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MAXIMUS QUARTERLY EARNINGS CALL

David N. Walker

Chief Financial Officer and Treasurer

2^nd Quarter Fiscal 2006

May 4, 2006

Q2 FY06 Financial Highlights

• Revenue was $179.8 million

• An increase of 17% year-over-year

• Driven principally by Operations Segment

• Net income totaled $8.9 million or $0.41 per diluted share

• Compares to $8.5 million or $0.39 a share in the same quarter last year, after adjusting for FAS 123R

• Q2 EPS impacted by $0.02 for legal and settlement costs

• Net cash provided by operating activities totaled $11.4 million with free cash flow of $6.5 million

• Cash, cash equivalents, and marketable securities remained healthy at $175.1 million as of March 31, 2006

Consulting Segment Results

Consulting Segment: 15% of total revenue

• Consulting Segment revenue increased 12% over last year to $26.4 million

• Operating income totaled $3.0 million with an operating margin of 11.3%

• Revenue and margin growth over Q2 05 driven principally from the financial services division:

• Rev Max claims and

• A large child welfare compliance project.

NOTE:

FAS 123R was implemented on prospective basis at the beginning of FY06

FY 05 segment results exclude stock option expense; while FY 06 results include the impact of option expense

Systems Segment Results

Systems Segment: 18% of total revenue

• Systems Segment revenue $32.2 million which is comparable to last year

• Operating income just under $300,000

• Decline of $1.7 million compared to Q2 05

• Operating income decline largely the result of additional resources needed to fulfill contractual obligations on a large system implementation

• Follow-on phase to contract should return the Division to profitability in the second half of FY 06

Operations Segment Results

Operations Segment: 67% of total revenue

• Operations Segment grew 24% over Q2 05, revenue of $121.2 million

• Growth driven principally by:

• British Columbia health operations contract; launched in Q3 05

• $4.1 million hardware delivery on voter contract

• New work across the segment

• Operating income totaled $10.5 million with an 8.7% operating margin

• Operating margin declined compared to Q2 05 due to losses in B.C. and a $2.3 million loss in Texas

• Operating margin expansion over Q1 05 was driven by reduced losses and improvements on the B.C. project

• Expect B.C. project to turn the corner in FY07

• Current view - project will begin sustained profitable operations FY 07

Total Company - Expenses and Operating Margin

• Operating margin for Q2 was 7.6%

• Excluding legal and settlement; operating margin was 8%

• Year-over-year SG&A and operating margins were impacted in FY06 by FAS 123 (R), as FY 05 does not include option expense

• Total stock option expense in the Q2 06 of $1.3 million or $0.04 per diluted share

• If we expense options in Q2 05, option expense would have been $1.6 million or $0.05 per diluted share

Balance Sheet

	Q205		Q305		YE & Q405		Q106		Q206
Billed A/R	$	115.5	$	128.2	$	124.5	$	123.6	$	139.6
Unbilled A/R	$	48.1	$	44.7	$	43.7	$	47.2	$	46.2
Total A/R	$	163.6	$	172.9	$	168.3	$	170.8	$	185.8

• A/R for Q2 totaled $185.8 million

• DSOs totaled 97 days

NOTE: The 97 days includes $5.4 million in long term A/R; classified within other assets on balance sheet

Cash Balance, Stock Repurchase, and
Cash Flow from Operations

	Q205		Q305		Q405		FY 06		Q106			Q206
Cash from Ops	$	27.1	$	11.9	$	25.0	$	74.1	$	5.1		$	11.4
FCF	$	22.5	$	6.0	$	15.9	$	49.8	$	(0.5	)	$	6.5

• Cash from operations totaled $11.4 million with free cash flow of $6.5 million

• Cash, cash equivalents, and marketable securities of $175.1 million at March 31, 2006

• The company purchased 138,700 shares of common stock during Q2, with $24.4 million available under ongoing stock repurchase program

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MAXIMUS QUARTERLY EARNINGS CALL

