investor day showfile

Welcome to Maxim’s Investor Day 2016

Safe Harbor

2

This presentation contains forward-looking statements within the meaning of Section 27A of the

Securities act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These forward-looking statements include, without limitation, the Company’s projections

and statements regarding strategy, revenue, gross margin, earnings per share, capital expenditures and

other financial and business metrics. These statements involve risks and uncertainties that could cause

actual results to differ materially from expectations. Please refer to the Company’s Annual Report on

Form 10-K for the fiscal year ended June 27, 2015 for a description of some of the risk factors that could

cause actual results to differ materially from such forward-looking statements.

All forward-looking statements included in this presentation are made as of the date hereof, based on

the information available to the Company as of the date hereof, and the Company assumes no obligation

to update any forward-looking statement.

Welcome to Maxim’s Investor Day 2016Kathy Ta, Managing Director

Investor Relations

Investor Day Agenda

4

Wednesday, February 10, 3:00 – 5:30 pm

3:00 – 3:05 pm 5 min. Welcome Remarks - Kathy Ta, Investor Relations

3:05 – 3:30 pm 25 min. Tunç Doluca, President and CEO

3:30 – 3:55 pm 25 min. Tony Stratakos, CTO

3:55 – 4:30 pm 35 min. Matt Murphy, EVP, Business Units, Sales and Marketing

4:30 – 5:00 pm 30 min. Bruce Kiddoo, CFO

5:00 – 5:30 pm 30 min. Questions & Answers

5:30 – 6:30 pm 60 min. Reception

Maxim’s Strategy and FocusTunç Doluca

CEO

3 Takeaways

1) Focusing on power and markets where we add value

2) Diversifying our business

3) Improving cash flow

6

Industry View

• Maturing Industry: 4% analog growth projected

• Common themes: Consolidation and margin improvements

• Power of incumbency clear

7

Source: WSTS

Industry View

• Maturing Industry: 4% analog growth projected

• Common themes: Consolidation and margin improvements

• Power of incumbency clear

• Electronics everywhere = new opportunities for growth

• Maxim in position to leverage incumbency

• Product performance matters

• Great engineering team at Maxim

8

Source: WSTS

Our Strategy

Leadhigh-performance

power

Differentiatein targeted

growth markets

Grow core products

Driveoperational excellence

9

Our Strategy


power


growth markets

Grow core products


10

$2.0$2.8

$2.9

$11.0$26.6

General Purpose Power

ASSP

GP Amplifiers

GP Signal Conversion

GP Interface

Power is ~40% of the Analog TAM

11

2015 Analog revenue = $45B

Source: WSTS, Maxim

Total Power ~40% ($17B)

