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Annual Meeting of Stockholders

May 15, 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 1955. 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 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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2017-2018 Major Accomplishments

Solidified Balance Sheet with $43M Net Cash Raised

Expanded and Strengthened Portfolio to Drive Growth

Expanded High Voltage product portfolio to intersect substation digitization

Completed integration of Nesscap to achieve scale and expand market leadership

Advanced Ultracapacitor and Lithium-ion Capacitor solutions for Auto, Rail, Grid and Wind

Announced Technology Partnership with Geely/Volvo

Significant design win expected to contribute meaningful revenue by 2020

Collaboration to integrate peak power solutions into broader vehicle lineup

Advancing Strategic Collaboration Discussions for Dry Battery

Electrode

Executing Our Strategy to Deliver Sustainable Growth & Value 3

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3 Megatrends Creating Unique Growth Opportunity

Automotive & Grid Disruptions

2015 2020 20302025

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

Disruption Zone

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Renewable Power Generation in the Grid

Electrification of Combustion Engine Vehicles

Revolution of Battery Electric Vehicles

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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 Unprecedented Value

Large & Growing Target Markets

$150M(2022 SAM)

$ Multi-Billion(2022 SAM)

Foundational Cash Flow Sustainable GrowthSignificant Long-Term Growth Opportunity

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

$1.35B(2022 SAM)

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Energy Storage:Gaining Momentum in Target Markets

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

Electric Pitch Control Battery Retrofit System

Wind

Onboard RailWayside Rail

Grid Stabilization Microgrids

Grid Energy Storage

RailAutomotive

Start Stop, eActive Suspension Autonomous Driving

Stable Base

Industry Leading Portfolio

E-Active Suspension Ramp

Significant Mid-Term Autonomous Driving Opportunities

First Large Scale Project

Near Term Microgrid

LCAP Production Ramp

Mid-Term Opportunities Expanding

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Inclusion into 5 mild-hybrid & plug-in hybrid vehicles; production late 2019

Initial opportunity projected to represent $100M lifetime opportunity

Long term partnership to optimize solutions & proliferate into Geely’s global vehicle lineup

Geely/Volvo Awards Maxwell $100M Design Win!

Partnership Validates Ultracapacitor Technology & provides Unique Platform for Long Term Accelerated Growth 7

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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 to Disrupt & Capitalize on Coming Megatrend

15M – 30M Electric Vehicles Forecasted by 2030Forecast represents 12x grow 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 CommercializationPath to >350 Wh/kg at <$100 cost per kWh by early 2020s

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10Leveraging Business Transformation & Megatrends to Deliver Growth & Shareholder Value

Global Leader with Transformational

Opportunities

Partnering with Global Leaders to Intersect

Megatrends

Coming Inflection Points for Maxwell

Products

Capitalized to Unlock Value of Technology

Platform

Large Growing Markets Strongest Portfolio Ever Solid Balance Sheet Strategic Partners

Maxwell Technologies Inc. (NASDAQ: MXWL)

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Thank You