The document summarizes EXFO's business and financial results. It discusses EXFO's position in the telecom testing market, growth strategy focused on wireless and protocol testing, innovation in products, and the EXFO Connect platform for reducing customer costs. Financially, it highlights EXFO's sales growth, improving gross margins, and target to increase adjusted EBITDA margins to 15% medium-term through revenue growth and expense control. Recent acquisitions and a $2M order were also noted.

1. Marketing Day with Stifel Nicolaus
Germain Lamonde
Chairman, President & CEO
June 27, 2014

2. 2© 2014 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 (loss), refer to the Q3 2014 press release or the “Non-IFRS Measures”
section on EXFO’s website.
Forward-Looking Statements

3. 3© 2014 EXFO Inc. All rights reserved.
EXFO at a Glance
Who We Are
› No.2 supplier in portable
telecom testing and innovation
leader in IP service assurance
› Enabling network operators
and equipment manufacturers
to design, deploy and monitor
IP fixed and mobile networks
What We’ve Done
› Gained market share year-in
and year-out for past 28 years
› Ten-year sales CAGR of 17.4%
› Difficult markets in FY 2012-13
› Sales down 3% in FY’13
› Cost savings of $9 M in FY’13
› Adjusted EBITDA1 margin flat
year-over-year at 7.2%
Where We’re Going
› Increase wireless presence
› Enable network operators to
reduce operating expenses
› Expand share of wallet with
Tier-1 operators
› Accelerate profitability through
execution
1Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, restructuring charges, stock-based compensation
costs and foreign exchange gain.

4. 4© 2014 EXFO Inc. All rights reserved. 4© 2014 EXFO Inc. All rights reserved..
Global Organization
› No. 1 in portable optical testing
› ~1600 employees in 25 countries
Americas
›FY 2013 Sales: $128.1 M
›Growth YoY: -2.3%
›Sales Split: 53%
EMEA
›FY 2013 Sales: $67.0 M
›Growth YoY: -6.0%
›Sales Split: 28%
Asia-Pacific
›FY 2013 Sales: $47.0 M
›Growth YoY: -1.0%
›Sales Split: 19%

5. 5© 2014 EXFO Inc. All rights reserved. 5© 2014 EXFO Inc. All rights reserved.
Global IP traffic
Up ~3X from 2013-2018
Mobile IP traffic
Up ~11X from 2013-2018
(Cisco)
Bandwidth Demand
STRONG FUNDAMENTAL DRIVERS,
MARKED BY INCREASED MOBILE TRAFFIC AND VIDEO

6. 6© 2014 EXFO Inc. All rights reserved.
Headwinds & Tailwinds
Tailwinds
›3G, 4G/LTE deployments
›Small cells and network density
initiatives (DAS, RRH)
›Mobile backhaul upgrades
›100G network rollouts
›Pair bonding and vectoring on
copper links (100 Mbit/s)
Headwinds
›Uncertain economic conditions
›Some carrier investments in 2013
were delayed (especially in the
Americas)

7. 7© 2014 EXFO Inc. All rights reserved.
Growth Strategy
Sales to wireless
customers on the rise
(~28% of sales in FY’13)
Increase Wireless
Presence
Expand Share of
Wallet with Tier-1
Operators
Doing business
with ~80 of top-100
operators worldwide
Accelerate
Profitability
Combining revenue
growth with a tight
control on expenses
Enable Operators
to Reduce OPEX
Key productivity
differentiator:
EXFO Connect
STAY THE COURSE AND EXECUTE FLAWLESSLY

8. 8© 2014 EXFO Inc. All rights reserved.
Telecom Market
TAM*
SAM*
Major competitors
Sales growth ― FY ’13/’12
Five-year sales CAGR
Annual growth rate
Sales ― FY 2013
Gross margin profile
$820 M
$685 M
JDSU, Anritsu
4.3%
2.7%
0-5%
$140.9 M
55-60%
$3.8 B
$1.8 B
JDSU, IXIA, Tektronix
-11.3%
24.5%
10-15%
$100.8 M
70-75%
PHYSICAL
(Optical&Access)
PROTOCOL TO DRIVE REVENUE & EARNINGS GROWTH
PROTOCOL
(Wireless,Serv.Assurance,
Transport&Datacom)
*Total available market (TAM) and serviceable available market (SAM) were raised in 2013 due to more accurate market intelligence, not necessarily because these markets increased in size.

