Germain LamondeChairman, President & CEOJune 30, 2016

MARKETING WITH COWEN AND COMPANY

2© 2016 EXFO Inc. All rights reserved.

Certain statements in this presentation, or given in response to your questions, may constituteforward-looking statements within the meaning of the Securities Act of 1934. The PrivateSecurities Litigation Reform Act of 1995 provides “safe-harbors” for such forward-lookingstatements and we intend that any forward-looking statements made today be subject to thesafe harbors. We caution you that any forward-looking statements are just predictions. Theyare not guarantees of future performance and involve risks and uncertainties. Actual resultsmay differ materially from those projected in forward-looking statements and we invite you toreview the company’s most recent filings with the Securities and Exchange Commission orCanadian securities commissions for a discussion of the factors at risk. These forward-lookingstatements speak only as of the date of this presentation and, unless required by law orapplicable regulations, we will not be reviewing or updating the material that is containedherein.

For a reconciliation of adjusted EBITDA to net earnings, refer to the Q3 2016 press release orthe “Non-IFRS Measures” section on EXFO’s website.

All amounts in millions of US dollars, except otherwise noted.

FORWARD-LOOKING STATEMENTS

3© 2016 EXFO Inc. All rights reserved.

EXFO BY NUMBERS

IN PORTABLEOPTICAL TESTING

LEADER

GEOGRAPHICAL SALES FOR FY 2015

DIVERSIFIED

1500EMPLOYEES

IN 25 COUNTRIES

GLOBAL

OF TOTAL BOOKINGSIN FY 2015

WIRELESS

30%

FY 2015 SALES. GLOBAL NO.2 IN PORTABLE TELECOM T&M

LEADERSHIP

$222M

CASH RETURNED TO SHAREHOLDERS VIA SHARE

REPURCHASE PLANS

SHAREHOLDER VALUE

$25.5M

4© 2016 EXFO Inc. All rights reserved.

› MULTI -TECHNOLOGY PLATFORMS› WORLD NO. 1 IN OPTICAL TEST› SIMPLIFICATION & AUTOMATION

LEADER IN PORTABLE TEST

5© 2016 EXFO Inc. All rights reserved.

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

6© 2016 EXFO Inc. All rights reserved.

› FULL END-TO-END SOLUTION PORTFOLIO› CONVERGED & VIRTUALIZED IP SERVICES› OVER 100 DEPLOYMENTS WORLDWIDE

LEADER IN SERVICE ASSURANCE

7

EXFO BLUEPRINT

8© 2016 EXFO Inc. All rights reserved.

CONSUMER AND BUSINESS TRENDS

By 2021…

COMMUNICATIONSERVICES

VIDEO AUGMENTEDREALITY

CONNECTEDCARS

HEALTHCARE INTERNETOF 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)

9© 2016 EXFO Inc. All rights reserved.

MAJOR OPPORTUNITIES FOR EXFO

FIELDAUTOMATION

›Operational efficiency›Deploy services faster›Reduce time-to-revenue

QoE + E2EVISIBILITY

›QoE and retention›Reduce service costs›Prioritize and predict›Simplify operations

FIBEREVERYWHERE

›… 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

10© 2016 EXFO Inc. All rights reserved.

GROWTH STRATEGYTOP-LINE DRIVEN: BOLSTER SALES AND GROSS MARGIN

TRANSFORMInto a solutions partner. Customers seeking E2E solutions to enhance network performance and service experience quality.

EXPANDShare of wallet with tier-1 network operators. Top-15 operators account for lion’s share of capital spending.

ACCELERATEPenetration of data center, Cloud and web-scale operator markets. Web-scale operators spending at a faster rate than network operators.

INCREASEWireless presence. Bookings to wireless customers reached 30-32% of total bookings in FY 2015.

11© 2016 EXFO Inc. All rights reserved.

PROTOCOL(Wireless, T&D, SA, Analytics)

PHYSICAL(Optical & Access)

TELECOM MARKET

TAM

SAM

Major competitors

Market growth rate

Sales ― FY 2015

Gross margin profile

$815 M$495 M

Viavi, Anritsu

0-5%$144.1 M

55-60%

$4.3 B$2.4 B

Viavi, IXIA, Netscout

10-15%$80.6 M

70-75%

PROTOCOL TO DRIVE REVENUE AND EARNINGS GROWTH

*Excludes losses on FX contracts.

$5.1 B$2.9 B

Single-digit

$224.7 M*

63%-65%

TOTAL

12© 2016 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

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 & depth

13© 2016 EXFO Inc. All rights reserved.

PROTOCOL-LAYER SOLUTIONS

SERVICE ASSURANCE & ANALYTICS SOFTWARE

› Probe-based systems targeted at medium to large network operators

› E2E solutions with fully integrated active/passive monitoring and infrastructure polling to assure SLAs

› Real-time analytics for unmatchednetwork 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, WebRTCsubscriber sessions to test routers, gateways and session border controllers

14© 2016 EXFO Inc. All rights reserved.

Q3 2016 HIGHLIGHTS

› Sales increased 5.4% YoY to $60.9 M › Bookings slightly up 0.8% YoY to $59.7 M

› Gross margin1 reached 60.8%

› Adjusted EBITDA2 improved 18.8% YoY to $5.3 M

› Cash position of $46.3 M and no debt

1Gross margin before depreciation and amortization is a non-IFRS measure and represents sales less cost of sales, excluding depreciationand amortization.

2Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costsand foreign exchange gain.

15© 2016 EXFO Inc. All rights reserved.

STRONG VALUE PROPOSITIONWHY INVEST?

1. History of market-share gainsCaptured market share in growth and downward markets

2. Well positioned for key growth drivers3G, 4G/LTE, wireless backhaul, small cells, DAS, RRH, FTTx, 100G

3. Balancing sales growth and profitabilityRaised adjusted EBITDA target of $20 M by ≥$2 M for FY 2016

4. Solid balance sheet Cash position of $46.3 M and no debt — as at May 31, 2016

5. Experienced and disciplined management teamAveraging >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.