Richard A. Montoni

President and Chief Executive Officer

2^nd Quarter Fiscal 2006

May 4, 2006

Management Transition

• MAXIMUS remains strong and stable

• Above all a team-oriented company

• Overwhelming support received from large customers

• Change will not adversely impact project and field operations

• Morale is high and employee base is energized

Strategic Plan Remains on Course

• Several initiatives already underway

• Refocus some current efforts

• Long-term, six-point plan laid out 18 months ago

• Deeply involved in developing the strategic direction

• Made real, tangible progress toward those objectives

• Strengthened management team

• Implemented cost reductions to better leverage resources

• No immediate plans for additional major cost reductions

• Significant progress made in turning around and combining unprofitable business units

New Approach to Business

• Committed to being the premier government services provider

• Quality can and will be improved

• Execute on current contracts and manage the risk in start-up implementations such as BC and TX

• Redirect the organization on winning more profitable business and increasing overall margin

• Not strictly emphasizing a volume-driven approach

• More selective in determining the opportunities

• Committed to margin expansion in current contracts and new business wins

• Critical component - how operations going forward are managed

MAXIMUS Leadership

• Recruit industry-leading talent that hit the ground running

• Taken ownership of long-term objectives

• More can be accomplished by further empowering the team

• Decision-making process and accountability must be driven downward

• Segment leaders will have necessary resources and decision-making latitude to increase efficiency and accelerate growth

• Need to be a more flexible, nimble organization

• Managers to take on more day-to-day decision making

Culture Shift Towards Greater Teamwork

• Fostering a culture that requires management to maintain accountability and deliver on goals

• Scalable to the growth level aspired; not dependent on any single person

• Improving performance in British Columbia requires expertise across the Company

• Headed in the right direction

• Efforts in Texas require similar team work

British Columbia

• Significant progress made in turning around performance

• Service levels among the best on record for the Ministry

• Ministry quarterly report noted:

• Maintaining a record low document inventory level

• Processed public documents within required levels

• Answered phones from the public, within three minute call window

• Answered calls from doctors and pharmacists, within one-minute call window

• Aligning staffing levels and managing service delivery closer to economic model

Texas Integrated Eligibility Project

• Texas Health and Human Services Commission delayed integrated eligibility roll out

• Delay is a result of needed technical and operational improvements

• Systems development and interfacing

• Start-up readiness

• Financial implications not known today but dependent on finalization and agreement to revise scope and responsibilities

• Finalize and quantify in the next 30 days

Uses of Cash

• M&A activity: smaller, tuck-in acquisitions

• Divest certain businesses

• Facilitate margin improvement

• Business lines that no longer aligned with strategic objectives

• Reinvest in the business to upgrade technological capabilities

• More effectively scale service offerings

• Improve ability to roll knowledge from one project to the next

• Continue to pay a quarterly cash dividend of $0.10 per share

• Maintain an active share repurchase program

Re-bids

• 17 jobs up for re-bid in FY 06

• Have won or received extensions on 13

• Total value of $172 million

• To date, won $114 million

• FY 06 re-bid contract value totaled close to $32 million

• Secured $29 million, to date

• Largest re-bid decision expected end of FY 06

Options

• 14 option exercises outstanding

• Total contract value of $81 million

• Won six with a contract value of $48 million

• FY 06 impact totals $20 million and we’ve secured $17 million

• Eight remaining options

• Three totaling $21 million; awarded late 2006 with no impact to FY06

Summary Awards & Pipeline

	Q2 FY05		Q2 FY06
Signed	$	628	$	292
Awarded but Not Signed	452		135
Pipeline
Proposals Submitted	190		494
Proposals in Preparation	310		144
Major Opportunities Tracking	558		682
Total Pipeline	$	1,058	$	1,321

All dollar values in millions

Guidance

• Expect revenue in the range of $710-$725

• Revising full year EPS estimates

• $1.87 still achievable; reducing to more conservative levels

• Estimate diluted earning per share in the range of $1.80 - $1.87

• Revised forecast with several items in mind

• Texas

• Continued improvement in British Columbia

• License revenue and contingency-based work uncertainties

• Several accretive events can get us to $1.87

• Revised guidance is prudent and conservative

Conclusion

• Focused on key priorities

• Preserve MAXIMUS heritage but make meaningful changes

• Cultural shifts

• Better leverage talent

• More directed, focused, and accountable

• Empower leadership

• Re-evaluating uses of cash

• Optimizing current business

• Project and risk management

• Pricing

• Approach to business development