Philippe Morin is the CEO of EXFO, which provides test, monitoring and analytics solutions for the communications industry. EXFO reported revenue growth of 10.8% in fiscal year 2018 to $269.5 million, but an IFRS net loss of $11.9 million. The acquisition of Astellia expanded EXFO's capabilities in mobile network monitoring and analytics. EXFO is reorganizing operations to improve efficiency and lower costs, with the goal of increasing adjusted EBITDA to $24 million in fiscal year 2019.

1. Philippe Morin
Chief Executive Officer
Marketing with National Bank Financial
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 loss, refer to the Q1 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 numbers
$11.9M
IFRS net loss
attributable to
parent interest1
1Represents net loss excluding share of the net loss attributable to Astellia’s minority shareholders.
2Adjusted EBITDA is a non-IFRS measure and represents net loss attributable to the parent interest before interest, income taxes, depreciation and amortization, stock-based compensation costs, restructuring charges,
acquisition-related deferred revenue fair value adjustment, change in the fair value of the cash contingent consideration, share in net loss of an associate, gain on the deemed disposal of the investment in an associate,
and foreign exchange gain.
$17.2M
Adjusted EBITDA2
margin of 6.4%
$269.5M
Revenue
increase of 10.8%
$14.4M
Cash flows from
operations
© 2019 EXFO Inc. All rights reserved. 4
in FY 2018

5. © 2019 EXFO Inc. All rights reserved. 5
Revenue
$69.2M
+9.2% YoY
Bookings
$81.2M
IFRS
net loss
$7.5M
Adjusted
EBITDA*
$2.7M
*Adjusted EBITDA is a non-IFRS measure and represents net loss before interest, income taxes, depreciation and amortization, stock-
based compensation costs, restructuring charges, acquisition-related deferred revenue fair value adjustment, and foreign exchange gain.
Book-to-bill ratio of 1.17
Q1 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 MONITORING
FIELD 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. Network slicing
© 2019 EXFO Inc. All rights reserved. 12
Edge cloud Core cloud
Critical IoT slice
Telephony slice
UHD video slice
MEC
cache
vBBU
vBBU
vCore vIMS
vBBU vCore
V2X server
vCore
Transport network
Independent
slices
Each network slice will require monitoring to ensure SLAs
UHD
Internet

13. 13
Astellia
acquisition
– Global leader in performance
analysis of mobile networks
and subscriber experience
– EXFO gained full control of
Astellia in Feb. 2018 after
public tender offer in France
– Revenue contribution of
$16.4M over seven months
in FY 2018
– Maximizing cross-selling
opportunities in FY 2019
What they bring to EXFO
--Passive monitoring for 3G/4G/5G
--Virtualized monitoring solutions
--Rich subscriber analytics
--Strong professional services

14. © 2019 EXFO Inc. All rights reserved. 14
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

15. 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
15© 2019 EXFO Inc. All rights reserved.

16. 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. 16

17. © 2019 EXFO Inc. All rights reserved. 17
Accelerates network transformation
at tier-1 service provider
Real-time active topology solution
– Unique software maps network resources
(legacy and next-gen) with related services
– Delivers millions of dollars in cost savings
– Potential for follow-on business
Major
contract win
(after quarter-end)
Valued at
$4.9M

18. Strategic reorganization
Improved efficiency and
lowered operating costs
– Consolidating R&D activities
in fewer sites
– Intensifying efforts in
business segments with
competitive advantages
Committed to strengthen
profitability
– Annualized cost savings
estimated at $10.5M, including
$8.0M in FY 2019
– Restructuring costs of $8.0M
(mainly in Q4 2018/Q1 2019)
– Targeting adjusted EBITDA* of
$24.0M for FY 2019
© 2019 EXFO Inc. All rights reserved. 18
Accelerated integration of
monitoring and analytics
– Fast-tracking integration
of Astellia, Ontology and
EXFO’s technologies on a
common platform
– Delivering highly differentiated
solution based on wealth of
data sources and rich analytics
*The adjusted EBITDA target for FY 2019 is a forward-looking statement. As it excludes items that pertain to future events that are not currently estimable with a reasonable degree of accuracy,
such as foreign exchange gain or loss and income taxes, no corresponding IFRS measure has been provided.

19. 2. Strong innovation
engine
– History of launching
disruptive solutions
(iOLM, EtherSAM,
SkyRAN, etc.) that
provide a first-mover
advantage
3. Robust cash flows
– Generated cash flows
from operations of
$14.4M in FY 2018
– Delivered cash flows
from operations of
$12.9M in FY 2017
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. 19

20. © 2019 EXFO Inc. All rights reserved. 20