CALIX LIMITED — Capital/Financing Update 2021

Mar 18, 2021

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Important Disclaimer

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IMPORTANT NOTICES

The following disclaimer applies to this presentation. Please consider its contents carefully. By accepting this presentation, you acknowledge that you are receiving it on the basis set out in the following paragraphs.

This presentation has been prepared and issued by Calix Limited (ABN 36 117 372 540) ( Calix ) in relation to a proposed placement of shares ( New Shares ) to sophisticated, institutional investors and professional investors (who are “wholesale clients” within the meaning of section 761G of the Corporations Act 2001 (Cth) ( Corporations Act )) to be made under section 708A of the Corporations Act ( Equity Raising ).

Currency of information

The information contained in this presentation is current as at the date of this presentation or such earlier date as specified in this presentation.

Summary of information

The information in this presentation is of a general nature only. It does not purport to be all-inclusive, comprehensive or contain all the information that may be relevant, or which a prospective investor may require in evaluations for an investment in Calix. The recipient acknowledges that circumstances may change, and that this presentation may become outdated as a result. This presentation and the information in it are subject to change without notice. Calix has prepared this presentation based on information available to it and is not obliged to update this presentation.

Canaccord Genuity (Australia) Limited (ABN 075 071 466) is acting sole lead manager and bookrunner to the Equity Raising ( Lead Manager ). To the maximum extent permitted by law, Calix, and its related bodies corporate and their respective officers, directors, employees, advisers, partners, affiliates and agents (together the Calix Parties ) and the Lead Manager, its related bodies corporate and their respective officers, directors, employees, advisers, partners, affiliates and agents (together the Lead Manager Group ), make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this presentation (including without limitation, liability for negligence). To the maximum extent permitted by law, none of the Calix Parties nor the Lead Manager Group accept any liability (including, without limitation, any liability arising from fault or negligence) for any loss whatsoever arising from the use of this presentation or its contents or otherwise arising in connection with it. Calix and the Lead Manager reserve the right to withdraw the Equity Raising or vary the timetable for the Equity Raising without notice. Not an offer

This presentation is not a prospectus or other disclosure document for the purposes of the Corporations Act and has not been, and will not be, lodged with the Australian Securities & Investments Commission or any other Australian or overseas regulatory body. This presentation is not an invitation or offer of securities in Calix for subscription, purchase or sale in any jurisdiction in which it would be unlawful, and neither this presentation nor anything in it shall form the basis of any contract or commitment. The distribution of this presentation (including an electronic copy) within or outside Australia may be restricted by law. In particular, this presentation may not be distributed or released to any person, and any securities may not be offered or sold, in any country outside Australia except to institutional and professional investors, and to the extent permitted pursuant to applicable exemptions from any prospectus or registration requirements in certain countries as contemplated in this presentation. If you come into possession of this presentation, you should observe such restrictions and should your own advice on such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws.

The securities issued under the Equity Raising have not been and will not be registered under the U.S. Securities Act of 1933, as amended ( Securities Act ), or under the securities laws of any state or other jurisdiction of the United States and may not be sold, directly or indirectly, in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States (which Calix has no obligation to do or procure) or pursuant to an exemption from, or in a transaction exempt from or not subject to, registration requirements and any other applicable securities laws. This presentation may not be distributed or released in the United States.

By accepting this presentation you warrant and represent that you are entitled to receive such presentation in accordance with the above restrictions and agree to be bound by the limitations therein. No party other than Calix has authorised or caused the issue, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. No member of the Lead Manager Group nor any of the Calix Parties have authorised or permitted or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation and there is no statement in this presentation that is based on any statement by any of them. None of the Calix Parties and the Lead Manager Group take any responsibility for any information in this presentation or any action taken by you on the basis of such information.

Not investment advice

The information contained in this presentation is not investment or financial product adv ice (nor tax, accounting or legal adv ice) nor is it a recommendation to acquire securities in Calix. This presentation does not and will not form any part of any contract for the acquisition of securities in Calix. This presentation has been prepared without taking into account your investment objectives, financial situation or particular needs. Before making an investment decision you should consider whether it is a suitable investment for you in light of your own investment objectives, financial situation and particular needs, having regard to the merits or risks involved and seek appropriate adv ice, including financial, legal and taxation adv ice appropriate to your jurisdiction and circumstances. This presentation and its contents are provided on the basis that recipients will not deal in the securities of Calix in breach of applicable insider trading laws.

Third party information

Certain market and industry data used in connection with this presentation may have been obtained from research, survey or studies conducted by third parties, including industry or general publications. The Calix Parties have not independently verified any such market or industry data.

Historical information

Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Forward looking information

This presentation contains certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters ( Forward Statements ) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward looking words such as “anticipate”, “estimate”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of Calix, the outcome and effects of the Equity Raising, and the use of proceeds from the Equity Raising. Calix can give no assurance that these expectations will prov e to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the Calix Parties represent or warrant that such Forward Statements will be achieved or prov e to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties including, without limitation, risks associated with future capital needs, general economic uncertainty and other risks detailed from time to time in Calix’s announcements to ASX. Calix does not undertake any obligation to release publicly any revisions to any “forward- looking statement” to reflect events or circumstances after the date of this presentation, except as may be required under applicable laws.

Financial information

This presentation contains certain financial information that has been presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards, the International Financial Reporting Standards (including the interpretations of the International Financial Reporting Interpretations Committee) and other mandatory professional reporting requirements applicable to financial reports prepared in accordance with the Corporations Act. The financial information provided in this presentation is for illustrative purposes and is not represented as being indicative of Calix's (or anyone else's) view of its, nor anyone else's, future financial condition and/or performance. All dollar values are in Australian dollars ($ or A$) unless otherwise stated. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding.

Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Disclaimer

No representation or warranty, whether express or implied, is made by any person as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. You should carry out your own investigations and analysis of Calix and verify the accuracy, reliability and completeness of the information contained in this presentation.

