2019 Annual General Meeting

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Forward-Looking Statements

This presentation may contain forward-looking statements, including statements regarding the business and anticipatedfinancial performance of Maxim Power Corp. (the "Company"). These statements reflect several material factors,expectations and assumptions including, without limitation: (i) power production levels; (ii) commodity prices, foreigncurrency exchange rates and interest rates; (iii) the Company’s capital expenditure program and other expenditures; (iv)supply and demand for power; (v) expectations regarding the Company’s ability to raise capital and to increase its powergeneration capacity through acquisitions and development of energy projects; (vi) schedules and timing of certain projectsand the Company’s strategy for growth; (vii) the Company’s future operating and financial results; and (viii) the impact onthe Company of governmental regulatory regimes and tax, environmental and other laws.

Forward-looking statements are based on current expectations, estimates and projections that involve a number of risksand uncertainties, which could cause actual results to differ materially from those anticipated and described in the forwardlooking statements. Such statements involve known and unknown risks, uncertainties and other factors that may causeactual results or events to differ materially from those anticipated in such forward-looking statements including, withoutlimitation: (i) volatility in market prices for power; (ii) volatility in exchange rates for the Canadian dollar relative to otherworld currencies; (iii) liabilities and risks inherent in the power generation industry, including technical problems; (iv) failureto close or realize the anticipated benefits of acquisitions; (v) competition for, among other things, capital and skilledpersonnel; (vi) changes in general economic, market and business conditions in Alberta, United States, and worldwide; (vii)actions by governmental or regulatory authorities including changes in tax laws; (viii) the ability of the Company to raisecapital and continue with its energy projects; (ix) the impact of adverse weather, wind and water flow conditions on theCompany’s operations; and (x) increases and overruns in power generation costs.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additionalinformation on these and other factors which could affect operations or financial results can be found in the Company’sAnnual Information Form available on SEDAR at www.sedar.com. The Company does not undertake any obligation topublicly update or revise any forward-looking statements except as expressly required by applicable securities law.

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Highlights

Independent Power Producer

� Alberta based wholesale seller of electricity and generating capacity

Strategy

� Establish sustainable ventures in organized power markets

� Acquire or develop assets

� Optimize and enhance existing assets

� Re-deploy capital when appropriate to realize shareholder value

Shareholder/Management Alignment

� Insider shareholdings are 52.5% of outstanding shares

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Market Profile

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MXG Closing Price

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3TSX Listing MXG

52 Week Range $1.79 - $2.62

Share Price $1.94

Shares Outstanding 52.5 million

Market Capitalization $101.9 million

Insider Shareholdings 52.5%

May 10, 2019

Normal Course Issuer Bids

� 2018 bid expired on May 10, 2018; repurchased 2.2 million shares at average price of $2.27/share

� 2019 bid commences May 23, 2019; authorized to purchase 2.6 mm shares

Leadership Team

M. Bruce Chernoff

Chairman & CEO

Over 30 years of senior corporate experience in oil & gas and power sectors.

Mike Mayder

President & CFO

Over 30 years of experience in the power sector. Background in finance, business development, and information systems.

Bob Emmott

Executive VP and COO

Over 30 years experience in the power sector. Has been a part of the design, build, and

commissioning of several large coal and gas-fired power plants.

.Rob Watson

VP Canadian Facilities

Over 20 years of experience in the power sector. Background in operations, market analysis, energy marketing and portfolio

management.

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Kyle Mitton

VP Corporate Development

Over 14 years experience in thepower sector. Senior positions include

operations, corporate development and energy marketing.

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Kim Karran

Corporate Secretary

Over 25 years experience in the power sector. Held leadership roles in business

development, corporate strategy and human resources.

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Experienced senior management team

2005 2010 2015 CurrentM2 phase I

(SCGT)M2 phase II

(CCGT Option)

Geographies 4 3 3 1 1 1

Facilities 25 44 39 1 1 1

Generating Capacity (MW)

• Total 334 809 778 144 204 234

• Average Per Facility 7.4 18.4 19.9 144 204 234

History

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� Track record of acquiring and developing generation projects during early stages of developing power markets and redeploying capital as markets mature

� Over the past 15 years MAXIM built up and successfully sold operating power plants in United States, France and Canada

� Maxim also organized and sold a 48.5 MW wind powered development project in 2018

� Currently focussed on opportunities in Alberta, where the power market is completing a twenty year transition from a regulated power market.

