This presentation represents HMS Group's financial results for six months ended on 30 June 2011

1. HMS Group
Midyear results 2011
Investor Presentation
October 2011

2. Disclaimer
The information contained herein has been prepared using information available to HMS Group (“HMS”
or “Group” or “Company”) at the time of preparation of the presentation. External or other factors
may have impacted on the business of HMS Group and the content of this presentation, since its
preparation. In addition all relevant information about HMS Group may not be included in this
presentation. No representation or warranty, expressed or implied, is made as to the accuracy,
completeness or reliability of the information.
Any forward looking information herein has been prepared on the basis of a number of assumptions
which may prove to be incorrect. Forward looking statements, by the nature, involve risk and
uncertainty and HMS Group cautions that actual results may differ materially from those expressed or
implied in such statements. Reference should be made to the most recent Annual Report for a
description of the major risk factors. This presentation should not be relied upon as a recommendation
or forecast by HMS Group, which does not undertake an obligation to release any revision to these
statements.
This presentation does not constitute or form part of any advertisement of securities, any offer or
invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in HMS
Group, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or
be relied on in connection with, any contract or investment decision.
2

3. Agenda
WHO WE ARE 4
HMS at a Glance 5
HMS Group Core Industries 6
Development of Business Model 7
INVESTMENT HIGHLIGHTS 8
Attractive Industry Fundamentals 9
The Leading Provider of Flow Control Solutions 10
Advanced R&D Capabilities 11
Main Shareholders Run the Business 12
Healthy Debt Position 13
Hedging & Risk Management 14
FINANCIAL PERFORMANCE 15
Financial Highlights for 1H 2011 16
EBITDA Development in 1H 2011 17
Revenue & EBITDA Contribution by Segments 18
Capex & Working Capital as of 30 June 2011 19
2011 & 2012 BUSINESS UPDATE & OUTLOOK 20
HMS Group Recent Acquisitions 21
Significant Upside from Aftermarket 22
Backlog 23
Order Intake 24
HMS Group Recent Selected Contracts 25
Selected End-market Prospects for Mid-term 26
CONTACTS 27
APPENDIX 28
3

4. WHO WE ARE
4

5. HMS at a Glance
Key investment highlights Key financial indicators for 2005-1H’11
 Growing markets in Russia and the CIS:
 oil & gas 23,070 22.6%
 power generation
 water 16.5%
14,772
14,046 15.3% 13,857
13,399
 Leader in flow control solutions on these markets 12.3%
11.7%
12.8%
10.6%
 Best team in Russia:
6,724
 management
4,498
3,519
 sales
3,133
1,423 1,644 1,890
744 830
 research & development
2005 2006 2007 2008 2009 2010 1H2011
 Resilient financial growth and healthy debt position Revenue, Rub mn EBITDA, Rub mn EBITDA margin, %
Source: Company data
1H’11 key financials contribution by business segments
1H’11 total revenue Rub 13,857 mn EBITDA adj. Rub 3,133 mn profit for the period Rub 2,082 mn
Pumps* Oil & gas equipment EPC
Revenue Rub 8,518 mn Revenue Rub 2,320 mn Revenue Rub 2,798 mn
EBITDA adj. Rub 2,574 mn EBITDA adj. Rub 127 mn EBITDA adj. Rub 356 mn
New photo
Pump station of Baltic pipeline system, Transneft Oilfield Pump Station 2, Vankor oilfield, Rosneft Oil Pump Station “Tayezhnaya”, Transneft
Notes: Hereinafter “EBITDA” read as “EBITDA adjusted”, “EBITDA margin” read as “EBITDA adjusted margin” and “Net Income” read as “Profit for the period/year” 5
Pumps read as Industrial pumps

6. HMS Group Core Industries
Revenue contribution by industries
Oil ~70%
Oil upstream Oil refining Oil transportation Water utilities
~50% ~2% ~18% ~12%
Thermal power generation Nuclear power generation Metallurgy & Mining Others
~8% ~1% ~1% ~8%
Power generation ~9%
Source: Management accounts 6
Note: “Others” include general industry pumps and other axillary equipment

7. Development of Business Model
Why integrated solutions ESPO-I pipeline is an example of integrated solutions
Type of project / Standard pumps Integrated solutions
Service & customized pumps
Source Array of small-size Large-scale projects
contracts
Research & development Normal Critical
Technical entry-barriers Average High
Capex requirements High Average
Competition type Price R&D and references
Competition High Limited
Revenue growth potential Limited Unlimited
EBITDA margin 10-15% 25-30%
Revenue downside Limited Limited, nearest 1.5y
potential
1. Trunk pump 8. Joints
Frequency High n/a 2. Motor 9. Friction oil pipelines
3. Coupling 10. Air cooling unit
Aftermarket demand Average High 4. Oil coolers 11. Antifreeze feed pipes for oil coolers
5. Adsorptive dryers 12. Antifreeze feed pipes for motor coolers
6. Air collectors 13. Antifreeze air cooling unit
7. Compressors
Integrated solutions’ revenue contribution Producers Products / Services
 HMS and other suppliers
 Design, production and testing of pumps
including Siemens
95% 94% 75% 60%  Design of integrated pumping solution
 Overall project management
 Procurement for supply of engines,
 HMS
cooling sleeves, valves and other
5% 6% 25% 40% equipment
 Turn-key commissioning
2008 2009 2010 1H 2011
Revenue from integrated solutions Revenue from standard equpment
Source: Company data
7

