FOR IMMEDIATE RELEASE February 19, 2003

Maxwell Technologies to Report Fourth Quarter and Fiscal Year 2002 Financial Results

News Release Set for 4 p.m., (EST) February 26;
Conference Call and Webcast to Follow at 11 a.m. (EST) February 27

SAN DIEGO, CA — Maxwell Technologies, Inc. (Nasdaq: MXWL) will issue a news release reporting its financial results for the fourth quarter and fiscal year ended December 31, 2002, and commenting on the outlook for 2003, at 4 p.m. (eastern) next Wednesday, February 26, 2003. Management will conduct a conference call to discuss those results and the outlook for 2003 and answer analysts' questions the following morning, Thursday, February 27, at 11 a.m. (eastern).

The news release will be distributed by wire and posted simultaneously on the company's website, www.maxwell.com , at 4 p.m. (eastern) on February 26. Anyone who wishes to be added to the company's telefax or email distribution lists for news releases may do so by calling, 858-279-5100, extension 5165 or sending an email to investors@maxwell.com

The public is invited to listen to the conference call by dialing, toll-free (888) 584-2147, or by accessing the simultaneous webcast via a link posted on the company's website, www.maxwell.com, and clicking on "Investors", and then on "Presentations". The conference call will be archived and available for subsequent replay via the Internet by following the instructions for accessing the live webcast.

Maxwell sells reliability. We develop, manufacture and market electronic components and systems that perform reliably for the life of the end products into which they are integrated. Our power products address applications in transportation, telecommunications, consumer and industrial electronics, electric utility infrastructure and medical imaging. Our microelectronic products primarily address applications in aerospace. Our power product lines are comprised of ultracapacitors, high voltage capacitors and custom power and energy storage systems. Our microelectronic product lines are comprised of radiation-shielded power modules, memory modules, and single board computers. We also design and sell automated winding equipment used to manufacture metalized film capacitors and lithium batteries.

Contact:
Michael Sund
Maxwell Technologies
(858) 503-5171

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