This document contains the presentation slides from Philippe Morin, CEO of EXFO, at the Needham Growth Conference on January 17, 2018. The summary is: EXFO is a leading provider of test, monitoring and analytics solutions for communications networks. It has over 1600 employees globally and reported $243 million in revenue for fiscal year 2017, a 4.6% increase. EXFO is well positioned for growth areas like fiber, cloud, network virtualization and 5G. For the first quarter of 2018, EXFO reported $63.4 million in revenue and $6.1 million in adjusted EBITDA, with a margin of 9.6%.

1. January 17, 2018
Philippe Morin
Chief Executive Officer
Needham Growth Conference
At EXFO, we make networks smarter

2. © 2018 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 net earnings, refer to the Q1 2018
press release on EXFO’s website.
All amounts in millions of US dollars, except otherwise noted.

3. © 2018 EXFO Inc. All rights reserved. 3
No.1
in optical test
equipment market
Largest
active service assurance
deployment worldwide
1600+
employees in
25 countries
The
network
test,
monitoring
and
analytics
experts.

4. EXFO by numbers
© 2018 EXFO Inc. All rights reserved. 4
* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation
costs, restructuring charges, change in fair value of cash contingent consideration and foreign exchange loss.
$22.0M
Adjusted EBITDA*
margin of 9.1%
$12.9M
Cash flows
from operations
$243.3M
Revenue
increase of 4.6%
in FY 2017

5. Major customer groups
© 2018 EXFO Inc. All rights reserved. 5
Webscale
companies
Communications
service providers
Equipment
manufacturers

6. Revenue
$63.4M
© 2018 EXFO Inc. All rights reserved. 6
Bookings
$65.9M
IFRS net
earnings
$2.7M
Adjusted
EBITDA*
$6.1M
* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based
compensation costs, change in the fair value of cash contingent consideration and foreign exchange gain.
Adjusted EBITDA margin of 9.6%
Q1 2018 results

7. Bandwidth: Growing almost 3X in 5 years
© 2018 EXFO Inc. All rights reserved. 7
Source: Cisco VNI, June 2017
Annual IP traffic: 1.2 ZB in 2016 to 3.3 ZB in 2021
Video
82% of
IP traffic
(from 73% in 2016)
Broadband
networks
53 Mbps
(ave. speed to nearly
double by 2021)
Connected
devices
27.1 Billion
(>3X world pop.
by 2021)

8. Growth drivers
© 2018 EXFO Inc. All rights reserved. 8
Fiber 5G
Network
virtualization
Cloud

9. © 2017 EXFO Inc. All rights reserved. 9
Customer investments
Communications service providers (CSPs) deploying fiber
everywhere and upgrading transmission rates to 100G to
handle ongoing bandwidth explosion
EXFO positioning
Market leadership in optical testing and shared lead
in high-speed Ethernet testing
Fiber

10. © 2017 EXFO Inc. All rights reserved. 10
Customer investments
Web-scale operators building data centers in large cities and
interconnecting them with fiber to improve service quality
Web-scale operators also deploying fiber inside data centers to
add capacity and reliability
EXFO positioning
Market leadership in optical testing and shared lead
in high-speed Ethernet testing
Real-time performance assurance of Ethernet services
Cloud

11. © 2017 EXFO Inc. All rights reserved. 11
Network
virtualization Customer investments
CSPs virtualizing network functions to accelerate
introduction of new services and reduce operating costs
EXFO positioning
Technology leadership in active monitoring and real-time
analytics, combined with automated network topology
discovery, for virtual and hybrid networks

12. © 2017 EXFO Inc. All rights reserved. 12
5G Customer investments
CSPs rolling out fiber and small cells to prepare for
stringent capacity, latency and reliability requirements of
next-generation mobility networks
EXFO positioning
Lab-to-field testing and real-time monitoring/analytics
supported by 30+ years of telecom expertise

13. © 2018 EXFO Inc. All rights reserved. 13
Test
instruments
Built-in intelligence,
automation and
ease-of-use across
entire optical,
transport and
copper test portfolio

14. Monitoring
and analytics
Deep visibility of
real-time services like
VoLTE, VoWiFi and OTT
video on hybrid and
virtual networks
© 2018 EXFO Inc. All rights reserved. 14

15. © 2018 EXFO Inc. All rights reserved. 15
EXFO
markets
* Excludes losses on FX contracts
Market size $600M $2.0B $2.6B
EXFO sales―FY 2017 $161.9M $81.9M $243.8M*
Growth rate―FY 2017 6.6% -1.7% 4.6%
Gross margin profile 55-60% 70-75% 60-65%
Major competitors Viavi, Anritsu Viavi, NetScout
PROTOCOL
(T&D, SA, analytics, wireless)
PHYSICAL
(Optical and copper)
TOTAL

16. © 2018 EXFO Inc. All rights reserved. 16
1Deal
Transformative
3Deals
Technology
+

17. Astellia update
AMF approved
EXFO’s public
tender offer
(Dec. 12, 2017)
- Final hurdle passed before
launch of public tender offer
EXFO announced
opening of public
tender offer
(Dec. 15, 2017)
- Offer extends 25 trading days
until January 23, 2018
AMF will disclose
results of public
tender offer
(Jan. 29, 2018)
- EXFO seeking to acquire
remaining equity of Astellia
© 2018 EXFO Inc. All rights reserved. 17
EXFO increased its credit facilities to $63.3 M

18. © 2018 EXFO Inc. All rights reserved. 18
Financial milestones
Short-term1
(FY 2018)
Medium-term
(Three years)
Adj. EBITDA2
of $26 M
(18% growth YoY)
Adj. EBITDA
margin of 15%
1Short-term financial milestone excludes financial results from pending Astellia acquisition.
2Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs, and foreign exchange gain or loss.

19. Why invest?
2. Healthy profitability
– Reported adjusted
EBITDA* of $22.0 M in
FY 2017
– Targeting adjusted
EBITDA of $26 M in
FY 2018
3. Robust cash flows
– Generated $12.9 M in
cash flows from
operations in FY 2017
– Delivered $24.4 M in
cash flows from
operations in FY 2016
4. Strong leadership
team
– One-two tandem of
Executive Chairman
Germain Lamonde and
CEO Philippe Morin
– Stable and experienced
– Deep telecom knowledge
1. Well positioned
for growth drivers
– Fiber
– Cloud
– Network virtualization
– 5G
* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based
compensation costs, restructuring charges, change in cash contingent consideration and foreign exchange loss.
© 2018 EXFO Inc. All rights reserved. 19

20. Questions?