#1MAXIMUS HELPING GOVERNMENT SERVE THE PEOPLEⓇ Investor Presentation#2MAXIMUS Investment Thesis $ LONG-TERM OUTLOOK Macro trends of demographics & government needs support long-term growth ✓ Successful acquisition history & active M&A program EXCELLENT REVENUE VISIBILITY ✓ 90%+ of annual revenue from existing contracts ✓ Average weighted contract length of ~5 years (including options) High-recurring revenue ✓ Sticky customer relationships LEADER IN MARKETS WITH BARRIERS TO ENTRY Deep relationships & excellent reputation Market entry requires expertise in complex procurement process, operation of government programs & serving diverse populations Reputation for delivering outcomes & creating efficiencies PROFITABLE GROWTH & GOOD STEWARDS OF CAPITAL Portfolio operating margin in targeted range of 10%-15% High cash conversion ✓ Healthy balance sheet: TTM pro-forma EBITDA of $410.8M & cash/cash equivalents $71.1M and no draws on corporate credit facility (at June 30, 2019) ✓ $400M credit facility extended through September 2022 2| MAXIMUS: INVESTOR PRESENTATION#3Growth, Consistency & Predictability Annual Revenue Diluted EPS 5-year CAGR1: 11.18% 5-year CAGR1: 12.04% $3.70- $3.753 $ in millions Acquired Revenue² Organic Revenue $2,880 - $2,900 $3.35 $ in EPS $3.17 $2,451 $2,403 $2,392 $2,100 $2.69 $2.35 FY 15 FY 16 FY 17 FY 18 FY 19E FY 15 FY 16 FY 17 FY 18 FY 19E 3 | MAXIMUS: INVESTOR PRESENTATION Notes: 1 Calculated using FY14 revenue of $1,701M and diluted EPS of $2.11 and the midpoint of FY19 estimated ranges. 2 Calculated by taking revenue from acquired businesses for the 12- month period after each acquisition. 3 FY19E Diluted EPS of $3.70-$3.75 includes approximately $0.45 DEPS from the acquisition of the Citizen Engagement Centers#4Service Delivery Through Three Segments FY18 Total Company Pro-Forma Revenue $3.0 B U.S. Health and Human Services $1,214M U.S. Federal Services $1,104M Outside the U.S. $699M 77% Program Administration 10% Assessments & Appeals 10% Workforce & Child Services 3% Other 70% Program Administration 16% Technology Solutions 14% Assessments & Appeals 49% Workforce & Child Services 41% Assessments & Appeals 9% Program Admnistration 1% Other FY18 Total Company Pro-Forma Revenue combines historical consolidated revenue of MAXIMUS, Inc. and pro forma revenue from the citizen engagement centers business as if acquired on October 1, 2017. 4 | MAXIMUS: INVESTOR PRESENTATION#5Common Themes That Drive Demand Demographics ✓ Increased longevity and more complex health care needs Financial hardships and other barriers that require a combination of social safety net programs and support into work ✓ Focus on citizen responsibility and engagement as a condition of receiving benefits Programs that focus on measurable outcomes can cost-effectively address this need. Decentralization ✓ U.S. per capita funding for Medicaid and potential removal of certain federal mandates ✓ U.K. devolution of programs to local authorities Potential change to funding and governance mechanics enhances overall flexibility that state and local authorities can use to shape their benefit programs. Value for Spend ✓ Programs that address societal needs must be a good use of taxpayer dollars and achieve their intended outcomes ✓ Increased accountability by laying out performance expectations, rewarding partners who deliver and penalizing those who do not We believe this environment favors companies like MAXIMUS who can deliver highly complex government programs in a transparent and independent fashion. 