UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                                                             
                                                                       


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                (Amendment No. 3)


                      EXFO ELECTRO-OPTICAL ENGINEERING INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                            SUBORDINATE VOTING SHARES
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    302043104
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2004
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                     [X]     Rule 13d-1(b)
                     [ ]     Rule 13d-1(c)
                     [ ]     Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                                  Page 1 of 6








---------------------                                         -----------------
CUSIP No.  302043104                    13G                   Page 2 of 6 Pages
---------------------                                         ------------------

------------- ------------------------------------------------------------------
     1        NAME OF REPORTING PERSON
              S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              THE BESSEMER GROUP, INCORPORATED*
              13-3093730
------------- -----------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                  (a) [ ]
                                                                  (b) [X]

------------- -----------------------------------------------------------------
     3        SEC USE ONLY


------------- -----------------------------------------------------------------
     4        CITIZENSHIP OR PLACE OF ORGANIZATION

              Delaware

---------------------------------- ---------- ----------------------------------
                                       5      SOLE VOTING POWER

                                              -0-
            NUMBER OF
                                   
                                   ---------- ----------------------------------
             SHARES                    6      SHARED VOTING POWER
          BENEFICIALLY
            OWNED BY                          2,155,567 shs.
                                   
                                   ---------- ----------------------------------
              EACH                     7      SOLE DISPOSITIVE POWER
            REPORTING
             PERSON                           -0-
                                   
                                   ---------- ----------------------------------
              WITH                     8      SHARED DISPOSITIVE POWER

                                              2,155,567 shs.

------------- ------------------------------------------------------------------
     9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,155,567 shs.

------------- ------------------------------------------------------------------
     10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
              SHARES*


                                                                        [ ]
------------- ------------------------------------------------------------------
     11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

              7.04%

------------- ------------------------------------------------------------------
     12       TYPE OF REPORTING PERSON*

              HC
------------- ------------------------------------------------------------------
*The shares reported on this page include the shares reported on page 3, as The
Bessemer Group, Incorporated is the parent of the other reporting person.

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!






                                  Page 2 of 6


---------------------                                         -----------------
CUSIP No.  302043104                    13G                   Page 3 of 6 Pages
---------------------                                         ------------------

------------- ------------------------------------------------------------------
     1        NAME OF REPORTING PERSON
              S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

              BESSEMER TRUST COMPANY OF FLORIDA
              59-6067333
------------- ------------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a) [ ]
                                                                 (b) [X]
------------- ------------------------------------------------------------------
     3        SEC USE ONLY


------------- ------------------------------------------------------------------
     4        CITIZENSHIP OR PLACE OF ORGANIZATION

              Florida

---------------------------------- ---------- ----------------------------------
                                       5      SOLE VOTING POWER

                                              2,155,567 shs.
            NUMBER OF
                                   
                                   ---------- ----------------------------------
             SHARES                    6      SHARED VOTING POWER
          BENEFICIALLY
            OWNED BY                          -0- shs.
                                   
                                   ---------- ----------------------------------
              EACH                     7      SOLE DISPOSITIVE POWER
            REPORTING
             PERSON                           2,155,567 shs.
                                   
                                   ---------- ----------------------------------
              WITH                     8      SHARED DISPOSITIVE POWER

                                              -0- shs.

------------- ------------------------------------------------------------------
     9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

              2,155,567 shs.

------------- ------------------------------------------------------------------
     10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
              SHARES*


                                                                        [ ]
------------- ------------------------------------------------------------------
     11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

              7.04%

------------- ------------------------------------------------------------------
     12       TYPE OF REPORTING PERSON*

              BK
------------- ------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!






                                  Page 3 of 6



Item 1.

(a) Name of Issuer:

                           EXFO Electro-Optical Engineering Inc.



(b) Address of Issuer's Principal Executive Offices:

                           400 Godin Avenue
                           Vanier, Quebec, Canada G1M 2K2



Item 2.

      (a), (b) and (c) Name of Persons Filing, Address of Principal Business
                       ---------------------------------------------------------
       Office and Citizenship:
      ------------------------
                          

     The Bessemer  Group,  Incorporated  ("BGI") as a parent holding company and
Bessemer Trust Company of Florida ("BTF"). BTF is wholly-owned by BGI.

     BTF is a trust company that manages accounts for the benefit of others. The
holders  of the  securities  referred  to in this  statement  are trusts for the
benefit of clients of BTF, of which BTF is a trustee or co-trustee, and accounts
managed by BTF.

     BGI has its  principal  business  office at 100  Woodbridge  Center  Drive,
Woodbridge,  New Jersey  07095-0980.  BTF has its principal  office at 222 Royal
Palm Way, Palm Beach, Florida 33480-4394.

     BGI is a corporation  organized under the laws of Delaware.  BTF is a trust
company organized under the laws of Florida.

(d) Title of Class of Securities:

                      Subordinate Voting Shares

(e) CUSIP Number:

                      302043104





                                  Page 4 of 6



Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b)or
        (c), check whether the person filing is a:

           (a), (c) through (f), (h) through (j) not applicable.

           (b) [X] Bank as defined in section 3 (1) (b) of the Act, as to BTF.

           (g) [X] Parent holding company or control person, in accordance with
                   Rule 13d-1(b)(1)(ii)(G), as to BGI.


Item 4.  Ownership

         Items 5 through 9 and Item 11 of Pages 2 and 3 of this Statement are
incorporated herein by reference.


Item 5.  Ownership of Five Percent or Less of a Class

         Not applicable.



Item 6.  Ownership of More than Five Percent on Behalf of Another Person

         Not applicable.



Item 7.  Identification and Classification of the Subsidiary Which Acquired the
         Security Being Reported on By the Parent Holding Company

         Items 1 and 12 of page 3 of this Statement are incorporated herein by
reference.



Item 8.  Identification and Classification of Members of the Group

         Not applicable.



Item 9.  Notice of Dissolution of Group

         Not applicable.





                                  Page 5 of 6



Item 10. Certification

         By signing  below,  the  undersigned  certify  that, to the best of the
knowledge and belief of the undersigned,  the securities  referred to above were
acquired and are held in the  ordinary  course of business and were not acquired
and  are  not  held  for the  purpose  of or with  the  effect  of  changing  or
influencing  the control of the issuer of such  securities and were not acquired
and are not  held in  connection  with or as a  participant  in any  transaction
having that purpose or effect.

Item 11. Signatures

         After  reasonable  inquiry and to the best of our knowledge and belief,
we certify that the  information  set forth in this statement is true,  complete
and correct.

Dated:   January 26, 2005


                                THE BESSEMER GROUP, INCORPORATED


                                By:          /s/ Richard R. Davis               
                                      ------------------------------------------
                                      Name:  Richard R. Davis,
                                      Title: Managing Director



                                BESSEMER TRUST COMPANY OF FLORIDA


                                By:         /s/ Richard R. Davis               
                                      ------------------------------------------
                                      Name:  Richard R. Davis,
                                      Title: Managing Director





                                  Page 6 of 6