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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:

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.

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);

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

Geographic Revenue Breakdown

Financial Highlights

2017

China

Rest of World

Germ.

USA

42%

34%

11%

13%

$130M

2017 Revenue: $130M

2017 Adjusted EBITDA: ($9.6M)

July 31, 2018 estimated Cash Balance: $25M includes $15M draw of working capital line of credit

*Revenue from external customers in ROW does not individually comprise of more than 12% of total

*See Appendix for GAAP to non-GAAP reconciliation of Adjusted EBITDA

Founded 1965; IPO 1983 (Nasdaq: MXWL)

Energy storage & power delivery solutions

Headquarters: San Diego, CA

Locations: USA, Switzerland, China, South Korea

Employees: 465

Overview

Products & Markets

Energy Storage

Automotive • Grid • Rail • Industrial

Dry Battery ElectrodeHigh Voltage

Lithium-Ion BatteryCircuit Breakers • Metering • Converters

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3 Megatrends Creating Growth Opportunity

Automotive & Grid Disruptions

2015 2020 20302025

3 Disruptions to drive Significant Automotive and Grid Energy Storage Market Growth

Disruption Zone

2

Renewable Power Generation in the Grid

Electrification of Combustion Engine Vehicles

Revolution of Battery Electric Vehicles

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1

5

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Maxwell Transformation & Growth Strategy

Automotive & Grid Disruptions

2015 2020 20302025

Disruption Zone

1 2 3

Strengthened Management Team Reignited Innovation Engine Organizational Restructuring

Divested Microelectronics Acquired Nesscap Energy

Revitalized Core

Optimized Portfolio

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2

Energy Storage System Solutions & Lithium-Ion Capacitors Expanding into Lithium-Ion Batteries via Partnerships Raising additional Capital to protect Business & secure Strategy

Leveraging Business Transformation & Megatrends to Deliver Growth & Value

Investing & Partnering3

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Sustainable GrowthBusiness

Transformation2015-2018

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High Voltage“Maintain Leadership”

Energy Storage“Market Consolidation & Scale”

Dry Battery Electrode“Leverage Technology & Partnerships”

Target Markets Growing at 20% CAGR – Reaching $1.5B by 2022Dry Battery Electrode represents Significant Growth Opportunity to Create Significant Value

Large & Growing Target Markets

$150M(2022 SAM)

$ Multi-Billion(2022 SAM)

Foundational Cash FlowSustainable Growth

OpportunitySignificant Long-Term Growth Opportunity

Source: Maxwell Market Research, Navigant Research, Customer Feedback, CNEAI production data

$1.35B(2022 SAM)

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8Despite near-term geopolitical headwinds, Mid to Long-Term Business Opportunity remains Robust

High VoltageMaintaining Leadership to Deliver Foundational Cash

US tax reform & steel tariffs creating short-term market uncertainty Global aging grid infrastructure driving need for upgrades and modernization

Expand the Portfolio“Intersect Digitization Paradigm Shift”

Refresh the Core Portfolio“Maintain Market Leadership”

Source: Maxwell Market Research, MarketsandMarkets Research, Customer Feedback

$150M(2022 SAM)

$100M(2022 SAM)

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Energy Storage: TransportationGaining Momentum in Target Markets

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

Onboard RailWayside Rail

Start Stop, eActive Suspension Peak and Back-up Power

E-Active Suspension Ramp

Significant Mid-Term Autonomous Driving

Opportunities

LCAP Production Ramp

Mid-Term Opportunities

Expanding

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• China to add 900 trams/yr from 2019 to 2020

• Operating mileage expected to reach 640 km by 2020

• CRRC mass production facility operational Q4 2018

• Production expected to Ramp 1H 2019

Automotive

Rail

• Designed into 5 mild-hybrid & plug-in hybrid vehicles

• Production expected late 2019

• Initial opportunity ~$100M lifetime revenue

• Long-term partnership to optimize solutions & proliferate

into Geely global vehicle lineup

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Energy Storage: GridGaining Momentum in Target Markets

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

Electric Pitch Control Battery Retrofit System

Grid Stabilization Microgrids

Stable Base

Industry Leading Portfolio

First Large Scale Project

Near Term Microgrid

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Grid Energy Storage

Wind

• Grid Cell Pack & Energy Storage System launched June ‘18

• Initial Microgrid projects ramp expected late 2018

• First large, Utility-scale project on track, more detail soon

• Meaningful revenue contribution expected to begin 2019

• Battery Retrofit System launched 1H ‘18

• Pilot trials in 15 U.S. wind farms - 3 largest adopting our solution

• Experiencing strong market acceptance for both retrofitting &

repowering existing wind turbines

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Revolution of Battery Electric Vehicles:Megatrend Driving Global Transformation of Automotive & Battery Industries

2015 2020 20302025

Patented Breakthrough Dry Battery Electrode Technology opportunity to Disrupt & Capitalize on Coming Megatrend

15M – 30M Electric Vehicles Forecasted by 2030Forecast represents 12x growth from 2017 – 21% CAGR

1350 GWh Lithium-Ion Capacity by 2030Equivalent to more than 25 new giga factories

Lithium-Ion Battery Energy Density Must DoubleRequired for EV Range Extension & Cost Reduction

GWh Battery Capacity

Battery Electric Vehicles

15 M

5 M

2.5 M

10 M

27GWh

1350GWh

Disruption Zone

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

20 M+

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Dry Battery Electrode:Transformational Battery Technology Enabling Electric Vehicle Megatrend

2015 2020 20302025

Increasing Investments for Breakthrough InnovationEliminate First Cycle Loss, Enable >500 Wh/kg & Solid State

Proof of Concept Complete; >300 Wh/kg Milestone>10% advantage over wet; saves $200-$1000 per Battery Electric Vehicle

Unlocking Significant Value for Customers, Partners & Shareholders

Wet Electrodes

Dry Electrodes

>300 Wh/kg

P.O.C. Complete

Wet Electrode Challenges

Disruption Zone

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500 Wh/kg

385 Wh/kg

435 Wh/kg

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Strategic Partnerships for Scale Up & CommercializationState of the Art, Low Cost Pilot Manufacturing CapabilitiesPath to >350 Wh/kg at <$100 cost per kWh by early 2020s

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

Global Leader with Transformational Opportunities

Partnering with Global Leaders to Intersect Megatrends

Coming Inflection Points, Unlocking the Value of Technology Platform

Large Growing Markets Strongest Portfolio Ever Strategic Partners

Maxwell Technologies Inc. (Nasdaq: MXWL)

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Large Growing Markets Strongest Portfolio Ever Strategic Partners

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Recent Updates

*See Appendix for GAAP to non-GAAP reconciliation

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)

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Thank You

Appendix: 2017 GAAP to non-GAAP Reconciliation

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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)

Appendix: Q2 2018 GAAP to non-GAAP Reconciliation

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USD in millions Q2 2018

Gross Margin Reconciliation:

GAAP gross margin (1) 18.4%

Stock-based compensation expense 1.2%

Amortization of intangible assets 0.3%

Non-GAAP gross margin (1) 19.9%

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)

(1) Historical amounts have been reclassified for all periods in 2017 in accordance with our adoption of ASU 2017-07 on January 1, 2018 which requires the non-service cost components of income and expense related to our defined benefit plans to be presented in the statement of operations separately from the service cost component and outside the subtotal of loss from operations.