8. INVESTMENT HIGHLIGHTS
8

9. Attractive Industry Fundamentals
Mix of growing markets
Russian selected pumps market revenues, Russian energy & utilities infrastructure Russian oil sector investments,
Rub bn investments, Rub bn Rub bn
CAGR 18.0% CAGR 16.2% CAGR 11.8%
2,576
58.1 3,340 Oil refining & petrochemicals
Power generation Municipal water
9.8 540
Oil pipelines
Municipal water 1,011 Thermal power
Nuclear power Oil exploration & extraction
Oil & Gas, surface
810
CAGR 16.1% 30.4 1,320
25.4 1,586 271
1,359
5.2
392 337
12.2 1,226
610
7.7 17.9 712
1.1 743
4.2 8.0 357
2.4
2002 2010 2015E 2010 2015E 2010 2015E
CAGR 2002-10 ‘10-15E CAGR 2010-15E CAGR 2010-15E
Power generation 21.4% 13.5% Municipal water 17.1% Oil refining & petrochemicals 12.2%
Municipal water 14.3% 20.0% Thermal power 17.3% Oil pipelines 15.7%
Oil & Gas, surface 16.2% 17.5% Nuclear power 13.0% Oil exploration & extraction 9.5%
Source: Frost & Sullivan 2010
9

10. The Leading Provider of Flow Control Solutions
Leading market share on key markets…
Oil industry1 Water utilities2 Power generation3
Market growth +24% Market growth +32% Market growth +36%
575,7 135,2
81,8
465,7
102,7
243.9 61.4 60,2
+41% 32.9
173.1 +43%
42.9 +15%
28.6
292.6 331.8 73.8 48.9
59.8
31.6
2009 2010 2009 2010 2009 2010
HMS Group revenue, US$ mln HMS Group revenue, US$ mln HMS Group revenue, US$ mln
Other Other Other
Key conclusions
 HMS Group has leading positions in all key markets of presence with ~ 40% share on pumps market.
 HMS Group managed to expand its market share in the most key segments of business
 In the oil industry and water utilities the company’s share outperformed overall market growth
 Decrease in power generation pumps is attributable to the nuclear industry’s specifics expressed in long-term only
contracts. Revenue from signed in 2009 contracts will be recognized during 2011/2012
Notes:
1 includes pumps and oil and gas equipment
2,3 includes pumps 10

11. Advanced R&D Capabilities
Pumps Project design
 Very strong in-house R&D and significant experience in pump  Giprotyumenneftegaz (GTNG) is the leading Russian R&D
development centre specializing in design of on-surface (as opposed to
 Unique testing facility (one of the largest in the former Soviet sub-surface) facilities for oil and gas fields, e.g. it
Union and globally) for all types of large specialized pumps designed over 200 fields in Russia including many of the
for nuclear power plants and oil transportation largest (e.g. Samotlor, Mamontovskoye, Priobskoye)
 Deep integration with clients’ R&D  Significant R&D resources for design of water utilities
projects (RVKP)
Pre-tender preparation/aftermarket support is crucial for establishing/maintaining strong
relationships with clients
HMS ability to participate in pre-tender preparation stage creates unique competitive advantage
Tender,
Pre-tender pricing and
Design and Delivery and
project contract
production installation After-market
preparation negotiation
services
1–24 months 1 month
up to 24 months 1–3
months
11

12. Main Shareholders Run the Business
Board of Directors Comments
The Board is comprised of professionals with
   
significant experience in pump and oil and gas
industries
 It includes founders, who have led HMS since its
inception
German Tsoy Artem Molchanov Kirill Molchanov  HMS is the core business of the largest
Chairman of the Board Managing Director (CEO) First Deputy CEO (CFO)
Shareholder Shareholder Shareholder shareholders
In company since 1993 In company since 1993 In company since 1993
 Long-term commitment to the business from
shareholders
Shareholders Structure
Vladimir Lukyanenko Nikolay Yamburenko Yury Skrynnik German
Non-executive Director Head of Industrial Pumps Director for Strategic Marketing Tsoy
Shareholder Shareholder Shareholder Managers 17%
In company since 2005 In company since 2003 In company since 2005
22%
Vladimir
Lukyanenko
24%
Free-float
37%
Philippe Delpal Andreas Petrou Gary Yamamoto
Source: Company data as of October 6, 2011
Independent Non-executive Independent
Chairman Audit Chairman Remuneration
Committee Committee
 Founders 12

13. Healthy Debt Position
Moderate leverage… …with comfortable repayment schedule…
4,539
4,297 2,965
4,105
3,455
2.4
2,090
2.0
1,255 1,218
1.2
490 488
0.7
2008 2009 2010 1H 2011 2011E 2012E 2013E 2014E 2015E
Net Debt, Rub mn Net Debt to EBITDA LTM Repayments, Rub mn Undrawn credit line, Rub mn
Source: Company data Source: Company data as of 01 September, 2011
…and low currency and maturity risks Comments
 Low leveraged business profile with Net Debt to
Long-term debt Short-term debt
S&P corporate EBITDA LTM ratio of only 0.7
77.0% 23.0%
credit rating:
BB-  Easy access to additional liquidity with more than
Outlook: Rub 2.97 bn of undrawn credit facilities (as of 01
Stable
September, 2011)
Rub Euro Others
 Steady debt repayment schedule with negligible
98.4% 1.5% 0.1% currency risk and prudent maturity structure
 More than 98% of Rub-nominated debt with fixed
interest rate
Fixed rate Floating rate
 Weighted average interest rate of 8.7%, down from
98.6% 1.4% 11% a year ago, while interest coverage ratio grew
to 14.5
Source: Company data as of 01 July, 2011
13

