- EXFO provides testing, monitoring and analytics solutions for telecommunications network operators and service providers. - The company is pursuing a growth strategy focused on increasing sales, market share gains in wireless, and evolving into a solutions supplier to deliver higher margins. - Key contract wins and an acquisition were mentioned as supporting the transition to more comprehensive solutions and services. - Financial results for Q1 2015 showed sales growth and improved gross margin and adjusted EBITDA compared to the same period last year.

1. Stifel Technology, Internet & Media Conf.
Germain Lamonde
Chairman, President & CEO
February 10, 2015

2. 2© 2015 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.
Annual financial data in this presentation is prepared in accordance with international financial
reporting standards (IFRS) and Canadian generally accepted accounting principles (GAAP).
Quarterly financial data is prepared in accordance with IFRS. For a reconciliation of adjusted
EBITDA to net earnings, refer to the Q1 2015 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. Trusted partner to global operators and NEMs for improving
operational efficiency, service delivery and consumer experience
EXFO in a Few Words ...
#EXFO Top-two
supplier in portable
telecom testing.
#EXFO Network
service assurance on
a massive scale.
#EXFO Analytics,
visibility, and
proactive CEA.
#EXFO Smart test
platform strategy
with EXFO Connect.
#EXFO Focused on
process efficiency
and compliance.

4. 4© 2015 EXFO Inc. All rights reserved.
EXFO By Numbers
IN PORTABLE
OPTICAL TESTING
(>38% MARKET SHARE)
LEADER
FY 2014 SALES OF $230.8 M
(GLOBAL NO.2 PLAYER)
SCALE
CASH FLOWS FROM
OPERATIONS IN FY 2014
SOLID FINANCIALS
GEOGRAPHICAL SALES
FOR FY 2014
DIVERSIFIED
1600EMPLOYEES
IN 25 COUNTRIES
GLOBAL
OF FY 2014 BOOKINGS
(UP 18% YoY)
WIRELESS

5. 5© 2014 EXFO Inc. All rights reserved.
Lengthy Troubleshooting
to Network Visualization
and Predictive Analytics
Fixed to
Mobile Networks
Hardware to Virtualized
Architectures
5© 2015 EXFO Inc. All rights reserved.
Major Shifts in Network Operator Spending

6. 6© 2015 EXFO Inc. All rights reserved.
Growth Strategy
Top-line driven: Bolster sales and gross margin
INCREASE
Wireless presence. Bookings to
wireless customers reached 30-32%
of total bookings in FY 2014.
EVOLVE
Into a solutions supplier. End-to-
end solutions deliver higher margins.
ACCELERATE
Profitability. Combining revenue
growth with a tight control on costs.
EXPAND
Share of wallet with tier-1 network
operators. Top-15 operators
account for ~60% of total spending.

7. 7© 2015 EXFO Inc. All rights reserved.
Transformation into Solutions Supplier
Enabling Network Operators to Cope with Real-World Challenges
• Five-plus years with Brix
Networks (SA solution)
• EXFO Connect represents
unique advantage
• Important wins in FY 2014
• Continuing journey with
ByteSphere and Aito
Technologies acquisitions
DEPLOY NEW
REVENUE–
GENERATING
SERVICES
INCREASE
NETWORK
CAPACITY
REDUCE
OPERATING
COSTS
IMPROVE
QUALITY OF
EXPERIENCE

8. 8© 2015 EXFO Inc. All rights reserved.
Intelligent Platforms
Contextual AnalyticsEXFO Connect
Service & Network Assurance
Leveraging Key Assets

9. 9© 2015 EXFO Inc. All rights reserved.PROTOCOL
(Wireless,Serv.Assurance,
Transport&Datacom)
PHYSICAL
(Optical&Access)
Telecom Market
TAM
SAM
Major competitors
Bookings ― FY 2014
Five-year sales CAGR
Market growth rate
Sales ― FY 2014
Gross margin profile
$850 M
$525 M
JDSU, Anritsu
$137.2 M (+3.5%)
5.4%
0-5%
$132.1 M (-6.3%)
55-60%
$4.1 B
$2.1 B
JDSU, IXIA,
Danaher (Tek)
$104.1 M (+3.5%)
12.6%
10-15%
$99.6 M (-1.2%)
70-75%
PROTOCOL TO DRIVE REVENUE & EARNINGS GROWTH
*Excludes losses on FX contracts.
$4.9 B
$2.6 B
$241.3 M (+3.5%)
8.6%
Single-digit
$231.7 M* (-4.7%)
63%-65%
TOTAL

