Germain LamondeChairman, President and CEONovember 15, 2016

TD Securities Technology Conference

Certain statements in this presentation, or given in response to your questions, may constitute forward-looking statements within the meaning of the Securities Act of 1934. The Private Securities Litigation Reform Act of 1995 provides “safe-harbors” for such forward-looking statements and we intend that any forward-looking statements made today be subject to the safe harbors. We caution you that any forward-looking statements are just predictions. They are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected in forward-looking statements and we invite you to review the company’s most recent filings with the Securities and Exchange Commission or Canadian securities commissions for a discussion of the factors at risk. These forward-looking statements speak only as of the date of this presentation and, unless required by law or applicable regulations, we will not be reviewing or updating the material that is contained herein. For a reconciliation of adjusted EBITDA to net earnings, refer to the Q4 2016 press release or the “Non-IFRS Measures” section on EXFO’s website.All amounts in millions of US dollars, except otherwise noted.

Forward-looking Statements

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

Leader in Portable Test

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

CONTRACTORTECHNICIAN

FIELDMANAGER

SERVICEPROVIDER

POST-TESTING ANALYSISON-SITE FIELD TESTING

DriveTime

TestSetup Testing

Test ResultsAdmin

Test ResultsHandoff

PackageResults

ManualHandoff

AnalyseResults Answers

Upload TestResults

ManualProcess

TIME SAVINGS(job efficiency)

TIME SAVINGS(compliance validation)

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

Leader in Service Assurance

EXFO Blueprint

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)

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

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 fiber-related solutions (wireless backhaul, small cells, FTTA, DAS).

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

PHYSICAL(Optical and Access)

Telecom Market

TAMSAM

Major competitors

Market growth rateSales ― FY 2016Gross margin profile

$815 M$495 M

Viavi, Anritsu

0-5%$151.9 M55-60%

$4.3 B$2.4 B

Viavi, IXIA, Netscout

10-15%$83.3 M70-75%

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

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 and depth

Protocol-layer Solutions

SERVICE ASSURANCE & ANALYTICS SOFTWARE• Probe-based systems targeted at

medium to large network operators• End-to-end 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

Absolute Analysis Acquisition

All-in-one Optical, Ethernet and RF testing in a single unitUNIQUE VALUE PROPOSITION

DEAL HIGHLIGHTS• Technology leader in RF testing of

fiber-based RAN networks• Acquired majority of assets, including

technology, expertise and solutions• Cash-and-stock transaction valued at

approx. $8.25 M• Neutral to EXFO earnings for FY 2017

Financial HighlightsQ4 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% YoY

to $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

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.

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)

New Profitability Target

GROWTH >18% YoYGROWTH >18% YoY

ADJUSTED EBITDA1

FY 2017

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

Strong Value Proposition—Why 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

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