CALIX LIMITED — Investor Presentation 2020

Mar 25, 2020

March 26, 2020

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ASX Announcement

Calix presentation to NWR Communications Virtual Small Cap Conference

Sydney, Australia | March 26, 2020 – Multi-award-winning Australian technology company Calix Limited (ASX: CXL) (“Calix” or “the Company”), is pleased to provide a copy of the Update Presentation provided at the NWR Communications Virtual Small Cap Conference by CEO, Phil Hodgson.

Event: NWR Communications Virtual Small Cap Conference

Presenting : Phil Hodgson, CEO and Managing Director Time : Thursday 26 March, 11:20am AEDT

Investors can register online to view the presentation here: https://organizer.runtheworld.today/invitation/670

Calix Managing Director and CEO, Phil Hodgson said: “With the recent restrictions to travel and in a desire to assist with social distancing, many investor facing activities have been cancelled or postponed. Our business remains robust in this climate, and indeed is on the lookout for opportunities, and we are committed to maintaining frequent communication with shareholders and potential investors.”

Investors are invited to submit questions prior to the event to simon@nwrcommunications.com.au.

Authorised for release to the ASX by:-

Darren Charles Company Secretary Calix Limited 9-11 Bridge Street Pymble NSW 2073 Ph +61 2 8199 7400

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About Calix

Calix is a team of dedicated people developing a unique, patented technology to provide industrial solutions that address global sustainability challenges.

The core technology is being used to develop more environmentally friendly solutions for advanced batteries, crop protection, aquaculture, wastewater and carbon reduction.

Calix develops its technology via a global network of research and development collaborations, including governments, research institutes and universities, some of world’s largest companies, and a growing customer base and distributor network for its commercialised products and processes.

Because there’s only one Earth – Mars is for Quitters.

Website: https://www.calix.global/ Twitter: @CalixLimited Youtube: CalixLimited

For more information:

Phil Hodgson Managing Director and CEO phodgson@calix.com.au +61 2 8199 7400

Darren Charles CFO and Company Secretary dcharles@calix.com.au +61 2 8199 7400

Simon Hinsley Investor Relations simon@nwrcommunications.com.au +61 401 809 653

Michelle Taylor

Media

Michelle_Taylor@recognition.com.au +61 2 9252 2266

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Update Presentation March, 2020

Solving global challenges

Important Notice and Disclaimer

This presentation has been prepared by Calix Limited (ABN 36 117 372 540) (“Company”).

INVESTMENT RISK

SUMMARY INFORMATION

This presentation contains summary information about the Company and its subsidiaries (“Calix”) and their activities current as at 25 March, 2020. The information in this presentation is a general background and does not purport to be complete.

An investment in Calix securities is subject to investment and other known and unknown risks, some of which are beyond the control of Calix, including possible delays in repayment and loss of income and principal invested. Calix does not guarantee any particular rate of return or the performance of Calix, nor does it guarantee the repayment of capital from Calix or any particular tax treatment. Persons should have regard to the risks outlined in this presentation and appendices.

NOT FINANCIAL PRODUCT ADVICE

This presentation is for information purposes only and is not a prospectus, product disclosure statement or other offer document under Australian law or the law of any other jurisdiction. This presentation is not financial product or investment advice, a recommendation to acquire Calix securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Calix is not licensed to provide financial product advice in respect of Calix securities. Cooling off rights do not apply to the acquisition of Calix securities.

FINANCIAL DATA

All dollar values are in Australian dollars ($ or A$) and financial data is presented as at or for the half-year ended 31 December 2019, unless stated otherwise.

PAST PERFORMANCE

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company's views on its future financial performance or condition. Investors should note that past performance, including past share price performance, of Calix cannot be relied upon as an indicator of (and provides no guidance as to) future Calix performance including future share price performance.

NOT AN OFFER

This presentation is not and should not be considered an offer or an invitation to acquire Calix securities or any other financial products and does not and will not form any part of any contract for the acquisition of Calix securities.

