Innovative, Affordable Power & Energy Solutions

August 2018

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Safe Harbor
Statements made during this presentation that are “forward-looking statements” are based on current expectations and assumptions that are
subject to risks and uncertainties and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995.
Such risks, uncertainties and contingencies include, but are not limited to, the following:

 Our intentions, beliefs and expectations regarding our expenses, cost
savings, sales, operations and future financial performance;
 Our ability to manage cash flows to enable the business to continue as a
going concern;
 Our operating results;
 Our ability to develop, introduce and commercialize new products,
technologies applications or enhancements to existing products and
educate prospective customers;
 Anticipated growth and trends in our business;
 Our ability to obtain sufficient capital to meet our operating requirements,
including, but not limited to, our investment requirements for new
technology and products, or other needs;
 Our ability to manage our long-term debt and our ability to service our
debt, including our convertible debt;
 Risks related to changes in legislation, regulation and governmental policy;
 Risks related to tax laws and tax changes (including U.S. and foreign taxes
on foreign subsidiaries);
 Risks related to our international operations;
 Our expectations regarding our revenues, customers and distributors;
 Our beliefs and expectations regarding our market penetration and expansion
efforts, especially considering the small number of vertical markets and a small
number of geographic regions;
 Our expectations regarding the benefits and integration of recently-acquired
businesses and our ability to make future acquisitions and successfully integrate
any such future-acquired businesses;
 Our ability to protect our intellectual property rights and to defend claims against
us;
 Dependence upon third party manufacturing and other service providers, many
of which are located outside the U.S. and our ability to manage reliance upon
certain key suppliers;
 Our anticipated trends and challenges in the markets in which we operate; and
 Our expectations and beliefs regarding and the impact of investigations, claims
and litigation.

For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the “Management's Discussion and Analysis of Financial
Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly
reports on Form 10-Q. The Company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the Company’s expectations.

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Disclaimers
Non-GAAP Financial Information
 Management also uses certain non-GAAP financial measures in this presentation which constitute “non-GAAP financial measures” as defined by the Securities and
Exchange Commission. Management uses these non-GAAP financial measures to enable it to further and more consistently analyze the period-to-period financial
performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional information to
enable them to assess, in the same way management assesses, the Company’s current and future continuing operations. These non-GAAP measures are not in
accordance with, or an alternative for, GAAP, and may be different from non-GAAP measures used by other companies. These non-GAAP measures are in addition to,
and not a substitute for or superior to, measures prepared in accordance with GAAP. Reconciliations of the non-GAAP financial measures to the comparable GAAP
financial measures are included in the Appendix of this presentation.

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 Maxwell Technologies – At a Glance
Business Highlights Financial Highlights
Overview  2017 Revenue: $130M
 Founded 1965; IPO 1983 (Nasdaq: MXWL)  2017 Adjusted EBITDA: ($9.6M)
 Energy storage & power delivery solutions  July 31, 2018 estimated Cash Balance: $25M
 Headquarters: San Diego, CA  includes $15M draw of working capital line of credit

 Locations: USA, Switzerland, China, South Korea

 Employees: 465 Geographic Revenue Breakdown

Products & Markets USA

11%
High Voltage Energy Storage Dry Battery Electrode Germ.
13%
China
$130M 34%

Rest of World
42%

Circuit Breakers • Metering • Converters Automotive • Grid • Rail • Industrial Lithium-Ion Battery
2017

*Revenue from external customers in ROW does not individually comprise of more than 12% of total 4
*See Appendix for GAAP to non-GAAP reconciliation of Adjusted EBITDA
 3 Megatrends Creating Growth Opportunity

Automotive & Grid Disruptions

Disruption Zone

Renewable Power Generation in the Grid

Electrification of Combustion Engine Vehicles

2

1
Revolution of Battery Electric Vehicles

2015 2020 2025 2030

3 Disruptions to drive Significant Automotive and Grid Energy Storage Market Growth 55
 Maxwell Transformation & Growth Strategy

Automotive & Grid Disruptions 1 Revitalized Core

Disruption Zone
 Strengthened Management Team
 Reignited Innovation Engine
 Organizational Restructuring