Neither the Calix Parties nor the Lead Manager Group accept any responsibility for any loss arising from anyone acting or refraining from acting in reliance on the contents of this presentation. To the maximum extent permitted by law, the Calix Parties and the Lead Manager Group exclude and disclaim all liability, including for negligence, or for any expenses, losses, damages or costs incurred by you as a result of your participation in the Equity Raising and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise.

The reader acknowledges that neither Calix nor the Lead Manager Group intend that any member of the Lead Manager Group act or be responsible as fiduciary, or assume any duty, to the reader, its officers, employees, consultants, agents, security holders, creditors or any other person. Each of the reader and the Lead Manager (on behalf of each other member of the Lead Manager Group), by accepting and providing this presentation respectively, expressly disclaims any fiduciary relationship between them, or the assumption of any duty by the Lead Manager Group to the reader, and agrees that it is responsible for making its own independent judgments with respect to the Equity Raising, any other transaction and any other matters arising in connection with this presentation. Members of the Lead Manager Group may have interests in the securities of Calix, including being directors of, or providing securities advisory services to, Calix. Further, they may act as a market maker or buy or sell those securities or associated derivatives as principal or agent. The Lead Manager and/or its affiliates may also receive and retain other fees, profits and financial benefits in each of the above capacities and in connection with the above activities, including in their capacity as a lead manager, Lead Manager and bookrunner to the Equity Raising.

Determination of eligibility of investors of the Equity Raising is determined by reference to a number of matters, including at discretion of Calix and the Lead Manager. Calix and the members of the Lead Manager Group disclaim any liability in respect of the exercise of that discretion, to the maximum extent permitted by law.

Investment risk

An investment in securities in Calix is subject to known and unknown risks, some of which are beyond the control of Calix. Calix does not guarantee any particular rate of return, the performance of Calix, the repayment or maintenance of capital or any particular tax treatment. Prospective investors should have regard to the risks outlined in this presentation when making their investment decision and should make their own enquiries and investigations regarding all information in this presentation, including the assumptions, uncertainties and contingencies which may affect future operations of Calix and the impact that different future outcomes may have on Calix. Cooling off rights do not apply to the acquisition of securities under the Equity Raising.

Company information

Calix's historical information in this presentation is, or is based on, information that has been released to ASX. This presentation should be read in conjunction with Calix's other periodic and continuous disclosure information lodged with ASX, which are available at www2.asx.com.au.

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We believe our responsibility whystarts at home. That’s whywe’re driven to use our unique technology to repair,we’re driven to use our unique skills to repair, preserve andand prevent future prevent future harm to it. Because there’s only one Earth, and it’s already ours.there’s only one Earth,

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Executive Summary…

Calix is undertaking a placement to accelerate growth from its core platform technology

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Calix Limited is developing multiple environmental business opportunities, all from the one core patented technology, including:

• Water

Platform technology

• CO2 mitigation

• Biotech

• Advanced battery materials

• Sustainable processing

• To date, Calix has undertaken technology development through self-funding, grants and project revenues

Accelerating growth

• With significantly growing interest in ESG investment themes, Calix’s lines of business are very well positioned with high value potential

• To accelerate the development into this potential, Calix has identified a 12-month investment program in additional capital equipment and resources

• Calix is seeking to raise A$14 million via the placement ("Placement") of 7 million new fully paid ordinary shares (“New Shares”) at $2.00 per share to sophisticated and professional investors.

Placement to fund

• 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.

• growth initiatives • The Placement will take place in a single tranche and fall within the Company’s placement capacity under ASX Listing Rules 7.1 and 7.1A . The Placement is non underwritten.

• A Share Purchase Plan, at the same price as the Placement, will be offered to eligible shareholders and will be capped at A$3 million

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“It’s not often an investing theme comes along that is both certain, and certainly huge, but we’ve got one right now. The theme is climate change, or more specifically, the transition to a zero-carbon world.”

Alan Kohler 13 Feb 2021

“The amount of into ESG money moving [environmental, social and governance] or low-carbon has been strategies very, very If look at all of the motivators large. you around the world, this kind of investing is going to be growing very, very quickly over coming years. I think it’s something no investor can ignore "

IFM quantitative equities executive director Laurence Irlicht AFR 15 Mar 2021

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Environment, Social, Governance (ESG) a strengthening investment theme

Global economies, Companies and investment funds are all heading in one direction…

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~ 50% of global GDP*

and carbon emissions currently under net-zero commitments.

Source: Energy and Climate Intelligence Unit

More Top Companies committing to net-zero

CO 2 emissions CAC 40, DOW 30, FTSE100 and IBEX 35. Source: ECOACT

ESG Exchange Traded Funds double in 2020

Over US$ 40 billion in assets in 2020 compared to US$ 20 billion in 2019. Source: BloombergNEF

Nearly USD 3 trillion per year to 2030

Global investment capital required to achieve sustainability outcomes**

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*Excludes US – would jump to nearly 2/3 if US commits also

**IEA World Energy Outlook 2020 – Sustainable Development Scenario

Developing multiple environmental business opportunities…

… all from the one core platform technology

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CO Advanced Sustainable
Water 2 Biotech
Mitigation Batteries Processing
• Water treatment • Cement • Crop protection • Advanced cathode • Mineral and
• Aquaculture • Lime • Marine coatings & anode materials chemical processing
Common technology platform
Each a multi-$B opportunity
Growing direct /
JV / Licensing and/or Spin-out
distributor sales
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*Frost and Sullivan - Market Opportunity for Calix Flash Calcination : Calix Prospectus 2018, Section 2 for Water, CO2, Advanced Battery (including Sustainable Processing) and Crop Protection opportunities

Our core technology platform

A patented platform technology with 3 key features

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Renewable

energy-ready

Chemical / Mineral Processing.

