Germain Lamonde Chairman, President and CEO January 9, 2014

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 Q1 2014 press release or the “Non-IFRS Measures” section on EXFO’s website.

Forward-Looking Statements

3 © 2014 EXFO Inc. All rights reserved..

FY 2013 Financial Highlights

›Annual sales: $242.2 M (-3.1% YoY) › R&D investments more in «key technology platforms»; less on «incremental innovation»

›Gained market share despite tough markets ›IFRS net earnings: $1.3 M (-$3.6 M in 2012)

›Cost savings of $9.0 M YoY ›Adjusted EBITDA*: $17.3 M (7.2% of sales)

›Adjusted EBITDA margin flat YoY

* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, restructuring charges, stock-based compensation costs and foreign exchange gain.

3 © 2014 EXFO Inc. All rights reserved..

4 © 2012 EXFO Inc. All rights reserved. 4 © 2014 EXFO Inc. All rights reserved.. 4 © 2014 EXFO Inc. All rights reserved..

Segmented Sales — FY 2013

› Physical-layer sales increased 4.3% YoY

› Protocol-layer sales decreased 11.3% YoY

Americas

›Sales: $128.1 M ›Growth YoY: -2.3% ›Sales Split: 53%

EMEA

›Sales: $67.0 M ›Growth YoY: -6.0% ›Sales Split: 28%

Asia-Pacific

›Sales: $47.0 M ›Growth YoY: -1.0% ›Sales Split: 19%

5 © 2012 EXFO Inc. All rights reserved. 5 © 2014 EXFO Inc. All rights reserved..

Progress Against Growth Strategy

6 © 2012 EXFO Inc. All rights reserved. 6 © 2014 EXFO Inc. All rights reserved..

Progress Against Growth Strategy

›Sales to wireless customers reached 28% of sales in 2013

›Launched key new products ›Ready for small cell opportunity

7 © 2012 EXFO Inc. All rights reserved. 7 © 2014 EXFO Inc. All rights reserved..

Progress Against Growth Strategy

›Acceptance of EXFO Connect ›Optical & Ethernet combination ›Extended iOLM for DAS & FTTA ›One-click diagnostics on protocol analyzers

8 © 2012 EXFO Inc. All rights reserved. 8 © 2014 EXFO Inc. All rights reserved..

Progress Against Growth Strategy

›OTDRs: ~50% market share ›100G test solutions: Top 7/15 carriers

›TravelHawk Pro: Top 3/5 LTE carriers

›MaxTester: Top-3 NA carriers ›EXFO Connect progression

9 © 2012 EXFO Inc. All rights reserved. 9 © 2014 EXFO Inc. All rights reserved..

Progress Against Growth Strategy

›Reduced OPEX by $9.0 M ›Maintained tight cost controls ›Adj. EBITDA margin* of 7.2% (flat YoY)

* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, restructuring charges, stock-based compensation costs and foreign exchange gain.

10 © 2014 EXFO Inc. All rights reserved..

Looking to the Future ...

EXFO’S PORTFOLIO ALIGNED WITH GROWTH VECTORS

• From 10G to 40G, 100G and 400G field trials

• Major upgrades to IP network infrastructures

High-Speed Broadband Networks

Small Cells, VoLTE & 4G

Networks

• Small cells, DAS & RRH are key to complement macro-cells

• VoLTE critical roll-out in 2014 • 4G/LTE still in early innings

11 © 2014 EXFO Inc. All rights reserved..

Focus on Execution

INNOVATION ›Game-changing solutions ›Solve real-life issues for customers

OPERATIONAL EXCELLENCE ›Efficiency and execution ›Tight control on expenses ›Leverage higher-margin SW solutions

PROFITABLE GROWTH ›Grow profitability faster than revenue

11 © 2014 EXFO Inc. All rights reserved..

STAY THE COURSE AND EXECUTE FLAWLESSLY

12 © 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 ›Challenging end-markets ›Some carrier investments in 2013 were delayed (especially in the Americas)

13 © 2014 EXFO Inc. All rights reserved..

Medium-Term Target

* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs and foreign exchange gain or loss.

BALANCE BETWEEN SALES GROWTH AND PROFITABILITY

14 © 2014 EXFO Inc. All rights reserved..

Q1 2014 Highlights

› Sales totaled $56.0 M (book-to-bill ratio of 1.03)

› Sales increased YoY in EMEA and A-PAC, but decreased in the Americas

› Gross margin1 reached 62.2% (up YoY)

› Adjusted EBITDA2 amounted to $2.3 M (down YoY)

› Cash flows from operating activities totaled $3.3 M (up YoY)

1Gross margin is a non-IFRS measure and represents sales less cost of sales, excluding depreciation and amortization. 2Adjusted EBITDA represents net loss before interest, income taxes, depreciation and amortization, stock-based compensation costs and foreign exchange gain.

15 © 2012 EXFO Inc. All rights reserved. 15 © 2014 EXFO Inc. All rights reserved.

Questions?