5 | MAXIMUS: INVESTOR PRESENTATION#6Approaches to Long-Term Growth Governments increasingly require solutions to manage aging populations, individuals with more complex health needs, and growing caseloads in a cost-effective and efficient way. Digital Transformation ✓ Using digital technologies to: - Help governments run more streamlined programs - Serve people by making it easier for them to engage with these programs Approaches Clinical Evolution An extensive network of health care professionals who: - - Complete clinical assessments Provide occupational health services and IMRS - Adjudicate complicated benefits appeals Market Expansion Future growth will come from a combination of: ― Bringing our core capabilities to new programs and clients - Adding new capabilities to address adjacent markets - Geographic expansion ✓ Digital Engagement ✓ Analytics & Technology Examples ✓ Long-Term Services & Supports Workers Compensation Reviews ✓ Health Management (Occupational Health) ✓ U.S. Federal 6 | MAXIMUS: INVESTOR PRESENTATION#7Well-Positioned for Growth Opportunities Capitalizing On Growing Demand ✓ Established global leader Favorable macro environment and long-term demand trends ✓ Strong financial position ✓ Experienced management team 7 | MAXIMUS: INVESTOR PRESENTATION#8Non-GAAP Information & Forward-looking Statements This presentation contains non-GAAP financial information, such as adjusted diluted earnings per share and revenue adjusted for a terminated contract. These non-GAAP numbers should not be considered in isolation, nor as alternatives to revenue or diluted earnings per share to assess performance. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results, and providing meaningful period-to-period comparisons. A number of statements being made today will be forward-looking in nature. Such statements are only predictions and actual events or results may differ materially as a result of risks we face, including those discussed in our SEC filings. We encourage you to review the summary of these risks in Exhibit 99.1 to our most recent Form 10-K filed with the SEC. The Company does not assume any obligation to revise or update these forward-looking statements to reflect subsequent events or circumstances. 8 | MAXIMUS: INVESTOR PRESENTATION#9APPENDIX 9| MAXIMUS: INVESTOR PRESENTATION#10Long-Term Revenue Growth & Drivers Revenue $ in millions $3,500 $3,000 $2,500 $2,000 FY08 to FY09: Health $1,500 & Human Services Focus; Non-Core $1,000 $500 Divestitures 10-year CAGR: 14.95% FY10 to FY16: Growth from New Work (ACA, HAAS, Assessments & Appeals), New Geographies (U.K., KSA) & Acquisitions (U.S., U.K., AUS) $0 FY 08 FY 09 FY 10 FY 11 10 | MAXIMUS: INVESTOR PRESENTATION FY19: Acquisition of Citizen Engagement Centers FY17: United States Administration Change & Procurement Pause FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 CAGR and revenue calculated using midpoint of FY19 estimates and FY08 revenue of $717M FY 19E#11Value Add: Proven Partner for Government Proven track record Deliver outcomes that matter ✓ Create efficiencies to manage costs Experience with diverse populations ✔ ✔ Independent with no conflict of interest ✔ Innovative, scalable and flexible Ensure integrity of public programs by reducing fraud, waste and abuse Successful operation of performance- driven programs . Local hiring and workforce development Implementation of government policies Rapid deployment of operations Achievement of critical program outcomes 11 | MAXIMUS: INVESTOR PRESENTATION Governments value our expertise, proven delivery and brand recognition that we bring to critical safety-net programs#12U.S. Health & Human Services Segment Overview What We Do Program eligibility & enrollment Multilingual customer contact centers Health plan choice counseling Appeals & assessments Welfare-to-work case management (help job seekers find employment) Job training & employer networks Child support case management Multilingual in-person case management How We Get Paid Call and assessment volumes Performance incentives Outreach & field operations support Number of program participants Attachment, outcome, and sustainment fees Programs We Serve Affordable Care Act Medicaid Children's Health Insurance Program Welfare-to-work Child support 12 | MAXIMUS: INVESTOR PRESENTATION 70% Medicaid managed care beneficiaries served by MAXIMUS 600,000+ assessments performed annually in our U.S Health & Human Services Segment#13U.S. Federal Services Segment Overview What We Do Full-service