Germain LamondeChairman, President & CEOOctober 14, 2016

MARKETING WITH GMP SECURITIES

2© 2016 EXFO Inc. All rights reserved.

Certain statements in this presentation, or given in response to your questions, may constituteforward-looking statements within the meaning of the Securities Act of 1934. The PrivateSecurities Litigation Reform Act of 1995 provides “safe-harbors” for such forward-lookingstatements and we intend that any forward-looking statements made today be subject to thesafe harbors. We caution you that any forward-looking statements are just predictions. Theyare not guarantees of future performance and involve risks and uncertainties. Actual resultsmay differ materially from those projected in forward-looking statements and we invite you toreview the company’s most recent filings with the Securities and Exchange Commission orCanadian securities commissions for a discussion of the factors at risk. These forward-lookingstatements speak only as of the date of this presentation and, unless required by law orapplicable regulations, we will not be reviewing or updating the material that is containedherein.

For a reconciliation of adjusted EBITDA to net earnings, refer to the Q4 2016 press release orthe “Non-IFRS Measures” section on EXFO’s website.

All amounts in millions of US dollars, except otherwise noted.

FORWARD-LOOKING STATEMENTS

3© 2016 EXFO Inc. All rights reserved.

› MULTI-TECHNOLOGY PLATFORMS› WORLD NO. 1 IN OPTICAL TEST› SIMPLIFICATION & AUTOMATION

LEADER IN PORTABLE TEST

4© 2016 EXFO Inc. All rights reserved.

TESTFLOW: FIELD TEST AUTOMATION

› Drives efficiency of network operator processes; M&P pushed out to platforms via Cloud

› Ensures compliancy, “right the first time,” test consistency and test result integrity (no cheating)

› Test results automatically stored in EXFO│Xtract

› Ideal for FTTA, FTTH, small cell, DAS rollouts

› Runs on all FTB test platforms and modules

5© 2016 EXFO Inc. All rights reserved.

› FULL END-TO-END SOLUTION PORTFOLIO› CONVERGED & VIRTUALIZED IP SERVICES› OVER 100 DEPLOYMENTS WORLDWIDE

LEADER IN SERVICE ASSURANCE

6

EXFO BLUEPRINT

7© 2016 EXFO Inc. All rights reserved.

CONSUMER AND BUSINESS TRENDS

By 2021…

COMMUNICATIONSERVICES

VIDEO AUGMENTEDREALITY

CONNECTEDCARS

HEALTHCARE INTERNETOF THINGS

MOBILITY ⎪ BROADBAND ⎪ CLOUD

Source: Ericsson Mobility Report, November 2015

› 9.1B mobile subscribers› 7.7B mobile broadband subscribers› 28B connected devices › 10X mobile data traffic growth (from 2015)

8© 2016 EXFO Inc. All rights reserved.

MAJOR OPPORTUNITIES FOR EXFO

FIELDAUTOMATION

›Operational efficiency›Deploy services faster›Reduce time-to-revenue

QoE + E2EVISIBILITY

›QoE and retention›Reduce service costs›Prioritize and predict›Simplify operations

FIBEREVERYWHERE

›… rich in the core›… deeper in access›… to-the-home›… to-the-antenna

High-Speed, NFV,Cloud, Data Centers

›NFV + H/W co-exist›Service complexity›Operational cost›QoE and retention

›World No.1 in portable test›Consistent share gains›Frost & Sullivan Market Leadership Award for 2015

›Major new offerings

›EXFO Connect penetration›iOLM, FIP, etc.›TestFlow™ process automation

›Wins at tier-1 MNO … more to come

›Active/Passive + analytics›Both NFV + HW-centric›NFV driving active SA›Xtract: Major wins & funnel

›NFV ready for deployment›100G+ growth (labs & field)›Web-scale + data centers›Driving active/analytics opportunities

TEST ORCHESTRATION AND PERFORMANCE INTELLIGENCE SOLUTIONS

9© 2016 EXFO Inc. All rights reserved.

GROWTH STRATEGYTOP-LINE DRIVEN: BOLSTER SALES AND GROSS MARGIN

EVOLVEInto a trusted advisor. Customers seeking E2E solutions to enhance network performance and service experience quality.

EXPANDShare of wallet with tier-1 network operators. Top-15 operators account for lion’s share of capital spending.

ACCELERATEPenetration of data center, Cloud and web-scale operator markets. Web-scale operators spending at a faster rate than network operators.