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CO 2 capture

When processing limestone, gas exhaust is high purity CO2

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Highly-active materials

Highly porous “honeycomb” structure = more chemical- and/or bio-activity

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Mineral “Honeycomb”

A New Type of Kiln...

The “Calix Flash Calciner” or CFC

25 patent families covering core technology and applications

A$100m has been invested to date in developing the technology.

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Summary of results 1H FY21 – continued strong revenue growth

Sales revenues and project and grant revenues continue growth trajectory

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18
114%
GROWTH to
16
16.4m
14
12
151%
10
GROWTH to
8 9.3m
6
4
2
0
1H FY19/20 1H FY20/21
Project and Grant Income
Aquaculture Sales
Water Treatment Sales
A$m
total revenue
total sales revenue
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Key Take-aways…

Strong growth in sales & total revenue

Gross profit & other income up strongly on growing margins

Operating profit H1 A$3m; growing strongly as margin expansion flows through to the bottom line

Despite COVID...

• We have integrated our US acquisition and commenced our growth trajectory

• US business – underlying revenue grew 14% pcp

• Overall gross margin grew to 31 % (up from 25 % pcp)

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Our investment opportunity

Multiple “shots on goal” ESG opportunity using patented core platform technology

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	Water	CO2 Mitigation	Biotech	Advanced Batteries	Sustainable Processing
• •	Safe, environmentally friendly water treatment product In-market since 2014	• Direct CO2 separation for cement and lime – no theoretical energy penalty	• Safe, environmentally friendly biotech product – multiple applications	• Targeting safe, environmentally friendly, more recyclable, better performing batteries	• Targeting renewable- energy driven industrial processes • First license agreement
	• Growing revenue engine for the business • Successful US acquisition 2019	• Developing with €28m of EU funding • Partnering with some the largest cement and lime companies	• Crop Protection – initial sales • Anti-Foul Marine Coatings – major trial underway	• Highly prospective early results • Substantial global battery development network	executed- energy storage • Several opportunities being developed – chemical industries
		Common Technology Platform
		Each a multi-$B opportunity*
	Growing direct / distributor sales		JV / Licensing and/or Spin-out

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*Frost and Sullivan - Market Opportunity for Calix Flash Calcination : Calix Prospectus 2018, Section 2 for Water, CO2, Advanced Battery (including Sustainable Processing) and Crop Protection opportunities

It's time to accelerate…

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Water	CO2 Mitigation	Biotech	Advanced Batteries	Sustainable Processing
Waste water discharge limits becoming tougher	Top economies, and cement companies, committing to net zero CO2 by 2050	Increasing concern wrt biocides and their impact on the environment	Increasing concern wrt expensive battery materials and their recyclability, cost, safety and provenance	Industrial processes coming under increasing pressure to identify how they will electrify
Germany taken to court by the EU for polluting European waterways with P and N	The price of CO2 – as measured by the EU Emissions Trading Scheme, has jumped ~740% in 4 years	The EU has banned one of the largest selling broad spectrum fungicides from Feb 2021 - Mancozeb	Tesla announces a return to simpler, cheaper, safer chemistries at Battery Day - September 2020	Recent Deloitte survey found industrial manufacturers targeting 45% overall electrification by 2035

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… With significant thematic tailwinds, Calix’s business is very well positioned to benefit

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Capital needs… and targeted outcomes - Overview

A 12-month acceleration program…

Overall Investment Breakdown

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25%
• Having proved business • Internal OPEX - New expert industry talent, in-house
model, invest ahead of • External OPEX – R&D and deal progression (legal, S&P resource etc) 31%
revenue generation • CAPEX - Capability Capital – Plant, Laboratory
44%
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CO Advanced Sustainable
Water 2
Mitigation Biotech Batteries Processing
$2.0m $1.5m $1.5m $4.5m $1.0m
• • • • •
2 new plants (US / EU) 8 engineers Expanded test program Expanded test program 2 feasibility studies
• 3 sales, 2 ops FTE • 1 bus dev FTE • Increased lab capability • Increased lab capability
• Major new US State entry • Faster EU market entry • At least 2 licensing or equity / JV deals • 1 new licensing deal • 1 new high value • Successful module –commercial format • At least 1 licensing or equity / JV deal
application
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Capital needs… and outcomes – Advanced Batteries

A 12-month acceleration program…

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$4.5m
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Current status

Lab is not set up to deal with battery testing – currently fully out-sourced with slow turn-around Pouch cell testing is underway but will be limited given costs

Expansion to full battery pack testing is currently unfunded - could possibly be done through industrial partner Additional technical advantages of BATMn tech such as lower energy processing development currently unfunded

Investment thesis

In-source full coin cell assembly, cycling and testing equipment - $0.5m

Properly equipped battery lab - $1.0m

In-house additional battery lab skill-sets - $0.5m

(The above two items will not necessarily accelerate from a time perspective, but will enhance the scope of materials being tested and thus will considerably de-risk the program)

Expand pouch cell testing and battery pack development program, avoid need for industrial partner to fund and thus strengthen commercial leverage – $1.5m Additional BATMn capability to fully exploit processing advantages -$1.0m

Targeted outcomes – 12 months

New, fully equipped and fit-for-purpose battery lab with skilled operators

5-fold increase in test program, providing the best materials for pouch cell testing, and then scale-up to full battery pack trials Expanded BATMn capability to test additional manufacturing-scale benefits of the Calix technology Initial commercial discussions with battery materials and battery assembly entities

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Advanced Batteries – latest developments continue to be very encouraging

~10% performance uplift achieved in 3 months…early days* but continued very promising results

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Latest developments – “cracking the onion”

We have continued to optimise our lithium manganese oxide (LMO) technology for lithium-ion battery cathodes…

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•
•
•
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• Through our BATMn calciner, we have now optimised a technique of producing manganese oxide and “lithiating” (adding lithium) through a lithium hydroxide solution (a “salt soak”) followed by significantly shortened heating step.

