - V W J a c k / L a t c h e s J a n . 0 5 1 , 1I d e a - F i a t H i n g e s M a i . 0 5 0 . 4

(*) Does not include new orders of window mechanisms, due to the divestiture of this business

Bear Stearns

Consolidated – Net Debt Breakdown – Dec.04 – R$ MM

D E B T T Y P E S H O R T L O N G T O T A L

L o c a l B o n d s 2 8 . 1 2 8 . 1T r a d e F i n a n c e / E x p o r t L i n e s 2 2 . 1 3 5 . 2 5 7 . 3

E q u i p m e n t F i n a n c i n g L i n e s 2 1 . 6 2 3 . 8 4 5 . 4L o c a l L i n e s 4 5 . 0 4 5 . 0

1 1 6 . 8 5 9 . 0 1 7 5 . 8

( - ) C a s h a n d M a r k e t a b l e S e c u r i t i e s 7 3 . 9 2 6 . 0

N e t D e b t 4 2 . 9 5 9 . 0 1 0 1 . 9

Bear Stearns

Consolidated –Debt Indexation – Dec.04

3 % 1 6 %

2 3 %Dollar

TJLP(BNDES

INPC(consumerInflation)

CDI(interbank)

IGPM(generalInflation)

Bear Stearns

Consolidated – Foreign Currency Exposure – Dec. 04

US$ MMB a l a n c e S h e e t

A s s e t s d e n o m i n a t e d i n f o r e i g n c u r r e n c y. M a r k e t a b l e S e c u r i t ie s / In v e s t m e n t s 2 . 6. A c c o u n t s R e c e iv a b l e 5 . 2

L i a b i l i t i e s d e n o m i n a t e d i n f o r e i g n c u r r e n c y. B a n k D e b t ( E x p o r t L in e s / O t h e r ) ( 1 5 . 5 ). A c c o u n t s P a y a b l e ( 3 . 7 )

( 1 9 . 2 )

N e t P o s i t i o n ( 1 1 . 4 )

Bear StearnsFebruary 2005

iochpe-maxion - bear stearns transportation conference presentation

Investor Relations

iochpe-maxion - apresentação dos resultados 1t09

iochpe-maxion - 1q04 presentation

iochpe-maxion - apresentação dos resultados 1t04

iochpe-maxion - 2q08 presentation

iochpe-maxion - relatório anual 2005

iochpe-maxion - annual report 2006

iochpe-maxion - apresentação dos resultados 4t01

iochpe-maxion - 2q07 presentation

iochpe-maxion - relatório anual 2001

iochpe-maxion - 2q09 presentation

iochpe-maxion - 2008 results presentation

iochpe-maxion - relatório anual 2004

iochpe-maxion - 3q03 presentation

iochpe-maxion - 1q09 results presentation

iochpe-maxion - relatório anual 2003

iochpe-maxion - apresentação dos resultados 2t09

iochpe-maxion - apresentação dos resultados 3t03

iochpe-maxion - apresentação dos resultados 1t08

iochpe-maxion - apresentação da iochpe-maxion fevereiro...

iochpe-maxion - relatório anual 2002