The document discusses EXFO's annual general and special meeting. It begins with forward-looking statements and cautions that any predictions involve risks and uncertainties. It then provides an overview of EXFO's FY2018 results, including $11.9M in net loss, $17.2M in adjusted EBITDA, and $269.5M in revenue. It outlines EXFO's strategic reorganization, including a workforce reduction and cost savings measures to strengthen profitability. Finally, it discusses priorities for FY2019-2021, including profitability through adjusted EBITDA targets and generating cash flows from operations.

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

2. © 2019 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 IFRS net loss, refer to the Q1 2019
news release on EXFO’s website.
All amounts in millions of US dollars, except otherwise noted.

3. © 2019 EXFO Inc. All rights reserved. 3
- Advanced optical test
for Labs & NEMS
- Non-material FY’18
- Part of T&M product
group
- Critical mass/scale
- 2x customer base
- Geographic coverage
- Strategic technology
- Part of SASS product
group
- Optical
- 5G/IoT
- NFV/SDN
- Systems, AI &
analytics
INDUSTRY
RELEVANCE
FY 2018: Strategic transformations

4. FY 2018 results
$11.9M
IFRS net loss
attributable to
parent interest1
1Represents net loss excluding share of the net loss attributable to Astellia’s minority shareholders.
2Adjusted EBITDA is a non-IFRS measure and represents net loss attributable to the parent interest before interest, income taxes, depreciation and amortization, stock-based compensation costs, restructuring charges,
acquisition-related deferred revenue fair value adjustment, change in the fair value of the cash contingent consideration, share in net loss of an associate, gain on the deemed disposal of the investment in an associate,
and foreign exchange gain.
$17.2M
Adjusted EBITDA2
margin of 6.4%
Down 22%
$269.5M
Revenue
increase of 10.8%
$14.4M
Cash flows from
operations
Up 12%
© 2019 EXFO Inc. All rights reserved. 4

5. Geographic
split in 2018
Americas: flat YoY
– Reduced spending by US
service providers
– Consolidation among tier-1s
EMEA: +36%
– Astellia’s revenue
contribution
– Increased copper testing and
fiber monitoring sales
APAC: +6%
– Market-share gains,
especially fiber monitoring
$127,5
$57,2
$47,9
$232,6
$134,7
$62,1
$46,5
$243,3
$135,4
$84,7
$49,5
$269,5
Americas EMEA Asia-Pacific Global
FY 2016 FY 2017 FY 2018
© 2019 EXFO Inc. All rights reserved. 5
InmillionsofUS$
50% 32% 18%
*Excludes gains/losses on FX contracts.

6. Strategic reorganization
Announced ~5%
workforce reduction
– Consolidating R&D activities
in fewer sites to increase
efficiency and lower
operating costs
– Intensifying efforts in
business segments with
competitive advantages
Committed to strengthen
profitability
– Annualized cost savings
estimated at $10.5M, including
$8.0M in FY 2019
– Restructuring costs of $8.0M
(mainly in Q4’18 & Q1’19)
– Targeting adjusted EBITDA of
$24.0M* for FY 2019
© 2019 EXFO Inc. All rights reserved. 6
Accelerated integration of
monitoring and analytics
– Fast-tracking integration
of Astellia, Ontology and
EXFO’s technologies on a
common platform
– Delivering highly differentiated
solution based on wealth of
data sources and rich analytics
*The adjusted EBITDA target for FY 2019 is a forward-looking statement. As it excludes items that pertain to future events that are not currently estimable with a reasonable degree of accuracy,
such as foreign exchange gain or loss and income taxes, no corresponding IFRS measure has been provided.

7. New T&M
Test & Measurement
- Optical, transport, copper
access portable testing
- Yenista acquisition
- T&M-related software and
services
- From field to labs
- Global Top 2 (portables)
New SASS
Service Assurance,
Systems & Services
- Fiber, RF and active
monitoring
- Ontology topology
- Astellia passive monitoring
- Big data, analytics and AI
- Global Top 5
© 2019 EXFO Inc. All rights reserved. 7
Formerly
Physical
- Optical test
- Copper access
- Fiber monitoring
- Yenista (2018)
Protocol
- Transport & datacom test
- Service assurance and
analytics
New reporting structure

8. FY’18 in former
revenue
breakdown
Physical: +7%
– Optical testing and monitoring,
copper testing
– Includes 11-month contribution from Yenista
Protocol: +17%
– Transport testing, SA, analytics, wireless
– Includes 7-month contribution from Astellia
$151,9
$161,9
$172,9
$83,3 $81,9
$95,8
FY 2016 FY 2017 FY 2018
Physical Protocol
© 2019 EXFO Inc. All rights reserved. 8
InmillionsofUS$
*Excludes gains/losses on FX contracts.

9. $185,3
$193,9 $197,4
$49,9 $49,9
$71,2
FY 2016 FY 2017 FY 2018
T&M SASS
FY’18 in new
revenue
breakdown
T&M: +2%
– Optical, transport, copper testing
– Includes 11-month contribution from Yenista
– Unusual hiccup in test business
SASS: +43%
– SA, analytics, fiber monitoring, wireless
– Includes 7-month contribution from Astellia
– Annual growth of 10% excluding Astellia
© 2019 EXFO Inc. All rights reserved. 9
InmillionsofUS$
*Excludes gains/losses on FX contracts.