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Calix LMO
March 2021
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• This is a far lower energy route (approx. 6x)** than conventional LMO production, and is producing “onion-ring” structures in the tiny crystals

• The materials produced are similar in structure to the best labscale, exotic nano-derived materials reported in the scientific literature. These structures are well-known for their superior performance. Calix materials, produced much more cheaply, are starting to emulate this performance, being well above the best performing commercial materials

From: “Hierarchical porous onion-shaped LiMn2O4 as ultrahighrate cathode material for lithium ion batteries”. Nano Research 2018, 11(8): 4038-4048

Labproduced LMO

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Results represent multiple runs on half cells cycling hundreds of times. Further testing on full cells cycling thousand of times is underway *Assuming energy requirements are proportional to lithiation time

Capital needs… and outcomes – Water

A 12-month acceleration program…

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$2.0m
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Current status

US – business is commencing its growth trajectory well, although it could go quicker if we invest ahead of current cash generation EU – supporting product trials from Australia, especially given COVID, costs more and is higher risk – local manufacturing would be more efficient and lower trial risk

Investment thesis

US - Supplement "organic" self-funded growth with one new plant, 2 new sales, 2 operations FTE - $1.0m

EU – Invest in local manufacturing and distribution equipment, and 1 FTE local support now – grow business from lower cost, but established base - $1.0m

Targeted outcomes – 12 months

US – Quick wins - Major new customers in new US state with high potential EU – First established customers and partner. Widen pipeline of potential partners and potential acquisition

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Capital needs… and outcomes – CO2 Mitigation

A 12-month acceleration program…

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$1.5m
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Current status

Development work largely covered by LEILAC-1 and LEILAC-2 projects However, in-bound enquiries requires Engineering and Commercial resource for feasibility studies and commercial development

Investment thesis

Enhance engineering capability and external contracting resourcing to enable several pre-FEED* studies to commence (payment from potential customers will be sought if a project moves to FEED stage) - $1.0m

Enhance commercial capability to deal with several licensing negotiations over next 12 months - $0.5m

Targeted outcomes – 12 months

• 2 licensing or equity / JV agreements leading to 2 FEED studies

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*”FEED” = Front-End Engineering and Design

Capital needs… and outcomes – Biotech

A 12-month acceleration program…

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$2.5m
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Current status

AU regulatory – approvals slow – further test work being investigated

EU regulatory – approvals will hinge on further test work – nano-forms and any chronic impacts

New applications (Marine and Pharma) – limited ability to develop / test in-house – relies on third party agreements Lab – not equipped for Biotech development

BATMn – currently used to produce test materials for biotech – will not be suitable as more pure / non-toxic inputs required

Investment thesis

AU and EU regulatory – further test work being may help speed applications - $0.5m

New applications (Marine and Pharma) – strengthen in-house capability + test programs $0.5m Lab – investment in lab equipment for faster, more effective screening and measurement - $1.0m New BATMn calciner – Bacchus Marsh – Feasibility study - $0.5m

Targeted outcomes – 12 months

AU regulatory – de-risked approvals process – ultimately leading to our first label as a crop protection product EU regulatory – removes potential barriers / increases value in license negotiations – commercial leverage New applications – increased in-house capability increases value in license negotiations – commercial leverage New BATMn calciner – Bacchus Marsh – developed project for manufacturing capability

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Capital needs… and outcomes – Sustainable Processing

A 12-month acceleration program…

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$1.0m
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Current status

Spodumene – early results very encouraging

Refractories - early results very encouraging – phase 2 trial underway

1 x calcined clay (new cement formulation) application – early trials being planned

2 x chemical processing applications – early trials being planned

Investment thesis

Spodumene – move to commit up-front resources to Feasibility study – new electric calciner project – $0.5m Refractories – move to Feasibility study for a new calciner project - $0.5m

Other applications – will seek to recover early trial costs, but if we cannot they are currently un-budgeted

Targeted outcomes – 12 months

Spodumene – MOU / Heads of agreement with a spodumene / lithium player. Successful Feasibility study Refractories - MOU / Heads of agreement with a spodumene / lithium player. Successful Feasibility study At least one of the above leading to full license/ project

Other applications – at least one developed to successful meaningful trial

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Our next 12 months’ priorities…

REVENUES, MARGINS, PROJECT EXECUTION AND DEAL FLOW… AND ACCELERATION TARGET ITEMS

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	Water	CO2 Mitigation	Biotech	Advanced Batteries	Sustainable Processing
Revenue and Gross		Cement and Lime	Crop Protection		Refractories
Margin growth via…
		• Successful test	• 2nd license agreement	Successful full cell results	• Successful phase 2
US:	1 new plant	campaign conclusion –			testing
•	1 major new US state	LEILAC-1	• APVMA approval	Initial positive pouch cell	• Full feasibility study
	entry			results	• Project or License
		• Successful BOD –	Marine Coatings		agreement
EU:		LEILAC-2	• Successful initial trials	Scale-up production trials
•	First partner		with MTA partners	– cathode materials	Spodumene
	agreement	• First project / license			• Full feasibility study
•	Convert paid	agreement “full-scale”	Next new biotech	First battery module –	• Project or License MOU
	trials to customers	application	application…	commercial format
•	1 new plant				A second project /
		• Second project /			license agreement
Asia:		license agreement
•	Re-establish Chinese	“full-scale” application
	AQUA-Cal+ sales

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Equity Raising Summary

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Offer details

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Calix Limited (“Calix ” or the Company”) is seeking to raise A$14 million via the placement of 7 million new fully paid ordinary shares (“New Shares”) to sophisticated and professional investors.

Offer Size and Structure

The Placement will take place in a single tranche and fall within the Company’s placement capacity under ASX Listing Rules 7.1 and 7.1A.

