Pierre Plamondon, EXFO's Vice President of Finance & CFO, presented at the Needham & Co. Growth Conference on January 16, 2013. He discussed EXFO's position as the number two supplier in portable telecom testing and an innovation leader in IP service assurance. While 2012 was a difficult market year, EXFO gained market share and expects annual savings of $8 million from restructuring. Plamondon outlined EXFO's strategy to increase its wireless presence, expand share of wallet with Tier-1 operators, and accelerate profitability through execution.

1. Needham & Co. Growth Conference
Pierre Plamondon
Vice-President, Finance & CFO
January 16, 2013

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.
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 2013 press release or the “Non-IFRS Measures”
section on EXFO’s website.
© 2013 EXFO Inc. All rights reserved.. 2

3. EXFO at a Glance
Who We Are What We’ve Done Where We’re Going
› No.2 supplier in portable › Gained market share year-in › Increase wireless presence
telecom testing and innovation and year-out for past 27 years
› Enable network operators to
leader in IP service assurance › Ten-year sales CAGR of 20% reduce operating expenses
› Helping network operators and › Difficult market in FY 2012
› Expand share of wallet with
equipment manufacturers › EXFO sales: -7% YoY while Tier-1 operators
design, deploy and monitor IP double-digit market decrease
fixed and mobile networks › Restructuring: Expected › Accelerate profitability through
annual savings of $8.0 M and execution
restructuring costs of $2.6 M
© 2013 EXFO Inc. All rights reserved. 3

4. Global Organization
Americas
› FY 2012 Sales: $130.6 M
› Growth YoY: -4.6%
› Sales Split: 52%
EMEA
› FY 2012 Sales: $71.0 M
› Growth YoY: -16.4%
› Sales Split: 29%
Asia-Pacific
› No.1 in portable optical testing
› No.2 in portable telecom testing › FY 2012 Sales: $47.3 M
› Growth YoY: +1.2%
› Sales Split: 19%
2000 CUSTOMERS IN >100 COUNTRIES
1700 EMPLOYEES IN >25 COUNTRIES
© 2013 EXFO Inc. All rights reserved.. 4

5. Bandwidth Demand
Global IP traffic
Up 4X from 2011-2016
Mobile IP traffic
Up 18X (Cisco)
DESPITE STRONG FUNDAMENTAL DRIVERS,
CHALLENGING CONDITIONS FOR WIRELINE MARKET IN 2012
© 2013 EXFO Inc. All rights reserved.
© 2013 EXFO Inc. All rights reserved. 5
5

6. US Carrier CAPEX
Capital Intensity
20.0%
15.6%
18.0% 14.6% 15.1%
16.0% 13.3%
12.7%
14.0%
12.0%
10.0%
Source: Morgan Stanley
8.0%
6.0%
4.0%
2.0%
0.0%
2010 2011 2012E 2013E 2014E
AT&T Verizon Sprint T-Mobile Average
4G/LTE AND COMPETITION TO DRIVE INVESTMENTS
© 2013 EXFO Inc. All rights reserved.. 6

7. Growth Strategy
Increase Wireless Enable Operators Expand Share of Accelerate
Presence to Reduce OPEX Wallet with Tier-1 Profitability via
Operators Execution
Wireless sales to Key productivity Doing business Combining revenue
continue growing differentiators, with ~80% of top-100 growth with a tight
(~24% of sales FTB Ecosystem and operators worldwide control on expenses
in FY 2012) EXFO Connect
EXPANDING MARKET SHARE FOR 27 CONSECUTIVE YEARS
© 2013 EXFO Inc. All rights reserved.. 7

8. Riding the Right Waves
Market-Driven Innovation
› Wireless backhaul
› 4G/LTE, 3G
› DAS, RRH
› 100G upgrades
› FTTH, VDSL2
Focus on Execution
› Unmatched customer
experience
INNOVATION AND EXECUTION ENABLE MARKET-SHARE GAINS
© 2013 EXFO Inc. All rights reserved.. 8

9. Revenue Mix/Gross Margin Evolution
FY 2006 | FY 2012 Gross Margin
70%
65%
11%
60%
In % of sales
45%
55% 55%
50%
89%
45%
Sales: $107.4 M Sales: $250.0 M 40%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Protocol Other
MOVING TOWARD HIGHER-MARGIN, PROTOCOL-LAYER SALES
© 2013 EXFO Inc. All rights reserved.. 9

