February 2016

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This presentation includes forward-looking statements that are based upon management's current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting Calix’s business. The reader is cautioned not to rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix's results and other risks and uncertainties are detailed in its Annual Report on Form 10-K for the fiscal year 2015, filed with the SEC and available at www.sec.gov.

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Calix at a Glance

Value Shift from Hardware to Software

The Access Market Opportunity

Financials Update

5. Appendix

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2010 2011 2012 2014 2015

• IPO on NYSE • Occam acquisition

• EMEA and Australia expansion

• Ericsson fiber access products acquisition

• Ericsson global reseller agreement

• Launched Open Link Cable

• Introduced GigaCenter

• Introduced AXOS platform

• Launched G.fast and NG-PON2 products

• Expanded GigaCenter platform

Serving over 1,200 customers in more than 70 countries

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Data Center Outside Plant

Broadband Aggregation

Optimization

Success-based Pay-as-you-grow Architecture

Subscriber Edge

Technology & Service

Optimization

E3-48C

716EE7-2

E7-20

E5-48

E5-216F

GigaFamily

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E3-8G

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The World’s Most Advanced Operating System for Access Networks

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FAST. Time to Revenue

� Speed of New Features. Individual software components are containerized which simplifies adds /deletes /changes and eliminates the need to constantly re-test the entire OS, thus maximizing reuse, while leveraging industry standards and open source software

� Speed of New Products. The unique hardware and software abstraction layers (HAL / SAL) preserve software independence from the underlying hardware and allow rapid development for any new access technology

ALWAYS ON. Resilient

� Eliminates maintenance windows through the live upgrade functionality

� Minimizes downtime using self-diagnosis, self-healing and process auto-restart

� Provides unprecedented visibility into application performance via monitoring and streaming data off the systems to feed third-party or open source monitoring tools

SIMPLE. Operational ease and flexibility

� Plugs into any open standard orchestration and management solution because it supports dynamic “state” manipulation through standard, open interfaces

� Portable across the network with common, stable field deployed components

Rapid delivery of new services, superior customer experience and unparalleled reliability

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Controlled environment

Short lifecycle / Easy to replace

Partially to fully exposed environments

Long lifecycle / Difficult to replace

Data Center Access NetworkData Center Access Networkvs.

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Source: Infonetics, Morgan Stanley Research, UBS Research, Barclays Research, Company estimates

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• 10 percent of all Americans (34 million people) lack access to 25 Mbps/3 Mbps service

• Wide disparity between urban and rural subscribers

• 4 percent of urban Americans lack access to 25Mbps/3Mbps service

• 39 percent of rural Americans lack access to 25 Mbps/3 Mbps service

• US broadband access ranked 16th out of 34 countries

Source: FCC Broadband in America (January 2015)

Source: Morgan Stanley Research, Barclays Research, Nielsen Global Digital Landscape Report March 2015, Nielsen Total Audience 4Q14 Report, Comscore

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DOCSIS 3.024 Bonded

Gigabit GPON DOCSIS 3.1 (initial)

10000

Gigabit FTTH

10G PONXGS/NG-PON2

…

10G XGS/NG-PON2

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Lower Operating Costs

Source: RVA LLC: North American FTTH Accelerates, (Q4 2014), RVA LLC North America FTTH Progress and Impact 2015 (June 2015), Google Fiber Kansas City, Bernstein Proprietary Census. Survey conducted by Haynes and Company (May 2014)

Estimated Operating Expense Savings

High Customer Take Rates

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

100% Aerial/0% MDU

100% Aerial/20% MDU

50% Aerial/0% MDU

50% Aerial/50% MDU

Non-Electronics/Sub Electronics/Sub

Source: Suburban FTTP Network Scenarios, Telecom & Networking Equipment, The FTTP Renaissance, Implications for Vendors – Jefferies Group LLC May 6, 2015

Electronics represent ~15-25% of the total capex cost per unit served in a fiber deployment after initial build costs

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• Calix is a leader in G.fast technology as the first company in the world to publicly demonstrate a true gigabit experience via bonded G.fast over copper at Broadband World Forum 2015 with speeds up to with 1.5 Gb/s at 250m

• G.fast solutions are ideally suited for short loops < 500 m and speeds from 150Mb/s to >1 Gb/s

• Per U.S. Census data there are over 34 million multi-tenant housing units in the U.S. (per 2013 ACS) with an estimated more than 50% of these units built before 1980

• Aged residential and commercial units are characterized by difficulties in riser access and restricted building access

• G.fast provides fiber-like broadband speeds when fiber is not available

MDU

Riser

GPON/GE

G.fast

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CAPEX $25KCAPEX $8KOPEX $1KOPEX $32K