The Placement is not underwritten.

Fixed offer price of A$2.00 per New Share, which represents a:

Offer Price

• 11.1% discount to the last closing price of A$2.25 as at 16 March 2021; - 10.4% discount to the 5 day volume weighted average price (“ VWAP ”) of A$2.23 as at 16 March 2021; and - 6.8% discount to the 10 day VWAP of A$2.15 as at 16 March 2021.

Ranking New Shares will rank pari passu with fully paid ordinary shares in Calix.

SPP

A Share Purchase Plan, proposed to be undertaken at the same price as the Placement, will be offered to eligible shareholders and will be capped at A$3 million.

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Use of funds

Proceeds will be used to accelerate growth across all lines of business

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Commentary on use of proceeds

Sources	A$(m)		Use of Funds	A$(m)	Use of Funds Commentary
Placement	14.0*		Advance Batteries	4.5	Expanded test program & increased lab capability
			Water	2.0	2 x new plants (US), 5 x sales and operations FTEs
			CO2Mitigation	1.5	8 x engineering FTEs, 1 x business development FTE
			Biotech	2.5	Expanded test program & increased lab capability
		Sustainable Processing		1.0	2 x feasibility studies
			Raising Costs	0.5
SPP	Up to 3.0	Additional working capital		2.0 to 5.0
**TOTAL **	14.0 to 17.0		**TOTAL **	14.0 to 17.0

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Placement and SPP timetable

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Event	Time (AEDT)
Trading halt	Wednesday, 17 March 2021
Record date for Share Purchase Plan (SPP)	7.00pm, Thursday, 18 March 2021
Announce completion of the Placement, announce SPP, and
release of Investor Presentation, release Appendix 3B (for	Friday, 19 March 2021
placement and SPP)
Settlement of the Placement	Wednesday, 24 March 2021
Issue and normal trading of Shares issued under the Placement, and release cleansing notice	Thursday, 25 March 2021
SPP opens and SPP Booklet dispatched	Thursday, 25 March 2021
Closing Date for SPP	Thursday, 8 April 2021
Announcement of results of SPP	Friday, 9 April 2021
Issue of SPP Shares	Monday, 12 April 2021
Dispatch of holding statement and commencement of trading of Shares issued under the SPP	Tuesday, 13 April 2021

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Key Risks

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Risks Specific to an Investment in Calix

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All investments carry risk, including loss of some or all of the capital invested and failure of investments to generate a positive return. You should carefully consider whether an investment in Calix is a suitable investment for you. Some of the risks of investing in Calix include the following:

Competitive Environment

Calix’s products and applications compete in each of its markets against alternative products and solutions. There is no guarantee that Calix’s products and applications will not be superseded by superior products and applications, or achieve the growth, margins and competitive position that constitutes a valuable, growing business, and there is no guarantee that existing customers of Calix’s products and applications will continue to purchase from Calix, nor that new customers can be attracted to purchase from Calix.

Market Development and

Expansion Risk

There are aspects of Calix’s current products and applications, as well as those under development, that represent additional features or customer value propositions as a result of the novel materials produced by the technology. Products or applications that are not direct replacements of those currently in existence may take some time for the customer to understand, and thus there is a risk that take-up will take longer and involve more cost and effort (such as trials) to bring to market than planned.

There is also the risk that existing products cannot continue to be developed into new applications that exploit the unique properties of the technology, or that technologies that are developed are unable to be effectively commercialised. This risk is manifest in a number of Calix processes such as:

• developing the magnesium hydroxide liquid (MHL) product for specialist bio-treater applications; or

• developing our AQUA-Cal beyond prawns into the fin fish market.

Research and Development Risk

Whilst Calix’s CFC has been running with minimal maintenance or operating issues for over 7 years, its robustness as a process has not been demonstrated over decades, which could impact more rapid acceptance of the technology into established industries. More specifically, the LEILAC project process has not been tested at scale and may not work in a way that is efficient and robust enough to be of commercial interest to the cement and lime industries. In the cement application of the technology, there is still significant scale-up risk even if LEILAC works.

• With respect to Calix’s battery materials development, there is the risk that the technology will not work, or not produce materials of sufficient commercial difference to sustain a business, or justify further investment to create a business.

With respect to research and development of other potential opportunities for Calix technology, there is the risk that the technology will not work, or not produce materials or processes of sufficient commercial difference to sustain a business, or justify further investment to create a business.

• Due to the nature and scale of Calix’s operations there is the potential for varied disruptions to the supply chain that may unduly impact the scale and scope of Calix’s activities. This risk is present in several stages of Calix’s value chain, for example:

Supply and Operational Risk

• Magnesium Oxide Supply: Calix sources its magnesium oxide, which it uses to MHL, from several different suppliers, as well as its own mine. However, a loss of one or more supply arrangements could significantly impact Calix’s ability to service its customers, through either time lost to re-arrange supply arrangements, or additional cost; or

• Distribution: In some cases, Calix delivers product directly to customers and in other cases, it relies on distribution partners. Failure to deliver Calix’s products and services, or delivery of the products and services below an acceptable level, could occur as a result of multiple factors. Such failure could lead to loss of reputation, and ultimately loss of customers, and thus revenues and growth

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Risks Specific to an Investment in Calix

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In Australia, Calix’s ACTI-Mag can be sold as non-dangerous goods, without specific regulatory approvals. There is a risk that regulations covering these products may change, in which case Calix may need to apply for approvals to continue with this part of its business, and may not obtain such approvals. In addition, a change in regulatory approvals may trigger additional risks under product liability, if it is deemed that such change in regulation has been brought about by information on the safety or efficacy of Calix’s products that is unknown to Calix at this time.