provider of BPO & technology solutions Multilingual customer contact centers Consumer education Health insurance appeals & assessments Federal government IT modernization How We Get Paid Cost reimbursable programs Number of program participants Number & type of health appeals Time & materials 500,000+ independent benefit reviews conducted by MAXIMUS Federal each year 2,000+ medical and legal reviewers on our fully credentialed national panel Agencies & Programs We Serve Federal health & civilian agencies Affordable Care Act Medicaid & Medicare 13 | MAXIMUS: INVESTOR PRESENTATION#14Outside the U.S. Segment Overview What We Do Welfare-to-work case management (help job seekers find employment) Appeals & assessments Job training & employer networks Child support case management Multilingual in-person case management Digital wellbeing solutions How We Get Paid Attachment, outcome, and sustainment fees Tasks completed Fee for service Performance incentives Programs We Serve Employment services Disability employment services Child support Employer Health Insurance BC U.K. Health Assessment Advisory Service 500,000+ individuals employed & transitioned from public assistance to self-sufficiency 1,650+ health care professionals providing assessment & occupational health services in the U.K. 1 million+ assessments performed annually in the U.K. and Australia 14 | MAXIMUS: INVESTOR PRESENTATION#15State & Local Health Services Programs NUMBER OF PROJECTS OPERATED Assessments for Long-Term Services & Supports 21 Medicaid Enrollment Broker 15 13 11 Health Member Call Centers 8 Provider Services Medicaid Eligibility Support (including CHIP) CA, CO, DC, GA, IL, IN, IA, LA, MD, MA, MI, NH, NY, NC, PA, SC, TX, VT, VA, WV, WI CA, CT, IN, IA, LA, ME, MS, NE, NY, ND, OR, PA, TN, VA, WI CA, FL, GA, IA, KS, LA, MA, MI, NY, TN, TX, VT, WY CA, IA, KS, MD, MA, MI, NY, OK, TX, VT, WY DC, IA, MA, MI, NE, NY, OK, TN 4 State-Based Marketplaces DC, MD, NY, VT 1 Other Health-Related Projects CA 15 | MAXIMUS: INVESTOR PRESENTATION#16CMS Contact Center Operations (CCO) Contract Largest acquired contract; MMS served as sub since 2014 ✓ The contract supports the federal exchange under the Affordable Care Act and serves as the primary support engagement center for Medicare also known as 1-800-MEDICARE - ✔ Contract focused on efficiently handling general inquiries for the federal exchange as well as general and claims-related Medicare inquires Consists of 11 customer engagement centers across the U.S. We provide 24 hour operations, seven days a week, 52 weeks a year. Annually, we will handle for Medicare and the federal exchange: ✓ 40M+ phone calls ✔ 200,000 pieces of correspondence 250,000 web chats This will now be the largest contract in the MAXIMUS portfolio Ramping up for 2020 open enrollment 16 | MAXIMUS: INVESTOR PRESENTATION#172020 Census Contract and Other Programs Known as the Census Questionnaire Assistance 2020 - or CQA Second largest acquired contract; distinct end date of June 2021 ✔ Operations support and citizen engagement centers: Scope includes assistance to citizens via multilingual customer contact centers in at least 12 languages to provide questionnaire assistance on the 2020 census form Other notable acquired programs include: - CDC Info for the Centers for Disease Control and Prevention Consumer Resource Center Support Services for the Consumer Financial Protection Bureau Annuitant Health Benefit Open Season Printing, Distribution and Processing Services for the Office of Personnel Management 17 | MAXIMUS: INVESTOR PRESENTATION#18Addressing U.S. Government Priorities ✔ Governments need solutions across U.S. social benefit programs where MAXIMUS provides value: ⚫ Creating efficiencies to manage the cost of government services • • • Increasing accountability to demonstrate that programs are achieving their desired outcomes Promoting individual responsibility Ensuring integrity of public programs by better addressing fraud, waste and abuse ✔ Experiencing an industry pause and using this