Central

Office

Generic

Home

20 Mbps

MDU

1:32 split

BPON ONTs

+ 1 GPON system+ 32 GPON ONTs + 2 CO techs (day)+ 32 techs in field (simultaneously)

GPON ONTs

GPON OLTs

BPON OLTs

Total cash spend = $66K -- or $2,063 per home

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CAPEX $4K

OPEX $120

Home

MDU

1:32 split

BPON OLTsGPON OLTs

BPON OLTs

+ 1 GPON line card+ 1 GPON OIM- 1 BPON trade-in + 1 CO tech (2 hrs)+ 0 techs in field (no truck roll)

80 Mbps to 1Gbps

GPON ONTs

Auto-detect

PO ONTs

Central

Office

GPON OLTs

Total cash spend = $4.12K -- or $128 per home

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($ in millions, except per share amounts) Actual Guidance

Revenues $105.0 $102.0-$106.0

Non-GAAP gross margin 46.5% 47%-48%

Non-GAAP operating expenses $50.6* $51.5-$52.5

Non-GAAP EPS ($0.03) ($0.07) – ($0.03)

Cash flow from operations ($4.1) Neutral

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*Includes approximately $0.8M of litigation-related expenses

Revenues of $105.0M, -6% q/q, -6% y/y� Results at the upper end of $102-$106M guidance � Eighth consecutive quarter at or above revenue guidance range

Non-GAAP Gross margins decrease to 46.5%, -1.6% y/y

� Higher mix of international revenues

� Full-year 2015 gross margins of 49.0%

Non-GAAP EPS loss of ($0.03)

� At the high-end of guidance range of ($0.07) – ($0.03) due to lower operating expenses

� Eighth consecutive quarter at or above Non-GAAP EPS guidance range

Stock repurchase activity accelerated� Repurchased 2.1M shares at an average cost of $7.67 per share� $12.8M remains on $40M stock repurchase authorization

Launched the era of Software Defined Access with the introduction of AXOS

Other major product announcements included� Accelerated fiber migration with the launch of the Node-Based E3-8G� Demonstrated bonded G.fast at speeds in excess of 1 gigabit per second� Breakthrough VDSL2 system level vectoring solutions on the E7-2 modular access system

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Full-year 2015 revenues +2% y/y

� Strength across multiple customers, products and geographies

� 2011-15 CAGR of 4.2% as customer & country count increase as well as market share gains at key existing accounts

� Product platforms poised to contribute to future growth

Full-year 2015 gross margins increase on mix and platform leverage

� Full-year gross margins of 49.0%, +230bps y/y and +530bps since 2011

� Favorable product mix as well as improved operating efficiency

� Unified Access architecture platform drives improved cost leverage

Eighth consecutive quarter of reported revenues in-line or better than guidance

� Visibility remains challenged amid uneven customer spending environment

� New product offerings as well as improved customer value proposition driving revenues

Non-GAAP EPS at or above guidance for eighth consecutive quarter

� Continued shift to software-centric platform and product-specific momentum drives annual improvement in gross profits

� Some timing shifts in operating expenses added to improved near-term earnings

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Cash and equivalents of $73.6M� Operating cash flow usage of $4.1M

� Capital expenditures of $1.3M

� Share repurchase of $16.1M spent to buyback 2.1M shares of CALX common

� No debt

Buyback activity increased

� Stock repurchase activity level accelerated q/q

� In 2015, repurchased 3.5M shares at an average cost of $7.68 per share

� $12.8M remaining on original $40M buyback authorization

Revenues $95-$99M

Gross margin 47.0-48.0%

Operating expenses $52.0-$53.0M*

Non-GAAP EPS ($0.15) – ($0.11)

Cash flow from operations Negative

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*Includes approximately $2.6M of litigation-related expenses

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PARTNERSPARTNERSSALESSALESENGINEERINGENGINEERING

LEVERAGE

� Solve a hard problem once

� Reuse successful components

� Leverage silicon innovation

� Can integrate Open Source value

CUSTOMERSCUSTOMERS

VALUE

� ConsistentBehavior

� Service Resiliency

� Workflow Simplicity

� Upgradability( features + fixes)

� Reduce OPEX

PORTFOLIO EFFECT

� Cross-selling and pull-through sales

� Sell once, train once

� Solution DeliveryEnd to End

� Reduce Cost of Sales

INTEGRATION

� Tighter integration

� Broader opportunities

� Round out the portfolio

� Solution Ecosystemversus largervendors

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Infrastructure Layer

Protocol Framework Layer

Protocol and Services Layer

User Interface Layer

Policy and Management Layer

Hardware Abstraction Layer

AXOS

Merchant Silicon / New Technology

Decoupled hardware and software, loosely coupled components

� Simplistic 3-layer model transformed to fine-grained independent software components abstracted from the physical layer

