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Q1 Report 2012 For the three months ended March 31, 2012

Inside n Letter to Shareholders n Mangements Discussion Analysis r Selected Annual and Quarterly Financial Information r Consolidated Statements of Financial Position r Consolidated Statements of Ear

Fellow Shareholders, I am pleased to report record sales results for Hammond Power Solutions Inc. HPS for the first quarter of 2012. The strong momentum of growth that has been building over the last

Managements Discussion Analysis First Quarter 2012 Overview Hammond Power Solutions Inc. HPS or the Company is the North American leader for the design and manufacture of custom electrical engineer

Managements Discussion Analysis First Quarter 2012 HPS continues to grow sales in its strategic markets, geographically and saw a moderate improvement in overall market activity in the electrical i

Managements Discussion Analysis First Quarter 2012 will have on absorption of our factory overheads will positively affect margin rates and the increased sales will grow our gross margin contributi

Managements Discussion Analysis First Quarter 2012 Foreign Exchange Gain Loss The foreign exchange gain in Quarter 1, 2012 was 22, relating primarily to the transactional exchange gain pertaining

Managements Discussion Analysis First Quarter 2012 Net Earnings continued Adjusted EBITDA Excluding foreign exchange gains and copper hedging gains and losses, adjusted EBITDA was 5,372 for Quarter

Managements Discussion Analysis First Quarter 2012 Capital Resources and Liquidity Net cash used in operating activities for Quarter 1, 2012 was 3,330 versus cash used of 2,317 in Quarter 1, 2011,

Managements Discussion Analysis First Quarter 2012 The Chief Executive Officer and the Chief Financial Officer are responsible for establishing and maintaining disclosure controls and procedures an

Managements Discussion Analysis First Quarter 2012 Purchase of PanElectro Technic Private Limited PETE On February 23, 2012, Hammond Power Solutions Inc. signed an agreement for the acquisition of

Managements Discussion Analysis First Quarter 2012 The Company is very cognizant of these risks and continually assesses the current and potential impacts that they have on the business. HPS contin

Managements Discussion Analysis First Quarter 2012 OffBalance Sheet Arrangements The Company has no offBalance Sheet arrangements, other than operating leases disclosed in Notes to the Consolidated

Managements Discussion Analysis First Quarter 2012 the Companys financial assets and financial liabilities is not expected to change under IFRS 9 because of the nature of the Companys operations an

Managements Discussion Analysis First Quarter 2012 Strategic Direction and Outlook HPS continues to expand in Canada, the United States and Europe, and has now entered the Indian market through the

Managements Discussion Analysis First Quarter 2012 Selected Annual and Quarterly Financial Information The information contained in the following table presents the historic audited annual financia

Consolidated Statements of Financial Position unaudited As at tabular amounts in thousands of dollars March 31, 2012 December 31, 2011 Assets Current assets Cash Accounts receivable Inventories In

Consolidated Statements of Earnings unaudited Quarter Ending tabular amounts in thousands of dollars March 31, 2012 65,654 50,100 15,554 6,259 5,538 3,757 April 2, 2011 52,777 39,816 12,961 5,387

Consolidated Statements of Comprehensive Income unaudited Quarter Ending tabular amounts in thousands of dollars March 31, 2012 2,518 April 2, 2011 1,571 Net earnings Other comprehensive income

Consolidated Statements of Changes in Equity unaudited For the three months ended March 31, 2012 tabular amounts in thousands of dollars Share capital 12,987 Contributed surplus 1,525 AOCI 935

Consolidated Statements of Changes in Equity unaudited For the three months ended April 2, 2011 tabular amounts in thousands of dollars Share capital 12,968 Contributed surplus 968 AOCI 1,267

Consolidated Statements of Cash Flows unaudited Quarter Ending tabular amounts in thousands of dollars March 31, 2012 April 2, 2011 Cash flows from operating activities Net earnings Adjustments fo

Notes to Unaudited Consolidated Financial Statements Quarters ended March 31, 2012 and April 2, 2011 tabular amounts in thousands of dollars The accompanying unaudited interim Condensed Consolidated F

Notes to Unaudited Consolidated Financial Statements 5. Intangible assets The Group had acquisitions of intangible assets for the first quarter ended March 31, 2012 in the amount of 345,000 2011 10

Notes to Unaudited Consolidated Financial Statements 8. Business combination Effective March 1, 2012, the Company, acquired 70 equity ownership of PETE in India, a transformer business involved in t

Hammond Power Solutions Inc. Canada Corporate Head Office 595 Southgate Drive Guelph, Ontario N1G 3W6 Phone 519 8222441 15 Industrial Road Walkerton, Ontario N0G 2V0 Phone 519 8813552 Distribution Cen

Corporate Officers and Directors William G. Hammond Chairman and Chief Executive Officer Corporate Head Office 595 Southgate Drive Guelph, Ontario N1G 3W6 Chris R. Huether Corporate Secretary and C

hammondpowersolutions.com

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