14. Hedging & Risk Management
Risk type Coverage
 Raw materials price fluctuations Sale price adjustments for standard products in line
with raw materials costs changes
Advances received under the long-term projects are
transferred to the suppliers in order to fix raw materials
price for the whole project life-cycle
 Delay of projects execution Day-to-day monitoring and control over of
projects implementation
 Currency risks Revenue, expenses and debt are nominated in Rubles
 Interest risk 99% of debt with fixed interest rate
 Short-term oil price drop Limited impact on business based on standard products and
solutions
High opportunity costs for customers with complicated long-
term projects:
- HMS solutions are mission critical for the infrastructure
projects
- Only 1-2% of total project’s CAPEX relates to pumps
- HMS solutions are usually implemented on the final stages
of project execution
 Long-term oil price decline – influence on Low risk due to limited competition and large market share,
margin and also because of commodities price correlation (steel
and oil)
– Long-term oil price decline – fallen revenues Not covered
14

15. FINANCIAL PERFORMANCE
15

16. Financial Highlights for 1H 2011
Significant growth of revenues Revenue performance
Rub, mn 1H 2011 1H 2010 chg, yoy
Revenue 13,857 9,149 +51.5%
Gross profit 4,292 2,182 +96.7%
EBITDA 3,133 1,140 +174.8%
Operating profit 2,743 1,035 +164.9%
Net income (loss) 2,082 388 +436.8% 3,835 5,314 7,009 6,912 7,051 6,806
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
Revenue, Rub mn Linear ( Revenue, Rub mn)
Total debt 4,599 6,361 (27.7%)
Net debt 4,105 4,489 (8.6%) Source: Company data
Net debt to EBITDA LTM ratio 0.7 2.1
EBITDA and EBITDA margin performance
22.5% 22.7%
Gross margin 31.0% 23.8% +713bps
18.4%
EBITDA margin 22.6% 12.5% +1,015bps
15.8%
Operating margin 19.8% 11.3% +847bps 13.4%
11.2%
Net income margin 15.0% 4.2% +1,079bps
431 709 1,111 1,268 1,588 1,545
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
EBITDA, Rub mn EBITDA margin
Source: Company data Source: Company data
16

17. EBITDA Development in 1H 2011
20,000
EBITDA key drivers, % of revenue
0
1H 2010 1H 2011
operating expenses 11.1bn vs 8.1bn in 1H’11 | +37% yoy
revenue in 1H’11 | +51% yoy
ebitda in 1H’11 | +175% yoy
69%
76% 11%
3%
13% 2%
11% 20% 12% 23%
Revenue Cost of sales SG&A expenses & others Operating profit Depreciation & amortisation EBITDA
with other deductions
Source: Company data
Net income components, Rub mn Cost of sales components, Rub mn
2,743
56.5% 58.5%
2,082
1,035
20.6%
15.1% 16.6%
388 11.9% 11.8%
9.0%
30 8 37
(14) Materials Labour Cost of goods sold Other costs
(207) (167)
(497) (499)
1H 2010 1H 2011
Operating Finance Finance Share of Income tax Net income
profit income costs results of expense
associates
Source: Company data
1H 2010 1H 2011
Source: Company data
17

18. Revenue & EBITDA Contribution by Segments
Highlights by core business segments, Rub mn Comments
 Pumps Pumps:
 Revenue increased by 133% yoy and amounted to Rub 8,518 mn
8,518 30.2% revenue
 EBITDA margin grew to 30.2%
+133%
19.3%  Execution of the project in the oil transportation segment as
well as stable order intake in other market segments resulted in
3,656 healthy EBITDA and EBITDA margin growth
2,574 ebitda
 Revenue from pumps excluding integrated solutions grew by 8%
706 +265%
with EBITDA margin of 20% due to growth of demand and
effective cost control
1H 2010 1H 2011
Revenue, Rub mn EBITDA, Rub mn EBITDA margin, %
 Oil & gas equipment Oil & gas equipment:
10.9%  Revenue contracted by 12% yoy
2,623
revenue
2,320  EBITDA margin decreased to 5.5%
-12%
 Absence of orders for integrated solutions in 1H affected margin
5.5% performance
ebitda
 Standard equipment margin declined after crisis as a result of
285 -56% the competition growth in this segment
127
 Situation is expected to brighten in 2H owing to the contracts for
1H 2010 1H 2011 integrated solutions to be signed in 2H 2011 and entrance into
new market segments, e.g. associate gas processing
Revenue, Rub mn EBITDA, Rub mn EBITDA margin, %
 EPC EPC:
2,857 2,798 12.7%
revenue  Revenue down 2% to Rub 2,798 mn
-2%
 Construction revenue declined to Rub 1,637 mn due to
intentional rejection of low-margin contracts
4.6%  Project & design revenue up to Rub 1,170 mn, mainly
ebitda due to GTNG acquisition
356 +171%
 Healthy margin in construction sub-segment and superior margin
131
in project & design (5.3% and 23.1% respectively) resulted in
1H 2010 1H 2011 12.7% of EBITDA margin in EPC segment
Revenue, Rub mn EBITDA, Rub mn EBITDA margin, %  Despite recent signature of several large contracts, the Group
sticks to conservative projections on construction development 18
Source: Company data