In the US, Calix’s Amalgam product is manufactured and sold as a non-dangerous good. Whilst all reasonable efforts have been made to ensure that Calix has the necessary regulatory approvals to carry out its business, there is a risk that regulations covering these products may change, in which case Calix may need to apply for approvals to continue with this part of its business, and may not obtain such approvals. In addition, a change in regulatory approvals may trigger additional risks under product liability, if it is deemed that such change in regulation has been brought about by information on the safety or efficacy of Calix’s products that is unknown to Calix at this time.

Regulatory Risk

In the EU, Calix’s anticipates its products can be manufactured and sold as non-dangerous goods. Whilst all reasonable efforts will be made to ensure that Calix has the necessary regulatory approvals to carry out its business, there is a risk that regulations covering these products may change, in which case Calix may need to apply for approvals to continue with this part of its business, and may not achieve such approvals. In addition, a change in regulatory approvals may trigger additional risks under product liability, if it is deemed that such change in regulation has been brought about by information on the safety or efficacy of Calix’s products that is unknown to Calix at this time.

Apart from Calix’s products, Calix’s operations require compliance with multiple regulatory systems. Apart from general regulatory risks, Calix’s operations require adherence to, for example, multiple safety, health, environmental, employment and privacy standards at national, state, and county / shire / local levels, and across multiple jurisdictions where Calix currently operates, or may choose to operate. There is a risk that Calix may now, or in the future, be in breach of such standards, warranting correction, or involving financial penalties, or possibly other more serious business impacts.

Grant-Related Risks

Calix receives considerable grant income across multiple development projects. In each case, the grant is extended under legally binding agreements that outline, amongst other things, the mechanism for cancelling, or even claw-back of, grant monies. There is a risk that, despite putting in place appropriate governance, project management and accounting structures to manage this risk, Calix does not follow, or is deemed not to have followed, grant protocols with regards to valid expenditures of grant monies, or that the relevant clauses in these agreements could be exercised by the counter-parties (typically government bodies) to cancel or claw-back the grants.

Ability to Attract and Retain Key People

The Company currently employs a number of key management and scientific personnel. Calix’s success is dependent upon a number of highly qualified and experienced personnel and a stable workforce. Calix’s future will be dependent upon the continued performance, efforts, abilities and expertise of its key personnel. While Calix has in place long-term or evergreen employment contracts, there can be no assurance that it will be able to retain its key personnel or attract other suitably qualified personnel in the future, if required. The inability to attract and retain the necessary technical and managerial personnel could have a material and adverse effect upon Calix’s business, results of operations and financial condition.

Reliance on Key Utilities

Gas and Electricity are material inputs in our cost of goods sold (“COGS”) for our Water business. If the price of these utilities increased significantly, or their availability became unreliable, and Calix was not able to pass some or all of such cost increases onto its customers, there is a risk that Calix’s Water business could be significantly interrupted, or even uneconomic.

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Risks Specific to an Investment in Calix

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Calix is exposed to potential product liability risks, which are inherent in the research and development, manufacturing, marketing and use of its products or products that are developed in the future. Although Calix endeavours to work to rigorous standards, there is still the potential for its products to contain defects that may result in damage to customers’ systems in turn causing a financial or reputational loss. For Calix, these defects or problems could result in the loss of or delay in generating revenue, loss of market share, failure to achieve market acceptance, injury to Calix’s reputation or increased insurance costs. If Calix fails to meet its customers’ expectations, Calix’s reputation could suffer and it could be liable for damages.

Whilst Calix has liability insurance to help manage such risks, Calix may not be able to maintain insurance for product or service liability on reasonable terms in the future and, or Calix’s insurance may not be sufficient to cover large claims, or the insurer could disclaim coverage on claims. Calix gives no assurance that all such risks will be adequately managed through its insurance policies to ensure that such loss does not have an adverse effect on its performance.

Product Liabilities

Calix’s products and applications are typically sold in B2B markets under purchase order terms and conditions or longer-term contracts. Whilst every effort is made to limit potential contractual and common law liabilities associated with Calix’s products and applications, exposure to potential product liabilities exist and can be broadly categorised as:

• ACTI-Mag: Despite the product being non-hazardous, non-toxic and being used in waste water treatment, there are risks that incorrect delivery or use of the product may lead to claims against Calix; and

• PROTECTA-Mag: Despite the product being non-hazardous, non-toxic and being used in waste water assets, there are risks that incorrect application of the product may lead to claims against Calix.

If Calix is successful in commercialising its pre-Commercial products, or even during the trial phases before successful commercialisation, product liability risk associated with those product may arise, as per our Commercial products. Examples of such liabilities are:

• AQUA-Cal+: Despite the product being non-hazardous, non-toxic and being used in aquaculture applications, there are risks that incorrect application (such as over-dosing) of the product may lead to claims against Calix; and

• AQUA-Cal+: Despite the product being non-hazardous, non-toxic and being used in agriculture applications, there are risks that incorrect application (such as over-spraying) of the product may lead to claims against Calix.

IP Risk

Calix relies heavily on its technologies and know-how and there can be no assurance that competitors of Calix or other parties will not seek to imitate or develop technology and know-how that competes with Calix, or supersedes Calix’s technology. The unauthorised use or disclosure of its intellectual property may have an adverse effect on the operating, marketing and financial performance of Calix which could erode Calix’s competitive advantage. Calix cannot be certain that others will not independently develop the same or similar technologies on their own or gain access to trade secrets or disclose such technology, or that Calix will be able to meaningfully protects its trade secrets and unpatented know-how and keep them secret. There is an inherent risk with any licensed technology that the license may be terminated in accordance with its terms or the patent invalidated by a third party.

New Market Risk

The proposed European market expansion for Calix’s Water business is targeted at establishing a base for expansion into new markets in Europe, using the market and technical know-how of Calix. There is no guarantee that Calix will be successful in acquiring sufficient customers in these new markets to effectively establish a sustainable business in these new markets.

