CAE Financial and Business Overview

CAPITAL ALLOCATION STRATEGY Maintain solid balance sheet while investing in accretive growth Millions $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 FY18** FY19** Net Debt* Debt $1.9B growth capital deployed, including acquisition of Bombardier BAT Net Debt to Capital % 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% FY20 Q3YTD FY21 Net Debt-to-Capital* Track record of maintaining a solid financial position while deploying accretive growth capital * Non-GAAP and other financial measures (see Appendix) ** 33 Figures have not been restated to reflect the adoption of IFRS 16. CAE Inc. Proprietary Information and/or Confidential CAE

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