19. CAPEX & Working Capital as of 30 June 2011
Cash flow performance in 1H 2011, Rub mn Capital expenditures in 1H 2011 vs 1H 2010
IPO proceeds
3,373 Rub mn
2,932 Sibneftemash acquisition 438
(3,848) (1,280) Rub mn
2.1x
1.9x
+ + 300
351 494
(1,423) 226
+
(507) =
3,303 146
WC changes
(3,650) Rub mn (1,726)
Cash as of Operating WC Income tax Net cash Net cash Net cash Cash as of 1H 2010 1H 2011
Jan 1, 2011 cash flow changes & interest used in used in from Jul 1, 2011 Organic capex, Rub mn Depreciation, Rub mn Capex to Deprecation ratio, x
before WC &others paid operating investing financing
changes activities activities activities
Source: Company data Source: Company data
Comments Working capital as of 30 June 2011, Rub mn
 HMS Group generated Rub 2,932 bn of operating cash flow before 23%
changes in working capital
 Substantial working capital increase in 1H 2011 led to the negative 23%
operating cash-flow due to ongoing execution of the large
infrastructure oil transportation contract with significant advance 13% 23%
payments received last year
 Working capital is expected to fit target range of 10-15% of revenue 13%
with positive operating cash flow in 1H 2012 as a result of:
13% 93
 Next payment of about Rub 2 bn under the contract
 Prepayments on contracts signed in 2H’11, and contracts in ( 1,178 ) 5,220
process of signing 1H 2010 1H 2011
2,263 6,398
 Investing cash flow consisted of: WC to Revenue LTM
-
 Organic capex of Rub 438 mn, in line with target level of 1H 2010
Working capital Inventories Receivables 2011 Payables
1H Working capital
1H 2010 change change change 1H 2011
1.5-2.5 times depreciation WC to Revenue LTM
1H 2010 1H 2011
 Acquisition of Sibneftemash – Rub 1,280 mn
WC to Revenue LTM
 Financing cash flow was supported by IPO proceeds of Rub 3,373 mn
Source: Company data 19

20. 2011 & 2012 BUSINESS UPDATE & OUTLOOK
20

21. HMS Group Recent Acquisitions
Bobruisk Machine Building Plant acquisition Sibneftemash acquisition
Key financials, BAS Key financials, RAS
1H’11 Revenue Rub 222 mn 1H’11 Revenue Rub 485 mn
1H’11 EBITDA Rub 30 mn 1H’11 EBITDA Rub 79 mn
1H’11 EBITDA margin 13% 1H’11 EBITDA margin 16%
Deal details: Deal details:
US$ 9.7 mn for 57% of the company (primary stock) Rub 1,292 mn for 98.6% of the company
Acquisition rationale
 Broadening of HMS Group product portfolio with complementary
equipment
 Potential growth of revenue and EBITDA margin:
 Sales power and R&D capability of HMS Group
 Well-known brands and/ or technical equipment base of
acquired companies
 Attractive multiples
Products portfolio Products portfolio
 Pumps for oil refining and metallurgy & mining  Tanks and vessels for oil and oilfield services
applications companies
21
Source: Bloomberg FX rate

22. Significant Upside from Aftermarket
Comments HMS Group has a very large installed base
 HMS has two contracts signed:  Water injection pumps  Oil trunk pipeline pumps,
Transneft
– TNK-BP 1-year contract worth Rub 117 mn*, which
implicates full maintenance of water injection
pumps at the Samotlor field Other 13% Other 2%
– 1-year contract worth Rub 484 mn* for
maintenance and overhaul services on an Eastern-
Siberian oilfield with a very high level of probability
for 2-more-year prolongation, that can generate
about Rub 1 bn additionally HMS supplies HMS supplies
 Contracts’ details: 87% 98%
Source: Frost & Sullivan 2010
– HMS Group employs the contractors’ personnel,
takes a lease of the contractors’ repair facilities Aftermarket input in total revenue vs peers
and processing equipment, reducing capex and
staff recruitment costs
Case study: Pump modernization at the Samotlor oilfield
 In red are highlighted the pump’s components which can
5% 41% 43%
be replaced in order to extend the pump’s operation life
HMS Group Flowserve Sulzer
Aftermarket Original equipment
Source: Companies’ websites, latest published data used
Aftermarket trend in HMS Revenue, Rub mn
484
657
Samotlor 61
New aftermarket
contract, Sept 2011
596
Spare parts & services
1H 2011
Note: * excluding VAT Source: Company data 22

23. Backlog
Backlog structure performance
Revenue recognition depends on production period for various type of equipment and the
1 nature of the project
As of June 30, 2011 backlog became more diversified with approximate ESPO contribution of
2 1/3 versus 2/3 last year, that resulted in higher backlog turnover
Production period
Rub mn 1H 2011 1H 2010 chg, YoY
/Annual revenue
Products & services on demand, short production cycle - - - Rub 4-5 bn
Oil transportation pumps 4,914 11,506 (57%) 12-36 months
Construction component of EPC 1,492 2,796 (47%) 6-18 months
Other equipment 7,323 5,093 +44% 2-8 months
Total backlog 13,728 19,396 (29%)
Source: Company data, Management accounts
23