This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, any 'U.S. person‘ (as defined in Regulation S under the U.S. Securities Act (“U.S. Person”)). The new shares to be offered and sold in the placement (“Offer”) have not been, and none of them will be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States. In addition, Calix has not been, and will not be, registered under the U.S. Investment Company Act of 1940, as amended (the "U.S. Investment Company Act") in reliance on the exception from the definition of “investment company” provided by Section 3(c)(7) thereof. The New Shares to be offered and sold in the Offer may not be offered and sold to, directly or indirectly, any person in the United States or any person that is, or is acting for the account or benefit of, a U.S. Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws and pursuant to an exception from the registration requirements of the U.S. Investment Company Act provided by Section 3(c)(7) thereof. This presentation may not be distributed or released in the United States or to any U.S Person. The distribution of this presentation in other jurisdictions outside Australia may also be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Offers in Australia of the shares are only being made to persons who are “sophisticated investors” or “professional investors” (within the meaning of section 708(8) and section 708(11) of the Australian Corporations Act (Act) respectively) or otherwise pursuant to one or more exemptions under Section 708 of the Act so that it is lawful to offer the shares in Australia without disclosure to investors under Part 6D.2 of the Act.

FUTURE PERFORMANCE

This presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

Forward-looking statements, including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forwardlooking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Calix and its directors) which may cause the actual results or performance of Calix to be materially different from any future results or performance expressed or implied by such forward-looking statements. The forward-looking statements should not be relied on as an indication of future value or for any other purpose.. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. Actual results, performance or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. The forward-looking statements in this presentation speak only as of the date of this presentation. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation will under any circumstances create an implication that there has been no change in the affairs of Calix since the date of this presentation.

NO ADVICE

None of Calix’s respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, 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 which is based on any statement by any of them. For the avoidance of doubt, the advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents have not made or purported to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law, Calix and its advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, Calix and its advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation and Calix’s advisers and its affiliates, related bodies corporate, directors, officers, partners, employees and agents, take no responsibility for any part of this presentation or the Offer. Calix and Calix’s advisers and their affiliates, related bodies corporate, directors, officers, partners, employees and agents make no recommendations as to whether you or your related parties should participate in the Offer nor do they make any representations or warranties to you concerning the Offer, and you represent, warrant and agree that you have not relied on any statements made by any of them in relation to the Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them. Statements made in this presentation are made only as the date of this presentation. The information in this presentation remains subject to change without notice. Calix reserves the right to withdraw the Offer or vary the timetable for the Offer without notice.

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ASX:CXL

IPO July, 2018

As at 25 Mar 2020	As at 25 Mar 2020
Shares on issue	~147.4m
Share price for IPO Capital Raise	$0.53 per share
Share price on IPO	$0.62 per share
Share price*	$0.555 per share*
Market capitalisation	~$81.8m
Cash (company is debt free)	$3.2m
Enterprise value	$85.0m

Major shareholders As at 25 Mar 2020	Major shareholders As at 25 Mar 2020
Board & Management	17.5%
Perennial Value Management	14.1%
Sculptor Capital Management	11.5%
Nicholas Merriman and associates	8.9%
Paul Crowther	5.7%
Thorney Investments	5.6%
Acorn Capital	5.4%
AustralianSuper Pty Ltd	5.1%

Share Price Performance Since Listing

	Further Equity Detail As at 25 Mar 2020
	Free Float	126.8m shares
	Escrowed Shares (Directors / Promoters) to July 2020	20.6m shares
	Warrants Escrowed to July 2022 ($0.66 Strike Price)	2.4m warrants
	Employee Incentive Scheme Rights	7.8m rights

First Escrow Second Escrow Third Escrow Release Release Release ~6.6m Shares ~54.0m Shares ~8.4m Shares

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*As at 4:00 pm 25/03/2020

• Calix Limited Investment Highlights

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• Cash flow Positive

• Strong Balance Sheet

• Growing Revenues

• Highly Scalable

• Exporting to 8 countries • Recent acquisition secured 5-

• Operations in Aus/US/Eur/Asia fold sales revenue increase*

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• Partnering with Global Majors

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• Patented • Funded Development Platform Pipeline Technology

• Highly Experienced • Personally Invested – Team owning 17.5% of equity

Multiple, multi x A$b verticals[(1)] …

…disruptive solutions to global sustainability challenges

TAM

In-Market Pre-Commercial R&D WATER and AQUACULTURE AGRICULTURE CO2 MITIGATION ADVANCED WASTE WATER & FRESH WATER CROP LIME & CEMENT BATTERIES REMEDIATION PROTECTION

36.7

10.7

1.5

10.8

9.8

(1) Frost & Sullivan: Market Opportunity for Calix Flash Calcination, dated 17 April 2018. Refer to Section 4 of the Calix Prospectus for risks associated with the competitive environment, retaining and winning customers and market development. *FY19 full year basis

(1)

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• Calix Limited Business Overview

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Operating Sites Distributors Head Offices

