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MAXIMUS Investor Presentation

Bruce Caswell

President

Lisa Miles

Senior Vice President, Investor Relations

& Corporate Communications

June 2015

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• Economic and demographic factors driving social reforms

• Superior positioning in core programs for health & welfare reform‒ Leading operator of health insurance exchange customer contact centers,

state Medicaid & CHIP programs

‒ Largest provider of government-sponsored health benefit appeals in the U.S.

‒ One of the largest occupational health providers in the U.K.

‒ Established welfare-to-work provider in U.S., U.K., Australia, Canada, KSA

• Healthy balance sheet: ‒ $114.5 million in cash at March 31, 2015

‒ Quarterly cash dividend & opportunistic share buyback program

• Strong growth:‒ Forecasted FY15 revenue growth of 21-22% and earnings growth of 10-14%

over prior year.

‒ Multi-year growth drivers in place

Established Partner for Government Social Programs

Leading Operator of Government

Health and Human Services Programs Worldwide

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$929.6

$1,050.1

FY 11 FY 12 FY 13 FY 14 FY 15E FY 16E

$ in Millions

$1.14 $1.09

FY 11 FY 12 FY 13 FY 14 FY 15E FY 16E

$ in EPS

Annual Revenue Adjusted Diluted EPS

Notes: FY12 Adjusted EPS tempered by start up of Work Programme contract in the UK; CAGR calculated on the midpoint of FY15 estimated ranges.

5-year CAGR: 19.9%

Growth, Consistency & Predictability in Earnings

5-year CAGR: 19.3%

$2.11$1,700.9

$1,331.3$1.67

$2,400 –

2,600

$2.33 –

2.40

$2.85 –

3.05

$2,050 –

2,080

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Drivers to Fiscal 2015 and Fiscal 2016 Guidance

FY16 Model Variables

• Volumes

• Outcomes on performance-

based contracts

• Currency exchange rates

• Legislative changes

FY15 Quarter Trends

• Q3 expected to be

strongest quarter in FY15

• Q4 top and bottom line

lower than Q3 due to

Australia start-up loss

Fiscal Year 2015

Previous Guidance: Revenue of $1.9B to $2.0B and Diluted EPS of $2.25 to $2.40

(+) Half-year contribution from Acentia

(+) Half-year contribution from Remploy

(-) Start-up costs for Australia’s jobactive

(-) Unfavorable currency exchange rates

Revised Guidance: Revenue of $2.05B to $2.08B and diluted EPS of $2.33 to $2.40

Cash flow guidance remains unchanged: Cash from operating activities of $165M to

$190M and free cash flow of $100M to $125M

Fiscal Year 2016

(+) Full-year contribution from Acentia

(+) Full-year contribution from Remploy

(+) Growth from new work that ramped up in FY15

(AUS jobactive, U.K. HAAS, U.K. Fit for Work and U.S. Dept. of Education)

(-) Normal course headwinds

Preliminary Guidance: Revenue of $2.4B to $2.5B and diluted EPS of $2.85 to $3.05

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Total Company FY14 Revenue

Service Delivery Through Two Segments

Highly Predictable

RevenueTypical Contract

Margins of 10-15%

Average Weighted

Contract Life 5+ Years(including options)

74%Health

Services

$1,250.6M

26%Human

Services

$450.3M77%Government

Program

Administration

22%Assessments

& Appeals

69%Workforce

Services

20%Children’s

Services

1%Other

11%Other

Health Services Human Services

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Health Services Segment Overview

What We Do

• Eligibility & enrollment

• Multilingual customer contact centers

• Consumer education

• Health plan choice counseling

• Health insurance appeals & assessments

• Federal government IT modernization

How We Get Paid

• Call volumes & mailings

• Applications & enrollments

• Choice rates (health plan selection)

• Outreach & field operations support

• Number of program participants

• Number & type of health appeals

1 out of 2 Medicaid and CHIP managed

care beneficiaries served by MAXIMUS

6 state-based health insurance exchange

contact centers operated by MAXIMUS

60 Occupational Health (OH) physicians –

one of the largest OH networks in the U.K.