24. Order Intake
Comments Total order intake
 Order intake growth in 1H was driven by regular orders (Rub 5-300 18,640
mn) across all business segments except construction and oil
transportation
12,404
 Order intake in oil transportation contracted due to the fact, that
potential contracts are in a pre-tender stage
 Order intake in construction segment contracted as the company
intentionally rejected low-margin contracts
6,236 10,678 7,870
 Seasonally, 2H is stronger than 1H in terms of new orders
1H 2010 2H 2010 1H 2011
 Growing number of Rub 1-3 bn orders (ESPO and Vankor
ESPO project, Rub mn
expansion, new oilfields and nuclear plants) are expected to
become the core driver of HMS Group’s revenue going forward Total order intake excluding ESPO, Rub mn
Source: Company data, Management accounts
Oil transportation pumps Construction segment of EPC Other equipment
11,627
6,037
777
11,627 994 134 976 1,661 520 5,260 8,023 7,216
1H 2010 2H 2010 1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010 1H 2011
Order intake for construction, Rub mn ESPO project, Rub mn
ESPO project, Rub mn
Order intake for other equipment, Rub mn
Order intake for oil transportation pumps, Rub
mn
Source: Company data, Management accounts Source: Company data, Management accounts Source: Company data, Management accounts
24

25. HMS Group Recent Selected Contracts
HMS Group successfully works on its order book and future growth
 HMS Group passed the pre-qualification audit by ENI (07 July, 2011)
 Rub 500 mn : HMS Group to produce modular equipment to an oilfield in Eastern Siberia (08 July, 2011)
 Rub 300 mn : HMS Group to carry out design works for a Western Siberia gas condensate field (11 July, 2011)
 Rub 1 bn : HMS Group signed a new contract on construction for a gas field in Western Siberia (01 September, 2011)
 Rub 484 mn : HMS Group signed a new aftermarket contract for an oilfield in Eastern Siberia (29 September, 2011)
25

26. Selected End-market Projects for Mid-term
Financial and number of highlights
Increased Operational HMS end-market projects
Project Brief description Completion Key metrics Comments
Rosneft
 Vankor 2 stage Further development. Capex for 2011 US$ 2.6 bn next stage by 2014 Min capex Rub 480 bn HMS won a number of tenders
Yurubcheno-Tokhomsk oilfield Feasibility study under preparation, depends on tax concessions by 2014 Planned production 20mt
Associated gas utilization program
Achievement of 95% level of associated gas utilization HMS participated in previous stages
(Komsomolskoe, Priobskoe oilfields)
Lukoil & Bashneft JV
Joint development of the fields, in stage of project development. HMS has good references for previous
Trebs and Titov fields by 2013 Capex US$5-6 bn
Reserves 141 mt projects
Transneft
9 oil-pumping stations to be constructed to deliver oil to
ESPO expansion 9 OPS by 2015 HMS participated in previous stages
Khabarovsk and Komsomolsk refineries by 2015
Oil transportation from YANAO and Northern Krasnoyarsk region
Zapolyarye – Pur-pe pipeline oilfields
4 OPS by 2015 Capex Rub 120 bn HMS participates in a project design
4 OPSs to be constructed to deliver oil to Primorsk refinery by
ESPO expansion 4 OPS by 2017 HMS participated in previous stages
2017
Pur-pe – Samotlor expansion Construction of 2 OPS. Total capex in 2011 Rub 77 bn 2 OPS by 2017 HMS participated in previous stages
TNK-BP
Giant oilfield in YANAO with specific oil. Project production 20
Russkoe oilfield Capex US$ 4.5 bn HMS participates in a project design
mtpa
Samotlor Further development of an active oilfield in Nizhnevartovsk. by 2014 Capex US$ 4.6 bn HMS participated in previous stages
Uvat 21 oilfields in Tyumen region HMS participated in previous stages
 East- and Novo- Urengoy gas &
condensate fields
Planned production for 2011 is 3.2bcm, up 17% on 2010 HMS participates in a project design
Oilfield located in the Eastern Siberia, Irkutsk region. Development Peak production by
Verkhnechonsk oilfield Additional US$3-4 bn HMS participated in previous stages
was stimulated by close proximity of ESPO pipeline. 2014
Gazprom
The field will become a resource base for Russian pipeline gas and HMS produces units for complex gas
Shtokman gas and condensate field
liquefied natural gas (LNG) exports to the Atlantic Basin markets preparation
Gazprom Neft
Priobskoe oilfield Western Siberia. Recoverable reserves ~600 mt HMS participates in a project design
Urmanskoe and Shinginskoe oilfields Eastern Siberia
Sberbank Capital
Dulisma oilfield Irkutsk region. Further development. 3rd resource base for ESPO Total reserves 15 mt HMS participated in previous stages
Taas-yuriah oilfield Sakha region. Further development. Total reserves ~130 mt Capex Rub 15-30 bn
Iraq
HMS already submitted technical
Rumaila brownfield Consortium headed by BP Capex US$ 15 bn
survey
Az Zubair Consortium headed by Eni Capex US$ 20 bn HMS participates in a tender
Municipal water
HMS has good references from
Central Asia Irrigation stations for Uzbekistan and Turkmenia
previous projects
 Contracts signed
26
Source: Public information, Company data

