1. INTRODUCTION

Reference is made to the announcement dated 16 August 2018 in relation to the MOA dated 16 August 2019.

The Board of Directors of MAXWELL hereby announces that the Company has on 5 September 2019 terminated the MOA dated 16 August 2019 entered into with MFAK, NTH and OMSB with immediate effect as the parties were unable to come to agreement on material terms.

2. FINANCIAL EFFECTS OF THE TERMINATION OF THE MOA

The termination of the MOA is not expected to have any material effect on the net assets per share, earnings per share, gearing, share capital and substantial shareholders’ shareholdings of the Company for the financial year ending 31 December 2019.

3. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED TO THEM

None of the Directors, major shareholders and persons connected with the Directors and/or major shareholders of MAXWELL, have any interest, direct or indirect, in the termination of the MOA.

4. APPROVALS REQUIRED

The termination of the MOA is not subject to the approval of MAXWELL shareholders or any governmental authorities.

5. STATEMENT BY THE BOARD

The Board of Directors of MAXWELL having considered all aspects of the termination of the MOA, is of the opinion that the termination is in the best interest of MAXWELL.

This announcement is dated 5 September 2019