- The document discusses EXFO Inc., a company that provides test and measurement solutions for telecommunications network operators. - It highlights EXFO's leadership positions in portable optical testing and wireless test markets as well as its diversified geographic sales and employee base. - The document outlines EXFO's growth strategy of expanding share of wallet with tier-1 operators, accelerating penetration of data center markets, and increasing its wireless presence. It also discusses opportunities in areas like field automation, end-to-end visibility, fiber deployments, and virtualization.

1. Germain Lamonde
Chairman, President & CEO
June 30, 2016
MARKETING WITH COWEN AND COMPANY

2. 2© 2016 EXFO Inc. All rights reserved.
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 Q3 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

3. 3© 2016 EXFO Inc. All rights reserved.
EXFO BY NUMBERS
IN PORTABLE
OPTICAL TESTING
LEADER
GEOGRAPHICAL SALES
FOR FY 2015
DIVERSIFIED
1500EMPLOYEES
IN 25 COUNTRIES
GLOBAL
OF TOTAL BOOKINGS
IN FY 2015
WIRELESS
30%
FY 2015 SALES. GLOBAL NO.2 IN
PORTABLE TELECOM T&M
LEADERSHIP
$222M
CASH RETURNED TO
SHAREHOLDERS VIA SHARE
REPURCHASE PLANS
SHAREHOLDER
VALUE
$25.5M

4. 4© 2016 EXFO Inc. All rights reserved.
› MULTI -TECHNOLOGY PLATFORMS
› WORLD NO. 1 IN OPTICAL TEST
› SIMPLIFICATION & AUTOMATION
LEADER IN PORTABLE TEST

5. 5© 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 inEXFO│Xtract
› Ideal for FTTA, FTTH, small cell, DAS rollouts
› Runs on all FTB test platforms and modules

6. 6© 2016 EXFO Inc. All rights reserved.
› FULL END-TO-END SOLUTION PORTFOLIO
› CONVERGED & VIRTUALIZED IP SERVICES
› OVER 100 DEPLOYMENTS WORLDWIDE
LEADER IN SERVICE ASSURANCE

7. 7
EXFO BLUEPRINT

8. 8© 2016 EXFO Inc. All rights reserved.
CONSUMER AND BUSINESS TRENDS
By 2021…
COMMUNICATION
SERVICES
VIDEO AUGMENTED
REALITY
CONNECTED
CARS
HEALTHCARE INTERNET
OF 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)

9. 9© 2016 EXFO Inc. All rights reserved.
MAJOR OPPORTUNITIES FOR EXFO
FIELD
AUTOMATION
›Operational efficiency
›Deploy services faster
›Reduce time-to-
revenue
QoE + E2E
VISIBILITY
›QoE and retention
›Reduce service costs
›Prioritize and predict
›Simplify operations
FIBER
EVERYWHERE
›… 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

10. 10© 2016 EXFO Inc. All rights reserved.
GROWTH STRATEGY
TOP-LINE DRIVEN: BOLSTER SALES AND GROSS MARGIN
TRANSFORM
Into a solutions partner. Customers
seeking E2E solutions to enhance
network performance and service
experience quality.
EXPAND
Share of wallet with tier-1 network
operators. Top-15 operators account
for lion’s share of capital spending.
ACCELERATE
Penetration of data center, Cloud
and web-scale operator markets.
Web-scale operators spending at a
faster rate than network operators.
INCREASE
Wireless presence. Bookings to
wireless customers reached 30-32%
of total bookings in FY 2015.

11. 11© 2016 EXFO Inc. All rights reserved.
PROTOCOL
(Wireless, T&D, SA, Analytics)
PHYSICAL
(Optical & Access)
TELECOM MARKET
TAM
SAM
Major competitors
Market growth rate
Sales ― FY 2015
Gross margin profile
$815 M
$495 M
Viavi, Anritsu
0-5%
$144.1 M
55-60%
$4.3 B
$2.4 B
Viavi, IXIA,
Netscout
10-15%
$80.6 M
70-75%
PROTOCOL TO DRIVE REVENUE AND EARNINGS GROWTH
*Excludes losses on FX contracts.
$5.1 B
$2.9 B
Single-digit
$224.7 M*
63%-65%
TOTAL

12. 12© 2016 EXFO Inc. All rights reserved.
PHYSICAL-LAYER SOLUTIONS
COPPER ACCESS
› Most advanced product portfolio for
high-speed copper links
› MaxTestersecured 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

13. 13© 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 unmatched
network 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, WebRTC
subscriber sessions to test routers,
gateways and session border
controllers

14. 14© 2016 EXFO Inc. All rights reserved.
Q3 2016 HIGHLIGHTS
› Sales increased 5.4% YoY to $60.9 M
› Bookings slightly up 0.8% YoY to $59.7 M
› Gross margin1
reached 60.8%
› Adjusted EBITDA2 improved 18.8% YoY to $5.3 M
› Cash position of $46.3 M and no debt
1Gross margin before depreciation and amortization is a non-IFRS measure and represents sales less cost of sales, excluding depreciation
and amortization.
2Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs
and foreign exchange gain.

15. 15© 2016 EXFO Inc. All rights reserved.
STRONG VALUE PROPOSITION
WHY INVEST?
1.History of market-share gains
Captured market share in growth and downward markets
2.Well positioned for key growth drivers
3G, 4G/LTE, wireless backhaul, small cells, DAS, RRH, FTTx, 100G
3.Balancing sales growth and profitability
Raised adjusted EBITDA target of $20 M by ≥$2 M for FY 2016
4.Solid balance sheet
Cash position of $46.3 M and no debt — as at May 31, 2016
5.Experienced and disciplined management team
Averaging >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.