27. Contacts and HMS Group Key Details
Investor Relations Company address:
Phone +7 (495) 730-66-01 7 Chayanova Str.
ir@hms.ru Moscow 125047
http://grouphms.com/shareholders_and_investors/ Russia
Twitter HMSGroup and HSMGroup_Rus
Sergey Klinkov, Head of Investor Relations
klinkov@hms.ru
Inna Kelekhsaeva, Deputy Head of Investor Relations
kelekhsaeva@hms.ru
HMS Hydraulic Machines & Systems Group Plc is listed on the London Stock Exchange
Identifier Number Number of shares outstanding
ISIN US40425X2099 117,163,427
Ticker HMSG
Bloomberg HMSG LI
Reuters HMSGq.L
Credit Rating
Standard & Poor’s BB- (Outlook stable) as of 16 June, 2011
27

28. APPENDIX
28

29. Calculations
Notes to the presentation and formulas used for some figures’ calculations
 All figures in millions of Russian Rubles, unless otherwise stated
 Management of the Group assesses the performance of operating segments based on a measure of adjusted EBITDA, which
is derived from the consolidated financial statements prepared in accordance with IFRS
 EBITDA is defined as operating profit/loss adjusted for other operating income/expenses, depreciation and amortization,
impairment of assets, provision for obsolete inventory, provision for impairment of accounts receivable, unused vacation
allowance, defined benefits scheme expense, warranty provision, provision for legal claims, provision for VAT and other taxes
receivable, other provisions, excess of fair value of net assets acquired over the cost of acquisition. This measurement basis
excludes the effects of non-recurring income and expenses on the results of the operating segments
 EBIT is calculated as Gross margin minus Distribution & transportation expenses minus General & administrative expenses
 Total debt is calculated as Long-term borrowings plus Long-term financial lease liabilities plus Short-term borrowings plus
Short-term financial lease liabilities
 Net debt is calculated as Total debt minus Cash & cash equivalents at the end of the period
 Working capital is calculated as Inventories plus Trade and other receivables minus Trade and other payables
 Backlog is calculated as the preceding backlog plus new or additional customer orders booked during the reporting period, less
amounts of contract value booked as revenue under ‘‘Russian GAAP’’ on an unconsolidated basis under the relevant
contracts, plus or minus adjustments made in the judgment of the Group’s management. The Group may also make certain
adjustments to bookings to reflect amendment, expiry or termination of contracts, cancellation of orders, changes in price
terms under contracts or orders, or other factors affecting the amount of potential revenue which the Group believes may be
recognized under such contracts. The Group’s backlog estimates are not an indication of potential revenues. Actual revenues
and other measures of financial performance under IFRS may differ materially from any estimate of backlog, and changes in
backlog between periods may have limited or no correlation to changes in revenue or any other measure of financial
performance under IFRS
29

30. Statement of Financial Position
RUB,’000 30 June 2011 31 December 2010
ASSETS
Non-current assets:
Property, plant and equipment 6,486,500 5,948,674
Other intangible assets 380,488 310,156
Goodwill 2,348,255 1,783,915
Investments in associates 523,324 507,141
Deferred income tax assets 98,618 130,779
Other long-term receivables 50,536 27,123
Total non-current assets 9,887,721 8,707,788
Current assets:
Inventories 3,623,361 2,840,745
Trade and other receivables and other financial assets 8,681,888 10,399,853
Current income tax receivable 51,856 38,086
Prepaid expenses 32,448 39,361
Cash and cash equivalents 493,999 351,086
Restricted cash 5,197 4,978
12,888,749 13,674,109
Non-current assets held for sale 53,850 96,095
Total current assets 12,942,599 13,770,204
TOTAL ASSETS 22,830,320 22,477,992
EQUITY AND LIABILITIES
EQUITY
Share capital 48,329 42,510
Share premium 3,523,535 210,862
Currency translation reserve (417,946) (234,785)
Retained earnings 4,887,224 2,897,296
Other reserves 122,852 38,987
Equity attributable to the shareholders of the Company 8,163,994 2,954,870
Non-controlling interest 1,532,288 1,508,263
TOTAL EQUITY 9,696,282 4,463,133
LIABILITIES
Non-current liabilities:
Long-term borrowings 3,528,388 3,864,176
Finance lease liability - 9
Deferred income tax liability 1,082,918 745,762
Pension liability 256,996 262,525
Provisions for liabilities and charges 45,607 35,691
Total non-current liabilities 4,913,909 4,908,163
Current liabilities:
Trade and other payables 5,907,622 10,799,358
Short-term borrowings 1,068,698 775,242
Provisions for liabilities and charges 327,839 312,213
Finance lease liability 2,288 8,446
Pension liability 14,485 24,736
Current income tax payable 18,654 115,340
Other taxes payable 880,543 1,071,361
Total current liabilities 8,220,129 13,106,696
TOTAL LIABILITIES 13,134,038 18,014,859
TOTAL EQUITY AND LIABILITIES 22,830,320 22,477,992
30
Source: Company data

