CALIX LIMITED — Investor Presentation 2021

Aug 3, 2021

4 August 2021

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ASX Announcement

Calix update presentation at the NWR Virtual Investor Conference

Sydney, Australia 4 August 2021 – Multi-award-winning Australian technology company Calix Limited (ASX:CXL, Calix or the Company ), is pleased to provide a copy of the presentation that Managing Director Phil Hodgson will be presenting at the NWR Virtual Investor Conference at 8.30am, Wednesday 4 August 2021.

Presenting: Phil Hodgson, Managing Director

Time: 8:30am AEST on Wednesday 4 August 2021

Investors can register for the session at the following link:

- https://us02web.zoom.us/webinar/register/WN_ z4IEAb0TqiIiGSSVpDuYw

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

For more information on the conference click here: https://nwrconference.webflow.io/

This announcement has been authorised for release to the ASX by:

Phil Hodgson, Managing Director and CEO 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 sustainable processing, 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

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Important Disclaimer

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

SUMMARY INFORMATION

This presentation contains summary information about the Company and its subsidiaries (“Calix”) and their activities current as at 4[th] August, 2021. The information in this presentation is a general background and does not purport to be complete.

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 financial year ended 30[th] June 2021, 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.

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 forward-looking 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 forwardlooking 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.

INVESTMENT RISK

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 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.

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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We believe our responsibility whystarts at home. That’s whywe’re driven to use w e ’rt e driven to use our uniquechnology to repair, 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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“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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TPG has amassed private equity's largest war chest dedicated to technology aiming to curb climate change amid a growing scramble by investors drawn to one of the world's foremost global challenges.

Texas-based TPG said Tuesday it has landed $5.4 billion in funding for the first close of its new Rise Climate Fund, and is still targeting a total of $7 billion, up from an initial goal of $5 billion. Hank Paulson, formerly a Treasury secretary and CEO of Goldman Sachs, serves as executive chairman of the fund.

On the same day, Brookfield Asset Management announced the initial closing of a $7 billion climate-focused fund that has a goal of achieving a net-zero carbon economy. Dubbed the Brookfield Global Transition Fund, the vehicle will be hard-capped at $12.5 billion. If it meets its target, the fund would be the largest devoted to climate sustainability, according to PitchBook data.

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

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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

Our core technology platform

A patented platform technology with 3 key features

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”

25 patent families covering core technology and applications

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

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Our business opportunities and ESG tailwinds

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

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CO Advanced
Water 2 Biotech Sustainable Processing
Mitigation Batteries
• Direct CO2 separation for • •
• Safe, environmentally friendly cement and lime – no • Safe, environmentally friendly Targeting safe, Targeting renewable-energy
environmentally friendly, more driven industrial processes
water treatment product theoretical energy penalty biotech product – multiple
recyclable, better performing •
Our • In-market since 2014 • Developing with €28m of EU applications batteries First license agreement
• executed- energy storage
Business • Growing revenue engine for the business • Partnering with some of the funding • Crop Protection – initial salesAnti-Foul Marine Coatings – • • Highly prospective early resultsSubstantial global battery • Several opportunities being developed – chemical
• Successful US acquisition 2019 largest cement and lime major trial underway development network industries
companies
Increasing concern wrt expensive
ESG Top economies, and cement Increasing concern wrt biocides Industrial processes coming under
Waste water discharge limits battery materials and their
companies, committing to net and their impact on the increasing pressure to identify
Issue becoming tougher recyclability, cost, safety and
zero CO2 by 2050 environment how they will electrify
provenance
The EU has banned one of the Tesla announces a return to Recent Deloitte survey found
ESG Germany taken to court by the EU The price of CO2 – as measured by
largest selling broad spectrum simpler, cheaper, safer industrial manufacturers
for polluting European waterways the EU Emissions Trading Scheme
Examples with P and N - has jumped ~10-fold in 4 years fungicides from Feb 2021 - chemistries at Battery Day - targeting 45% overall
Mancozeb September 2020 electrification by 2035
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… With significant thematic tailwinds, Calix’s business is very well positioned to benefit

