CALIX LIMITED — Capital/Financing Update 2021

Mar 18, 2021

Proposed issue of securities

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Announcement Summary

Entity name

CALIX LIMITED

Announcement Type

New announcement

Date of this announcement

Friday March 19, 2021

The Proposed issue is:

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An offer of securities under a securities purchase plan

Total number of +securities proposed to be issued for an offer of securities under a securities purchase plan

Maximum Number of ASX +security code +Security description +securities to be issued CXL ORDINARY FULLY PAID 1,500,000

+Record date

Thursday March 18, 2021

Offer closing date

Thursday April 8, 2021

+Issue date

Monday April 19, 2021

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CALIX LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

Registration Number

ABN 36117372540

1.3 ASX issuer code

CXL

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Friday March 19, 2021

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 - Are any of the following approvals required for the offer of +securities under the +securities purchase plan issue to be unconditional?

+Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 4B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

CXL : ORDINARY FULLY PAID Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description

CXL : ORDINARY FULLY PAID

Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 1,500,000

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No

Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? Yes

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----- Start of picture text ----- Describe the maximum subscription condition1500000 New Shares or up to $3.0mWill individual security holders be required to accept the offer fora minimum number or value of +securities (i.e. a minimumacceptance condition)?YesIs the minimum acceptance unit based or dollar based?Dollar based ($)Please enter the minimum acceptance value$ 1,000Will individual security holders be limited to accepting the offerfor a maximum number or value of +securities (i.e. a maximumacceptance condition)?NoDescribe all the applicable parcels available for this offer in number of securities or dollar value$1,000, $2,500, $5,000, $7,500, $10,000, $15,000, $20,000, $25,000, $30,000Offer price detailsHas the offer price been determined?YesIn what currency will the offer What is the offer price perbe made? +security?AUD - Australian Dollar AUD 2.00000Oversubscription & Scale back detailsWill a scale back be applied if the offer is over-subscribed?YesDescribe the scale back arrangementsThe Share Purchase Plan is to be capped to $3.0m and the Company may scale back applications in itsdiscretion, having regard to factors including the pro rata shareholding of Eligible Shareholders (as atRecord Date) who apply for SPP shares.Will these +securities rank equally in all respects from their issue date with the existing issued+securities in that class?Yes----- End of picture text -----

Part 4C - Timetable

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4C.1 Date of announcement of +security purchase plan

Friday March 19, 2021

4C.2 +Record date

Thursday March 18, 2021

4C.3 Date on which offer documents will be made available to investors

Monday March 22, 2021

4C.4 Offer open date Thursday March 25, 2021

4C.5 Offer closing date

Thursday April 8, 2021

4C.6 Announcement of results

Tuesday April 13, 2021

4C.7 +Issue date

Monday April 19, 2021

Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? Yes

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? No

4E.2 Is the proposed offer to be underwritten? No

4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

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4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 4F - Further Information

4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Proceeds will be used to invest in Calix's accelerating growth in our Water, CO2 mitigation and Biotech operations, as well as investment in our advanced battery project.

4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer Only security holders in Australia and NZ are eligible to accept the proposed offer.

4F.3 URL on the entity's website where investors can download information about the proposed offer https://www.calix.global/investor-news/

4F.4 Any other information the entity wishes to provide about the proposed offer

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