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• Growing Sales Revenues generated from water treatment products, with growing exports and recent US acquisition

Cash-positive and no debt, with growing revenues, secure supply chain, quickly scalable and funded development pipeline…

• Control of Supply Chain from mine, to manufacturing facility, to local mixing plants, to customer / distributor

• Quickly scalable for minimal (organically funded) capex

• Funded Development Pipeline in Australia ($5m for agriculture, advanced batteries) and Europe (€28m for CO2 capture for cement and lime)

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• Key Financial Metrics

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A$m H1
FY20
Sales revenue growth
H1
TOTAL: UP 144% pcp
FY19
$
AUS/NZ/SE Asia:
UP 39% pcp
~$30m in new
FY20 Sales Revenue
grant funding Guidance A$12.5 to 14m
secured Net Assets A$28.6m
for further R&D Zero Debt
Cash flow
1260

positive shareholders
from operations
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December: Successful completion of US acquisition set to deliver 5-fold sales revenue uplift***

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*As at end-Dec 2019

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** as at Feb 20, 2020

***FY19 Basis

•

The Core Technology

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CO2 Capture
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When processing
limestone or cement
meal, gas exhaust is
pure CO2
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- A New Type of Kiln - Two Unique Benefits…

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>$50m has been invested to date in developing the technology.

27 patent families covering core technology and applications

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Low Cost + Very High
Surface Area
(Reactive) Products
For
Wastewater
Aquaculture
Lake remediation
Crop protection
Advanced batteries
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•

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WATER and WASTE WATER

Growing Sales Revenues

Sewer odour and fat control, replace unsafe caustic, better bio-treater performance…

• Update on our Sales and US Acquisition

COMPETITOR CALIX MHL “ACTI-Mag”

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Safe / Env. Friendly Reduces Rotten Egg Gas Breaks Up Sewer Fatbergs Produces more biogas Reduce Phosphates, Nitrates and Heavy Metals Travel long distances

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GROWTH

42% H1 FY20 PCP

Business Model / Strategy

• Direct sales model Aus / NZ / US

• Exploit ACTI-Mag advantages – US

• US: Currently only about 6 to 8 % of >US$100m (est) market = opportunity

Business Update

• First US plant upgrade completed and more stable product achieved

• Second US plant upgrade underway

• First new US plant under construction for market expansion

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•

Funded Innovation

- Update on our LEILAC Project

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CO2 MITIGATION FOR LIME AND CEMENT

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Low Emissions Intensity Lime and Cement…Calix’s “LEILAC” technology

CO 2 Mitigation Drivers

• EU Emissions Trading Scheme (“ETS”) CO2 permit price jumps from €5/T to over €20/T in 2018

• European Governments commence legislating Net-Zero CO2, in most cases by 2050, but by some (Norway) as early as 2030

Business model

• Prove technology at scale by ~ 2025

• License technology to industry / royalty basis

• Pursue other verticals (lime, refractories, soda-ash industries)

Technology Development

• LEILAC-1 Operational testing continues to gradually expand temperatures and throughputs

Industry-backed

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• Project runs to end 2020

• LEILAC-2 Consortium formed and €16m in grant funding announced from H2020 in December 2019

Solvay joins the consortium Sep 2019

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FY20 Key Milestones

March Update

Looking Ahead

TAM A$B**

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One US plant converted to
•
WATER and Calix tech, another underway. FY20 Sales Revenue 36.7
WASTE WATER guidance remains
First new plant underway
A$12.5 to 14m
•
China sales and first
AQUACULTURE First post-coronavirus order lake remediation
1.5 ??
& FRESH WATER FARMED LAKES
REMEDIATION received from China, in any contract? PRAWN
case not material to revenue
AGRICULTURE EU Lock-down on first EU
•
EU Summer Sales?
CROP trials uncertain, will not be 9.8
•
PROTECTION Next license agreement
material to revenue
CO2 • Project agreements
All items remain on track
MITIGATION executed – LEILAC-2
LIME & Trial program – watch • Progress other projects / 10.8
CEMENT point with EU lock-downs
applications
All items remain on track
ADVANCED • First coin cell tests -
– unlikely to be materially 10.7
BATTERIES results
affected by coronavirus
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• FY19 Annualised basis

** Frost & Sullivan: Market Opportunity for Calix Flash Calcination, dated 17 April 2018. Refer to Section 4 of the Calix Prospectus for risks associated with the competitive environment, retaining and winning customers and market development..