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Risks Specific to an Investment in Calix

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Calix is exposed to movements in exchange rates, due to a material portion of grant funding being earned in Europe, and the commencement of product sales into New Zealand. Foreign Exchange Risk Financial statements are maintained in Australian dollars, and currently a majority of revenues and expenses are settled in Australian Dollars. As Calix expands its product offering internationally, a greater foreign exchange risk is foreseen. The Directors will implement foreign exchange hedging policies for the Company if, and when considered appropriate.

Whilst Calix is currently cash-flow positive as a result of its historical ability to sell products and applications, achieve grant funding, and receive the Australian Government R&D rebate (until its revenues exceed A$20m, after which this rebate reverts to a tax concession), changes in Calix’s ability to access such funding in the future, whether through Competitive and Dynamic regulatory change, failure in grant funding applications, or failure to grow sales and license revenues, may impact the ability of the business to carry out some, or all of its current Capital Requirements activities, including funding its R&D pipeline. Through this placement, the current business plan will be fully funded. In the event that risks arise that affect Calix’s ability to execute the business plan, there is a risk that Calix may have to change its business plan, and/or raise additional capital to continue to pursue the current, or indeed a modified, business plan.

The ability of Calix to pay any dividend in the future is dependent on many factors including its ability to generate sufficient revenue. Many of the factors that will affect Calix’s Inability to pay Dividends or ability to pay dividends and the timing of those dividends will be outside the control of Calix and its Directors. The Directors cannot give any assurance regarding the payment of Make Other Distributions dividends in the future. Future changes in taxation law, including changes in interpretation or application of the law by the courts or taxation authorities, may affect taxation treatment of an investment in Calix shares or the holding and disposal of those shares. Further, changes in tax law, or changes in the way tax law is expected to be interpreted, in the various jurisdictions in Taxation which Calix operates, may impact the future tax liabilities and performance of Calix. Any changes to the current rates of income tax apply to individuals and trusts will similarly impact on shareholder returns.

There may be other risks of which the Directors are unaware at the time of the Offer which may impact Calix, its operations and/or the valuation and performance of Calix. The Unforeseen Risk above list of risks ought not to be taken as exhaustive of the risks faced by Calix or by investors in Calix. The above risks and others not specifically referred to above may in the future materially affect Calix, its financial performance or the value of Shares.

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General investment risks

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Force Majeure Events

Events may occur that could impact upon Calix and the value of its business. These events include but are not limited to acts of terrorism, an outbreak of international hostilities, fires, floods, earthquakes, labour strikes, civil wars, natural disasters, outbreaks of disease or other natural or man-made events or occurrences that can have an adverse effect on the demand for Calix’s technology and products and its ability to conduct business. Calix only has a limited ability to insure against some of these risks.

Global and local economic downturn

As a business operating in both local and international markets, the Group’s revenue is subject to fluctuations in the global and domestic economy or country specific economic circumstances. Accordingly, adverse economic conditions overseas or in Australia may potentially have an adverse effect on the Group’s revenue. Any significant downturn in investment in research and development may result in a reduction in demand for the Group’s services and a reduction in revenue earned.

Calix has operations in a number of overseas jurisdictions and is exposed to a range of different legal and regulatory regimes, including in new jurisdictions in which Calix may establish businesses and/or in geographies which Calix is expanding its operations. As Calix expands its presence in new international jurisdictions, it is subject to the risks associated with doing business in regions that may have political, legal and economic instability or less sophisticated legal and regulatory systems and frameworks, including:

• Unexpected changes in, or inconsistent application of, applicable foreign laws and regulatory requirements;

• Less sophisticated technology standards;

Sovereign Risk

• Difficulties engaging local resources; and

• Potential for political upheaval or civil unrest.

• As Calix enters newer and less familiar regions there is a risk that Calix fails to understand the laws, regulations and business customs of these regions. This gives rise to risks relating to labour practices, foreign ownership restrictions, tax regulation, difficulty in enforcing contracts, changes to or uncertainty in the relevant legal and regulatory regimes and other issues in foreign jurisdictions in which Calix may operate. This could interrupt or adversely affect parts of Calix’s business and may have an adverse effect on Calix’s operations and financial performance.

The on-going global pandemic may adversely impact Calix’s business in several ways:-

• Inability to travel due to COVID restrictions leads to impaired ability to grow new customer and business opportunities for both products and technical services

COVID Risk

• Customers may themselves be impacted by COVID restrictions, forcing closure or turn-down and therefore impacting their suppliers, such as Calix, accordingly

• Service providers and suppliers may be impeded in their ability to supply to Calix, leading to supply disruptions to Calix’s customers and / or project disruptions to Calix’s development projects or technical services

Liquidity

Calix’s Shares are only listed on the ASX and it is not intended that they will be listed for trading on any other securities exchange. There is no guarantee of an active market in the Shares which may make it difficult for investors to sell their Shares at the time or for the price they seek. Further, the market price for Shares may fall or be made more volatile because of the relatively low volume of trading in Calix’s securities. When trading volume is low, significant price movements can be caused by the trading in a relatively small number of shares.

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Offer Restrictions

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International offer restrictions

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International offer restrictions

This document does not constitute an offer of Shares of Calix in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the Shares may not be offered or sold, in any country outside Australia except to the extent permitted below.

United Kingdom

Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ( FSMA )) has been published or is intended to be published in respect of the New Shares.

The New Shares may not be offered or sold in the United Kingdom by means of this document or any other document, except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This document is issued on a confidential basis in the United Kingdom to "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation. This document may not be distributed or reproduced, in whole or in part, nor may its contents be disclosed by recipients, to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ( FPO ), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investment to which this document relates is available only to relevant persons. Any person who is not a relevant person should not act or rely on this document.

If you (or any person for whom you are acquiring the New Shares) are in the United Kingdom, by accepting this presentation, you (and any such person) are representing that you are: a "qualified investor" within the meaning of Article 2(e) of the UK Prospectus Regulation; and

within the categories of persons referred to in Article 19(5) (investment professionals) or Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended.