GP

ASSP

Power Grew 2.5X Analog Market

12

1.7%

-3.1%

-1.8%

1.4%

2.1%

4.7%

TOTAL ANALOG

Interface

Amplifiers

Signal Converters

GP Analog

Power

4 Year CAGR (2011-2015)Source: WSTS

History in Power

13

1990s Now

LAPTOP BATTERY MANAGEMENT

SUPERVISORY POWER

GENERAL PURPOSE POWER

History in Power

14

CAMERA PMICs

LAPTOP BATTERY MANAGEMENT

LCD TV POWER

SMARTPHONE PMICs

AUTOMOTIVE POWER

WEARABLESPMICs

CLOUD / DATA CENTER POWER

SUPERVISORY POWER

GENERAL PURPOSE POWER

1990s Now

Power is Central to Everything

15

Integration for performance & reliability

Energy efficiency

Longer battery life

Smaller form factorsIndustry 4.0

Power is Central to Everything

16

Integration for performance & reliability

Energy efficiency

Longer battery life

Smaller form factorsIndustry 4.0

Diversifying Maxim’s Power Revenue

17

2012 2015 2018

Source: Maxim

24%

56%63%

Automotive

Comms & Data CenterIndustrial

Consumer + Computing

Maxim Has Robust Power Franchise Beyond Mobility

18

2012 2015

Source: Maxim

$303M

$500M18% CAGR

Automotive Power43% CAGR

Comms & Data Center Power11% CAGR

Industrial Power5% CAGR

Strong GrowthAutomotive Comms & Data Center Industrial

Our Strategy


power


growth markets

Grow core products


19

Targeted Applications in Key Markets

20

Automotive Industrial Data Center Mobility

Power

Interface

RF

Power

Optical

Power

Signal Chain

Interface

Micros

Security

Sensors

Power

Audio

Sensors

Our Strategy


power


growth markets

Grow core products


21

Foundation of Core Products

10,000+ products$800M+ revenue70+% gross margin

Generates highly profitable “annuity” revenue in long-lived products

22

Our Strategy


power


growth markets

Grow core products


23

Transforming the Company

Portfolio Management

24

Transforming the Company

Portfolio Management Transform Manufacturing

25

Transformation Driving Cash FlowFree Cash Flow $M

2012 2015

$539M

Calendar year

$703M

Note: Free Cash Flow: Cash from Operations – Net Capital ExpendituresNet Capital Expenditures: Gross Capital Expenditures – Asset Sales

9% CAGR

26

Our Strategy


power


growth markets

Grow core products


27

Technology Development & IncubationsTony Stratakos

CTO

Advanced R&D Roles

Develop Platform Technologies

Power & Sensors

Incubations

30

Technology Leadership in High-Performance Power

32

High Functional Integration

Small Size

High Efficiency

Low Standby Power

High Current Integration

Technology Leadership in High-Performance Power

33

High Functional Integration

Small Size

High Efficiency

Low Standby Power

High Current Integration

High-Performance Power

Investing Where High-Performance Power is Valued

34

Healthcare Wearables Data Center Battery

Solar Lighting Integrated Infotainment Industrial


35




36




37




38



Integration & Low Power Drive Automotive Power Adoption

Case 1: Maxim PMIC for NVIDIA processor• Highest functional integration

14 power functions on one IC

• Smallest size for space-constrained module

• Integration provides reliability for Infotainment & ADAS

39

Integration & Low Power Drive Automotive Power Adoption

Case 1: Maxim PMIC for NVIDIA processor• Highest functional integration

14 power functions on one IC

• Smallest size for space-constrained module

• Integration provides reliability for Infotainment & ADAS

Case 2: High-voltage automotive power IC • Lowest off-state power – 2mA standby current

