The document summarizes EXFO's business and strategy. It discusses EXFO's transition from hardware-focused to a solutions provider, leveraging its test platforms and analytics software. It highlights growth in wireless and evolving to meet operator needs for network optimization and service assurance. Financial results for Q4 2015 and FY 2015 show stable sales, bookings exceeding sales, and increasing adjusted EBITDA. The presentation positions EXFO for growth through expanding in wireless and solutions while balancing revenue and profitability.

1. Marketing with RBC Capital Markets
Germain Lamonde
Chairman, President & CEO
October 9, 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.
For a reconciliation of adjusted EBITDA to net earnings, refer to the Q4 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 2015 SALES OF $222.1 M
(GLOBAL NO.2 PLAYER)
SCALE
GEOGRAPHICAL SALES
FOR FY 2015
DIVERSIFIED
1500EMPLOYEES
IN 25 COUNTRIES
GLOBAL
OF TOTAL BOOKINGS
IN FY 2015
WIRELESS
30%
CASH RETURNED TO
SHAREHOLDERS VIA SHARE
REPURCHASE PLANS
SHAREHOLDER
VALUE

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 2015.
EVOLVE
Into a solutions supplier.
Customers are seeking end-to-end
solutions to manage their networks.
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
• Seven-plus years with Brix
Networks (SA solution)
• Launched EXFO Xtract, a
real-time analytics platform
in 2015
• EXFO Connect represents
unique advantage
• Important wins in 2015
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
(Fixed & Wireless Test, SA, Network
Visibility & Analytics)
PHYSICAL
(Optical & Access)
Telecom Market
TAM
SAM
Major competitors
Market growth rate
Sales ― FY 2015
Gross margin profile
$850 M
$525 M
Viavi, Anritsu
0-5%
$144.1 M
55-60%
$4.1 B
$2.1 B
Viavi, IXIA,
Netscout
10-15%
$80.6 M
70-75%
PROTOCOL TO DRIVE REVENUE AND EARNINGS GROWTH
*Excludes losses on FX contracts.
$4.9 B
$2.6 B
Single-digit
$224.7 M*
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© 2015 EXFO Inc. All rights reserved.
Highlights
1 Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, restructuring
charges, stock-based compensation costs and foreign exchange gain or loss.
2 Constant currency data is a non-IFRS measure.
3 Gross margin before depreciation and amortization is a non-IFRS measure and represents sales less cost of sales,
excluding depreciation and amortization.
Q4 2015
• Sales totaled $56.6 M
• Bookings attained $54.9 M
(book-to-bill ratio of 0.97)
• IFRS net earnings totaled $2.3 M
• Adjusted EBITDA1 reached $5.0 M
• Restructuring to deliver annual cost
savings of $3.5 M
• Announced Philippe Morin will join
EXFO in new role as COO
FY 2015
• Sales totaled $222.1 M, stable on a
constant currency basis 2
• Bookings attained $223.1 M
(book-to-bill ratio of 1.00)
• Gross margin3 amounted to 61.7%
• OPEX decreased by $6.7 M YoY
• IFRS net earnings totaled $5.3 M
• Adjusted EBITDA1 reached $13.8 M

13. 13© 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 Gross margin before depreciation and amortization is a non-IFRS financial measure and represents sales less cost of sales, excluding depreciation and amortization.
3 Adjusted EBITDA represents net earnings (loss) before interest, income taxes, depreciation and amortization, restructuring charges, stock-based compensation costs,
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 Margin2
Net R&D Expenses Adjusted EBITDA3
Net Earnings/LossSG&A Expenses

14. 14© 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 Adj. EBITDA of $20 M at a revenue level of about $230 M for FY 2016
4.Solid balance sheet
Cash position of $27.4 M and no debt — as at Aug. 31, 2015
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.