CALIX LIMITED — Major Shareholding Notification 2021

May 27, 2021

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Calix Ltd (CXL) ACN/ARSN 117 372 540 1. Details of substantial holder (1) Name Regal Funds Management Pty Ltd (RFM) ACN/ARSN (if applicable) 107 576 821

There was a change in the interests of the substantial holder on 26/05/2021 The previous notice was given to the company on 15/04/2021 The previous notice was dated 13/04/2021

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Current notice	Current notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY	8,640,651	5.45%	10,604,618	6.69%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities	Class and number of securities	Class and number of securities
	See Annexure 1
4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
Holder of relevant interest	Registered holder of securities		Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
UBS AG, AUSTRALIA BRANCH	UBS NOMINEES PTY LTD		UBS AG, AUSTRALIA BRANCH	HOLDER OF SHARES	5,823,567 ORDINARY	5,823,567
CREDIT SUISSE AG	CS THIRD NOMINEES PTY LIMITED		CREDIT SUISSE AG	HOLDER OF SHARES	4,781,051 ORDINARY	4,781,051

5. Changes in associati The persons who have bec with, the substantial holder	5. Changes in associati The persons who have bec with, the substantial holder	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 70725.00 30000 Ordinary 30000 Sell 6368.70 2769 Ordinary 2769 Sell 93392.78 40332 Ordinary 40332 Sell 188048.00 80000 Ordinary 80000 Sell 44654.71 19161 Ordinary 19161 Sell 128154.72 50080 Ordinary 50080 Sell 128320.00 50000 Ordinary 50000 Sell 85529.11 31952 Ordinary 31952 Sell 260847.89 100172 Ordinary 100172 Sell 50008.00 18800 Ordinary 18800 Sell 262890.84 101377 Ordinary 101377 Sell 177625.61 65858 Ordinary 65858 Sell 70689.06 26520 Ordinary 26520 Sell 121485.00 50000 Ordinary 50000 Sell 37542.09 15059 Ordinary 15059 Sell 55910.40 22520 Ordinary 22520 Buy 1811816.57 668567 Ordinary 668567 Buy 5420000.00 2000000 Ordinary 2000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows: CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management 28/05/2021 al Funds Management al Funds Management	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 70725.00 30000 Ordinary 30000 Sell 6368.70 2769 Ordinary 2769 Sell 93392.78 40332 Ordinary 40332 Sell 188048.00 80000 Ordinary 80000 Sell 44654.71 19161 Ordinary 19161 Sell 128154.72 50080 Ordinary 50080 Sell 128320.00 50000 Ordinary 50000 Sell 85529.11 31952 Ordinary 31952 Sell 260847.89 100172 Ordinary 100172 Sell 50008.00 18800 Ordinary 18800 Sell 262890.84 101377 Ordinary 101377 Sell 177625.61 65858 Ordinary 65858 Sell 70689.06 26520 Ordinary 26520 Sell 121485.00 50000 Ordinary 50000 Sell 37542.09 15059 Ordinary 15059 Sell 55910.40 22520 Ordinary 22520 Buy 1811816.57 668567 Ordinary 668567 Buy 5420000.00 2000000 Ordinary 2000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows: CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management 28/05/2021 al Funds Management al Funds Management	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 70725.00 30000 Ordinary 30000 Sell 6368.70 2769 Ordinary 2769 Sell 93392.78 40332 Ordinary 40332 Sell 188048.00 80000 Ordinary 80000 Sell 44654.71 19161 Ordinary 19161 Sell 128154.72 50080 Ordinary 50080 Sell 128320.00 50000 Ordinary 50000 Sell 85529.11 31952 Ordinary 31952 Sell 260847.89 100172 Ordinary 100172 Sell 50008.00 18800 Ordinary 18800 Sell 262890.84 101377 Ordinary 101377 Sell 177625.61 65858 Ordinary 65858 Sell 70689.06 26520 Ordinary 26520 Sell 121485.00 50000 Ordinary 50000 Sell 37542.09 15059 Ordinary 15059 Sell 55910.40 22520 Ordinary 22520 Buy 1811816.57 668567 Ordinary 668567 Buy 5420000.00 2000000 Ordinary 2000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows: CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management 28/05/2021 al Funds Management al Funds Management	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 70725.00 30000 Ordinary 30000 Sell 6368.70 2769 Ordinary 2769 Sell 93392.78 40332 Ordinary 40332 Sell 188048.00 80000 Ordinary 80000 Sell 44654.71 19161 Ordinary 19161 Sell 128154.72 50080 Ordinary 50080 Sell 128320.00 50000 Ordinary 50000 Sell 85529.11 31952 Ordinary 31952 Sell 260847.89 100172 Ordinary 100172 Sell 50008.00 18800 Ordinary 18800 Sell 262890.84 101377 Ordinary 101377 Sell 177625.61 65858 Ordinary 65858 Sell 70689.06 26520 Ordinary 26520 Sell 121485.00 50000 Ordinary 50000 Sell 37542.09 15059 Ordinary 15059 Sell 55910.40 22520 Ordinary 22520 Buy 1811816.57 668567 Ordinary 668567 Buy 