January 10, 2018

Philippe MorinChief Executive Officer

Marketing with BMO Capital MarketsAt EXFO, we make networks smarter

© 2018 EXFO Inc. All rights reserved. 2

Forward-looking statements

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 Q1 2018 press release on EXFO’s website.

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

© 2018 EXFO Inc. All rights reserved. 3

No.1in optical test

equipment market

Largestactive service assurance deployment worldwide

1600+employees in25 countries

The network test, monitoringand analyticsexperts.

EXFO by numbers

© 2018 EXFO Inc. All rights reserved. 4* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensationcosts, restructuring charges, change in fair value of cash contingent consideration and foreign exchange loss.

$22.0MAdjusted EBITDA* margin of 9.1%

$12.9MCash flows

from operations

$243.3MRevenue

increase of 4.6%

in FY 2017

Major customer groups

© 2018 EXFO Inc. All rights reserved. 5

Webscalecompanies

Communications service providers

Equipment manufacturers

Revenue

$63.4M

© 2018 EXFO Inc. All rights reserved. 6

Bookings

$65.9M

IFRS netearnings

$2.7M

AdjustedEBITDA*

$6.1M

* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs, change in the fair value of cash contingent consideration and foreign exchange gain.

Adjusted EBITDA margin of 9.6%

Q1 2018 results

Bandwidth: Growing almost 3X in 5 years

© 2018 EXFO Inc. All rights reserved. 7Source: Cisco VNI, June 2017

Annual IP traffic: 1.2 ZB in 2016 to 3.3 ZB in 2021

Video

82% ofIP traffic

(from 73% in 2016)

Broadband networks

53 Mbps(ave. speed to nearly

double by 2021)

Connecteddevices

27.1 Billion(>3X world pop.

by 2021)

Growth drivers

© 2018 EXFO Inc. All rights reserved. 8

Fiber 5GNetwork virtualizationCloud

© 2018 EXFO Inc. All rights reserved. 9

Test instrumentsBuilt-in intelligence, automation and ease-of-use across entire optical, transport and copper test portfolio

Monitoring and analyticsDeep visibility of real-time services like VoLTE, VoWiFi and OTT video on hybrid and virtual networks

© 2018 EXFO Inc. All rights reserved. 10

© 2018 EXFO Inc. All rights reserved. 11

EXFO markets

* Excludes losses on FX contracts

Market size $600M $2.0B $2.6B

EXFO sales―FY 2017 $161.9M $81.9M $243.8M*

Growth rate―FY 2017 6.6% -1.7% 4.6%

Gross margin profile 55-60% 70-75% 60-65%

Major competitors Viavi, Anritsu Viavi, NetScout

PROTOCOL(T&D, SA, analytics, wireless)

PHYSICAL(Optical and copper)

TOTAL

© 2018 EXFO Inc. All rights reserved. 12

1DealTransformative

3DealsTechnology

+

Astellia update

AMF approved EXFO’s publictender offer(Dec. 12, 2017)

- Final hurdle passed before launch of public tender offer

EXFO announced opening of public tender offer (Dec. 15, 2017)

- Offer extends 25 trading days until January 23, 2018

AMF will disclose results of public tender offer (Jan. 29, 2018)

- EXFO seeking to acquire remaining equity of Astellia

© 2018 EXFO Inc. All rights reserved. 13

EXFO increased its credit facilities to $63.3 M

© 2018 EXFO Inc. All rights reserved. 14

Financial milestones

Short-term1

(FY 2018)Medium-term

(Three years)

Adj. EBITDA2

of $26 M(18% growth YoY)

Adj. EBITDAmargin of 15%

1Short-term financial milestone excludes financial results from pending Astellia acquisition.2Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs, and foreign exchange gain or loss.

Why invest?

2. Healthy profitability

– Reported adjusted EBITDA* of $22.0 M in FY 2017

– Targeting adjusted EBITDA of $26 M in FY 2018

3. Robust cash flows

– Generated $12.9 M in cash flows from operations in FY 2017

– Delivered $24.4 M in cash flows from operations in FY 2016

4. Strong leadership team

– One-two tandem of Executive Chairman Germain Lamonde and CEO Philippe Morin

– Stable and experienced – Deep telecom knowledge

1. Well positioned for growth drivers

– Fiber– Cloud– Network virtualization– 5G

* Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs, restructuring charges, change in cash contingent consideration and foreign exchange loss.

© 2018 EXFO Inc. All rights reserved. 15