2 Optimized Portfolio
 Divested Microelectronics
Business  Acquired Nesscap Energy
Transformation Sustainable Growth
2015-2018

2 3 3 Investing & Partnering

1
 Energy Storage System Solutions & Lithium-Ion Capacitors
2015 2020 2025 2030
 Expanding into Lithium-Ion Batteries via Partnerships
 Raising additional Capital to protect Business & secure Strategy

Leveraging Business Transformation & Megatrends to Deliver Growth & Value 66

 Large & Growing Target Markets

High Voltage Energy Storage Dry Battery Electrode

“Maintain Leadership” “Market Consolidation & Scale” “Leverage Technology & Partnerships”

$150M $1.35B $ Multi-Billion

(2022 SAM) (2022 SAM) (2022 SAM)

Sustainable Growth Significant Long-Term

Foundational Cash Flow
Opportunity Growth Opportunity
Source: Maxwell Market Research, Navigant Research, Customer Feedback, CNEAI production data

Target Markets Growing at 20% CAGR – Reaching $1.5B by 2022

Dry Battery Electrode represents Significant Growth Opportunity to Create Significant Value 77
 High Voltage
Maintaining Leadership to Deliver Foundational Cash

Refresh the Core Portfolio Expand the Portfolio

“Maintain Market Leadership” “Intersect Digitization Paradigm Shift”

$100M $150M
(2022 SAM) (2022 SAM)

 US tax reform & steel tariffs creating short-term market uncertainty

 Global aging grid infrastructure driving need for upgrades and modernization
Source: Maxwell Market Research, MarketsandMarkets Research, Customer Feedback

Despite near-term geopolitical headwinds, Mid to Long-Term Business Opportunity remains Robust 88
 Energy Storage: Transportation
Gaining Momentum in Target Markets
Automotive
E-Active Suspension • Designed into 5 mild-hybrid & plug-in hybrid vehicles
Ramp • Production expected late 2019

Significant Mid-Term • Initial opportunity ~$100M lifetime revenue

Start Stop, eActive Suspension Autonomous Driving • Long-term partnership to optimize solutions & proliferate
Peak and Back-up Power Opportunities into Geely global vehicle lineup

Rail
LCAP Production
• China to add 900 trams/yr from 2019 to 2020
Ramp
• Operating mileage expected to reach 640 km by 2020
Mid-Term • CRRC mass production facility operational Q4 2018
Onboard Rail Opportunities • Production expected to Ramp 1H 2019
Wayside Rail Expanding

Electrification in Automotive and Rail expected to drive Sustainable Long-Term Growth 99

Energy Storage: Grid
Gaining Momentum in Target Markets
Grid Energy Storage
• Grid Cell Pack & Energy Storage System launched June ‘18
First Large Scale
• Initial Microgrid projects ramp expected late 2018
Project
• First large, Utility-scale project on track, more detail soon
Near Term Microgrid • Meaningful revenue contribution expected to begin 2019
Grid Stabilization
Microgrids

Wind
• Battery Retrofit System launched 1H ‘18
Stable Base
• Pilot trials in 15 U.S. wind farms - 3 largest adopting our solution
Industry Leading • Experiencing strong market acceptance for both retrofitting &
Electric Pitch Control Portfolio repowering existing wind turbines
Battery Retrofit System

Significant New Product Traction expected to drive Incremental Long-Term Growth 10

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 Revolution of Battery Electric Vehicles:
Megatrend Driving Global Transformation of Automotive & Battery Industries
20 M+ Disruption Zone
Battery Electric Vehicles
GWh Battery Capacity
15M – 30M Electric Vehicles Forecasted by 2030
15 M Forecast represents 12x growth from 2017 – 21% CAGR

10 M 1350 GWh Lithium-Ion Capacity by 2030

1350 Equivalent to more than 25 new giga factories
GWh

5M
Lithium-Ion Battery Energy Density Must Double
Required for EV Range Extension & Cost Reduction

2.5 M

27GWh

2015 2020 2025 2030

Sources: Forecast range derived from Maxwell Market Research, Navigant Research and 3rd party Automotive OEM forecasts

