Mike Sund | Vice President, Investor Relations | msund@Maxwell.com | +1 858.503.3233

Maxwell Technologies August 2014

2

Forward-Looking Statements

Dependence upon the sale of products to a small number of customers and vertical markets, some of which depend heavily on government funding or subsidies which may not continue in the future;

Risks related to our international operations including, but not limited to, our ability to comply with changing rules and regulations in countries where we conduct business, our ability to oversee and control our foreign subsidiaries and their operations, our ability to effectively manage foreign currency exchange rate fluctuations, and our ability to continue to comply with the U.S. Foreign Corrupt Practices Act, anti-bribery laws of foreign jurisdictions and the terms and conditions of our settlement agreements with the U.S. Securities and Exchange Commission and Department of Justice.

Our ability to remain competitive and stimulate customer demand by successfully introducing new products and matching our production capacity to customer demand;

Statements in this presentation that are “forward-looking statements” are based on current expectations

and assumptions that are subject to numerous risks and uncertainties. Such risks, uncertainties and

contingencies include, but are not limited to, the following:

Dependence upon the sale of products into China and Europe, where

macroeconomic factors outside our control may adversely affect our

sales;

Acquisition, development and retention of key personnel;

Our ability to effectively manage our reliance upon certain suppliers of

key component parts and specialty equipment;

Our ability to manage product quality problems;

Our ability to protect our intellectual property rights and to defend

claims against us;

Our ability to enter into, manage and benefit from strategic alliances;

Occurrence of a catastrophic event at any of our facilities, and,

Our ability to obtain sufficient capital to meet our operating or other

needs.

Many of these risk factors are beyond our control, and there can be no assurance that we will not encounter additional

unforeseen risks and costs in the conduct of our business. Forward-looking statements included herein do not purport to be

predictions of future events or circumstances and may not be realized. The Company undertakes no duty to update any

forward-looking statement to reflect actual results or changes in our expectations.

3

2013 Revenue ($M)

Maxwell At-A-Glance

Founded in 1965; IPO - 1983

NASDAQ listed (MXWL)

Corporate Headquarters: San Diego, California

Overview

450 employees worldwide

Sales: U.S., Switzerland, Germany, China, Korea

Manufacturing: United States, Switzerland, China

Global Presence

Leading global supplier of Ultracapacitor

energy storage and power delivery solutions

for transportation and energy applications

Target Markets

2013 revenue: $193.6 million

Gross profit margins averaging ~40%

Financial Highlights

$136.3

$13.9

$43.3

Ultracapacitors Microelectronics High Tension

22%

7%

70%

4

Industry Leaders in Innovative, Affordable Energy & Power Solutions

Growing | Large Markets

Target markets over $1 billion in

2020 (19.2% CAGR)

Unique | Portfolio

Extensive, best-in-class portfolio

of Ultracapacitor, High Voltage

and Microelectronics solutions

Strong | Financials

Solid revenue growth, profitable, solid

balance sheet and cash generation

Global | Customer Base

Winning with world’s leading

transportation and energy brands

Experienced | Team

Deep technology and industry

expertise, track record of

delivering growth & value

5

Financials: Operating from a Position of Strength

Revenue ($M) Gross Profit %

EBITDA ($M) Strong revenue growth – 13.8%

CAGR over the last 5 years

Gross profit margin increased by

27% over the past 5 years

Profitable growth generating cash –

over $30M cash balance 2009

$101.3

$121.9

$147.2 $159.3

$193.5

$0

$50

$100

$150

$200

$250

2009 2010 2011 2012 2013

$5.5

$0.067

$6.9

$20.3 $21.7

($10)

($5)

$0

$5

$10

$15

$20

$25

2009 2010 2011 2012 2013

34.8%

38.7% 39.0%

41.3%

39.5%

30%

33%

36%

39%

42%

45%

2009 2010 2011 2012 2013

6

Accelerating Ultracapacitor Revenue – Maxwell’s Growth Engine

Revenues have grown at 32.8% CAGR over

last 5 years

Transportation and grid applications are main

revenue growth drivers

Investing and expanding product portfolio to

drive accelerated revenue growth

5-Year Revenue ($M)