10. 10© 2015 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
(100 Mb/s)
PORTABLE OPTICAL
› No. 1 player with >38% market share
› Market dominance in OTDR testing
› Key differentiator: iOLM software
› Market leader in dispersion testing
› Unmatched product breadth & depth

11. 11© 2015 EXFO Inc. All rights reserved.
Protocol-Layer and Software Solutions
SERVICE ASSURANCE
 Probe-based systems (physical &
virtual) targeted at medium to large
network operators
 Comprehensive E2E solutions
enabling active testing, passive
monitoring and infrastructure polling
to validate and assure service-level
agreements
 Monitoring multi-play services with
a single platform is key differentiator
NETWORK VISIBILITY
& ANALYTICS
 Leveraging data from a multitude
of sources (field instruments, test
probes and network elements) with
analytics software to deliver end-
to-end network & service visibility
 Open analytics platform enables
network operators to accelerate
deployment of new services, while
assuring end-user experience
FIXED AND WIRELESS TEST
 Multi-service 10M to 100G analyzers
for Ethernet, OTN and SONET/SDH
 LTE and 3G protocol analyzers for
deployment and troubleshooting
applications
 Network simulators: High-capacity
emulation of IMS, WebRTC subscriber
sessions to test routers, gateways and
session border controllers
NFV-App

12. 12© 2014 EXFO Inc. All rights reserved.
Key Contract Wins
• Tier-1 MNO (US)
• Optimize efficiency
• EXFO Connect
NETWORK
VISIBILITY
• Tier-1 MNO (Europe)
• Mobile backhaul
• Ethernet One solution
PRODUCTIVITY
SOLUTION

13. 13© 2015 EXFO Inc. All rights reserved.
Management Priority
* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs and foreign
exchange gain or loss.
MEDIUM-TERM PROFITABILITY TARGET

14. 14© 2015 EXFO Inc. All rights reserved.
Q1 2015 Highlights
› Sales totaled $56.7 M (up YoY)
› Bookings reached $54.2 M (book-to-bill ratio of 0.96)
› Gross margin1 attained 62.6% (up YoY)
› IFRS net earnings totaled $1.5 M (up YoY)
› Adjusted EBITDA2 amounted to $3.2 M (Up YoY)
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 (loss) before interest, income taxes, depreciation and amortization, stock-based compensation costs
and foreign exchange gain.

15. 15© 2015 EXFO Inc. All rights reserved.
Substantial Issuer Bid (SIB)
› Modified Dutch Auction of C$30 M
› Shares can be tendered between C$4.20 and C$4.60
› Or at lowest purchase price set by SIB
› EXFO will select lowest price that allows company to
purchase maximum number of shares
› Current share price does not reflect full value of business
› EXFO believes SIB is a good use of cash and creates
value for shareholders
› Offer expires on Feb. 13, 2015

16. 16© 2015 EXFO Inc. All rights reserved.
Committed to Building Value
Growth Strategy
• Top-line driven
• Targeting market
share gains
• Not relying on
end-markets to
vastly improve
Cost Savings Share Buybacks
• $6.2 M in 2014
• $9.0 M in 2013
• Tight cost
controls in
effect
• SIB (C$30 M)
• NCIB ($0.9 M) in
Q1 2015
• Good use of
cash and
creates value

17. 17© 2015 EXFO Inc. All rights reserved.
Annual Financial Results
1
(in US$ millions, except gross margin)
1 All financial results from continuing operations, except net earnings/loss and adjusted EBITDA.
2 Fiscal 2011-2014 financial results according to IFRS; prior years according to Canadian GAAP.
3 Gross margin before depreciation and amortization is a non-IFRS financial measure and represents sales less cost of sales, excluding depreciation and amortization.
4 Adjusted EBITDA represents net earnings (loss) before interest, income taxes, depreciation and amortization, stock-based compensation costs, restructuring charges,
changes in the fair value of the cash contingent consideration, gain from the disposal of discontinued operations and foreign exchange gain or loss.
Sales
Gross Margin3
Net R&D Expenses Adjusted EBITDA4
Net Earnings/Loss2
SG&A Expenses

18. 18© 2015 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
Targeting adjusted EBITDA
1
margin of 15% for medium term
4.Solid balance sheet
Cash position of $57.6 M and no debt — as at November 30, 2014
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.