This document contains the presentation slides from Philippe Morin, CEO of EXFO, at the Canaccord Genuity Growth Conference on August 8, 2019. The presentation discusses EXFO's position in the optical test equipment and communications monitoring markets, recent financial results including increased bookings and revenue growth, and opportunities for growth through fiber buildouts and 5G deployments. Key contracts and product launches are highlighted that position EXFO for continued success.

1. Philippe Morin
Chief Executive Officer
August 8, 2019
Canaccord Genuity Growth Conference
The test, monitoring and analytics experts

2. © 2019 EXFO Inc. All rights reserved. 2
Forward-
looking
statements
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 IFRS net earnings, refer to the
Q3 2019 news release on EXFO’s website.
All amounts in millions of US dollars, except otherwise noted.

3. © 2019 EXFO Inc. All rights reserved. 3
The test,
monitoring
& analytics
experts.
No.1in optical test
equipment market
Top 5in communications
monitoring market
1,900employees in
25+ countries

4. EXFO by numbers1
$226.9M
Bookings grew
10.9% YoY
1Astellia contributed nine months to EXFO’s financial results in 2019 versus four months for the same period in 2018.
2Adjusted EBITDA is a non-IFRS measure and represents net loss before interest and other income/expense, income taxes, depreciation and amortization, stock-based compensation costs, restructuring charges,
acquisition-related deferred revenue fair value adjustment and foreign exchange loss.
$2.3M
IFRS net loss
improved 71.7% YoY
$216.7M
Revenue increased
8.2% YoY
$19.4M
Adjusted EBITDA2
surged 74.5% YoY
© 2019 EXFO Inc. All rights reserved. 4
after nine months in FY 2019

5. © 2019 EXFO Inc. All rights reserved. 5
Revenue
$73.6M
+1.9% YoY
Bookings
$69.6M
IFRS
net earnings
$0.0M
Adjusted
EBITDA*
$7.9M
*Adjusted EBITDA is a non-IFRS measure and represents net earnings before interest and other income/expense, income taxes,
depreciation and amortization, restructuring charges, stock-based compensation costs and foreign exchange gain.
Adjusted EBITDA margin of 10.7%
Q3 2019 results

6. © 2019 EXFO Inc. All rights reserved. 6
Test and
measurement
Built-in intelligence,
automation and
ease-of-use across
entire optical,
transport and
copper test portfolio.

7. SA, systems
and services
Offering end-to-end
network performance,
service reliability and
subscriber insights for
fixed and mobile
networks.
© 2019 EXFO Inc. All rights reserved. 7

8. © 2019 EXFO Inc. All rights reserved. 8
Unique
platform
architecture
Artificial intelligence
Machine learning
END USERS
PLATFORMS
DATA SOURCES
THIRD-PARTY
NETWORK AND
SERVICE MONITORINGFIELD TEST DATA
Field operations Network operations Service operations Customer care Marketing
Portable
instruments
Third-party
instruments
Fiber
probes
Active
probes
Passive
probes
Virtual
probes
Network
elements
OSS/BSS,
CRM data
Inventory/
topology
MOBILE
ASSURANCE
Astellia
FIBER TROUBLESHOOTING/
MONITORING
EXFO
BIG DATA FRAMEWORK
ACTIVE
TOPOLOGY
Ontology
WIRELINE
ASSURANCE
EXFO

9. EXFO’s playground
1 Based on EXFO’s estimates.
2 Reported sales for FY 2018.
3 Excludes gains on FX contracts.
4 Annual growth of 10% excluding Astellia.
Market1
$3.5B
Sales2
$269.5M
T&M SASS
Market size $900M $2.6B
Market growth 3-5% 8-10%
Growth drivers
FTTx, 100/400G,
small cells
5G, NFV/SDN,
IoT
EXFO sales—’18 $197.4M3 $71.2M3
EXFO growth—’18 2% 43%4
Key competitors Anritsu, Viavi Netscout, Viavi
© 2019 EXFO Inc. All rights reserved. 9

10. Fiber buildouts
Closer to network edge
Connecting small cells
Inside/between data centers
Accelerating digital
transformations
© 2019 EXFO Inc. All rights reserved. 10

11. Multiple use cases
Accelerating digital
transformations
5G deployments
© 2019 EXFO Inc. All rights reserved. 11
1 Enhanced mobile broadband (eMBB):
smartphones, UHD video, AR, VR
Massive machine type communications
(mMTC): smart meters, IoT
Ultra-reliable, low latency communications
(URLLC): self-driving cars, industrial
automation
Stringent
requirements
Enabled by
network slicing
2
3
Peak data rate: 20 Gbit/s
Connection density:
1M devices/km2
Latency: 1 ms
Multiple virtual networks
sharing a common
physical infrastructure

12. © 2019 EXFO Inc. All rights reserved. 12
5G Solution Portfolio
Network
simulation
Network
densification
Network
topology
Network
monitoring
2018 2019 2020 2021
RAN
optimization
FIELDLABS OPERATIONS

13. © 2019 EXFO Inc. All rights reserved. 13
Increased footprint at tier-1 CSP
Testing of ROADMs and dark fiber to
support macrocell and C-RAN rollouts
– Provides OTDR testing with award-winning
iOLM solution
– Future-proofed for Ethernet and CPRI testing
– Order valued at approximately $1.5 million
– Potential for additional business
FTB-1 Pro
Dual-Carrier
Platform

14. Beware of water buffalo,
snakes and mozzies!
EXFO’s fiber monitoring solution
deployed Down Under
– Fiber Guardian remote units rolled out
nationwide across NBN’s transit network
– Fiber monitored 24/7 from NOC
in Melbourne
– Drastically reduces response time and costs
14© 2019 EXFO Inc. All rights reserved.

15. We decided to go
with EXFO’s probe-
based, big data
analytics solution as
we feel the company
has the right
mindset and
approach to NFV.
Prasath
Jagathrakshakalu
OSS Technical Design
Authority, 3UK
‟
Fully virtualized
monitoring and
analytics solution
Using NFV and
cloud-based
technologies
Improves network
performance,
service agility,
cost effectiveness
Key multi-
million dollar
contract win
© 2019 EXFO Inc. All rights reserved. 15

16. © 2019 EXFO Inc. All rights reserved. 16
Accelerates network transformation
at tier-1 service provider
Real-time network topology solution
– Unique software maps network resources
(legacy and next-gen) with related services
– Delivers millions of dollars in cost savings
– High-margin deal recognized in Q2 2019
– Related multi-million-dollar customer support
plan over three years
Major
contract win
Valued at
$4.9M

17. 2. Strong innovation
engine
– History of launching
disruptive solutions
(Optical Xplorer™, iOLM,
EtherSAM, etc.) that
provide a first-mover
advantage
3. Robust cash flows
– Generated cash flows
from operations of
$11.0M after nine
months in FY 2019
– Delivered cash flows
from operations of
$14.4M in FY 2018
4. Seasoned
management team
– Mix of new managers
with fresh ideas and
experienced executives
– Deep telecom knowledge
– Focused on profitable
growth
1. Well positioned
for growth drivers
– Fiber buildouts
– 5G deployments
Why invest?
© 2019 EXFO Inc. All rights reserved. 17

18. Q&A
© 2019 EXFO Inc. All rights reserved. 18