5420000.00 2000000 Ordinary 2000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows: CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management 28/05/2021 al Funds Management al Funds Management	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 70725.00 30000 Ordinary 30000 Sell 6368.70 2769 Ordinary 2769 Sell 93392.78 40332 Ordinary 40332 Sell 188048.00 80000 Ordinary 80000 Sell 44654.71 19161 Ordinary 19161 Sell 128154.72 50080 Ordinary 50080 Sell 128320.00 50000 Ordinary 50000 Sell 85529.11 31952 Ordinary 31952 Sell 260847.89 100172 Ordinary 100172 Sell 50008.00 18800 Ordinary 18800 Sell 262890.84 101377 Ordinary 101377 Sell 177625.61 65858 Ordinary 65858 Sell 70689.06 26520 Ordinary 26520 Sell 121485.00 50000 Ordinary 50000 Sell 37542.09 15059 Ordinary 15059 Sell 55910.40 22520 Ordinary 22520 Buy 1811816.57 668567 Ordinary 668567 Buy 5420000.00 2000000 Ordinary 2000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows: CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management 28/05/2021 al Funds Management al Funds Management	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 70725.00 30000 Ordinary 30000 Sell 6368.70 2769 Ordinary 2769 Sell 93392.78 40332 Ordinary 40332 Sell 188048.00 80000 Ordinary 80000 Sell 44654.71 19161 Ordinary 19161 Sell 128154.72 50080 Ordinary 50080 Sell 128320.00 50000 Ordinary 50000 Sell 85529.11 31952 Ordinary 31952 Sell 260847.89 100172 Ordinary 100172 Sell 50008.00 18800 Ordinary 18800 Sell 262890.84 101377 Ordinary 101377 Sell 177625.61 65858 Ordinary 65858 Sell 70689.06 26520 Ordinary 26520 Sell 121485.00 50000 Ordinary 50000 Sell 37542.09 15059 Ordinary 15059 Sell 55910.40 22520 Ordinary 22520 Buy 1811816.57 668567 Ordinary 668567 Buy 5420000.00 2000000 Ordinary 2000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows: CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management 28/05/2021 al Funds Management al Funds Management	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 70725.00 30000 Ordinary 30000 Sell 6368.70 2769 Ordinary 2769 Sell 93392.78 40332 Ordinary 40332 Sell 188048.00 80000 Ordinary 80000 Sell 44654.71 19161 Ordinary 19161 Sell 128154.72 50080 Ordinary 50080 Sell 128320.00 50000 Ordinary 50000 Sell 85529.11 31952 Ordinary 31952 Sell 260847.89 100172 Ordinary 100172 Sell 50008.00 18800 Ordinary 18800 Sell 262890.84 101377 Ordinary 101377 Sell 177625.61 65858 Ordinary 65858 Sell 70689.06 26520 Ordinary 26520 Sell 121485.00 50000 Ordinary 50000 Sell 37542.09 15059 Ordinary 15059 Sell 55910.40 22520 Ordinary 22520 Buy 1811816.57 668567 Ordinary 668567 Buy 5420000.00 2000000 Ordinary 2000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows: CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management 28/05/2021 al Funds Management al Funds Management
Name and ACN/		ARSN (if applicable)		Nature of association
NOT A		PPLICABLE
6. Addresses The addresses of persons
N		ame		Address
PHIL		IP KING		LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000
Signature Annexure 1 Changes in relevant int
Date	Person who	se relevant interest changed		Nature of Change	Consideration given in relation to change	Number of securities affected	Class of securities	Persons votes affected
19/04/2021	Reg	al Funds Management		Sell	70725.00	30000	Ordinary	30000
20/04/2021	Reg	al Funds Management		Sell	6368.70	2769	Ordinary	2769
26/04/2021	Reg	al Funds Management		Sell	93392.78	40332	Ordinary	40332
26/04/2021	Reg	al Funds Management		Sell	188048.00	80000	Ordinary	80000
27/04/2021	Reg	al Funds Management		Sell	44654.71	19161	Ordinary	19161
28/04/2021	Reg	al Funds Management		Sell	128154.72	50080	Ordinary	50080
28/04/2021	Reg	al Funds Management		Sell	128320.00	50000	Ordinary	50000
30/04/2021	Reg	al Funds Management		Sell	85529.11	31952	Ordinary	31952
3/05/2021	Reg	al Funds Management		Sell	260847.89	100172	Ordinary	100172
3/05/2021	Reg	al Funds Management		Sell	50008.00	18800	Ordinary	18800
10/05/2021	Reg	al Funds Management		Sell	262890.84	101377	Ordinary	101377
11/05/2021	Reg	al Funds Management		Sell	177625.61	65858	Ordinary	65858
12/05/2021	Reg	al Funds Management		Sell	70689.06	26520	Ordinary	26520
13/05/2021	Reg	al Funds Management		Sell	121485.00	50000	Ordinary	50000
14/05/2021	Reg	al Funds Management		Sell	37542.09	15059	Ordinary	15059
14/05/2021	Reg	al Funds Management		Sell	55910.40	22520	Ordinary	22520
25/05/2021	Reg	al Funds Management		Buy	1811816.57	668567	Ordinary	668567
26/05/2021	Reg	al Funds Management		Buy	5420000.00	2000000	Ordinary	2000000
0/01/1900 0/01/1900 0/01/1900 0/01/1900 Reg Reg Reg Reg