• “Always on” for fast ECU wake-up

40

Power Efficiency & Small Size Drive Data Center Wins

Data center integrated power ICs• Highest current: CPU

• Only single-chip solution: Memory

• Smallest footprint

20% higher computational density

• Lowest total cost of ownership

~$1 in energy cost savings per $1 in Maxim revenue

$20M in energy cost savings for 1M servers per year

41

Power Efficiency & Small Size Drive Data Center Wins

Data center integrated power ICs• Highest current: CPU

• Only single-chip solution: Memory

• Smallest footprint

20% higher computational density

• Lowest total cost of ownership

~$1 in energy cost savings per $1 in Maxim revenue

$20M in energy cost savings for 1M servers per year

42

Technology Leadership in Power Requires a Platform Approach

43

Power Technology PlatformProcess

Advanced Packaging

Architecture

Power/Mixed-Signal Integration

Technology Leadership in Power Requires a Platform Approach

44


Advanced Packaging

Architecture


Benefits of Technology Scaling in Conventional Power

45

Decreasing Linewidth>1µm

Good scaling benefit

Conventional Wisdom: Little scaling benefitTransistor Density

130nm180nm

Unique Benefits of Technology Scaling for Maxim

46

Competitor tool limitationsDecreasing Linewidth>1µm 130nm180nm

Transistor Density MaximRoadmap

Maxim Process & Device IP

Unleashing the Benefits of Deeper Submicron for Power

47

Advanced Foundry Tools

Differentiated Power Devices on Proprietary Process

Maxim Process & Device IP

Unleashing the Benefits of Deeper Submicron for Power

48

Advanced Foundry Tools

Differentiated Power Devices on Proprietary Process


Advanced Packaging

Architecture


Maxim’s Evolution of Technology & Manufacturing

49

Transistor Density

0

100

0.8µm 0.35µm 180nm 90nmMobile

90nmPlatform

50

150

With Scaling↑Power Density

↑Power Efficiency↑Integration

↓Standby Current


50

Transistor Density

0

100


90nmPlatform

50

150

~2000: 0.8mmPlatform Process

6” WafersInternal Development

Internal Manufacturing


51

~2004: 0.35mmPlatform Process

8” WafersInternal Development

Internal & External Manufacturing

Transistor Density

0

100


90nmPlatform

50

150


52

~2007: 180nmPlatform Process8” & 12” Wafers

Internal DevelopmentInternal & External Manufacturing

Transistor Density

0

100


90nmPlatform

50

150

2010: First 12” wafers 30% cost savings


53

~2015: 90nmMobile Only12” Wafers

Internal DevelopmentExternal Manufacturing

Transistor Density

0

100


90nmPlatform

50

150

30% cost savings 30% performance gains


54

~2017: 90nm PlatformPlatform Process

12” WafersExternal Development

External Manufacturing

Transistor Density

0

100


90nmPlatform

50

150


55

90nm Platform BenefitsExtended Voltage Range

Improved Performance & CostLow Development Cost

Low CapEx

Transistor Density

0

100


90nmPlatform

50

150

Exceeds benchmarks for performance & cost


56

Solution Benefits15x Functional Integration Density

20x Higher Current DensityMore Efficient:

7x Lower Power Loss10x Lower Standby Power Loss

Transistor Density

0

100


90nmPlatform

50

150

>70x density in 5 generations


57

Continued improvements forecast in deeper submicron technologies

Future: <90nmPlatform Process

12” WafersExternal Development

External ManufacturingLow CapEx

Transistor Density

0

100


90nmPlatform

50

150

< 90nm

Sensors

Global Wellbeing Enabled by Maxim Sensors

Bio Sensing

59


Bio Sensing Environmental Sensing

60


Bio Sensing Environmental Sensing Food & Water Quality

61

Incubations

Sharp Decline in Semiconductor Startups

63

0

5

10

15

20

25

30

35

40

45

1990 1995 2000 2005 2010 2015

Number of Semi Startups Created

Source: Gartner

SOC

Integrated Voltage Regulators (IVR)

Advanced R&D Semiconductor Incubations

64

SOC



65

Software Defined Battery

SOC



66

Software Defined Battery

Future ProjectsSensorsPower

Summary

• Leading in High-Performance Power> Technology leadership

> Holistic platform approach

• Maxim uniquely positioned to leverage technology scaling

• Incubating new businesses for our future

67

Driving Sustainable GrowthMatt Murphy

Business Units, Sales & Marketing

Our Strategy


power


growth markets

Grow core products

69

Playing to Our Strengths in High-Performance Power

70

1

2

3


power

Leverage core competency

Focus on growth markets

Increased R&D

Targeting High Growth with Disruptive TechnologyR&D organized by end markets and core products where we are winning

71


Core Products(General Purpose, Micros, Security)

Automotive

72

17% of company revenue

10+ year history building the business

Diversified product and customer base

$0

$50

$100

$150

$200

$250

$300

$350

2010 2011 2012 2013 2014 2015

Accelerating Growth in Automotive

Maxim Revenue [$M]

73

Calendar Year

26%CAGR

(2010-2015)

Source: Maxim

Automotive Surpassed Smartphones in Market Size & Growth

74

Automotive market growing to $10B, 5% CAGR

$8.6 $8.9 $8.7

$10.2

2015 2018F

Automotive

Smartphones

Source: IHS

Analog Market TAM [$B]

Growing 2x faster than overall Auto market

Investing in High Growth Areas of Automotive

75

2015 2018FSource: IHS, Strategy Analytics, Maxim

$2.0

$1.5

9%CAGR

LED Lighting 8% CAGR

Power 6% CAGR

Serial Link 25% CAGR

EV Battery 14% CAGR

Automotive AnalogASSP SAM [$B]

Electronics Create Differentiation in Cars

76

Opportunity for Maxim: $100+ per car

Infotainment

Access

Powertrain

Safety


77


Infotainment

Access

Powertrain

Safety

Hybrid Radio

USB ChargingPower Management

Active Antenna

Serial Link


78


Smart Key

Infotainment

Access

Powertrain

Safety

Hybrid Radio


Active Antenna

Serial Link


79


Smart Key

Battery Management (EV/Hybrids)