31. Statement of Comprehensive Income
Six months ended Six months ended
RUB,’000 30 June 2011 30 June 2010
Revenue 13,857,464 9,149,003
Cost of sales (9,564,991) (6,967,040)
Gross profit 4,292,473 2,181,963
Distribution and transportation expenses (387,385) (260,016)
General and administrative expenses (1,019,510) (845,719)
Other operating expenses, net (143,071) (40,923)
Operating profit 2,742,507 1,035,305
Finance income 7,981 30,077
Finance costs (206,740) (496,684)
Share of results of associates 36,976 (13,914)
Profit before income tax 2,580,724 554,784
Income tax expense (498,760) (166,971)
Profit for the period 2,081,964 387,813
Profit attributable to:
Shareholders of the Company 1,989,928 371,001
Non-controlling interest 92,036 16,812
Profit for the period 2,081,964 387,813
Currency translation differences (238,951) 43,060
Currency translation differences of associates (6,791) 4,839
Other comprehensive (loss)/income for the period (245,742) 47,899
Total comprehensive income for the period 1,836,222 435,712
Total comprehensive income attributable to:
Shareholders of the Company 1,806,767 412,211
Non-controlling interest 29,455 23,501
Total comprehensive income for the period 1,836,222 435,712
Basic and diluted earnings per ordinary share for
profit/(loss) attributable to the ordinary
shareholders (expressed in Rub per share) 17.44 3.62
Source: Company data 31

32. Cash Flow Statement
Six months ended Six months ended
RUB,’000 30 June 2011 30 June 2010
Cash flows from operating activities
Profit before income tax 2,580,724 554,784
Adjustments for:
Depreciation and amortisation 302,546 154,840
Loss/(gain) from disposal of property, plant and equipment and
intangible assets 6,364 (9,322)
Finance income (7,981) (29,236)
Finance costs 198,756 496,684
Pension expenses 1,102 33,207
Warranty provision (35,738) 9,216
Interest expense related to construction contracts 2,594 3,815
Provision for impairment of accounts receivable (83,795) (16,681)
Investments impairment provision 341 (143)
Provision for obsolete inventories 26,183 (115,093)
Foreign exchange translation differences 7,984 (841)
Provision for VAT receivable (11,327) 5,321
Provisions for legal claims (18,313) (12,492)
Share of results of associates (36,976) 13,914
Loss from disposal of subsidiary - 4,369
Other non-cash items (468) (1,456)
Operating cash flows before working capital changes 2,931,996 1,090,886
Increase in inventories (769,019) (184,578)
Decrease/(increase) in trade and other receivables 1,640,600 (5,983,497)
(Decrease)/increase in other taxes payable (197,670) 803,368
(Decrease)/increase in accounts payable and accrued liabilities (4,521,724) 7,264,719
Restricted cash 219 360
Cash (used in)/generated from operations (915,598) 2,991,258
Income tax paid (311,625) (127,252)
Interest paid (195,798) (511,611)
Net cash (used in)/from operating activities (1,423,021) 2,352,395
Cash flows from investing activities
Repayment of loans advanced - 3,033
Loans advanced - (2,401)
Proceeds from sale of property, plant and equipment and intangible
assets 7,683 6,220
Interest received - 4,275
Dividends received 14,002 15,288
Purchase of property, plant and equipment (438,160) (300,496)
Cash received from disposal of subsidiary - 7,475
Acquisition of intangible assets (29,888) (8,400)
Acquisitions of subsidiaries, net of cash acquired (1,280,000) (2,339,457)
Net cash used in investing activities (1,726,363) (2,614,463)
Cash flows from financing activities
Repayments of borrowings (6,262,415) (5,257,621)
Proceeds from borrowings 6,214,859 6,301,637
Payment for finance lease (6,157) (6,918)
Acquisition of non-controlling interest in subsidiaries - (33,945)
Cash received from additional share issue of subsidiary - 428,420
Proceeds from share issue, net of issue costs 3,372,516 -
Dividends paid to non-controlling shareholders of subsidiaries (15,863) (145,937)
Cash received from capital contribution - 85,817
Net cash from financing activities 3,302,940 1,371,453
Net increase in cash and cash equivalents 153,556 1,109,385
Effect of exchange rate changes on cash and cash equivalents (10,643) 3,555
Cash and cash equivalents at the beginning of the period 351,086 758,127
Cash and cash equivalents at the end of the period 493,999 1,871,067
32
Source: Company data

33. HMS Group Business Strategy
Focus on integrated  Higher margin than stand-alone products and services
solutions and other  HMS Group’s largest customers more often prefer to work with manufacturers
highly-engineered that can offer integrated and customized solutions
products  Creates strong ties with customers, pull-through demand for aftermarket services
Strengthen position  Take advantage of positive market trends in existing core markets
 Organic expansion into attractive market segments
in core markets
 Increase of aftermarket services component to generate higher-margin and
including
regular cash flows
aftermarket and  Core export opportunities: water projects in FSU, Rosatom nuclear contracts,
export O&G in Kazakhstan and Iraq
Expand research  Leverage leading R&D capabilities in order to develop next-generation customized
and development pumps, technological upgrades and integrated pump systems
capabilities  Work closely with customers to develop technical policies and standards
 Commitment to integration and optimization of current production assets and
commitment to increase synergies between acquired businesses
Improve operational
 Standardization and continuous improvement of operations and business
efficiency processes (e.g. ERP, budgeting and reporting methodology and software
development, etc.)
 Our targets are technology and R&D facilities
Pursue selective &
 Pursue acquisition opportunities in high-growth sectors where HMS has limited
value enhancing
presence
acquisitions  Search for cost and revenue synergies
33