9. 9© 2014 EXFO Inc. All rights reserved.
Physical-Layer Solutions
COPPER ACCESS
› Most advanced product portfolio for
high-speed copper links
› New 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

10. 10© 2014 EXFO Inc. All rights reserved.
Protocol-Layer Solutions
WIRELESS
› Protocol analyzers: 4G/LTE and
3G test solutions for deployment
and troubleshooting applications
› Network simulators: Large-scale
emulation of subscriber sessions
to test routers, gateways and
session border controllers
SERVICE ASSURANCE
› Probe-based systems targeted at
medium to large network operators
› Primary focus on active testing to
validate service-level agreements
› Monitoring multi-play services with
a single platform is key differentiator
TRANSPORT AND DATACOM
› Multi-service analyzers for
SONET/SDH, OTN and Ethernet
rates from 10M to 100G
› Comprehensive portfolio for wireless
backhaul
› Pioneered new standard for Ethernet
testing (EtherSam)

11. 11© 2014 EXFO Inc. All rights reserved.
Innovation That Makes A Difference
TravelHawk Pro FTB-88100NGE FTB-2 Pro Platform
Portable, multiservice
test solution supports
transmission rates
from 10M to 100G
4G/LTE troubleshooting
tool selected by three of
top-5 LTE operators
Most compact platform
for high-speed, multi-
service field testing
ENABLING NETWORK OPERATORS TO REDUCE OPEX

12. 12© 2014 EXFO Inc. All rights reserved.
EXFO Connect
› Test Equipment Manager
› Test Data Manager
› GPS/route optimization
› Work ticket management
› License sharing or rental
› Training management
› Etc. (from EXFO or 3rd parties)
Search and
request custom
configuration
Download applications and
configurations onto platform
Load configuration and
immediately start testing
Automatically upload
test results
Pass
results
› Notification
› Billing
› Signature
› Next work
order
› Etc.
Automatically
close job ticket
FTB Ecosystem
(20+ optical, transport, datacom
and copper acces test modules)
Corporate
OSS
EXFO Apps Store
Contains: S/W releases & updates,
new applications, training material,
productivity tools, etc
REDUCES OPEX for
Operators & NEMs
› Established base of ~40,000 compliant platforms

13. 13© 2014 EXFO Inc. All rights reserved.
Revenue Adjusted EBITDA Margin
InUS$Millions
0%
20%
50%
10%
30%
40%
70%
60%
$50
$100
$150
$200
$250
$300
Gross Margin
Financial Snapshot
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
36% 34% 21% 24% -6% 32% 33% -7% -3%
Sales CAGR of 17.4%
over last 10 Years
Revenue
› $242.2 M in FY’13
› Challenging end-markets
in FY’12-13
› FY’14: Second-half growth
Gross Margin
› 61.8% in FY’13
› Up 8X in last 10 years
› FY’14: 62-64%
Adjusted EBITDA Margin
› 7.2% in FY’13 (flat YoY)
› Cost savings of $9 M YoY
› Medium-term: 15%PercentageofSales

14. 14© 2014 EXFO Inc. All rights reserved.
Annual Financial Results1
(in US$ millions, except gross margin)
1 All financial results from continuing operations, except net earnings/loss and adjusted EBITDA.
2 Fiscal 2011-2013 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, restructuring charges, R&D tax credits recovery, changes in the fair value of the cash contingent consideration,
impairment of goodwill, stock-based compensation costs, 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

15. 15© 2014 EXFO Inc. All rights reserved.
Q3 2014 Highlights
› Sales reached $63.9 M, up 24.8% QoQ and 8.5% YoY
› Bookings attained $66.5 M, B/B ratio of 1.04
› Gross margin1
improved to 63.3% of sales
› IFRS net earnings totaled $1.7 M, $0.03 per diluted share
› Adjusted EBITDA2
amounted to $7.3 M, 11.5% of sales
› Acquired assets of ByteSphere
› Following quarter-end, acquired business of Aito Technologies
› Following quarter-end, announced $2 M order from tier-1
mobile network operator
1 Gross margin before depreciation and amortization is a non-IFRS measure and represents sales less cost of sales,
excluding depreciation and amortization.
2 Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based
compensation costs and foreign exchange loss.

16. 16© 2014 EXFO Inc. All rights reserved.
Strong Value Proposition
Why Invest?
1.Proven track record of sales growth
Sales CAGR of 17.4% in last 10 years
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 $52.7 M and no debt — as at May 31, 2014
5.Experienced and disciplined management team
Deep knowledge of managing business in growth and downward markets
1Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs and foreign exchange gain or loss.