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Because there’s only one Earth…

…Mars is for quitters

•

Additional Slides

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AQUACULTURE & FRESH WATER REMEDIATION

•

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Growing Sales Revenues

Water conditioner – traps Nitrogen and Phosphorous -prawn farming for yield boost -lake remediation

- Update on our SE Asian Business

FARMED PRAWNS FRESHWATER LAKES

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Nitrogen, Phosphorous
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Blue Green
Algae
Disease Fish Kills
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SALES REVENUE GROWTH

110% H1 FY20 PCP

Business model

• SE Asia Distributors – 3 established

• Technical support of paid trials – new markets

• Expand and Exploit valuein-use – unique mode of action

Business Update

Aquaculture

• First post-Coronavirus Chinese order received ! – remains a watch point

Freshwater lake remediation

• Seeking first commercial use

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•

Developing License Incomes

- Update on our Crop Protection Developments

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AGRICULTURE CROP PROTECTION

Safe, environmentally friendly crop protection at a fraction of the cost

New Product

• Safe, environmentally friendly

• 1/5[th] the price point of average pesticide / fungicide

• Enables >50% reduction in standard fungicide / pesticide use

• Existing chemicals under increasing pressure associated with toxicity

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• First orders received and 14 tonnes shipped for EU 2020 summer

Business model

• Materials testing with top crop protection companies (4 started, 1 complete)

• Establish licensed sales / marketing agreements with crop protection majors covering Asia, Americas, Oceania

• Supply under marginshare

Business Update

• Awaiting first EU summer trails – watch point – Impact of EU Corona Virus lock-down on season 1 sales

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ADVANCED BATTERIES

•

Business model

Funded Innovation

• Update on our Battery Projects

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Cheaper, more recyclable and better performing batteries

Why better batteries?

• Rapid growth in electric vehicles and renewable energy

• Issues of cost, capacity, safety and sustainability of current solutions

• Need for advanced materials for lithium-ion batteries with reduced environmental impact

Calix ‘BATMn’ technology

• Controlled porosity = better performance

• BATMn reactor built with funding from Federal Govt. - $0.9m

• BATMn is already at commercial scale

• Industry network includes…

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• 3-yr development program on “drop-in” materials for LiIon batteries

• Once proven - license technology to industry

Expanding R&D networks…

• Aug 2019 – Calix lead consortium wins $3m in funding from Federal Government - CRC-P for Advanced Hybrid Batteries targeting

• High porosity Manganese Oxide

• Minimise Ni and Co

• New Anode materials

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BOARD OF DIRECTORS

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• PETER TURNBULL JACK HAMILTON PHIL HODGSON LANCE O’NEILL DR MARK SCEATS MANAGING DIRECTOR &

• NON-EXECUTIVE CHAIR NON-EXECUTIVE NON-EXECUTIVE EXECUTIVE DIRECTOR CHIEF EXECUTIVE

• DIRECTOR DIRECTOR AND CHIEF SCIENTIST OFFICER

• • Experienced chairman and • 30 years • 14 years of • London-based director • Co-founder of Calix non-executive director with multidisciplinary multidisciplinary of DFB Australia, with • Qualified physical significant board and experience in local and experience with Shell, 36 years of experience chemist with over 46

• senior executive overseas energy including as the General in international years’ experience,

• experience in the industries, including as a Manager and Alternate securities and previous roles academic

• resource, energy and Director of NWS Director of its subsidiary investments in the UK, roles, and numerous

• technology Ventures (Woodside Fuelink Pty Ltd, a $700m Australia, USA and Far fellowships and

• commercialisation sectors North-West Shelf revenue, 300-employee East recognitions

• • Current Chairman of project) distribution and sales • Chair of MediaZest Plc Auxita Pty Ltd, non• Currently the Chairman subsidiary and EP&F Capital Plc • Author of more than 140 executive director of of Anteo Diagnostics Ltd • 7 years running a private academic papers in physical chemistry and

• Karoon Energy Ltd. (ASX: (ASX:ADO). Previous consultancy providing inventor of 36 patented

• KAR), the Governance Non-Executive Director strategy and M&A inventions

• Institute of Australia and positions include Renu services the Chartered Governance Energy (ASX:RNE), and • Joined Calix in 2013 as Institute DUET Group CEO, became a Director

• • Adjunct-Professor at the (ASX:DUE) in 2014 and is a member University of Queensland • Chair of Calix Audit and of Calix’s Technology (2010 – 2016) Risk and Technology Committee

• • Chair of Calix Rem and Committees, and member of Rem and

• Nom Committee, and Nom Committee

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

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