Hong Kong

WARNING: This document has not been, and will not be, authorized by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the SFO ). No action has been taken in Hong Kong to authorize this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong other than to “professional investors" (as defined in the SFO).

No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the New Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO and any rules made under that ordinance.

The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

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International offer restrictions

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New Zealand

This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 ( New Zealand ) (the FMC Act ). The New Shares are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) other than to a person who:

• •is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act;​

• •meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;​

• •is large within the meaning of clause 39 of Schedule 1 of the FMC Act;​

• •is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or​

• •is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act.​

Singapore

This document has not been registered as a prospectus with the Monetary Authority of Singapore ( MAS ) and, accordingly, statutory liability under the Securities and Futures Act, Chapter 289 (the SFA ) in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you. PWG is not a collective investment scheme authorised under Section 286 of the SFA or recognised by the MAS under Section 287 of the SFA and the New Shares are not allowed to be offered to the retail public.

This document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the New Shares may not be circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except to "institutional investors" (as defined in the SFA), or otherwise pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.​

This document has been given to you on the basis that you are an "institutional investor" (as defined under the SFA). In the event that you are not an institutional investor, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.​

Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. You are advised to acquaint yourself with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

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Board of Directors Share Price Performance and Equity Structure

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Board of Directors

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----- Start of picture text -----

Peter
Turnbull, AM
Non-Executive
Chair
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Helen Fisher Jack Non-Executive Hamilton Director Non-Executive Director

CEO and Managing Director of Bio • 30 years multidisciplinary experience 30 years multidisciplinary experience Capital Impact Fund (BCIF), a Nonin local and overseas energy Executive director and Chair of the industries, including as a Director of Audit and Risk Management NWS Ventures (Woodside NorthCommittee of Paradigm West Shelf project). Biopharmaceuticals Ltd (ASX:PAR) and • Currently the Chairman of AnteoTech Chair of the Victorian branch of Ltd (ASX:ADO). Previous NonAusBiotech. Executive Director positions include Renu Energy (ASX:RNE) and DUET Previously a partner of Deloitte, and Group (ASX:DUE).

Experienced Chair and Non-Executive Director with significant board and senior executive experience in the Australian and global resource, energy and technology commercialisation sectors.

• 30 years multidisciplinary experience 30 years multidisciplinary experience in local and overseas energy industries, including as a Director of NWS Ventures (Woodside NorthWest Shelf project).

Non-Executive Director of Karoon Energy Ltd. (ASX: KAR) Chair of medtech Auxita Pty Ltd, and President of the Chartered Governance Institute (London).

Previously a partner of Deloitte, and led Deloitte’s life sciences practice in Australia for 5 years, specialising in the financial services sector, with significant M&A transactions and strategic tax advice to publicly listed and large multinational companies.

Chair of Calix Remuneration and Nomination Committee, and Member of Audit and Risk Management Committee.

• Chair of Calix Technology Committee, and member of Audit and Risk, and Rem and Nom Committees.

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----- Start of picture text -----

Lance Phil Dr Mark
O’Neill Hodgson Sceats
Non-Executive Managing Executive
Director Director & Chief Director And
Executive Officer Chief Scientist
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• London-based director of DFB Australia, with 36 years of experience in international securities and investments in the UK, Australia, USA and Far East.

• 14 years of multidisciplinary

• Co-founder of Calix, and a member of Calix’s Technology Committee.

• experience with Shell, including as the General Manager and Alternate Director of its subsidiary Fuelink Pty Ltd, a $700m revenue, 300-employee distribution and sales subsidiary.

• Qualified physical chemist with over 52 years’ experience, numerous academic roles, and numerous fellowships and recognitions.

• Chair of MediaZest Plc and EP&F Capital Plc.

• 7 years running a private consultancy providing strategy and M&A services across energy, food, infrastructure and water sectors.

• CEO of the Australian Photonics CRC for 14 years.

• Author of more than 145 academic papers in physical chemistry and inventor of 42 patented inventions.

• Joined Calix in 2013 as CEO, became a Director in 2014 and is a member of Calix’s Technology Committee.

Chair of Calix Audit and Risk Management Committee.

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Listed on the ASX in July, 2018

ASX:CXL

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Share Price Performance Since Listing

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----- Start of picture text -----

S&P
ASX200
1st Escrow Release
3rd Escrow Release Final IPO Escrow Release
~6.6m Shares
~8.4m Shares ~20.6m Shares
2nd Escrow Release 2.4m warrants
~54.0m Shares
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Further Equity Detail As at 22 February 2021	Further Equity Detail As at 22 February 2021
Free Float	148.9m shares
Warrants to be exercised by July 2022 ($0.66 Strike Price)	1.2m warrants
Employee Incentive Scheme Rights	7.6m rights

As at 22 February 2021	As at 22 February 2021
Shares on issue	~148.9m
Share price for IPO Capital Raise	$0.53 per share
Share price on IPO	$0.62 per share
Current Share price	$1.90 per share
Market capitalisation	~$283m
Cash as at 31 Dec 2020 (Company has very low debt)	$3.7m

Major shareholders As at 22 February 2021*	Major shareholders As at 22 February 2021*
Board & Management	15.3%**
Perennial Value Management	13.5%
Nicholas Merriman and associates	8.8%
Australian Super Pty Ltd	7.1%
Thorney Investments	7.0%
Paul Crowther	5.7%
Sculptor Capital Management ceased to be a substantial holder in early February 2021_ _* Down from 17.5 % at IPO due to Sep 2019 Capital Raise (net dilution), plus some management changes since July 2018- to current dates

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Managing Director & CEO phodgson@calix.global +61 2 8199 7400

CFO & Company Secretary dcharles@calix.global +61 2 8199 7400

Investor Relations +61 401 809 653

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