$43.8

$68.5

$86.8 $96.0

$136.3

$-

$20

$40

$60

$80

$100

$120

$140

2009 2010 2011 2012 2013

Ultracapacitors

T R A N S P O R T A T I O N

C E L L S

M O D U L E S

G R I D

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Ultracapacitors: Rapidly Capture Electrical Energy and Deliver Power

Requirement Ultracapacitors Batteries Combination

Rapid Energy Capture <1 second 2-5 seconds < 1 second

Rapid Power Delivery <1 second 2-5 seconds < 1 second

Extended Temperature Range Excellent Poor Good

Product Life 8-15 years 2-6 years 4-10 years

Run Time (Energy) Seconds to Minutes Minutes to hours Seconds to hours

2x

Extend operational

temperature range Lengthens battery

life by up to 2x

Enables rapid

response times

The Power of Ultracapacitors combined with Energy of Batteries:

8

The Global Energy Dilemma Unquenchable thirst for energy and power with mandate to reduce emissions

World Energy Demand Market Adoption

World energy demand to double and emissions to halve by 2050

Requires innovative energy and power delivery solutions

Transportation & grid markets reaching early adoption with key inflection points ahead

CO2 Emissions Reductions

2x Energy consumption

doubling by 2050

Halve Global

Emissions by 2050

Market Size (units) and Application(s) adoption Navigant, Deloitte & Touche, Frost & Sullivan, Maxwell Independent research and publicly available data.

UCAP sales & UCAP content – Maxwell internal projection based on historical trends and customer feedback.

Sources:

Early

Adopter

Target markets growing at 19.3% CAGR over 7 years – reaching >$1B by 2020

Early Majority

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Transportation: Bus, Auto, Rail, Trucking

5-Year Revenue ($M) Market Adoption by Segment

Early market leadership driving significant revenue growth – 49.5% CAGR over 5 years

Stringent long term regulations mandate increased fuel economy & reduced emissions

Platform electrification accelerating Ultracapacitor adoption

Market Size (units) and Application(s) adoption Navigant, Deloitte & Touche, Frost & Sullivan, Maxwell Independent research and publicly available data.

UCAP sales & UCAP content – Maxwell internal projection based on historical trends and customer feedback.

Sources:

Transportation markets to grow at 21.6% CAGR reaching >$700M by 2020

$12.3

$23.5

$46.6

$67.7

$91.8

$0

$20

$40

$60

$80

$100

2009 2010 2011 2012 2013

Transportation Market Segment Revenue

Early

Adopter Early Majority

10

Operating in over 15 thousand hybrid buses and 1M start / stop vehicles worldwide

Leveraging leadership in auto and bus to capitalize on new emerging opportunities

First rail wins for electric propulsion, deliver significant energy & infrastructure savings

Major US truck OEM’s evaluating Engine Start Module for enhanced engine starting

Broad Ultracapacitor Application in Transportation Markets Ultracapacitors meet the increasing power demands of Transportation ndustries

BUS AUTOMOTIVE RAIL TRUCKING

Hybrid

Plug in Hybrid

Electric Bus

Engine Starting

Start / Stop

Regenerative Braking

Power Assist Hybrid

High Power e-Turbo

Active Suspension

Regeneration

Propulsion

Voltage Stabilization

Engine Starting

Engine Starting

Hybridization

Over 7M ultracapacitor cells shipped into transportation applications

11

Grid: Wind Energy, Backup Power, Grid Storage

5-Year Revenue ($M) Market Adoption by Segment

Established partnerships driving solid revenue growth – 5.8% CAGR over 5 years

Government policies driving more renewable power generation

Aging infrastructure requires fast response storage to stabilize output and improve reliability

Market Size (units) and Application(s) adoption Navigant, Deloitte & Touche, Frost & Sullivan, Maxwell Independent research and publicly available data.

UCAP sales & UCAP content – Maxwell internal projection based on historical trends and customer feedback.