time to best position MAXIMUS for when the momentum picks back up: . Refining processes . Investing in new platforms . Bringing in key people • Other strategic initiatives • Examining potential new markets 18 | MAXIMUS: INVESTOR PRESENTATION#19Environment, Social, Governance (ESG) Strengths • • • • MSCI Increased score from B to BB in 2018 and have maintained rating Sustainalytics 49/100 ("average" performer) RobecoSAM ESG assessment = - 90 percentile for Corporate Governance in our industry 86 percentile for Customer Relationship Management in our industry 86 percentile for Labor Practice Indicators in our industry Fall above the industry mean and median score for economic and social dimensions Forward moving focus on material areas ― ― Governance and Board of Directors refreshment Human Capital recruitment, retention and engagement Data and Privacy Protection 19 | MAXIMUS: INVESTOR PRESENTATION#20Addressing Key ESG Risks • • • Entrenched Board - Implemented Board Succession Plan Exposure to employee recruitment and retention Completed Global Employee Engagement Survey and taking steps to address areas of improvement Exposure to regulatory and reputational risks associated with privacy and data security issues - - - Predominately serve in the role of data custodian, not data owners Board of Director's Technology Committee oversight implemented · CISO hired, including Privacy Office oversight Good data privacy practices in place with stringent annual employee training Limited operational energy/environmental reporting - Due to contract specifications, we have limited control over environmental KPI determinations - We have very low exposure to risks of increased energy costs across. - operations - Addressing opportunities to evaluate our environmental impact and reporting processes and procedures 20 | MAXIMUS: INVESTOR PRESENTATION#21Delivering Social Value to Citizens Improving the citizen journey ✔ Supporting Medicaid beneficiaries with overcoming barriers to access through independent health plan choice counseling to connect them to the best health plan for their specific needs ✓ Virginia Medicaid: 40%+ of applications completed via digital channels Canada Enterprise Omni-channel Contact Center: video chat capabilities, agent facilitated co-browsing to help citizens navigate online digital services, text and webchat, and traditional methods for optimal customer satisfaction ✔ Disability Confident Leader (Centre for Health and Disability Assessments and Remploy subsidiaries) Health Assessment Advisory Service: Expediting process and reducing anxiety Time spent in the assessment process 36 33 30 27 24 21 18 15 CY1 CY2 CY3 32 weeks 23 weeks 14 weeks 65.3% Customer seen within 30 minutes 77.0% 76.5% 76.0% 75.5% 75.0% 74.5% 74.0% 73.5% 21 | MAXIMUS: INVESTOR PRESENTATION 73.0% 72.5% CY1 CY2 75.3% 74.0% CY3 76.6% 1.7%#22Glossary of Terms U.S. Federal Agencies CDC: Centers for Disease Control and Prevention ACA: CMS: Centers for Medicare & Medicaid BC: Other Common Abbreviations Affordable Care Act British Columbia (Canada) DHA: Defense Health Agency CHIP: Children's Health Insurance Program DOJ: Department of Justice DWP: DOL: Department of Labor HAAS: ED: Department of Education HIX: U.K. Department for Work & Pensions Health Assessment Advisory Service Health Insurance Exchange FAA: Federal Aviation Administration IMR: Independent Medical Review FDA: Federal Drug Administration KSA: Kingdom of Saudi Arabia FRB: Federal Reserve OH: Occupational Health HHS: U.S. Department of Health & Human Services TANF: Temporary Assistance to Needy Families IRS: Internal Revenue Service NARA: National Archives and Records Administration NLRB: National Labor Relations Board NOAA National Oceanic and Atmospheric Administration SEC: Securities and Exchange Commission SSA: Social Security Administration State: U.S. State Department USDA: U.S. Department of Agriculture USPTO: U.S. Patent & Trademark Office VA: U.S. Department of Veterans Affairs 22 | MAXIMUS: INVESTOR PRESENTATION 08.12.19