Infotainment

Access

Powertrain

Safety

Hybrid Radio


Active Antenna

Serial Link


80


Smart Key

Battery Management (EV/Hybrids)

Infotainment

Access

Powertrain

Safety

Advanced Driver Assistance

ExteriorLED Lighting

Serial Link

Hybrid Radio


Active Antenna

Serial Link

New Features Require Efficient Power Management

81

More portsMore processorsMore power

5085

12535

65

95

2012 2015 2018Source: Strategy Analytics

14%CAGR

USB Ports

Application Processors

Automotive IC Units [M]

85Mu

150Mu

220Mu

High Speed Serial Link Enables Evolution of Driver Assistance

82

BeforeSingle function, low-res display

Next6+ cameras, 19 links, ADAS, UHD displays

NowRear-facing camera,

high-res displays

New 6 GB serial link products this year enable ADAS

Europe Japan Korea Americas China & Taiwan

Lots of Geographic Headroom for Growth

83

Maxim’s Business Traction EmergingHigh

Note: Logos are the property of their respective trademark owners

Industrial

84

Fastest growing market in analog

$600M+ of Maxim’s revenue

Diversified product and customer base

Industrial is the Fastest Growing Analog Market

85

2015 2018E

Industrial Analog TAM [$B]

Other 11% CAGR

Test & Security 2% CAGR

Building & Home 10% CAGR

Mil & Aero 7% CAGR

Power & Energy 9% CAGR

Medical 8% CAGR

Factory Automation 6% CAGR

$8.4

$10.47%CAGR

Source: IHS

Factory Automation: 25% of Industrial TAM

Maxim Technologies for Factory Automation

86

2015 2018E

Factory Automation Analog TAM [$B]

ASSP 8% CAGR

Signal Chain 5% CAGR

Interface 3% CAGR

Power 5% CAGR

$2.1

$2.56%CAGR

Source: IHS

40% of Maxim Industrial

Focused investment since 2012

New products ramping

Interface

Key Technologies for Factory Automation

Power

• High-voltage power• Power modules• Supervisory• Protection

• RS485• IO link• Isolation products• Digital input/output

87

Miniaturizing Factory Automation...

88

2014: Micro PLC Reference Design2014: Standard Micro PLC

More functionality10x smaller½ the power

3.5”

20”

2.25”

…to Fit in Your Pocket

89

2014: Maxim uPLC2014: Micro PLC Reference Design 2016: Pocket IO Reference Design

50 chips$125 Maxim content

3”

0.75”

3”

2.25”

Winning in Industrial Power with Cooler Chips

90

Designed differently from the ground up

Note: Example uses VIN = 24V, VOUT = 5V, IOUT = 2.5A @ 500KHz

Competitor Solution Maxim Solution

50% lower heat generation than competition

Data Center

91

Focused on the Cloud

Highest power density

Data Centers Transitioning to the Needs of the Cloud

92

0%

25%

50%

75%

100%

2008 2010 2012 2014 2016F 2018FSource: Morgan Stanley Calendar Year

Cloud servers to overtake enterprise

Server Unit Market Share %

Enterprise

Cloud

Server Power Management Leads in Power Density

93

Conventional Solution Maxim Solution

33% smaller footprint than conventional

Optical Solutions Improve Data Center Density

94

Data increasing Data centers store & process Users access real time

Optical Solutions Improve Data Center Density

95

Maxim’s 25G, 40G, 100G Optical SolutionsHigher density

Lower power consumption

Data increasing Data centers store & process Users access real time

Winning in Optical

96

Maxim’s Differentiation

1. Proprietary IP cores for low power

2. Unique architecture lowers heat and cost

3. Digital tuning optimizes performance, improves module yields

Aligned with the Right Optical Customers to Win in Cloud

97

Maxim’s Module Customers End Customers

Note: Logos are the property of their respective trademark owners

Mobility and WearablesMore than smartphones

98

$12B market opportunity

Wearables market growing ~30% per year

Investing in power, audio, and sensors

Diversifying Mobility Revenue

99

Wearables

Tablets

Smartphones

2012 2015

Growing in tablets and wearables

6%

27%

Diversifying Mobility Revenue by Technology

100

Sensors

Audio

Power

2012 2015

11%

47%

Wearables Growing to 380M Units by 2018

101

•Heart rate• ECG• Body temperature• Cuff-less blood pressure

• Fitness and activity monitors• Smart clothing• Sports watches• Chest straps• Patches

