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Q1 Report staying the course For the three months ended March 28, 2015 HPS is dedicated to its strategic investment in growth initiatives in Canada, the United States, India and Europe. This commitme

2 CONTENTS Letter to shareholders Managements Discussion and analysis selected annual and Quarterly information consolidated Financial statements notes to consolidated Financial statements 3 4 14 1

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 3 Fellow Shareholders, Given the challenging economic conditions we face across the world, I am pleased to report improved financial results

4 Q1 manag em en t s d is c uss i o n an d analys i s Q1 MANAGEMENTS DISCUSSION AND ANALYSIS hammond Power solutions inc. hPs or the company is a north american leader in the design and manufacture

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 5 Sales Sales for the quarterended March 28, 2015 were 63,137, an increase of 3,184 or 5.3 from Quarter 1, 2014 sales of 59,953. The Company

6 Q1 manag em en t s d is c uss i o n an d analys i s It is important to note that the Company has invested in its capacity expansion initiatives in support of future sales growth, geographic divers

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 7 Income taxes Quarter 1, 2015 income tax expense was 806 as compared to 590 in Quarter 1, 2014 an increase of 216 or 36.6. The consolidated

8 Q1 manag em en t s d is c uss i o n an d analys i s Summary of quarterly financial information unaudited Fiscal 2015 Quarters Sales Net earnings Net earnings per share basic Net earnings per shar

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 9 Contractual obligations The following table outlines payments due for each of the next 5 years and thereafter related to debt, lease, purch

10 Q1 manag em en t s d is c uss i o n an d analys i s of product offering, geographic diversity of its operations and business hedging strategies. There are, however, several risks that deserve par

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 11 Offbalance sheet arrangements The Company has no offbalance sheet arrangements, other than operating leases disclosed in Notes to the Cons

12 Q1 manag em en t s d is c uss i o n an d analys i s Involving Advertising Services. The standard contains a single model that applies to contracts with customers and two approaches to recognizing

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 13 Strategic direction and outlook HPS is dedicated to its strategic investment in growth initiatives in Canada, the U.S., India and Europe.

14 Selected AnnuAl And QuArterly InformAtIon Selected Annual and Quarterly Information tabular amounts in thousands of dollars The information contained in the following table presents the historic

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 15 Consolidated Statements of Financial Position unauditied tabular amounts in thousands of dollars As at March 28, 2015 December 31, 2014

16 CON SO LIDAT ED FINAN C IAL STAT E M E N T S Consolidated Statements of Earnings unauditied Three Months Ending tabular amounts in thousands of dollars March 28, 2015 63,137 49,123 14,014 6,74

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 17 Consolidated Statements of Comprehensive Income unauditied tabular amounts in thousands of dollars Three Months Ending March 28, 2015 78

18 CON SO LIDAT ED FINAN C IAL STAT E M E N T S Consolidated Statements of Changes in Equity unaudited For the three months ended March 28, 2015 tabular amounts in thousands of dollars SHARE CAPIT

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 19 Consolidated Statements of Changes in Equity unaudited For the three months ended March 29, 2014 tabular amounts in thousands of dollars

20 CON SO LIDAT ED FINAN C IAL STAT E M E N T S Consolidated Statements of Cash Flows unauditied tabular amounts in thousands of dollars Three Months Ending March 28, 2015 March 29, 2014 Cash flow

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 21 Quarters ended March 28, 2015 and March 29, 2014 amounts in thousands of dollars The accompanying unaudited interim financial statements

22 Not es to t h e U NaU d ited C o N d e N s e d C o N s o l i dat e d i N t e r i m F i NaN C i al s tat e me Nt s Quarters ended March 28, 2015 and March 29, 2014 amounts in thousands of dollars

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 23 Quarters ended March 28, 2015 and March 29, 2014 amounts in thousands of dollars b Stock option plan During the three months ended March

24 Not es to t h e U NaU d ited C o N d e N s e d C o N s o l i dat e d i N t e r i m F i NaN C i al s tat e me Nt s Quarters ended March 28, 2015 and March 29, 2014 amounts in thousands of dollars

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 25 DISTRIBuTION CAST RESIN CONTROl DRIVE ISOlATION ShOVEl DuTy ProDuct strength POwER OIlFIllED

26 Gl o bal lo cati o n s hammond Power solutions inc. canada corporate head office 595 Southgate Drive Guelph, Ontario N1G 3W6 15 Industrial Road Walkerton, Ontario N0G 2V0 10 Tawse Place Guelph, O

H am m o n d P ow e r S o l u t i o n S Q 1 re P or t 27 corporate officers and Directors William g. hammond Chairman of the Board and Chief Executive Officer stock exchange Listing Toronto Sto

T H E F U T U R E I S B R I G H T. HAMMONDPOWERSOLUTIONS.COM

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