The document is an investor presentation from EXFO that discusses forward-looking statements and provides an overview of the company's performance in fiscal year 2020 and third quarter 2020 results. It also outlines EXFO's service assurance platform and how it addresses challenges faced by communications service providers, along with opportunities from industry transformations. Finally, it reviews EXFO's market position and reasons for investing in the company.

1. INVESTOR
PRESENTATION
Summer 2020

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 (loss), refer to the
Q3 2020 news release on EXFO’s website.
All amounts in millions of US dollars, except otherwise noted.
© 2020 EXFO Inc. All rights reserved. 2

3. © 2020 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. © 2020 EXFO Inc. All rights reserved. 4
FY 2020 results (after three quarters)1
$201.9M
Bookings dropped
11.0% YoY
1Financial results after three quarters in FY 2020 negatively impacted by coronavirus pandemic.
2Adjusted EBITDA is a non-IFRS measure and represents net loss before interest and other expenses, income taxes, depreciation
and amortization, stock-based compensation costs and foreign exchange loss.
–$5.9M
IFRS net loss
$195.0M
Revenue decreased
10.0% YoY
$13.3M
Adjusted EBITDA2

5. Revenue
$66.1M
-10.1% YoY
© 2020 EXFO Inc. All rights reserved. 5
Bookings
$59.1M
IFRS
net earnings
$3.2M
Adjusted
EBITDA*
$10.7M
Adjusted EBITDA margin of 16.1%
Q3 2020 results
*Adjusted EBITDA is a non-IFRS measure and represents net earnings before interest and other expense, income
taxes, depreciation and amortization, stock-based compensation costs and foreign exchange loss.

6. © 2020 EXFO Inc. All rights reserved. 6
Customer pain point #1
Business
model under
pressure
Revenue
growth flat
Bandwidth
demand
soaring
Need to
reduce costs
(OPEX/CAPEX)

7. © 2020 EXFO Inc. All rights reserved. 7
Customer pain point #2
Unseen level
of complexity
Major
paradigm shift
with 5G
Virtualization
increases
complexity
Little visibility
into subscriber
experience

8. CSPs
losing
visibility*
65%46% 3%
Increase in “critical”
network outages since
rollout of NFV in 2016
Percentage of
network outages in
virtualized domains
Percentage of subscriber-
impacting events that
are detected
* Source: Heavy Reading and EXFO, July 2019. © 2020 EXFO Inc. All rights reserved. 8

9. Real-time assurance solution focuses on anomaly detection.
Automaticallydetects and predicts subscriber-impactingevents,
so communications service providers can rapidly resolve or
prevent network issues.
© 2020 EXFO Inc. All rights reserved. 9

10. Relate network, services, systems and customers in context
using topology
Detect/predict and diagnose subscriber-impacting
events
Proactive, synthetic network and service
performance monitoring
Network cloud and VNF monitoring usingtelemetry,
agentsandtopology
In-depth visibilityinto network, services and
subscribers
Physical-layer visibility:optical and RF interference
and degradations
Monitor and optimize RAN using advanced
geolocation data
Analytics, ML/AI diagnostics and other
microservices applications
ActiveFiber
NFVI
(telco cloud)
Topology
(Context)
QoE Perception
(SensAI)
Passive
A|SA Adaptive service assurance platform
Core-to-customer | Infrastructure-to-service | Detect and predict
RF/Geo
SA apps
(microservices)
© 2020 EXFO Inc. All rights reserved. 10
automation
Service assurance

11. Industry transformations
Fiber
buildouts
Closer to network edge
5G
deployments
Multiple use cases
Inside/between data centers
Connecting small cells
Enabled by network slicing
Stringent requirements
© 2020 EXFO Inc. All rights reserved. 11

12. © 2020 EXFO Inc. All rights reserved. 12
Test and
measurement
Built-in intelligence,
automation and
ease-of-use across
entire optical,
transport and
copper test portfolio.

13. SA, systems
and services
Offering end-to-end
network performance,
service reliability and
subscriber insights for
fixed and mobile
networks.
© 2020 EXFO Inc. All rights reserved. 13

14. © 2020 EXFO Inc. All rights reserved. 14
EXFO’s playground
1 Based on EXFO’s estimates.
2 Reported bookings for FY 2019.
3 Excludes losses on FX contracts.
4 Benefited from full-year contribution from Astellia in 2019 vs. seven months in 2018.
Market1
$2.9B
Bookings2
$298M
T&M SASS
Market size $900M $2.0B
Market growth 3-5% 13-15%
Growth drivers
FTTx, 100/400G,
small cells
5G, NFV/SDN,
IoT
EXFO bookings—
2019
$210.1M3 $88.3M3
EXFO bookings
growth—2019
8% 21%4
Key competitors Anritsu, Viavi Netscout, Viavi

15. Disciplined
capital
allocation No major acquisitions
for the short-term
Leverage normal course
issuer bid (NCIB)
Replenish balance sheetInvest in organic growth
© 2020 EXFO Inc. All rights reserved. 15

16. 2
Strong
innovation engine
History of launching
disruptive solutions
(Nova SensAI, Optical
Explorer, iOLM, etc.) that
provide a first-mover
advantage
3
Robust
cash flows
Generated $17.2M in cash
flows from operations in
FY 2019
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
© 2020 EXFO Inc. All rights reserved. 16
Why invest?
$