Patented Breakthrough Dry Battery Electrode Technology opportunity to Disrupt & Capitalize
on Coming Megatrend 11 11
 Dry Battery Electrode:
Transformational Battery Technology Enabling Electric Vehicle Megatrend
Dry Electrodes Disruption Zone
Wet Electrodes

1 Proof of Concept Complete; >300 Wh/kg Milestone

500 Wh/kg >10% advantage over wet; saves $200-$1000 per Battery Electric Vehicle

435 Wh/kg
3
Strategic Partnerships for Scale Up & Commercialization
2 State of the Art, Low Cost Pilot Manufacturing Capabilities
P.O.C. 385 Wh/kg 2 Path to >350 Wh/kg at <$100 cost per kWh by early 2020s
Complete
Wet Electrode Challenges

>300 Wh/kg

1 Increasing Investments for Breakthrough Innovation

3 Eliminate First Cycle Loss, Enable >500 Wh/kg & Solid State

2015 2020 2025 2030

Unlocking Significant Value for Customers, Partners & Shareholders 12

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Maxwell Technologies Inc. (Nasdaq: MXWL)
Large Growing Markets Strongest Portfolio Ever Strategic Partners

Global Leader with Coming Inflection Points, Partnering with Global Leaders
Transformational Opportunities Unlocking the Value of to Intersect Megatrends
Technology Platform

Leveraging Business Transformation & Megatrends to Deliver Growth & Shareholder Value 13
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Recent Updates

Non-GAAP* Q2 Actual

Revenue ($M) $29.5

Gross Margin 19.9%

Operating Expense ($M) $12.7

Net Loss ($M) ($7.8)

EPS ($0.21)

Adjusted EBITDA ($M) ($4.6)

*See Appendix for GAAP to non-GAAP reconciliation
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Thank You
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Appendix: 2017 GAAP to non-GAAP Reconciliation
USD in millions FY2017
Adjusted EBITDA Reconciliation:
GAAP net income (loss) ($43.1)
Interest expense, net $1.4
Income tax provision $3.7
Depreciation $8.8
Amortization of intangible assets $0.8
EBITDA ($28.5)
Foreign currency exchange loss, net $0.3
Other income ($0.1)
Stock-based compensation expense $9.0
Restructuring and related costs $2.3
Acquisition related expense $2.5
Shareholder advisement and settlement costs $1.1
Strategic equity transaction costs $0.5
SEC and FCPA legal and settlement costs $3.2
Adjusted EBITDA ($9.6)

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Appendix: Q2 2018 GAAP to non-GAAP Reconciliation
USD in millions Q2 2018
Gross Margin Reconciliation:
GAAP gross margin (1) 18.4% (1) Historical
amounts have been reclassified for all periods in 2017 in accordance with our adoption of
Stock-based compensation expense 1.2% ASU 2017-07 on January 1, 2018 which requires the non-service cost components of income and
Amortization of intangible assets 0.3% expense related to our defined benefit plans to be presented in the statement of operations
Non-GAAP gross margin (1) 19.9% separately from the service cost component and outside the subtotal of loss from operations.
Total Operating Expenses Reconciliation:
GAAP total operating expenses (1) $15.4
Stock-based compensation expense ($2.4)
Amortization of intangible assets ($0.2)
Restructuring and related costs ($0.1)
Non-GAAP operating expenses (1) $12.7
Adjusted EBITDA Reconciliation:
GAAP net loss ($11.3)
Interest expense, net $1.0
Income tax provision (benefit) $0.3
Depreciation $2.0
Amortization of intangible assets $0.3
EBITDA ($7.6)
Foreign currency exchange loss, net $0.2
Other income ($0.0)
Stock-based compensation expense $2.7
Restructuring and related costs $0.1
Adjusted EBITDA ($4.6)
Net Loss Reconciliation:
GAAP net loss ($11.3)
Stock-based compensation expense $2.7
Amortization of intangible assets $0.3
Non-cash interest expense $0.3
Restructuring and related costs $0.1
Non-GAAP net loss ($7.8)
Net Loss per Diluted Share Reconciliation:
GAAP net loss per diluted share ($0.3)
Stock-based compensation expense $0.1
Non-GAAP net loss per diluted share ($0.2)
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