Investor Presentaiton

CAPITAL ALLOCATION PRIORITIES Strategic investments in sustainable and accretive growth 4.0x 3.5x Expected leverage of ~3.0x Net Debt/ Adjusted EBITDA in FY24** 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x FY17 FY18 FY19 FY20 Net Debt Adjusted EBITDA#* FY21 FY22 FY 23 300% 250% 200% 150% Continue to target 100% FCF conversion** 100% Free Cash Flow conversion #+ (RHS) 14 Balancing growth investing and current returns to shareholders on a solid financial foundation #Non-IFRS and other financial measures (See slides 35-39); +FCF conversion measured as a % of adjusted net income ** Forward-Looking Statements (slides 2-3) CAE Inc. Proprietary Information and/or Confidential 50% FY24 CAE

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