• Smart watches• Smart glasses•Wearable cameras• Bluetooth headsets

Source: Gartner, IHS, Maxim

Fitness & Wellness

Medical

Consumer Wearables

120M units

120M units

140M units

2018Analog TAM $1.2B

Maxim Enables Longer Battery Life in Wearables

5 hrs

10 hrs

16 hrs

Gen 1 Gen 2 Gen 3

102

Active Battery Runtime

Fitness Wearable Generation

60% increase

Grow Core Products

10,000+ products$800M+ revenue70+% gross margin

Generates highly profitable “annuity” revenue in long-lived products

103

Growth Strategy for Core Products

104

Grow core products

Sell what we have1

2

3 Selective R&D

Grow distribution partnerships

Broad Traction in Core Products: Building Block Parts

105

AmpSignal Chain

InterfacePower

#1 in supervisory products #1 in RS232 + 485 interfaceInvented RS232

Strong temperature sensor portfolio

#2 in comparatorsStrong precision amp portfolio

Sell What We Have

106

Online Simulation ToolsStar Products Promotion

Improved Sales Collateral

Catalog Distribution Enhanced Website

Improved Distribution EngagementMaxim revenue

FY12 FY15

Distribution

29% Distribution

36%

Direct Direct

• 10,000+ customers

• Leading Avnet supplier

• Specialty distributors to reach “long tail”

107

Driving Sustainable Growth

108


Core Products(General Purpose, Micros, Security)

Growing in Diversified Market

Industry 4.0 Transition to the Cloud

Growing in Wearables

Positioned to Grow in the Broad Market

Creating Value in a Maturing IndustryBruce Kiddoo

CFO

Maturing Industry – Really?

110

55%45%

growth

semi cycle

IPOs

tuck-in acquisitions

fabs

TSMC wafer starts

Moore’s law

leverage

SoC

Still Able to Create Significant Value

111

55%45%

consolidation

cashmargin expansion

synergies

slow growth

muted cyclicality

scale matterscapital return

dividends

FCF yield

low capex

general purpose

Creating Value in A Maturing Industry


power

Driveoperationalexcellence

SelectiveM&A

Maximizecash flow

112

Power Franchise

Incumbent market position1

2

3 Highly profitable

Technology leadership in multiple markets

113

Power Franchise

Incumbent market position1

2

3 Highly profitable

Technology leadership in multiple markets

“Wide Moat”114



power


SelectiveM&A

Maximizecash flow

115

Operational Excellence

Transforming manufacturing 1

2

3 Execution expertise

Improving return on R&D

116



2



117

Manufacturing Transformation

118

San Jose fab closure & sale

San Antonio fab sale

Dallas Bump fab transition

Philippines consolidation

Strategic foundry partnerships

Improve internal fab loading

Flexible cost structure

Retain proprietary process technology

Access deep submicron foundry capacity

Manufacturing Transformation

119

San Jose fab closure & sale

San Antonio fab sale

Dallas Bump fab transition

Philippines consolidation

Strategic foundry partnerships

Manufacturing Transformation Plan On Track

120

63% GM 65% GM

Actions completed

1. Closed and sold San Jose fab

2. Sold San Antonio fab to foundry partner

3. Consolidated Philippines facilities

Remaining actions

1. Close Dallas wafer level packaging fab

2. Realize full savings from San Antonio fab transition

3. Depreciation CapEx convergence

61% GM 64% GM

2017 Exit2015 2016 2017

$0

$100

$200

$300

$400

$500

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16F

Historical CapEx, Long Asset Lives Kept Depreciation High

121

Increase foundry mix

Add 180nm, test capacity

Use foundry for 90nm

% of Rev 20% 20% 11% 8% 6% 7% 11% 9% 5% 3% 3%

Capital Expenditure [$ M]

Note: Measures exclude Special Items

2x Depreciation Decline Due to Manufacturing Transformation

122

Note: Depreciation excludes accelerated depreciationMeasures exclude Special Items