Programs We Serve

Affordable Care Act, Medicaid, Children’s

Health Insurance Program, Medicare,

Health Insurance BC, U.K. Fit for Work &

U.K. Health Assessment Advisory Service

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Acentia Acquisition Broadens Federal Customer Footprint

• MAXIMUS and Acentia’s

customer base currently

overlaps at three agencies:

CMS, DOJ, and ED

• Acentia introduces dozens of

new contract vehicles to

MAXIMUS, which serve as

long-term growth platforms

• Acquisition provides both

firms with significant access

to new federal agencies and

programs

AcentiaMAXIMUS

No Presence

Both

Enabling

Systems,

Services

& Apps

Business

Process

Mgmt.

SSA

NOAA

DOL

SEC

FRBDHS

NARA

NLRB

USPTOED

State

IRS

FAA

IT Infras.

& Ops

DHA

DOJ (DEA & ATF)

Source: Avascent

See final slide for list of agency names and abbreviations

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Human Services Segment Overview

500,000 individuals employed & transitioned

from public assistance to self-sufficiency

$6 billion in child support collected

What We Do

• Welfare-to-work case management

(help job seekers find employment)

• Job training & employer networks

• Child support case management

• Multilingual in-person case

management & contact centers

How We Get Paid

• Attachment fees

• Outcome fees

• Sustained employment fees

• Tasks completed

• Fee for service

Programs We Serve

United Kingdom: The Work Programme, Work Choice

Australia: jobactive, Disability Employment Services & Young Refugee Assistance

North America: TANF & Ticket to Work, Employment Program of British Columbia

Saudi Arabia: Ta’Qat and Tawafuq Pilot Programs

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Remploy Transaction

• We recommend that investors view this largely as an

acquisition of a single contract and the incumbent

workforce of approximately 850 experienced personnel

• Remploy will contribute approximately $30M to $35M

(USD) in revenue for remainder of our FY15 and the vast

majority relates to Work Choice contract

• MAXIMUS has a 70% ownership and Remploy

employees have a collective 30% stake in the business

• Remploy has a long history of supporting people with

complex barriers into employment

• This will help MAXIMUS better support thousands more

disabled people into work in the years to come

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*Fiscal Year Revenue in USD

Australia Growth

FUTURE

GROWTH

2014

Organic Growth

$170 million*

2010

New Programs

$135 million*

2009

Added 40 New Sites

2008

12-Site Expansion

2002

Acquisition

$15 million*

Cornerstone of Growth Strategy: Land and Expand

Secured five-year, $940M rebid win

Increased market share from 12.5% of

allocated caseloads to approximately 15%

We will now serve 29 out of 51 of the

consolidated and restructured

Employment Service Areas (ESAs)

under jobactive

Secured new work from national roll-out

of Work for the Dole program

Previously worked in 4 pilot ESAs and

will now operate in 14 of 51 ESAs

In this performance-based

environment, our expanded role

confirms our proven ability to deliver

outcomes that matter to governments

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MMS Value Add: Proven Partner for Government

Proven track record operating social programs

Deliver outcomes that matter to governments

Cost effective

Experience working with diverse populations

Independent with no conflict of interest

Innovative, scalable and flexible

Successful operation of performance-driven programs

- Local hiring and workforce development

- Implementation of government policies

- Rapid deployment of operations

- Achievement of critical program outcomes

Governments value the level of expertise, proven delivery, and brand recognition that MAXIMUS brings to critical safety net programs.

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Changes in population demographics, increased caseloads, and government fiscal challenges

U.S. Health Insurance Exchanges (Phases 1 and 2) and Other ACA-Related Work

Health Opportunities Outside the U.S.

Welfare Reform Efforts Outside the U.S

Hea

lth

Ser

vice

sH

um

an S

ervi

ces

FY 2015 FY 2016 FY 2017 Beyond

Multi-Year Growth Drivers

U.S. Federal Market Expansion

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Capitalizing

On Growing

Demand

Established global leader

Positioned for significant growth

across both Segments

Strong financial position

Experienced management team

Poised to Capitalize on Growth Opportunities

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Non-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.