This document contains the forward-looking statements of EXFO for its annual general and special meeting. It discusses EXFO's fiscal year 2017 results which included $243.3 million in revenue, $22 million in adjusted EBITDA, and $12.9 million in cash flows from operations. The document also provides an overview of EXFO's product family sales, geographical sales, M&A strategy including recent acquisitions, an update on the pending Astellia acquisition, new credit facilities, and EXFO's Q1 2018 results and financial outlook.

1. Germain Lamonde, Founder and Executive Chairman
Philippe Morin, Chief Executive Officer
January 10, 2018
Annual General
and Special Meeting

2. © 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
news release on EXFO’s website.
All amounts in millions of US dollars, except otherwise noted.

3. Smooth CEO transition
© 2018 EXFO Inc. All rights reserved. 3
Germain Lamonde
Founder & Executive Chairman
Philippe Morin
Chief Executive Officer

4. FY 2017 results
© 2018 EXFO Inc. All rights reserved. 4
*Adjusted EBITDA represents net earnings before interest, income taxes, depreciation and amortization, stock-based compensation costs, restructuring
charges, change in fair value of cash contingent consideration and foreign exchange loss.
$22.0M
Adj. EBITDA*
margin of 9.1%
$12.9M
Cash flows from
operations
$243.3M
Revenue up 4.6%

5. Product family sales
Physical : +6.6% in 2017
– Optical test leadership
– 100G investment cycle
Protocol: -1.7% in 2017
– Rationalized passive wireless SA portfolio
$144.1
$151.9
$161.9
$80.6 $83.3 $81.9
FY 2015 FY 2016 FY 2017
Physical Protocol
InmillionsofUS$
*Excludes losses on FX contracts. © 2018 EXFO Inc. All rights reserved. 5

6. Geographical sales
Americas: +5.6% in 2017
– Leveraged 100G investment cycle
– Headwind: consolidation tier-1 CSPs
EMEA: +8.6% in 2017
– Catch-up spending among CSPs
– Ontology revenue contribution
Asia-Pacific: -2.9% in 2017
– Slowdown in China
$119.5
$57.3
$45.3
$222.1
$127.5
$57.2
$47.9
$232.6
$134.7
$62.1
$46.5
$243.3
Americas EMEA Asia-Pacific Global
FY 2015 FY 2016 FY 2017
InmillionsofUS$
*Excludes losses on FX contracts. © 2018 EXFO Inc. All rights reserved. 6
55% 26% 19%

7. © 2018 EXFO Inc. All rights reserved. 7
M&A
strategy
Accelerate growth,
critical mass
and profitability
in T&M and
Systems

8. - Optical RFoCPRI test
capabilities for fiber-based
radio access networks
- First all-in-one solution to
combine optical, Ethernet
and RF testing
- New remote RF interference
monitoring for C-RAN
- Deal: US$5.0M in cash +
US$3.5M in stock
© 2018 EXFO Inc. All rights reserved. 8
FY’17
(November 2016)

9. - Automated network topology
discovery and service-chain
mapping
- With EXFO’s active system:
real-time views of network
services and related elements
for root-cause analysis
- Deal: All-cash valued at
US$7.8M, + minor earnout
(net of cash acquired)
© 2018 EXFO Inc. All rights reserved. 9
FY’17
(March 2017)

10. - Complementary high-end
optical test instruments for lab
and manufacturing markets
- Includes OSAs, tunable lasers,
filters, and passive optical
component test system
- Deal: US$9.5M in cash
(net of cash acquired)
© 2018 EXFO Inc. All rights reserved. 10
FY’18
(October 2017)

11. - Provider of network and
subscriber intelligence
- Leading passive service
assurance, analytics and
professional services
- Deal: 40.3% stake
- Entire Astellia equity:
US$30.3M
© 2018 EXFO Inc. All rights reserved. 11
FY’18
(Pending)

12. Astellia update
AMF green light to
launch public
tender offer (PTO)
(Dec. 12, 2017)
- All hurdles passed before
launching of PTO
EXFO announced
opening of PTO
(Dec. 15, 2017)
- Offer extends 25 trading
days to January 23, 2018
AMF to disclose
results of PTO
(Jan. 29, 2018)
- EXFO seeking to acquire
100% of Astellia’s equity
© 2018 EXFO Inc. All rights reserved. 12

13. © 2018 EXFO Inc. All rights reserved. 13
C$70.0M (US$54.3M) and US$ 9.0M in
revolving credit facilities
Usage
- Astellia’s remaining equity
- Working capital
- General corporate purposes
M&A focus
- Deliver value and synergies from recent
acquisitions
- No meaningful acquisition in the short-term
New
credit
facilities

14. Q1 2018 Results/Outlook
Philippe Morin, CEO

15. Growth drivers
© 2018 EXFO Inc. All rights reserved. 15
Fiber 5G
Network
virtualization
Cloud

16. Major customer groups
© 2018 EXFO Inc. All rights reserved. 16
Webscale
companies
Communications
service providers
Equipment
manufacturers

17. Revenue
$63.4M
© 2018 EXFO Inc. All rights reserved. 17
Bookings
$65.9M
IFRS net
earnings
$2.7M
Adjusted
EBITDA*
$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

18. © 2018 EXFO Inc. All rights reserved. 18
Financial milestones
Short-term1
(FY 2018)
Medium-term
(Three years)
Adj. EBITDA2of $26 M
(18% growth YoY)
Adj. EBITDA
margin 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.

19. Questions?