$60

$80

$100

$120

$140

$160

FY12 FY13 FY14 FY15 FY16F FY17F FY18F

Depreciation [$ M]

Depreciation – CapEx Gap: Tailwind for Gross Margin

123

0%

2%

4%

6%

8%

10%

12%

FY12 FY13 FY14 FY15 FY16F FY17 FY18

CapEx

Depreciation

Depreciation will decline to CapEx

Note: Depreciation excludes accelerated depreciationMeasures exclude Special Items

% of Revenue

Shift to Flexible Manufacturing Cost Model

2007

Internal

External

2012

External

2016

External InternalInternal

Combine advanced foundry capabilities & Maxim’s proprietary processes

124



2



125

Setting Operating Expense Target of 30%

126

22%

26%

30%

34%

38%

$160

$170

$180

$190

$200

$210

$220

$230

FY15Q1

FY15Q2

FY15Q3

FY15Q4

FY16Q1

FY16Q2

FY16Q3F

Actions completed1. Consumer Touch divestiture2. Energy Metering divestiture3. Portfolio management4. SG&A efficiencies

Actions remaining1. MEMS divestiture2. Test offshoring3. Dallas campus sale

Operating Expenses [$ M]

As % of Revenue


Industrial and Automotive Growth Diversifying Revenue

127

Note: Due to nature of our general purpose products, estimates by Major Markets are imprecise

FY12 FY16 Target

Automotive

Industrial

All other markets

30% 45% 50%

Improving Customer Revenue Diversification

128

FY12 FY16Broad-based +

AvnetTop 10

customers

59% 67%



2



129

Execution Expertise

Integrated acquisitions

2

3 Transitioned fabs

Sold businesses

130

4 Restructured everything

1



power


SelectiveM&A

Maximizecash flow

131

Creating Value In Any Scenario

132

Organicvalue creation

Acquiredby others

Buying other companies

M&A Strategy in a Consolidating Industry

133

• R&D Efficiency

• Customer and distributor strategic relationships

• Volume benefits with suppliers

Scale matters1

• Synergies

• Price discipline

Create value2

• High-performance analog

• High profitability

• Strong cash flow

Play to our strengths3

We Have the Capacity for M&A

134

Strong cash flow1

2

3 Integration expertise

Increasing debt capacity through EBITDA growth

SelectiveM&A



power


SelectiveM&A

Maximizecash flow

135

% of Rev 11% 9% 5% 3% 3%

$0

$100

$200

$300

FY12 FY13 FY14 FY15 FY16F

Capital Expenditures Reduced to 1 to 3% of Revenue

136

Use foundry for 90nm

Capital Expenditures [$ M]


70

80

90

100

110

120

$0

$50

$100

$150

$200

$250

$300

$350

FY15 Q4 FY16 Q1 FY16 Q2 FY16 Q3F FY16 Q4F

Inventory Reduction Drives Increased Free Cash Flow

137

Inventory days target

Net Inventory [$M]Days ofInventory


0%

5%

10%

15%

20%

25%

30%

35%

$0

$200

$400

$600

$800

FY12 FY13 FY14 FY15 FY16

Higher Profitability & Lower CapEx Drive Free Cash Flow

138

Raising free cash flow target: 30 to 35% of revenue

Free cash flow % target range

Free Cash Flow [$M]Free Cash Flow

% of Revenue

Note: Measures exclude Special ItemsFree Cash Flow: Cash Flow from Operations – Net Capital ExpendituresNet Capital Expenditures: Gross Capital Expenditures – Asset Sales

Highest Free Cash Flow Yield

139

Note: Data as of February 5, 2016, First Call consensus mean estimatesFCF Yield = FCF (CY2016E) / Market Capitalization Competitors: ADI, ISIL, LLTC, NXPI, SLAB, SMTC, TXNMeasures exclude Special Items