� Targeting to:

� Simplify business by employing modern, competitive technology

� Focus on economies of scale

MAXIM's Alberta Assets

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Operating Asset – HR Milner (M1)

• 150 MW dual fuel-fired (coal and natural gas-fired) power station

• Nearing end of its life under federal regulations

• To be phased out as M2 development project advances

Loss Factor Claim

• ~$40 million plus interest

• Approved by the AUC

• Financial settlement expected late-2019

• Appeals are pending

Non-Core Assets

Summit Coal

• Alberta metallurgical coal mine project

• 18.9 million tonnes of reserves

Land

• 32 acres of undeveloped land in New Jersey

Project in Construction (M2)

• 204 MW gas-fired generation facility operating in simple cycle mode

• Commercial operation late in 2019

• More efficient than coal and coal-to-gas conversions

• Option to expand to 234 MW combined cycle

Development Projects

Milner Site

• Permitted to develop an additional 402 MW of natural-gas fired generation

Deerland

• Permitted to develop 190 MW natural-gas fired peaking station

Buffalo Atlee

• Organized and sold a 48.5 MW wind power development project in 2018

• Potential to develop a further 200 MW of wind powered generation

Alberta Power Market -Transition

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Government Objective

• Transition from regulated generation to competitive market

Market Design

Compensation

• Compensation for regulated generation grandfathered for 20 years through transitional Power Purchase Arrangements (PPAs) to Dec. 2020

• Other participants compensated for electricity generated

Carbon Dioxide Emissions

• Carbon tax levied on carbon emitted in excess of power-plant specific baselines

Supply

• Baseload generation dominated by legacy coal-fired power plants

Historical

Government Objective

• Ensure Alberta has a market-based electricity system that provides affordable electricity

Market Design

Compensation

• Transitional PPAs expire Dec. 31, 2020

• All participants compensated for electricity generated

• Potential compensation for availability of generating capacity

Carbon Dioxide Emissions

• Carbon tax levied on carbon emitted in excess of “best installed” thermal capacity

Supply

• Coal-fired generation phased out by 2030

• Base load generation becomes dominated by natural gas-fired power plants

Current Focus

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Energy Capacity

Alberta Power Market - Prices

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Source: EDC Q2-2019 Report, Historical Data

� 2015 – 2017 prices were suppressed due to uneconomical bidding by the Balancing Pool

� Capacity price in $/kW-year adjusted to equivalent $/MWh

� Capacity price in 2021 is for 2 months

Actual EDC Forecast

2001-2014$65/MWh

2015-2017$25/MWh

M2 Development Project

Investment

� SCGT estimated installed cost $138 million

Competitiveness

� High efficiency unit with low onsite fixed costs

� Procured General Electric Frame 7 F-Class combustion turbine generator and certain related equipment for $20.3 million in 2018.

� Previously delivered new to the seller in 2012 and never installed

� “Brownfield" development site (utility interconnections, water license, existing permits)

� Engineer, Procure, Construct ("EPC") model being employed to de-risk project

� Receives loss factor credits (location based credits)

SCGT Financing

� Funded with cash on hand, anticipated Line Loss settlement, and third party debt facilities

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M2 Investment & Unit Costs

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M2’s investment cost and its ongoing operating costs are competitive

$28.29

$19.34

$37.44

$43.51

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M2 SCGT M2 CCGT

(Option)

AVG - CTG AVG - Coal

M2 Unit Costs

Fuel Carbon Loss Factor Charge/(Credit)

Other variable costs Fixed Cost @ Baseload

Installed cost based on Maxim's estimates for M2 and EDC Associates Ltd. estimates for comparison (EDC Q1-2019 Report)

Coal and coal to gas (CTG) units represent 47% of forecast 2019 system peak

Unit costs are Maxim’s estimates assuming natural gas price of $1.50/GJ and current carbon emission legislation which is under review by the Alberta government

M2 SCGT Investment

M2 SCGT New SCGT

Capacity (MW) 204 200

Installed Cost ($MM) $138 $280

Installed Cost ($/kW) $675 ~$1,400

Commercial Operation Late 2019 2 to 3 years

M2 DEVELOPMENT PROJECT

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SCGT Development Schedule

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Purchase equipment

- Major generation equipment

- Site specific equipment

Relocate US equipment to Canada

Engineering

Construction

- Site preparation and foundation

- Construction

Update permits and approvals

Upsize Gas Supply

Commissioning

2018 Q1 Q2 Q3 Q4 Q1

Major generation equipment

� Maxim purchase a GE combustion turbine generator and certain related equipment in 2018.

� This GE equipment was previously delivered new to the seller in 2012 and never installed

Construction

� Foundation work began in Q1 2019

� Currently negotiating an Engineering, Procurement and Construction Agreement for balance of work

M2 Development Phases

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Condenser(heat

exchanger)

CoolingTower

Exhaust Flow

Heating Loop

Cooling Loop

Cold

Hot

Steam Steam

Water

GT Gas turbine generatorStack Bypass exhaust stackHRSG Heat recovery steam generatorST Steam turbine generator

Phase I - Simple Cycle Phase II - Combined Cycle Upgrade Option

Stack

New 2012 Equipment Existing Milner InstallationNew 2012 Equipment

~ ~

ElectricityElectricity

GT

HRSG(boiler)

ST

M2 benefits from existing M1 equipment and new in 2012, never installed equipment

M2 - Combined Cycle Mode

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M2 Generator

M2 Gas Turbine

M1 Steam turbine and generator

steam

Transport From Salt Lake City Storage

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260 Ton Gas Turbine

250 Ton Generator

Site Construction Progression

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Sprung Structure Assembly First Piling

Site Construction Progression

Foundation Preparation – Pilings and Hoarding

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Site Construction Progression

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Main Foundation Poured – 800 Cubic Metres of Concrete

Site Construction Progression

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Construction Time Lapse Images

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