10. Telecom Market
PROTOCOL
(Wireless, Serv. Assurance,
PHYSICAL
Transport & Datacom)
(Optical & Access)
TAM $700 M $3.2 B
SAM $550 M $1.8 B
Annual growth rate ~5% ~15%
Sales ― FY 2012 $135.1 M $113.7 M
Sales growth ― FY ’12/’11 -14.5% 4.4%
Five-year sales CAGR 3.9% 46.1%
Gross margin profile Low-60s (%) Mid-70s (%)
Major competitors JDSU, Anritsu, Sunrise JDSU, IXIA, Tektronix
PROTOCOL TO DRIVE REVENUE & EARNINGS GROWTH
© 2013 EXFO Inc. All rights reserved. 10

11. Physical-Layer Business
PORTABLE OPTICAL COPPER ACCESS
› No. 1 player with >35% market share › Product portfolio optimized for high-
› Market dominance in OTDR testing speed copper links
› New MaxTester series secured
› Key differentiator: iOLM software contract wins with three tier-1
› Market leader in dispersion testing North American operators
› Unmatched product breadth & depth › Supports pair bonding & vectoring
(100 Mb/s)
© 2013 EXFO Inc. All rights reserved. 11

12. Protocol-Layer Business
TRANSPORT AND DATACOM WIRELESS SERVICE ASSURANCE
› Multi-service analyzers for • Protocol analyzers: 4G/LTE and 3G › Probe-based systems targeted at
SONET/SDH, OTN and Ethernet test solutions for deployment and medium to large network operators
troubleshooting applications
rates from 10M to 100G › Primary focus on active testing to
• Network simulators: Large-scale
› Comprehensive portfolio for wireless emulation of subscriber sessions to validate service-level agreements
backhaul test routers, gateways and session › Monitoring multi-play services with
› Pioneered new standard for Ethernet border controllers a single platform is key differentiator
testing (EtherSam) • Stratgic partnership with Artiza
Networks to offer highest-capacity,
end-to-end simulation solution
© 2013 EXFO Inc. All rights reserved. 12

13. Financial Snapshot
$300 Revenue
70.0%
› $250 M (-7% YoY)
$250 60.0% › Gained market share
› FY’13: 6-10% growth
(estimate)
Sales CAGR of 20%
50.0%
$200
over last 10 Years 40.0%
Gross Margin
› Improved to 63.3%
$150 30.0%
› Up 9X out of 10 years
› FY’13-15: Trending up
20.0%
$100
10.0%
Adjusted EBITDA Margin
$50
0.0% › 7.3% in FY’12 from
In US$ Millions
13.5% in FY’11 due to
36% 34% 21% 24% -5% 32% 33% -7% lower revenue level
-10.0%
› Mid-term goal: 15%
2004 2005 2006 2007 2008 2009 2010 2011 2012
Revenue Gross Margin Adjusted EBITDA Margin
© 2013 EXFO Inc. All rights reserved.. 13

14. Q1 2013 Highlights
› Sales reached $59.8 M
› Bookings attained $64.3 M (B/B ratio of 1.07)
› Gross margin1 amounted to 60.5%
› Adjusted EBITDA2 totaled $2.7 M
› Announced contract wins at three tier-1 North American
operators for MaxTester copper/DSL series
› Signed partnership with Artiza Networks to offer the industry’s
highest-capacity, end-to-end 4G/LTE simulation solution
› FTB Ecosystem: Expanded EXFO Connect offering with
floating test licenses option
1Gross margin is a non-IFRS financial measure and represents sales less cost of sales, excluding depreciation and amortization.
2Adjusted EBITDA represents net loss before interest, income taxes, depreciation of property, plant and equipment, amortization
of intangible assets, stock-based compensation costs and foreign exchange gain.
© 2013 EXFO Inc. All rights reserved.. 14

15. Strong Value Proposition
5 Good Reasons to Invest in EXFO
1. Excellent track record of sales growth
Sales CAGR of 20% in last 10 years
2. Well-positioned for key growth drivers
Bandwidth expansion and IP network convergence
3. Balancing sales growth and profitability 1
Targeting adjusted EBITDA margin of 15% on revenue of $350 to $400 M
4. Solid balance sheet
Cash position of $59.0 M and negligible debt ― as at November 30, 2012
5. Experienced and disciplined management team
Deep knowledge of managing business in growth and downward markets
1AdjustedEBITDA represents net earnings before interest, income taxes, depreciation of property plant and equipment, amortization of intangible assets, stock-based compensation
costs and foreign exchange gain or loss.
© 2013 EXFO Inc. All rights reserved. 15