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Progress Since March 2021 CO 2 and Sustainable Processing

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Progress since our March 2021 capital raise

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Sustainable Processing: Magnesia refractories – another industry striving for net zero

RHIM around the world…

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Sustainable Processing 12-month milestone targets

• Phase 2 testing underway

• July 2021: MOU with RHI Magnesita (LON:RHIM) for Calix Technology kiln for (magnesia) refractories

Refractories

• Successful phase 2 testing

• Covers concept to Pre-Front End Engineering and Design (PreFEED) for a commercial-scale facility

• Full feasibility study

• 25kTpa CO2 separation capacity

• Project or License agreement

• Fuel options include renewable electricity

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+ +
1 Tonne of 0.48 Tonne of 0.52 Tonne of
magnesite 760 C magnesia CO2
Calix
CO2 Captured
Technology
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Refractory MgO Market: 9 to 10 Mtpa, US$20b in 2018. RHIM Market share ~ 12.5 % by revenue

Luis Bittencourt, Chief Technology Officer, RHI Magnesita, said:

“We are pleased to be working with Calix on this project, which is a key part of the research and development programme on CO2 emissions reduction that we are carrying out over the next five years. Together with our partners at Calix, we are seeking to develop new technologies for the capture, storage and utilisation of CO2 that would otherwise be emitted during the refractory production process.”

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Progress since our March 2021 capital raise

Sustainable Processing : Spodumene – supplying the majority of global lithium

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Sustainable Processing 12-month milestone targets

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Calix
Phased Development Technology
with PLS targeting ~35%
Li2O equivalent
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Spodumene

• Full feasibility study

• Project or License MOU

• Excellent test results on spodumene conversion using Calix Technology

• May 2021: MOU with Pilbara

Minerals Limited (ASX:PLS)

• Co-development of a “mid-stream” lithium chemicals refinery utilising the Calix Technology

• Phase 1: Scoping Study target late 2021

• Phase 2: If successful - JV formation target H1 2022 and FEED study

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Up to 8x
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• Phase 3: If successful Demonstration Plant JV target 2024

Potential benefits of the Calix Technology to the spodumene industry

• Higher value product produced on-site

• Less shipping of waste

• Higher recovery from the ore body

• Can be renewable energy-powered

• Lower CO 2 foot-print product = competitive advantage as carbon barriers are erected

Local Market Snapshot…

• Current lithium carbonate prices > US$13,000 / tonne*

• • Australian Spodumene-derived lithium salt market (Lithium Carbonate Equivalent) could hit 400kTpa** by 2025

• CXL and PLS looking to jointly develop a solution to be licensed to the total market

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*https://tradingeconomics.com/commodity/lithium and 0.15 USD / CY

**: Benchmark Mineral Intelligence (2020)

Progress since our March 2021 capital raise

CO 2 Mitigation line of business

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CO 2 Mitigation

• June 2021: Calix key partner in successful $39m Federally-funded Heavy Industry / Low Emissions Co-Operative Research Centre (HILT-CRC)

• Partners include ADBRI, Alcoa, Boral, Fortescue, South32

12-month milestone targets

• Cement and Lime opportunity (lime used in steel & aluminium production)

• July 2021: Completion report being finalised for EU. Over-arching results:

• Successful test campaign conclusion – LEILAC-1

• Limestone and cement raw meal successfully processed – over 1500 hours operation

• 95%+ CO2 purity obtained

• No tube fouling inhibiting the process

• Safe and simple to operate – no impact on a cement plant production

• Successful BOD – LEILAC-2

• March 2021: LEILAC-2 Project passes pre-Front End Engineering and Design (“Pre-FEED”) Milestone

• On-track for Final Investment Decision (FID) in early 2022

• March 2021: Heads of Agreement for Lime project – ADBRI (ASX:ABC)