INCREASEWireless presence. Mobile network operators investing significantly in optical-related solutions (wireless backhaul, small cells, FTTA, DAS).

10© 2016 EXFO Inc. All rights reserved.

PROTOCOL(T&D, SA, Analytics, Wireless)

PHYSICAL(Optical & Access)

TELECOM MARKET

TAM

SAM

Major competitors

Market growth rate

Sales ― FY 2016

Gross margin profile

$815 M$495 M

Viavi, Anritsu

0-5%$151.9 M

55-60%

$4.3 B$2.4 B

Viavi, IXIA, Netscout

10-15%$83.3 M

70-75%

PROTOCOL TO DRIVE REVENUE AND EARNINGS GROWTH

*Excludes losses on FX contracts.

$5.1 B$2.9 B

Single-digit

$235.2 M*

63%-65%

TOTAL

11© 2016 EXFO Inc. All rights reserved.

PHYSICAL-LAYER SOLUTIONS

COPPER ACCESS› Most advanced product portfolio for

high-speed copper links› MaxTester secured contract wins

with several tier-1 operators› Supports pair bonding, vectoring

and G.fast (up to 1 Gbit/s)

PORTABLE OPTICAL› No. 1 player with >34% market share› Market dominance in OTDR testing› Key differentiator: iOLM software› Market leader in dispersion testing› Unmatched product breadth & depth

12© 2016 EXFO Inc. All rights reserved.

PROTOCOL-LAYER SOLUTIONS

SERVICE ASSURANCE & ANALYTICS SOFTWARE

› Probe-based systems targeted at medium to large network operators

› E2E solutions with fully integrated active/passive monitoring and infrastructure polling to assure SLAs

› Real-time analytics for unmatchednetwork performance and service experience visibility

TRANSPORT AND DATACOM› Multi-service analyzers for

SONET/SDH, OTN and Ethernet rates from 10M to 100G

› Comprehensive portfolio for wireless backhaul and fronthaul

› Pioneered new standard for Ethernet testing (EtherSam)

WIRELESS› Network simulators: Large-scale

emulation of IMS, WebRTCsubscriber sessions to test routers, gateways and session border controllers

13© 2016 EXFO Inc. All rights reserved.

FINANCIAL HIGHLIGHTS

1 Gross margin before depreciation and amortization is a non-IFRS measure and represents sales less cost of sales, excluding depreciation and amortization.

2 Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, restructuringcharges, stock-based compensation costs and foreign exchange gain or loss.

Q4 2016

• Sales increased 11.1% YoY to $62.9 M

• Bookings improved 13.7% YoY to $62.4 M (book-to-bill ratio of 0.99)

• Gross margin1 amounted to 61.6%

• IFRS net earnings totaled $2.3 M

• Adjusted EBITDA2 increased 24.4% YoYto $6.2 M

FY 2016

• Sales increased 4.7% to $232.6 M

• Bookings improved 7.7% to $240.3 M (book-to-bill ratio of 1.03)

• Gross margin1 amounted to 62.6%

• IFRS net earnings totaled $8.9 M

• Adjusted EBITDA2 surged 59.9% to $22.0 M

14© 2016 EXFO Inc. All rights reserved.

SURPASSED PROFITABILITY TARGET

1 Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs and foreign exchange gain or loss.

ADJUSTED EBITDA1

$20M

FY 2016

REDUCED OPEX WITH COST CONTROLS AND CURRENCY HELP3.0%

IMPROVED GROSS MARGIN VIA RICHER SALES MIX

DELIVERED 4.7% YoY SALES GROWTH

ADJUSTED EBITDA OF $22.0 M (GROWTH OF 60% YoY)

15© 2016 EXFO Inc. All rights reserved.

STRONG VALUE PROPOSITIONWHY INVEST?

1. History of market-share gainsCaptured market share in growth and downward markets

2. Well positioned for key growth drivers3G, 4G/LTE, wireless backhaul, small cells, DAS, RRH, FTTx, 100G

3. Balancing sales growth and profitabilityIncreased Adj. EBITDA 60% YoY to $22.0 M on sales of $232.6 M in FY 2016

4. Solid balance sheet Cash position of $47.3 M and no debt — as at August 31, 2016

5. Experienced and disciplined management teamAveraging >15 years of experience in sales, marketing, R&D, manufacturing, finance, HR

1Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs and foreign exchange gain or loss.