10. EXFO’s playground
1 Based on EXFO’s estimates.
2 Reported sales for FY 2018.
3 Excludes gains on FX contracts.
4 Annual growth of 10% excluding Astellia.
Market1
$3.5B
Sales2
$269.5M
T&M SASS
Market size $900M $2.6B
Market growth 3-5% 8-10%
Growth drivers
FTTx, 100/400G,
small cells
5G, NFV/SDN,
IoT
EXFO sales—’18 $197.4M3 $71.2M3
EXFO growth—’18 2% 43%4
Key competitors Anritsu, Viavi Netscout, Viavi
© 2019 EXFO Inc. All rights reserved. 10

11. FY’19-21
priorities:
Profit &
Cash
© 2019 EXFO Inc. All rights reserved. 11
Profitability
– Focused on execution
– FY 2019 adjusted EBITDA target of $24.0M1
Cash flows from operations
– Generating strong cash flows from operations
($14.4M in 2018, up 12% YoY)
– Low net debt2 of $9.3M (after Q1 2019)
– Available revolving credit facilities of $40.6M
– No meaningful acquisitions in the short-term
1
The adjusted EBITDA target for FY 2019 is a forward-looking statement. As it excludes items that pertain to future events that are not
currently estimable with a reasonable degree of accuracy, such as foreign exchange gain or loss and income taxes, no
corresponding IFRS measure has been provided.
2
Net debt is a non-IFRS measure and represents bank loan and long-term debt, less cash and short-term investments.

12. Thank you!
© 2019 EXFO Inc. All rights reserved. 12

13. Q1 2019
Overview/Results
Philippe Morin, CEO
© 2019 EXFO Inc. All rights reserved. 13

14. Fiber buildouts
Closer to network edge
Connecting small cells
Inside/between data centers
Accelerating digital
transformations
© 2019 EXFO Inc. All rights reserved. 14

15. Multiple use cases
Accelerating digital
transformations
5G deployments
© 2019 EXFO Inc. All rights reserved. 15
1 Enhanced mobile broadband (eMBB):
smartphones, UHD video, AR, VR
Massive machine type communications
(mMTC): smart meters, IoT
Ultra-reliable, low latency communications
(URLLC): self-driving cars, industrial
automation
Stringent
requirements
Enabled by
network slicing
2
3
Peak data rate: 20 Gbit/s
Connection density:
1M devices/km2
Latency: 1 ms
Multiple virtual networks
sharing a common
physical infrastructure

16. Network slicing
© 2019 EXFO Inc. All rights reserved. 16
Edge cloud Core cloud
Critical IoT slice
Telephony slice
UHD video slice
MEC
cache
vBBU
vBBU
vCore vIMS
vBBU vCore
V2X server
vCore
Transport network
Independent
slices
Each network slice will require monitoring to ensure SLAs
UHD
Internet

17. © 2019 EXFO Inc. All rights reserved. 17
Unique
platform
architecture
Artificial intelligence
Machine learning
END USERS
PLATFORMS
DATA SOURCES
THIRD-PARTY
NETWORK AND
SERVICE MONITORING
FIELD TEST DATA
Field operations Network operations Service operations Customer care Marketing
Portable
instruments
Third-party
instruments
Fiber
probes
Active
probes
Passive
probes
Virtual
probes
Network
elements
OSS/BSS,
CRM data
Inventory/
topology
MOBILE
ASSURANCE
Astellia
FIBER TROUBLESHOOTING/
MONITORING
EXFO
BIG DATA FRAMEWORK
ACTIVE
TOPOLOGY
Ontology
WIRELINE
ASSURANCE
EXFO

18. We decided to go
with EXFO’s probe-
based, big data
analytics solution as
we feel the company
has the right
mindset and
approach to NFV.
Prasath
Jagathrakshakalu
OSS Technical Design
Authority, 3UK
‟
Fully virtualized
monitoring and
analytics solution
Using NFV and
cloud-based
technologies
Improves network
performance,
service agility,
cost effectiveness
Key multi-
million dollar
contract win
© 2019 EXFO Inc. All rights reserved. 18

19. Beware of water buffalo,
snakes and mozzies!
EXFO’s fiber monitoring solution
deployed Down Under
– Fiber Guardian remote units rolled out
nationwide across NBN’s transit network
– Fiber monitored 24/7 from NOC
in Melbourne
– Drastically reduces response time and costs
19© 2019 EXFO Inc. All rights reserved.

20. © 2019 EXFO Inc. All rights reserved. 20
Revenue
$69.2M
+9.2% YoY
Bookings
$81.2M
IFRS
net loss
$7.5M
Adjusted
EBITDA*
$2.7M
*Adjusted EBITDA is a non-IFRS measure and represents net loss before interest, income taxes, depreciation and amortization, stock-
based compensation costs, restructuring charges, acquisition-related deferred revenue fair value adjustment, and foreign exchange gain.
Book-to-bill ratio of 1.17
Q1 2019 results

21. © 2019 EXFO Inc. All rights reserved. 21
Accelerates network transformation
at tier-1 service provider
Real-time active topology solution
– Unique software maps network resources
(legacy and next-gen) with related services
– Delivers millions of dollars in cost savings
– Potential for follow-on business
Major
contract win
(after quarter-end)
Valued at
$4.9M

22. Q2
2019
Guidance
Revenue
Between $70M and $75M
IFRS net earnings*
Between $0.05 and $0.09 per share
© 2019 EXFO Inc. All rights reserved. 22
*IFRS net earnings include net expenses of $0.06 per share in after-tax amortization of intangible assets, stock-based
compensation costs, acquisition-related fair value adjustment of deferred revenue, after-tax restructuring charges, and
an anticipated foreign exchange gain. IFRS net earnings also include $0.03 per share for an after-tax gain on disposal
of a capital asset and $0.04 per share for a one-time deferred income tax recovery.

23. Q&A
© 2019 EXFO Inc. All rights reserved. 23
Chairman
& CEO

24. © 2019 EXFO Inc. All rights reserved. 24