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association NOT APPLICABLE

6. Addresses

The addresses of persons named in this form are as follows:

Name Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY PHILIP KING NSW 2000

Signature

Annexure 1

Changes in relevant interests

			Consideration
			given in	Number of		Persons
		Nature of	relation to	securities	Class of	votes
Date	Person whose relevant interest changed	Change	change	affected	securities	affected
19/04/2021	Regal Funds Management	Sell	70725.00	30000	Ordinary	30000
20/04/2021	Regal Funds Management	Sell	6368.70	2769	Ordinary	2769
26/04/2021	Regal Funds Management	Sell	93392.78	40332	Ordinary	40332
26/04/2021	Regal Funds Management	Sell	188048.00	80000	Ordinary	80000
27/04/2021	Regal Funds Management	Sell	44654.71	19161	Ordinary	19161
28/04/2021	Regal Funds Management	Sell	128154.72	50080	Ordinary	50080
28/04/2021	Regal Funds Management	Sell	128320.00	50000	Ordinary	50000
30/04/2021	Regal Funds Management	Sell	85529.11	31952	Ordinary	31952
3/05/2021	Regal Funds Management	Sell	260847.89	100172	Ordinary	100172
3/05/2021	Regal Funds Management	Sell	50008.00	18800	Ordinary	18800
10/05/2021	Regal Funds Management	Sell	262890.84	101377	Ordinary	101377
11/05/2021	Regal Funds Management	Sell	177625.61	65858	Ordinary	65858
12/05/2021	Regal Funds Management	Sell	70689.06	26520	Ordinary	26520
13/05/2021	Regal Funds Management	Sell	121485.00	50000	Ordinary	50000
14/05/2021	Regal Funds Management	Sell	37542.09	15059	Ordinary	15059
14/05/2021	Regal Funds Management	Sell	55910.40	22520	Ordinary	22520
25/05/2021	Regal Funds Management	Buy	1811816.57	668567	Ordinary	668567
26/05/2021	Regal Funds Management	Buy	5420000.00	2000000	Ordinary	2000000