� Support for 3rd party components with internal and external APIs

DATA PLANE

CONTROL PLANE

MANAGEMENT PLANE

D1 D2 D3 D4

C1 C2 C3 C4

B1 B2 B3 B4

A1 A2 A3 A4

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Source: AT&T Vision Alignment Challenge Technology Survey, AT&T Domain 2.0 Vision White Paper, November 13, 2013

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Source: “Evaluating “The State of the State” of Virtualization, Light Reading, June 2015

� NFV requires faster broadband connections, driven by shared functionality between the data center and the subscriber edge

� SDN demands flexible, rapidly deployable software applications in order to provide customer friendly solutions on demand

� The key differentiator for a systems vendor is to have an operating system that facilitates network operators’ flexible deployment of software applications across their networks as well as in customer specific situations

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“…to capture the cost saving and revenue generating potential of SDN and NFV, communications service providers (CSPs) have to embrace new ways of achieving traditional objectives...What that requires of vendors is to design network platforms and applications that evolve so that they no longer rely on the hardware providing the reliability but instead are designed to assume the probability of hardware failures and perform failover in software instead”

“A significant part of the value proposition of a more software-centric network is that it enables CSPs to respond much more rapidly to both network conditions and customer demands.”

Source: Evaluating “The State of the State” of Virtualization, Hewlett-Packard, Light Reading, Heavy Reading (July 2015)

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Expanded Revenues

•New Products & Markets

•Focus on NFV & SDN

Opportunity

Increased Gross Profit

•Consistent Gross Margin

Expansion

•Funds R&D

R&D Investment

•Operating System

•Access Solutions

Long-Term Operating

Profit Growth

G.fastAXOS

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“Our investment decisions remain success based. We have seen excellent results in this evolving market and are confident that fiber is the long-term solution to consumer bandwidth needs…Our fiber expansion plans continue to be focused on neighborhoods with the highest returns and our data indicates that penetration rates improve significantly when fiber is provided directly to the home.” February 18, 2016

“In the wireline segment, Verizon’s results were once again highlighted by continued revenue and customer growth for Fios fiber-optic-based services…Comparing fourth-quarter 2015 with fourth-quarter 2014, total Fios revenues grew 6.8 percent, to $3.5 billion, and consumer Fios revenues grew 6.6 percent…By year-end 2015, more than 70 percent of consumer Fios internet customers subscribed to data speeds of 50 megabits per second or higher.” January 21, 2016

“So, over the next few years we'll basically replace a very high percentage of the copper that sits in our footprint today in the rural locations, and we'll have a very, very good speed profile that comes with the fiber connections and all the current electronics. So, we're very optimistic about both of those pieces of the business.” December 3, 2015

“…we also continued to focus on driving higher speeds across our network, as we ended 2015 with 940,000 GPON addressable households and 490,000 GPON addressable businesses…we provided more than 30% of our service area, our addressable units, with speeds of 40 megabits or higher…we provide our customers a gateway to the digital world by enabling fast, highly reliable broadband connection that are automated and easy to use.” February 10, 2016

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Source: Company reports

Latest QuarterWireline revenues +1% y/yFioptics revenues +34% y/y

Latest QuarterWireline revenues -2% y/yFios revenues +8% y/y

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“Broadband access has become a necessity in our everyday lives. In the past few years, broadband has brought sweeping changes in the ways Americans communicate, gather information, conduct commerce, and entertain themselves.”

STATEMENT OF FCC CHAIRMAN TOM WHEELER

“Broadband is not just a technology, it’s a platform for opportunity.”

STATEMENT OF COMMISSIONER JESSICA ROSENWORCEL

Source: 2015 BROADBAND PROGRESS REPORT AND NOTICE OF INQUIRY ON IMMEDIATE ACTION TO ACCELERATE DEPLOYMENT, FCC, January 9 2015

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Source: Telecom & Networking Equipment, The FTTP Renaissance, Implications for Vendors – Jefferies Group LLC May 6, 2015

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Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

*Additional customer deployments from Calix customers have been secured but not yet announced.

Calix Gigabit Deployments

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45% of survey respondents currently deploying fiber cover at least 50% of customers with FTTH solutions (41% in 2013)

67% of survey respondents plan to offer FTTH to at least 50% of customers by 2017

85% of survey respondents have a long-term fiber deployment strategy with

� 74% of survey respondents plan to offer FTTN to more than 75% of customers by 2017

� 25% of survey respondents have already completed fiber deployments to 100% of customers

Source: NTCA 2014 Broadband/Internet Availability Survey Report, June 2015.

� Additional information available at http://investor-relations.calix.com/ • Stock Information

• Financial Information

• Corporate Governance

• Investor Resources

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