10-Year Airline and Business Jet Pilot Demand Outlook

CAPITAL ALLOCATION PRIORITIES Priorities 34 1 2 Invest in superior and sustainable growth Market/customer-led investments in core and close adjacencies with a clear path to market share gains and attractive returns Provide current shareholder returns while generating long term growth Current shareholder returns commensurate with earnings and cash performance 3 Maintain a strong balance sheet Target leverage ratio of Net Debt-to-Capital of 35-45% to maintain flexibility for growth investment opportunities CAE Inc. Proprietary Information and/or Confidential CAE

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