This document contains forward-looking statements from the CEO of EXFO regarding its business and financial performance. It discusses EXFO's leadership in portable optical testing, its TestFlow field automation solution, and its full end-to-end portfolio. It outlines opportunities in areas like field automation, quality of experience visibility, fiber deployment, and data centers. The CEO presents EXFO's growth strategy of expanding its share of tier-1 customers, accelerating penetration of new markets, and increasing its wireless presence. Financial highlights for Q4 2016 and FY 2016 show increased sales, bookings, and adjusted EBITDA compared to prior year. A new profitability target of over 18% adjusted EBITDA growth for FY 2017 is

1. Germain Lamonde
Chairman, President and CEO
November 15, 2016
TD Securities Technology
Conference

2. 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 2016 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. › MULTI-TECHNOLOGY PLATFORMS
› WORLD NO. 1 IN OPTICAL TEST
› SIMPLIFICATION & AUTOMATION
Leader in Portable Test

4. TestFlow—Field Test Automation
› Drives efficiency of network operator processes;
M&P pushed out to platforms via Cloud
› Ensures compliancy, “right the first time,” test consistency
and test result integrity (no cheating)
› Test results automatically stored in EXFO Xtract
› Ideal for FTTA, FTTH, small cell, DAS rollouts
› Runs on all FTB test platforms and modules
CONTRACTOR
TECHNICIAN
FIELD
MANAGER
SERVICE
PROVIDER
POST-TESTING ANALYSISON-SITE FIELD TESTING
Drive
Time
Test
Setup Testing
Test Results
Admin
Test Results
Handoff
Package
Results
Manual
Handoff
Analyse
Results Answers
Upload Test
Results
Manual
Process
TIME SAVINGS
(job efficiency)
TIME SAVINGS
(compliance validation)

5. › FULL END-TO-END SOLUTION PORTFOLIO
› CONVERGED & VIRTUALIZED IP SERVICES
› OVER 100 DEPLOYMENTS WORLDWIDE
Leader in Service Assurance

6. EXFO Blueprint

7. Consumer and Business Trends
By 2021…
COMMUNICATION
SERVICES
VIDEO AUGMENTED
REALITY
CONNECTED
CARS
HEALTHCARE INTERNET
OF THINGS
MOBILITY BROADBAND CLOUD
Source: Ericsson Mobility Report, November 2015
• 9.1B mobile subscribers
• 7.7B mobile broadband subscribers
• 28B connected devices
• 10X mobile data traffic growth (from 2015)

8. Major Opportunities For EXFO
FIELD
AUTOMATION
›Operational efficiency
›Deploy services faster
›Reduce time-to-
revenue
QoE + E2E
VISIBILITY
›QoE and retention
›Reduce service costs
›Prioritize and predict
›Simplify operations
FIBER
EVERYWHERE
›… rich in the core
›… deeper in access
›… to-the-home
›… to-the-antenna
High-Speed, NFV,
Cloud, Data Centers
›NFV + H/W co-exist
›Service complexity
›Operational cost
›QoE and retention
›World No.1 in portable test
›Consistent share gains
›Frost & Sullivan Market
Leadership Award for 2015
›Major new offerings
›EXFO Connect penetration
›iOLM, FIP, etc.
›TestFlow™ process
automation
›Wins at tier-1 MNO …
more to come
›Active/Passive + analytics
›Both NFV + HW-centric
›NFV driving active SA
›Xtract: Major wins & funnel
›NFV ready for deployment
›100G+ growth (labs & field)
›Web-scale + data centers
›Driving active/analytics
opportunities
TEST ORCHESTRATION AND PERFORMANCE INTELLIGENCE SOLUTIONS

9. Growth Strategy
TOP-LINE DRIVEN: BOLSTER SALES AND GROSS MARGIN
EVOLVE
Into a trusted advisor. Customers
seeking E2E solutions to enhance
network performance and service
experience quality.
EXPAND
Share of wallet with tier-1 network
operators. Top-15 operators account
for lion’s share of capital spending.
ACCELERATE
Penetration of data center, Cloud
and web-scale operator markets.
Web-scale operators spending at a
faster rate than network operators.
INCREASE
Wireless presence. Mobile network
operators investing significantly in
fiber-related solutions (wireless
backhaul, small cells, FTTA, DAS).