8.0% 7.8%

6.7% 6.6% 6.5% 6.5% 6.5%

5.8%

MXIM A B C D E F G

$0.18

$0.20

$0.22

$0.24

$0.26

$0.28

$0.30

FY10 Q1 FY12 Q1 FY14 Q1 FY16 Q1

Return of Cash Through Consistent Dividend Increases

140

Quarterly Cash Dividend Per Share

+5%+9%

+8%

+8%

$0.30

+7%

+5%

Industry-Leading Dividend Yield

141

Note: Data as of February 5, 2016

4.4%

3.8%

3.4% 3.3% 3.2%3.0% 2.9%

2.7% 2.6%

2.0%1.7% 1.7% 1.7%

0.0% 0.0% 0.0% 0.0%

A MXIM B C D E F G H I J K L M N O P

Dividend Yield %

Returned 94% of Free Cash Flow Over Last 4 Years

142

DIVIDEND

0%

20%

40%

60%

80%

100%

120%

$0

$200

$400

$600

$800

FY12 FY13 FY14 FY15 FY16F

Target: 80%

Dividend + Buyback [$M]Return as % ofFree Cash Flow

Dividend

Buyback

Note: All measures exclude Special Items

Summary

Stronger Long-Term Business Model

144

Old Model New Model

Revenue Growth 3 to 5 Points Above Industry 50% Above Industry

Gross Margin 61% – 64% ~65%

Operating Expenses Grow < Revenue % Growth ~30% of revenue

Operating Margin 30%+ by Q4 FY15 ~35%

Tax Rate 20% 20%

Inventory ~100 Days ~100 Days

CapEx 3% – 5% of Revenue 1% – 3% of Revenue

Free Cash Flow Margin 25% – 30% of Revenue 30% – 35% of Revenue

Total Cash to Shareholders 80% of Free Cash Flow 80% of Free Cash Flow

Note: All measures exclude Special ItemsAssumes full benefit of announced restructuring activities

Old Model New Model

Revenue Growth 3 to 5 Points Above Industry 50% Above Industry

Gross Margin 61% – 64% ~65%

Operating Expenses Grow < Revenue % Growth ~30% of revenue

Operating Margin 30%+ by Q4 FY15 ~35%

Tax Rate 20% 20%

Inventory ~100 Days ~100 Days

CapEx 3% – 5% of Revenue 1% – 3% of Revenue

Free Cash Flow Margin 25% – 30% of Revenue 30% – 35% of Revenue

Total Cash to Shareholders 80% of Free Cash Flow 80% of Free Cash Flow

Stronger Long-Term Business Model

145

Note: All measures exclude Special ItemsAssumes full benefit of announced restructuring activities

Long-term target: $3 Free Cash Flow per share

Why Invest in Maxim?

146

FCF Multiple at a Significant Discount to our Peers

Note: Data as of February 5, 2016, First Call consensus mean estimatesFCF Yield = FCF (CY2016E) / Market Capitalization Competitors: ADI, ISIL, LLTC, NXPI, SLAB, SMTC, TXNMeasures exclude Special Items

12.4x 12.8x

14.9x 15.0x 15.5x 15.5x 15.5x

17.3x

MXIM A B C D E F G

1.05xFACTOR

1.2x 1.2x 1.25x 1.25x 1.25x 1.4x

Thank you

3 Takeaways

1) Focusing on power and markets where we add value

2) Diversifying our business

3) Improving cash flow

149

Thank you

Free Cash Flow – Non GAAP Reconciliation

152

Free cash flow

Free cash flow is calculated by subtracting net capital expenditures from cash flows from operating activities. The table below provides a reconciliation of free cash flow to the most directly comparable GAAP measure.

June 27, June 28, June 29, June 30,

2015 2014 2013 2012

Cash flows from operating activities (GAAP) $ 693,706 $ 776,107 $ 817,935 $ 756,722

Payments for property, plant and equipment (75,816) (132,523) (216,672) (264,348)

Proceeds from sales of property, plant and equipment 29,035 5,293 19,196 16,883

Free cash flow (Non-GAAP) $ 646,925 $ 648,877 $ 620,459 $ 509,257

Net revenues $ 2,306,864 $ 2,453,663 $ 2,441,459 $ 2,403,529

Cash flows from operating activities as a percentage of revenue (GAAP) 30% 32% 34% 31%

Free cash flow as a percentage of revenue (Non-GAAP) 28% 26% 25% 21%

For the Years Ended

(in thousands)