34. HMS Group Positioning
From pumps to integrated solutions based on excellent R&D base
1993–2002 Pump Trading
Pump Design and
2003 Pump Trading Manufacturing
2004–2006 Pump Trading Pump Design and Modular Equipment Design
Manufacturing and Manufacturing
2007–2008 Pump Trading Pump Design and Modular Equipment Design Construction
Manufacturing and Manufacturing
2009–Today Pump Trading Pump Design and Modular Equipment Design Integrated Solutions
Manufacturing and Manufacturing
The sole domestic engineering company in Russia
Eurasia Dresser Baker
Industry HMS Integra Weir Flowserve Technip Schlumberger
Drilling Rand Hughes
Power generation √ √ √
Pumps
Oil and Gas √ √ √
Water √ √ √
Above
Oil and gas equipment √ √ √ √
ME*
ground
Repair √ √ √
Oil and Gas √ √ √ √
EPC
Power generation √
Water √
Seismic research √ √ √ √
Service
Under
Well service √ √ √ √
ground
Drilling √ √ √ √
Oil production increase √ √ √ √
Russian Foreign
Note: * Modular Equipment (Oil & gas equipment)
34

35. Financial Performance for 2010
Comments Revenue, 2009 vs 2010 EBITDA, 2009 vs 2010
 Total revenue up 56% yoy to Rub 15.3%
23,070 mn
12.8%
The growth reflects: +56%
+86%
23,070 3,519
 Significant increase in size of
orders for pump-based
integrated solutions 14,772
 Completion of key projects 1,890
 Consolidation of GTNG
 Stable growth of revenue from
ordinary contracts
 Organic revenue growth of 47% yoy,
2009 2010 2009 2010
excluding impact from GTNG
EBITDA margin
Source: Company data Source: Company data
EBIT, 2009 vs 2010 ROCE, 2009 vs 2010 Net income, 2009 vs 2010
+1,825bps
+133% 36.2% +2,156%
3,027 1,581
18.0%
1,298
70
2009 2010 2009 2010 2009 2010
Source: Company data Source: Company data Source: Company data
35

36. EBITDA Development in 2010
Comments Cost of sales components comparison, 2009 vs 2010
 EBITDA increased by 86% yoy to Rub 3,519 mn due to:
 Strong revenue growth in all business units 60%
55%
 Focus on innovative high-margin contracts
 Effective cost control
 Consolidation of GTNG
16% 16% 15% 13%
 EBITDA organic growth of 72% yoy 5% 5%
4% 3% 2% 2% 2% 1%
 EBITDA margin increased to 15.3%
Materials Labour Cost of Construction D&A Utilities Others
 SG&A grew less than revenue due to economy of scale goods sold works by
and cost optimization strategy sub-
contractors 2009 2010
Source: Company data
50,000
EBITDA key drivers, 2009 vs 2010 (% of revenue)
0
operating expenses
20.2bn vs 13.7bn in 2009 |+47.2% yoy 2009 2010
revenue in 2010 +56.2% yoy
75.6% 75.3% 3.3% 2.5% 9.1%
12.4%
0.5% 1.9% 0.7% 15.3%
12.6% 3.1% 12.8%
1.5% 7.3% 2.3%
Revenue
Revenue Cost of sales sales
Cost of Distribution and and General &
Distribution SG&A Other expenses Operating profit
Other expenses Operating profit Depreciation & &
Depreciation Others
Others EBITDA*
EBITDA
transport Administrative
transport amortisation
amortisation
Source: Company data expenses
expenses
expenses expenses 36

37. Revenue & EBITDA Contribution by Segments
Highlights by core segments, 2009 vs 2010 Comments
 Pumps 22.1% Pumps:
16.0%  Sales up 70% yoy to Rub 10,712 mln, enjoying strong demand
10,712 revenue
+70% for integrated pumping solutions primarily in oil transportation
and upstream
6,308
 EBITDA grew by 134% yoy, and EBITDA margin rose to 22.1%,
2,367 ebitda primarily attributable to increasing share of contracts for pump-
1,012 +134% based integration solutions
2009 2010
Revenue, Rub mln EBITDA, Rub mln EBITDA margin, %
 Modular equipment Modular equipment:
18.9%
5,805  Sales up 39% yoy, driven by demand from the major oil
revenue
+39% companies to equip new oil fields and modernize existing
4,166
installed base of modular equipment
10.3%
 EBITDA decreased 24% yoy and EBITDA margin also down to
10.3% due to execution of low-margin contracts concluded in
786
ebitda
599
-24% 2009
2009 2010
Revenue, Rub mln EBITDA, Rub mln EBITDA margin, %
 EPC 9.0% EPC:
6,135 revenue  Revenue growth of 46% yoy is primarily attributable to an
+46%
impact of GTNG acquisition and entering the market of projects
4,189 and design. Revenue growth, excluding an effect of acquisition,
was c. 14% yoy
 EBITDA increased significantly to Rub 550 mln, and EBITDA
ebitda
margin rose to 9.0%. Newly acquired GTNG added to EPC’s
0.8% 550
+1,548% EBITDA Rub 271 mln
33
 Such a significant EBITDA growth is primarily attributable to a
2009 2010 low EBITDA base in 2009, caused by significant price pressure
Revenue, Rub mln EBITDA, Rub mln EBITDA margin, % connected to investment cutbacks by oil companies
Source: Company data 37