10. PROTOCOL
(T&D, SA, Analytics, Wireless)
PHYSICAL
(Optical and Access)
Telecom Market
TAM
SAM
Major competitors
Market growth rate
Sales ― FY 2016
Gross margin profile
$815 M
$495 M
Viavi, Anritsu
0-5%
$151.9 M
55-60%
$4.3 B
$2.4 B
Viavi, IXIA, Netscout
10-15%
$83.3 M
70-75%
PROTOCOL TO DRIVE REVENUE AND EARNINGS GROWTH
*Excludes losses on FX contracts.
$5.1 B
$2.9 B
Single-digit
$235.2 M*
63%-65%
TOTAL

11. 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 and
G.fast (up to 1 Gbit/s)
PORTABLE OPTICAL
• No. 1 player with >34% market share
• Market dominance in OTDR testing
• Key differentiator: iOLM software
• Market leader in dispersion testing
• Unmatched product breadth and depth

12. Protocol-layer Solutions
SERVICE ASSURANCE &
ANALYTICS SOFTWARE
• Probe-based systems targeted at
medium to large network operators
• End-to-end solutions with fully
integrated active/passive
monitoring and infrastructure
polling to assure SLAs
• Real-time analytics for unmatched
network performance and service
experience visibility
TRANSPORT AND
DATACOM
• Multi-service analyzers for
SONET/SDH, OTN and Ethernet
rates from 10M to 100G
• Comprehensive portfolio for
wireless backhaul and fronthaul
• Pioneered new standard for
Ethernet testing (EtherSam)
WIRELESS
• Network simulators: Large-scale
emulation of IMS, WebRTC
subscriber sessions to test
routers, gateways and session
border controllers

13. Absolute Analysis Acquisition
All-in-one Optical, Ethernet and RF testing in a single unit
UNIQUE VALUE PROPOSITION
DEAL HIGHLIGHTS
• Technology leader in RF testing of
fiber-based RAN networks
• Acquired majority of assets, including
technology, expertise and solutions
• Cash-and-stock transaction valued at
approx. $8.25 M
• Neutral to EXFO earnings for FY 2017

14. Financial Highlights
Q4 2016
• Sales increased 11.1% YoY to $62.9 M
• Bookings improved 13.7% YoY to
$62.4 M (book-to-bill ratio of 0.99)
• Gross margin1 amounted to 61.6%
• IFRS net earnings totaled $2.3 M
• Adjusted EBITDA2 increased 24.4% YoY
to $6.2 M
FY 2016
• Sales increased 4.7% to $232.6 M
• Bookings improved 7.7% to $240.3 M
(book-to-bill ratio of 1.03)
• Gross margin1 amounted to 62.6%
• IFRS net earnings totaled $8.9 M
• Adjusted EBITDA2 surged 59.9%
to $22.0 M
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, restructuring
charges, stock-based compensation costs and foreign exchange gain or loss.

15. SURPASSED PROFITABILITY TARGET
1 Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and
amortization, stock-based compensation costs and foreign exchange gain or loss.
ADJUSTED EBITDA1
$20M
FY 2016
REDUCED OPEX WITH
COST CONTROLS AND
CURRENCY HELP3.0%
IMPROVED GROSS
MARGIN VIA RICHER
SALES MIX
DELIVERED 4.7%
YoY SALES
GROWTH
ADJUSTED EBITDA OF $22.0 M (GROWTH OF 60% YoY)

16. New Profitability Target
GROWTH >18% YoYGROWTH >18% YoY
ADJUSTED EBITDA1
FY 2017
1 Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and
amortization, stock-based compensation costs and foreign exchange gain or loss.

17. 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
Increased Adj. EBITDA 60% YoY to $22.0 M on sales of $232.6 M in FY 2016
4.Solid balance sheet
Cash position of $47.3 M and no debt — as at August 31, 2016
5.Experienced and disciplined management team
Averaging >15 years of experience in sales, marketing, R&D, manufacturing, finance, HR
1 Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and
amortization, stock-based compensation costs and foreign exchange gain or loss.