Sources:

Grid market segments grow at 14.1% CAGR reaching >$400M by 2020

$57 $71 $72 $68 $71

2009 2010 2011 2012 2013

Grid Market Segment Revenue

Early

Adopter Early Majority

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Broad Ultracapacitor Use in Grid Markets Ultracapacitors meet growing peak power and long life demands of grid market

Operating in over 30,000 wind turbine pitch control systems worldwide

Renewable firming demonstrations in US, Europe and Asia

Deployed in backup and gen-set starting where rapid response power is business critical

Growing number of commercial grid power wins in rail wayside market

WIND PITCH RENEWABLES TRADITIONAL RAIL WAYSIDE

Boost Power Assist

Fail Safe Backup

Solar & Wind Firming

Ramp Rate Control

Frequency Regulation

Voltage Stability

Peak Shaving

Load Shifting

Gen-set Starting

Power Stabilization

Spinning Reserves

Bridge Power

Backup Power

Energy Recuperation

Power Stabilization

Frequency Regulation

Over 8M ultracapacitor cells shipped into grid applications globally

13

Key Differentiation Capabilities

Core

Technology

Proprietary

Processes

Solution

Platforms

Customer

Intimacy

Strategic

Partners

Pioneered core ultracapacitor technology and high-volume manufacturing

Proprietary electrode fabrication yields significant cost and performance advantages

Expanding strategic partnerships to develop enabling platforms and accelerate adoption

Deepening existing customer relationships and acquiring customers in new segments

Core Competency & Differentiators Growth Investment Focus

14

Investing in Portfolio of Differentiated Products

2.85V / 3400F Cell with DuraBlue™

ULTRA 31/900 Engine Start Module New 2.85Volt 3400 Farad

Cell with DurablueTM

Sets new standard in energy and

power with most ruggedized

cell available

New Engine Start Module

for Medium Duty Trucks

ESM Ultra 31 / 900

DuraBlue™ : the world’s most rugged ultracapacitor technology

Expanded award-winning Engine Start Module line for medium duty trucks

Focusing investments to deliver increasing new products & speed time to market

Expanding business and technical partners to drive innovation and competitive separation

Delivering Best-in-Class New Products

15

Proven Global Supply Chain

Proven high volume supply capacity through long-term supplier relationships

Reliable, high quality manufacturing - ISO 9001/14001, OSHAS 18001 & TS 16949 certified

1st ultracapacitor factory automotive qualification in 2009

Supply Chain Partners Cumulative K2 & D Cell Unit Sales (m)

2

4

6

9

13

0

2

4

6

8

10

12

14

2009 2010 2011 2012 2013

2

4

4

6

8

10

14

Unique dual source electrode manufacturing with scalable production capacity

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Leadership Team – Strong Technology Experience

(*new members of leadership team)

John Warwick* Senior Vice President, COO

*Joined Maxwell June 2013

• Emulex, Lantronix, PRTM/PWC, Western Digital

• High Tech Executive Leadership

Kevin Royal Senior Vice President, CFO

*Joined Maxwell April 2009

• Blue Coat Systems, Novellus Systems, Ernst & Young

• Experienced publically traded company CFO

Mike Everett Vice President, CTO

Joined Maxwell August 2002

• 3D Systems; Advanced Power & Energy Development

• Recognized authority on Advanced Energy Technology

Chris Humphrey* Vice President of Marketing & Engineering

• QLogic, Honeywell, Lantronix, Applied Microcircuits

• Executive Marketing, Engineering & Innovation

*Joined Maxwell September 2013

Dave Wojciechowski* Vice President of Americas Sales

*Joined Maxwell February 2014

• ABB/PowerOne, SMA Solar Technology, Emcore

• Global Sales Executive, Sales Engineering

Joined Maxwell January 2003

• Cresco Ti Systems, Silicon Graphics Inc

• Global Power Grid Expertise & General Management

Sacha Jenny Vice President & General Manager High Voltage

Earl Wiggins Vice President of Operations

Joined Maxwell August 2006

• Maxtor Corporation, Quantum Corporation

• Global High Volume Manufacturing & Quality

Dr. Franz Fink* President & CEO

*Joined Maxwell May 2014

• Gennum, Freescale Semiconductor, Motorola

• High Tech Growth CEO

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Balanced Small Cap Growth Story

Balanced and Global Solid Financials Large Markets

Multiple Growth Drivers Fast Growing Diversified

Ultracapacitor Company

Strong Foundation Today Positioned for Profitable Growth

Mike Sund | Vice President, Investor Relations | msund@Maxwell.com | +1 858.503.3233

Thank You