An exterior mirror assembly for a vehicle includes a signal light that provides an advanced notification system to approaching vehicles that the driver of the vehicle intends to turn or make a lane change. The exterior mirror assembly includes a housing with a reflective element and a positioning device for adjusting the position of the reflective element in the housing, and at least one signal light positioned in the housing. The signal light includes a light source and a light conduiting member which is adapted to project a pattern of light from the housing and yet restrict light from extending into the vehicle so that a driver seated in the vehicle does not directly observe the pattern of light. The light source may be provided by a light pipe which is optically coupled to a remote light source located, for example, in the vehicle. Preferably, the pattern of light extends rearwardly, forwardly, and laterally from the vehicle. In one form, the light conduiting member includes a light input surface on one end and at least one light emitting surface for directing light outwardly from the housing of the exterior mirror assembly. In another form, the exterior mirror assembly incorporates a signal light which includes a plurality of reflective surfaces for directing light forwardly, rearwardly, and laterally from the vehicle but restricts light from entering into the vehicle and distracting the driver. In yet another form, the exterior mirror assembly includes a powerfold mirror system which incorporates a security light in either the folding portion or non-folding portion of the powerfold mirror system.