• First project / license agreement “full-scale” application

• Second project / license agreement “full-scale” application

• 20kTpa CO2 separation capacity

• Fuel options include hydrogen & renewable electricity

• Additional funding to be sought under HILT-CRC and/or Federal Low Emissions Project descriptions

• Technology initiatives

• • Milestone targets - Phase 1: Early 2022 Pre-FEED, Phase 2 late 2022 FID, Phase 3 being developed with 6 cement

• 2024 Commissioning companies and 2

• • July 2021: MOU for Lime project – Tarmac Ltd (UK) other lime

• • 20kTpa CO2 separation capacity • Fuel options include hydrogen & renewable electricity companies

• Additional funding to be sought under UK BEIS £1b Net Zero Innovation Portfolio

• Milestone targets - Phase 1: End-Dec Pre-FEED, Phase 2 mid 2022 FID, Phase 3 12 early 2024 Commissioning

Growing legislative pressures and incentives continue…

Our initial target markets, the EU and US, have made significant moves in the last two months…

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European Union – Legislative Progress

United States – Legislative Progress

• 2018 – EU ratifies phase 4 of the Emissions Trading Scheme, CO2 permit price jumps from €5 to over € 25

• 2019 – HeidelbergCement pledges net zero CO2 by 2050, and a 30% reduction on 1990 emissions by 2025

• 2020 – EU legislates net zero CO2 by 2050. Several countries (and companies !) follow. Innovation fund established contributing 60% of CAPEX and OPEX (for 10 years) for CO2 projects

July 2021

• CO 2 EU ETS permit price doubles since 2019 to over € 55 / tonne

• EU introduces even more strict / ambitious targets in draft legislation

• 2008 – “45Q” tax credit system, up to 75MT CO2 total, enacted providing • US$10/tonne CO2 stored via Enhanced Oil Recovery (EOR) and

• • US$20 / tonne stored in geologic formations (GS)

• 2018 – 45Q was reformed to US$35 for EOR and US$50 for GS, and un capped but limited to 12 years claimable. Minimum facility size dropped from 500kTpa CO2 to 100kTpa CO2

• May – June 2021

  • Various Acts being introduced into congress and senate looking to increase EOR to $US50 - 60 and GS to US$85 / tonne CO2 + min. facility size dropped to 10kTpa, claimable out to 20 years

• 55% reduction by 2030 from 1990 levels

• Maritime shipping to be included for the first time in CO2 caps

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Belgium - 2019 Hannover - 2023 EU or US - ASAP “LEILAC-1” “LEILAC-2” “LEILAC-3” (built) (funded) (in planning)

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5% slipstream (Cement)
Small commercial capacity
(Lime)
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20% slipstream (Cement) 100% capacity (Cement) Large commercial capacity (Lime) 13

Coming Up Next…

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• Full Year Financials released to the market August 24

• Investor webinar – Full Year Results – Thursday September 2 – details to follow soon

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Board of Directors, Share Price Performance and Equity Structure

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Board of Directors

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Peter Turnbull, AM Non-Executive Chair

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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Lance Phil Dr Mark O’Neill Hodgson Sceats Non-Executive Managing Executive Director Director & Chief Director And Executive Officer Chief Scientist

• 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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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 2 August 2021	Further Equity Detail As at 2 August 2021
Free Float	159.7m shares
Warrants to be exercised by July 2022 ($0.66 Strike Price)	0.1m warrants
Employee Incentive Scheme Rights	7.3m rights

As at 2 August 2021	As at 2 August 2021
Shares on issue	~159.7m
Share price for IPO Capital Raise	$0.53 per share
Share price on IPO	$0.62 per share
Current Share price	$2.78 per share
Market capitalisation	~$444m

Major shareholders As at June2021	Major shareholders As at June2021
Board & Management	15.0%
Nicholas Merriman and associates	8.5%
Australian Super Pty Ltd	7.3%
Regal Funds Management	6.6%
Paul Crowther	5.3%

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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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